NEWHALL LAND & FARMING CO /CA/
EX-10.A
<DOCUMENT>
<TYPE>EX-10.A
<SEQUENCE>3
<FILENAME>j1887_ex10da.htm
<DESCRIPTION>EX-10.A
<TEXT>
<html>



<head>



<title>Prepared by MERRILL CORPORATION</title>



</head>



<body>



<div class="Section1">



<p align="right" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Exhibit 10(a)</font></font></p>



<p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">&nbsp;</font></font></b></p>



<p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">RETENTION

AGREEMENT</font></font></b></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This

Retention Agreement (&quot;Agreement&quot;) is entered into and effective as of

March 31, 2001 (&#147;Effective Date&#148;), between The Newhall Land and Farming Company

(a California Limited Partnership) (&quot;NLF&quot;) and Gary M. Cusumano

(&quot;Cusumano&quot;).&#160; NLF's ultimate

managing general partner is Newhall Management Corporation (&quot;NMC&quot;)

and where appropriate will be referred together with NLF as the

&quot;Company.&quot;&#160; The Company and

Cusumano are referred to in this Agreement as the &quot;Parties.&quot;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt">RECITALS</font></font></u></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; WHEREAS, Cusumano

has been employed as the Company's and NMC's President and Chief Operating

Officer and was recently appointed the Company&#146;s Chief Executive Officer and

President;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; WHEREAS, the NMC

Board of Directors announced that Cusumano would succeed Thomas L. Lee as Chief

Executive Officer upon Mr. Lee's retirement; and</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; WHEREAS, the

retention of Cusumano in those management positions is consistent with the

Company's policy of establishing and maintaining a sound and vital management

to protect and enhance the best interests of the Company and the holders of its

depository units;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOW, THEREFORE,

the Parties, in consideration of the mutual covenants contained herein, and for

other valuable consideration received, hereby agree as follows:</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1)&#160;&#160;&#160;&#160; <u>Retention and Responsibilities:</u></font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">a)&#160;&#160;&#160;&#160; The Company will continue to retain

Cusumano as President and Chief Executive Officer of NLF and NMC and Member of

the Board of NMC during the term of this Agreement.&#160; Cusumano agrees to serve in those capacities as well as on such

standing committees and