Document:

Exhibit
10.3

 

TRADEMARK
LICENSE AGREEMENT

 

THIS
TRADEMARK LICENSE AGREEMENT (this “Agreement”) is made effective as of June 10, 2022 (the “Effective
Date”) by and between SCV Capital, LLC, a Delaware limited liability company (“Licensor”), and Esports Entertainment
Group, Inc., a Nevada corporation (“Licensee”). Licensor and Licensee are hereinafter sometimes referred to individually
as a “Party” and collectively as the “Parties”.

 

RECITALS

 

WHEREAS,
Licensor owns the trademark, Helix Esports, and the goodwill symbolized thereby (the “Mark”), that it uses in connection
with the operation and marketing of esports and associated gaming centers; and

 

WHEREAS,
Licensee’s principal purpose is for the continuation of its operations and any of Licensee obligations under accounting rules and
SEC regulations (such services collectively referred to herein as the “Business”) in the United States and any other
location the Licensee is required to report in (the “Territory”); and

 

WHEREAS,
Licensor is entering into a transaction with Licensee contemporaneously herewith (the “Transaction”) pursuant to which
Licensee has agreed to provide services under the Mark in the Business in the Territory for a period of six (6) months following the
Effective Date (the “Transition Period”) exception such Transition Period shall not apply where Licensee is required
to reference the Mark in its SEC filings and to the extent required by applicable accounting rules and SEC regulations,; and

 

WHEREAS,
in accordance with the aforementioned transaction Licensee desires to obtain the non-exclusive right to use the Mark in the Business
in the Territory for the Transition Period, and Licensor desires to grant such right, subject to the provisions of this Agreement.

 

NOW,
THEREFORE, the Parties hereto, in consideration of the foregoing and the mutual covenants contained herein, and intending to be legally
bound hereby, agree as follows, incorporating the foregoing Recitals as a part of this Agreement:

 

ARTICLE
1 - GRANT OF LICENSE

 

Section
1.1.  License

 

Subject
to the terms and conditions of this Agreement, Licensor hereby grants to Licensee a non-exclusive, non-transferable license to use the
Mark in the Business in the Territory for the Transition period (the “License”). Licensee has no right to sublicense
any rights in the Mark. Licensee agrees that the Mark, and all goodwill associated therewith, are the sole and exclusive property of
Licensor, and all use of the Mark shall inure to the benefit of Licensor.

 

    	 

    	 

    

 

Section
1.2.   Limitations

 

Licensee
shall not use the Mark directly or indirectly on or in connection with, or in relation to anything except the Business in the Territory.
Except as permitted by this Agreement, Licensee shall not make use of or seek to register the Mark or portion thereof or any term, phrase
or design which is likely to be confusingly similar to, or a colorable imitation of, the Mark or other trademarks owned by Licensor in
any jurisdiction, foreign or domestic, in any manner whatsoever. No right or license is granted hereby by implication or otherwise under
any mark, trademark, service mark or trade name of Licensor except as specifically provided in this Agreement. Licensee shall be permitted
to use the Mark as part of its name during the Transition Period, but shall change its corporate name to one that does not contain the
Mark or any variation of it upon the expiration of the Transition Period.

 

Section
1.3.   Reservation of Rights

 

Nothing
in this Agreement shall prohibit Licensor from using the Mark for its own purposes, or granting any license for the use of the Mark (or
other Mark similar thereto) to any third party.

 

ARTICLE
2 - LICENSE FEE

 

Section
2.1.   License Fee

 

The
fee for the License shall be the consideration reflected in the definitive Transaction agreements.

 

ARTICLE
3 - OWNERSHIP OF THE MARK

 

Section
3.1.   Ownership of the Mark

 

Licensee
acknowledges the rights of ownership of the Mark by Licensor; agrees that it will do nothing inconsistent with such rights; and, that
all use of the Mark by Licensee and shall inure to the benefit of and be on behalf of Licensor. Licensee further acknowledges and agrees
that Licensor retains the right to utilize the Mark to assist and support Licensee, and for purposes other than to engage in the Business
in the Territory. Licensee further agrees that except as provided in this Agreement, Licensee shall not have any right, title or interest
in or to the Mark other than the right to use the Mark in accordance with this Agreement and Licensee agrees that it will not challenge
the title of Licensor to the Mark or challenge the validity of this Agreement or the License or make any claim or take any action adverse
to Licensor’s rights in the Mark. Licensee agrees that it will not do or permit to be done by any other person or entity, during
the Term, any act or thing that will impair in any way the rights of Licensor to the Mark or tarnish the image or reputation of the Mark.
Licensee shall, at any time upon request by Licensor, deliver to Licensor any and all documents and instruments that may be necessary
to confirm Licensor’s ownership of the Mark.

 

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ARTICLE
4 - QUALITY STANDARDS

 

Section
4.1.   Quality Standards

 

Licensee
agrees that the nature and quality of all services rendered by Licensee in connection with the Mark shall conform to the highest standards
for Licensee’s industry and shall at all times be of a quality at least equal to that under which the Business was conducted under
the Mark prior to the Effective Date. All advertising and marketing materials of Licensee including, without limitation, all websites
owned, operated or under the control of Licensee, shall be in good taste, shall not be misleading, deceptive or false, shall comply with
all applicable laws, and shall not disparage, impair or infringe the validity of, or goodwill associated with, the Mark.

 

Section
4.2.   Quality Maintenance

 

Licensee
agrees to fully cooperate with Licensor to facilitate Licensor’s control and monitoring of the nature and quality of Licensee’s
use of the Mark, to permit reasonable inspection of Licensee’s operations, and to supply Licensor with specimens of all uses of
the Mark by Licensee upon request. Licensee shall comply with all applicable laws and regulations and obtain all appropriate government
approvals pertaining to the sale, distribution or advertising of goods and services and pertaining to all business activities covered
by this Agreement or the License.

 

Section
4.3.   Forms of Use

 

Licensee
agrees not to use any other trademark or service mark in combination with any use of the Mark without the prior written approval of Licensor,
which consent shall not be unreasonably withheld or delayed. Licensee agrees to use the Mark only in the form and manner and with appropriate
legends as prescribed from time to time by Licensor, and not to use any other trademark or service mark in combination with any of the
Mark without the prior written approval of Licensor, which consent shall not be unreasonably withheld or delayed.

 

ARTICLE
5 - TERM AND TERMINATION

 

Section
5.1.   Term

 

This
Agreement shall commence and become effective upon the Effective Date and shall continue until the expiration of the Transition period
(the “Term”).

 

Section
5.2.   Termination for Cause by Licensor

 

Notwithstanding
the foregoing, Licensor shall have the right to terminate this Agreement upon ten (10) business days written notice to Licensee: (i)
if Licensee uses the Mark in a manner that is unacceptable to Licensor and Licensee does not correct such use within thirty (30) business
days of written notice thereof; (ii) in the event of any affirmative act of insolvency by Licensee; (iii) upon the appointment of any
receiver or trustee to take possession of the properties of Licensee or upon the winding-up, sale, consolidation, merger (other than
a merger in which Licensee is the surviving corporation) or any sequestration by governmental authority with respect to Licensee; (iv)
upon a material breach of any of the other provisions hereof by Licensee and Licensee does not cure such breach within ten (10) business
days of Licensee’s receipt of written notice thereof from Licensor; (v) Licensee’s alleged engagement in, or conviction for,
any illegal conduct, or misconduct which is injurious to the Mark or its associated goodwill; or (vi) Licensee’s engagement in
conduct that brings, or is reasonably likely to bring, Licensor, or Licensee negative publicity or into public disgrace, embarrassment,
or disrepute.

 

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Section
5.3.   Effect of Termination

 

Upon
termination of this Agreement, the License shall cease and Licensee agrees to immediately discontinue all use of the Mark (including,
without limitation, the production, disposal, sale or use of any materials bearing any of the Mark remaining on hand with Licensee or
in the possession of any third party) and any term confusingly similar thereto.

 

ARTICLE
6 - REPRESENTATIONS OF LICENSEE

 

Section
6.1.   Representations

 

Licensee
represents, warrants, covenants and agrees that:

 

A.
Licensee has the authority to enter into and to perform this Agreement, to execute and deliver all documents relating to this Agreement,
and to incur the obligations provided for in this Agreement.

 

B.
When executed, this Agreement shall constitute the valid and legally binding obligations of Licensee in accordance with its terms.

 

C.
Licensee shall comply, in all material respects, with all applicable laws and regulations in its sale of goods and services by use of
the Mark and the operation of the Business.

 

ARTICLE
7 - REPRESENTATIONS OF LICENSOR

 

Section
7.1.   Representations

 

Licensor
represents and warrants that:

 

A.
It has the authority to enter into and to perform this Agreement, to execute and deliver all documents relating to this Agreement, and
to incur the obligations provided for in this Agreement; and

 

B.
When executed, this Agreement shall constitute the valid and legally binding obligations of Licensor in accordance with its terms.

 

ARTICLE
8 - DISCLAIMER; LIMITATION OF LIABILITY

 

Section
8.1.    Disclaimer

 

EXCEPT
AS EXPRESSLY SET FORTH IN ARTICLES 6 AND 7, NEITHER PARTY MAKES ANY WARRANTIES WITH RESPECT TO THE MARK, OR ITS PERFORMANCE UNDER THIS
AGREEMENT, AND EACH PARTY HEREBY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION,
ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

 

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Section
8.2.   Limitation of Liability

 

EXCEPT
WITH RESPECT TO INDEMNIFICATION OBLIGATIONS SET FORTH IN IN THIS AGREEMENT OR A VIOLATION OF LICENSOR’S PROPRIETARY RIGHTS, IN
NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY OR TO ANY THIRD PARTY IN CONNECTION WITH THIS AGREEMENT FOR ANY INCIDENTAL,
INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES OR LOST PROFITS, EVEN IF IT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

 

ARTICLE
9 - INDEMNIFICATION; INFRINGEMENT PROCEEDINGS

 

Section
9.1.   Indemnification of Licensor by Licensee

 

Licensee
shall indemnify, defend and hold harmless Licensor, together with its officers, directors, agents, employees and affiliates (collectively
“Licensor’s Indemnitees”) from and against any and all claims, demands, actions (collectively, “Claims”)
and resulting liabilities, losses, costs, expenses, damages, penalties, interest, fines, injuries and obligations, including reasonable
attorneys’ fees, court costs and litigation expenses (collectively, “Losses”) relating to or arising from any
misuse of the Mark by Licensee (or any officer, director, agent, employee or affiliate of Licensee), or otherwise relating or arising
out of the business of Licensee.

 

Section
9.2.   Indemnification Procedure

 

In
connection with any Claim subject to indemnification pursuant to this Agreement, the indemnitee will: (i) give the indemnifying party
prompt written notice of such Claim (provided that any delay in notification will not relieve the indemnifying party of its obligations
hereunder except to the extent that the delay impairs its ability to defend such Claim); (ii) cooperate reasonably with the indemnifying
party (at the indemnifying party’s expense) in connection with the defense and settlement of such Claim; and (iii) permit the indemnifying
party to control the defense and settlement of such Claim; provided, that the indemnifying party shall keep the indemnitee fully advised
with respect to such Claim and may not settle such Claim without the indemnitee’s prior written approval (which will not be unreasonably
withheld if the settlement provides an unconditional release of the Claim without any further obligation of the indemnitee); and, provided,
further, that the indemnitee (at its cost) may participate in the defense and settlement of such Claim with counsel of its own choosing.

 

Section
9.3.   Infringement Proceedings

 

Licensee
agrees to promptly notify Licensor in writing of any infringement, imitation, passing off, piracy, dilution or any other unauthorized
use or misuse of the Mark by any third party as it comes to Licensee’s attention. Licensor shall have the sole right, but shall
not be obligated, to prosecute an action for infringement in such manner as it deems appropriate. Licensee shall cooperate with Licensor
in all respects in any such action, including agreement to be joined as a party if requested by Licensor.

 

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ARTICLE
10 - GENERAL PROVISIONS

 

Section
10.1.   Entire Agreement

 

This
Agreement, including any exhibits and schedules hereto, shall constitute the entire agreement between the Parties with respect to the
subject matter hereof, and shall supersede all previous oral and written negotiations, commitments, agreements and understandings relating
hereto.

 

Section
10.2.   Survival of Agreement

 

Articles
1.3, 3, , 8, 9 and 10, and Section 5.3, shall survive any termination or expiration of this Agreement.

 

Section
10.3.   Governing Law

 

This
Agreement, its interpretation, performance and enforcement, and the rights and remedies of the Parties hereto, shall be governed and
construed by and in accordance with the law of the State of New Jersey, without regard to conflicts of laws provisions. Each of the Parties
hereby consents to the exclusive jurisdiction of the United States District Court for the District of New Jersey and the state courts
of the State of New Jersey in connection with any disputes based on, arising out of, or in connection with this Agreement and waives
any right to object thereto. In any dispute pertaining to, or litigation or arbitration arising from, the enforcement or interpretation
of the provisions of this Agreement, the prevailing Party shall be entitled to recover its attorneys’ fees and costs, including
those incurred in connection with all appellate levels, bankruptcy, mediation or otherwise to maintain such action, from the losing Party.

 

Section
10.4.   Assignment

 

Licensee
shall have no right to assign, sublicense, transfer or otherwise encumber its rights under this Agreement except with the express prior
written consent of Licensor, which consent shall not be unreasonably withheld or delayed.

 

Section
10.5.   Notices

 

All
notices, demands, requests or other communications (“Notices”) to be sent by one Party to the other hereunder or required
by law shall be in writing and shall be deemed to have been validly given or served by delivery of same in person to the addressee or
by depositing same with a nationally recognized overnight delivery service for next business day delivery or by depositing same in the
United States mail, postage prepaid, registered or certified mail, return receipt requested, or by sending by facsimile transmission,
addressed as follows:

 

If
to Licensor:

 

SCV
Capital, LLC

193
Winding River Rd.

Wellesley,
MA 02482

Email:

  

With
a required copy to (which shall not constitute notice):

 

Archer
& Greiner, P.C.

1025
Laurel Oak Road

Voorhees,
New Jersey 08043

Attention:
David Weinstein, Esquire

Email:

 

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If
to Licensee:

 

Esports
Entertainment Group, Inc.

Block
6, Triq Paceville

St.
Julians, STJ 3109 Malta

Attention:
Grant Johnson

Email:

 

With
a required copy to (which shall not constitute notice):

 

legal@eeg.games

Attention:
Group General Counsel, Compliance and Company Secretary

  

All
Notices shall be effective upon such personal delivery, upon being deposited with a nationally recognized overnight delivery service,
in the United States mail or upon facsimile transmission as required above. However, with respect to Notices so deposited with a nationally
recognized overnight delivery service or the United States mail, the time period in which a response to any such notice, demand or request
must be given shall commence to run from the next business day following any such deposit with the nationally recognized overnight delivery
service, in the case of a deposit in the United States mail as provided above, the date on the return receipt of the Notice reflecting
the date of delivery or rejection of the same by the addressee thereof. By giving to the other Party hereto at least 15 business days
written notice in accordance with the provisions hereof, a Party may change its address for notice purposes.

 

Section
10.6.   Captions

 

The
captions of this Agreement are inserted only for the purpose of convenient reference and do not define, limit or prescribe the scope
or intent of this Agreement or any part hereof.

 

Section
10.7.   Amendments

 

This
Agreement cannot be amended or modified except by another agreement in writing, signed by the Parties to this Agreement.

 

Section
10.8.   Severability

 

If
any provision of this Agreement or the application thereof is held to be invalid or unenforceable, such defect shall not affect other
provisions or applications of this Agreement that can be given effect without the invalid or unenforceable provisions or applications,
and to this end, the provisions and applications of this Agreement shall be severable.

 

Section
10.9.   Waiver

 

No
waiver of any term, provision or condition of this Agreement shall be effective unless in writing, signed by the Party against which
such waiver is sought to be enforced, and no waiver shall be deemed to be or construed as a waiver of any other term, provision or condition
or as a waiver of any other term, provision or condition of this Agreement, unless specifically so stated in such written waiver.

 

Section
10.10.   Independent Contractor

 

Nothing
contained herein shall be construed to place the Parties in the relationship of partners, joint venturers, franchiser and franchisee,
or principal and agent. Neither Party is authorized pursuant to this Agreement to assume or undertake any obligation of any kind, express
or implied, on behalf of the other Party. All expenses incurred either by Licensee or by Licensor pursuant to this Agreement are its
sole responsibility, and neither party shall be liable for the payment of any obligations incurred in the performance of the other Party’s
business unless expressly provided otherwise in this Agreement.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

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IN
WITNESS WHEREOF, the Parties have caused this Trademark License Agreement to be duly executed and delivered by their duly authorized
representatives to be effective as of the date set forth above.

 

	LICENSOR:	 	LICENSEE:
	 	 	 	 	 
	By:	/s/ Murphy Vandervelde
	 	By:	/s/ Grant Johnson

 

    	8Document

Exhibit 10.1

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED DEVELOPMENT MANAGEMENT AGREEMENT
THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED DEVELOPMENT MANAGEMENT AGREEMENT (“Amendment”) is dated for reference purposes as of June 10, 2022, by and among HERITAGE FIELDS EL TORO, LLC, a Delaware limited liability company ("Owner"), FIVE POINT COMMUNITIES MANAGEMENT, INC., a Delaware corporation ("Manager"), for the purpose of Section 4.8 of the DMA only, FIVE POINT OPERATING COMPANY, LP, a Delaware limited partnership (the "Operating Company") and, for the purpose of Sections 4.7 and 4.8 of the DMA only, FIVE POINT COMMUNITIES, LP, a Delaware limited partnership (the "Manager Partnership").  Manager and Owner are sometimes referred to each as a "Party" and collectively as the "Parties." Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the “DMA” (defined below), other than those provisions that are specified to become effective as of a different date.
W I T N E S S E T H:
WHEREAS, Owner is the owner of the Property;
WHEREAS, Owner and Manager are parties to that certain Second Amended and Restated Development Management Agreement dated as of April 21, 2017, as extended pursuant to those certain letter agreements dated December 23, 2021, February 25, 2022, May 1, 2022, May 16, 2022, and May 31, 2022 (as amended, the "DMA");
WHEREAS, the DMA expires by its terms on June 10, 2022;
WHEREAS, the Parties desire to extend the term through December 31, 2022; and
WHEREAS, the DMA currently provides for compensation to Manager in the form of (among other things) a Project Team Reimbursement, which reimbursed Manager for the costs of the employees of Manager performing the Manager Services, and a Base Fee, and the Parties now desire to simplify the DMA and have one payment to Manager (the Base Fee) instead and in place of both a Base Fee and Project Team Reimbursement, and to make such other amendments to the DMA as set forth herein.
NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained, and for other good and valuable consideration, Owner and Manager hereby amend the DMA and mutually agree as follows, all of which shall be deemed effective as of January 1, 2022 (the “First Amendment Effective Date”):
1.Changes to Definitions.  The following definitions in the DMA shall be amended and restated effective as of First Amendment Effective Date, as follows:
"Approved Project Team Budget" shall no longer have any meaning or be used for any purpose under this Agreement, commencing with the First Amendment Effective Date.
“CEO” shall mean (i) as of October 1, 2021 and through February 8, 2022, the “President” (as defined in Section 3.5(a), as amended by this Amendment), and (ii) as of February 9, 2022, Daniel Hedigan or any successor Chief Executive Officer of Manager.
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“Consistent with the Approved Business Plan" shall mean that (a) in the case of costs and expenses set forth in the Approved Budget, the incurrence of amounts that exceed any Category by an amount that is five percent (5%) or less (for the Categories described in clauses (i), (ii) and (iii) of the definition thereof) and (b) in the case of the sale or lease of the Property or any portions thereof at a price or rents, as applicable, no less than ninety-five percent (95%) of the price or rents set forth in the Approved Business Plan (for the Category described in clause (iv) of the definition thereof), in each case in any Fiscal Year. 
“Corporate Team” shall no longer have any meaning or be used for any purpose under this Agreement, commencing with the First Amendment Effective Date. 
“Existing Entitlements” shall mean all Entitlements in effect as of the Effective Date, together with all other Entitlements approved by the City or other applicable Governmental Authority from time to time as contemplated by the Approved Business Plan or as otherwise Approved by Owner. 
“Key Members” shall mean, (i) as of October 1, 2021 through February 8, 2022, the individuals who, at the time in question, perform the functions of President, Chief Financial Officer and Chief Legal Officer of Manager, and (ii) as of February 9, 2022, the individuals who, at the time in question, perform the functions of Chief Executive Officer, Chief Financial Officer and Chief Legal Officer of Manager.
“President” shall mean Lynn Jochim.
"Project Team" shall no longer have any meaning or be used for any purpose under this Agreement, commencing with the First Amendment Effective Date. 
"Project Team Budget" shall no longer have any meaning or be used for any purpose under this Agreement, commencing with the First Amendment Effective Date.
“Project Team Costs” shall no longer have any meaning or be used for any purpose under this Agreement, commencing with the First Amendment Effective Date.
“Project Team Reimbursement” shall no longer have any meaning or be used for any purpose under this Agreement, commencing with the First Amendment Effective Date.
"Revised Project Team Budget" shall no longer have any meaning or be used for any purpose under this Agreement, commencing with the First Amendment Effective Date.
“Section 2(n) Notice Recipients” shall mean a designated individual by each Member of the Owner for purposes of receiving any notices described in Section 2(n) of the DMA.  The present designated Section 2(n) Notice Recipients (which may be changed at any time by notice from the respective Members of Owner) are:
Five Point Heritage Fields, LLC: Dan Hedigan
MSD Heritage Fields, LLC: Alan Epstein
LNR HF II, LLC: Daniel Schwaegler
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Heritage Fields Capital Co-Investor Member, LLC: Zachary Bernstein or Aric Shalev
2.Owner Decisions. 
(a)In addition to the rights reserved to Owner in Section 2.4 of the DMA, Owner may elect to retain a commercial development consultant (“Commercial Consultant”) to collaborate with Owner and Manager regarding the planning and development of the Commercial Property. If such an election is made by the Executive Committee of Owner, Owner and Manager shall meet and confer to address appropriate changes to Manager’s scope of services and fees provided under the DMA.  Except to the extent that Manager breaches its duty of Due Care in a material manner in supervising any such Independent Contractor retained by Owner, including any Commercial Consultant, Manager shall have no responsibility or liability for any acts or omissions taken or failed to be taken by any Independent Contractor retained by Owner, including any Commercial Consultant.
(b)New Subsections 2.4(n) and 2.4(o) are hereby added to the DMA from and after the Parties’ mutual execution and delivery of this Amendment, as follows:
“(n)    (i) entering into any new consulting contract (other than such contracts with Independent Contractors that are Consistent with the Approved Business Plan and reimbursable as joint backbone infrastructure under the Amended and Restated Master Implementation Agreement or as a capital facility pursuant to Owner’s written reimbursement agreement with Irvine Ranch Water District), or (ii) entering into any new contract for marketing or public relations services, where the fees and/or expenses committed to be paid by Owner under any such contract under either clause (i) or clause (ii) exceeds One Hundred Thousand Dollars ($100,000), provided that Owner (acting through a Majority Approval of its Executive Committee) shall approve or reject any such proposed contract or contribution (which may be provided via e-mail transmission) within five (5) business days after delivery of the written request to each of the Section 2(n) Notice Recipients; provided, however, that upon a failure of the Owner (via a Majority Approval of the Executive Committee) to reply to such a request for approval within five (5) business days the Manager shall transmit a second notice to each of the Section 2(n) Notice Recipients requesting approval (a “Second Notice”).  A failure of the Owner (via a Majority Approval of the Executive Committee) to reply to the Second Notice within 24 hours of the transmission of the Second Notice shall be deemed an Approval by Owner.  A meeting of the Executive Committee may be called by any Member, within the applicable 5-business day period (or, if applicable, 24-hour period), for purposes of considering such a request for approval, and Manager shall assist in facilitating such a meeting.
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(o)    making contributions (x) in any amount to political organizations or campaigns, or (y) to any charitable organization in excess of $5,000 per individual contribution and $50,000, in the aggregate, in any Fiscal Year.”
3.Employees and Staffing. Section 3.5 of the DMA is hereby amended and restated effective as of the First Amendment Effective Date, but not before then (except as provided below), as follows:
"3.5    Employees and Staffing.
(a)Lynn Jochim is the President of Manager as of October 1, 2021 (the "President"), and Daniel Hedigan is the CEO of Manager as of February 9, 2022.  Manager shall cause the employees of Manager to dedicate such time to the Project as required in order to perform the Manager Services in accordance with the terms of this Agreement, including the Manager Services described on Exhibit A, provided that all references to the “Project Team” on Exhibit A shall mean “Manager’s employees providing the Manager Services hereunder”.
(b)[Intentionally omitted]
(c)[Intentionally omitted]
(d)The CEO, President, and the employees of Manager performing the Manager Services on behalf of Manager shall be employees of Manager and not Owner.  Subject to Section 2.4, Manager may engage any other independent contractors (provided that no such independent contractors shall be deemed in any respect to be employees (or independent contractors) of Owner).  In addition, Manager shall have the right to engage one or more Independent Contractors or Contractors on behalf of Owner or a Contracting Subsidiary (subject to the limitations in Section 2.4(n), above).  Nothing in the foregoing sentence shall modify the DMA requirement for competitive bidding, or the limitation on such requirement set forth in Section 2.2(f).  For the avoidance of doubt, any such Independent Contractors engaged by Manager on behalf of Owner in accordance with the second preceding sentence shall be at Owner's sole cost and expense, and any Contractor or Independent Contractor engaged by a Contracting Subsidiary shall be at such Contracting Subsidiary's sole cost and expense.  The compensation, retention and performance of the President, the employees of Manager performing the Manager Services on behalf of Manager, and any independent contractors engaged by Manager on its own behalf shall be determined by Manager and (subject to Section 4.2) payable solely by Manager.  Manager shall be responsible for complying with all Laws and regulations and collective bargaining agreements affecting such employment, including the provision at 
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Manager's expense of any benefits or compensation required by statute or contract.
(e)In addition to the quarterly meetings of the Executive Committee as contemplated under the JV Agreement, Manager shall organize and conduct a telephonic/video call with the members of the Executive Committee of the Joint Venture, on a monthly basis, in order to apprise Owner as to the status of the Property and progress against the Approved Business Plan, and consult with Owner regarding ongoing entitlement, development and sale activities and strategic initiatives relating thereto, including providing or making available to Owner copies of all material correspondence and other material information received by Manager with respect to the Property, such as, proposals and/or offers for the sale of Commercial Property.”
4.Base Fee. Effective as of the First Amendment Effective Date and during Fiscal Year 2022, the Base Fee shall be equal to Twelve Million Dollars ($12,000,000), which shall be payable as follows: (i) $1,235,336 for the month of January; (ii) $1,262,175 for the month of February; (iii) $900,000 per month for the months of March of April; (iv) $702,489 for the month of May; and (v) $1,000,000 per month for each month for the remainder of Fiscal Year 2022 (June through December).
5.Project Team Budget; Project Team Reimbursement. Effective as of the First Amendment Effective Date, Section 4.2 of the DMA is hereby deleted in its entirety.
6.Term; Termination.
(a)Initial Term. The Initial Term is hereby deemed extended through December 31, 2022.
(b)First Renewal Term.  Notwithstanding that the Initial Term has been extended through December 31, 2022, the Parties acknowledge that the extension of the Initial Term through December 31, 2022 does not constitute the “First Renewal Term” and this Amendment does not constitute the “First Renewal Term Modification” as such terms are defined in and contemplated under the DMA.
(c)Project Team Reimbursement. For the sake of clarification, all references to “Project Team Reimbursements” in the DMA, including Sections 6.2 through 6.9, are no longer applicable as of the First Amendment Effective Date.
(d)Expiration.  Effective as of the First Amendment Effective Date, Section 6.9(a)(3) of the DMA is hereby deleted and replaced, as follows:
“(3) Incentive Compensation:
(A) Owner shall pay to Manager any unpaid Incentive Compensation that is due and payable in accordance with the terms hereof 
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as of the date of such expiration based on all Available Cash as of the date of such expiration whether or not such Available Cash has been distributed; and
(B) Owner shall continue to make payments to Manager of Incentive Compensation payments in accordance with Section 4.4 of this Agreement following the date of expiration as if this Agreement had not expired, but limited to seventy five percent (75%) of the payments of Incentive Compensation (the “75% Incentive Compensation Adjustment Amount”) that would otherwise be payable pursuant to Section 4.4 (the Parties acknowledging that Manager is 100% vested pursuant to Section 4.4 in such 75% Incentive Compensation)); provided, however, if the Term of this Agreement is not extended beyond December 31, 2022, then, unless otherwise agreed to between Owner and Manager in writing, that portion of the Incentive Compensation paid to Manager during Fiscal Year 2022 that exceeds the 75% Incentive Compensation Adjustment Amount (the “2022 Excess Incentive Comp Amount”) shall be returned to Owner, as follows: as and when Incentive Compensation would otherwise be due and payable to Manager under this Agreement after December 31, 2022 (“Post-2022 Incentive Comp Payments”), the Post-2022 Incentive Comp Payments shall be retained by Owner and applied to repayment of the 2022 Excess Incentive Comp Amount until such time that the 2022 Excess Incentive Comp Amount has been returned in full to Owner. In furtherance of the foregoing, it is acknowledged that the 2022 Excess Incentive Comp Amount (if applicable) shall not be treated as Incentive Compensation having been received by Manager pursuant to Section 2(g)(i) of Exhibit B hereof.”
7.Notices. The addresses for notices to the Parties are updated as set forth below, and delivery of a notice, demand, request or other communication by email is hereinafter deemed a permitted delivery method and facsimile is no longer a permitted delivery method pursuant to Section 9.4 of the DMA. If a notice, demand, request or other communication is delivered by email, it shall be deemed delivered on the date of transmission if delivered prior to 5:00 pm (local time of the recipient) or the next business day if delivered on or after 5:00 pm:
If to Manager:
Five Point Communities Management, Inc.
2000 FivePoint, Suite 400
Irvine, California 92618
Attention: CEO
Email:  dan.hedigan@fivepoint.com
With a copy to:
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Five Point Communities Management, Inc.
2000 FivePoint, Suite 400
Irvine, California 92618
Attention: Legal Notices
Email:  mike.alvarado@fivepoint.com
If to Owner:
Heritage Fields El Toro, LLC
c/o Rockpoint Group, LLC
Woodlawn Hall at Old Parkland
3953 Maple Avenue, Suite 300
Dallas, Texas 75219
Attention: General Counsel
Email: Ron@rockpoint.com
With a copy to:
MSD Capital, L.P.
100 Wilshire Boulevard, Suite 1700
Santa Monica, California 90401
Attention: Alan Epstein
Email:  aepstein@msdcapital.com
And:
LNR HF II, LLC
c/o Starwood Capital Group Global, LLC
100 Pine Street, Suite 3000
San Francisco, California 94111
Attention: Daniel Schwaegler
Email:   schwaed@starwood.com
If to the Owner Authorized Representative:
MSD Capital, L.P.
100 Wilshire Boulevard, Suite 1700
Santa Monica, California 90401
Attention: Alan Epstein
Email:  aepstein@msdcapital.com
8.Construction.  Owner and Manager each hereby acknowledges that the members of the Joint Venture who are not Affiliated with Manager have been represented by Paul Hastings as their legal counsel and Manager has been represented by its in-house counsel prior to executing this Amendment. This Amendment is the product of negotiation and preparation by and among the Parties and their respective attorneys.  Neither this Amendment nor any provision 
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thereof shall be deemed prepared or drafted by one Party or another, or its attorneys, and shall not be construed more strongly against any Party.
9.Amendment.  Except as modified by this Amendment, the DMA remains unmodified and in full force and effect.
10.Counterparts.  This Amendment may be executed in one or more counterparts by some or all of the Parties, and (i) each such counterpart shall be considered an original, and all of which together shall constitute a single agreement, (ii) the exchange of executed copies of this Amendment by facsimile or email transmission (e.g., Portable Document Format (PDF) or Docusign) or other shall constitute effective execution and delivery of this Amendment as to the Parties for all purposes, and (iii) signatures of the Parties transmitted by facsimile or email transmission shall be deemed to be their original signatures for all purposes hereunder.

[signatures follow on next page]

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IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first above written.
						
	OWNER:
		
	HERITAGE FIELDS EL TORO, LLC, a Delaware limited liability company

		
	By:	/s/ Alan Epstein
	Name:	Alan Epstein
	Title	Owner Authorized Representative
		
	MANAGER:
		
	FIVE POINT COMMUNITIES MANAGEMENT, INC., a Delaware corporation

		
	By:	/s/ Daniel Hedigan

	Name:	Daniel Hedigan
	Title:	Chief Executive Officer

[Signature page continues]
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The undersigned is executing this Amendment as of the date first above written for the purpose of Sections 4.7 and 4.8 of the DMA only.  
						
	MANAGER PARTNERSHIP
		
	FIVE POINT COMMUNITIES, LP, a Delaware limited partnership

		
	By:  Five Point Communities Management, Inc., a Delaware corporation

		Its: General Partner

		
	By:	/s/ Daniel Hedigan

	Name:	Daniel Hedigan
	Title:	Chief Executive Officer

The undersigned is executing this Amendment as of the date first above written for the purpose of Section 4.8 of the DMA only.
						
	OPERATING COMPANY
		
	FIVE POINT OPERATING COMPANY, LP, a Delaware limited partnership

		
	By:	/s/ Daniel Hedigan

	Name:	Daniel Hedigan
	Title:	Chief Executive Officer

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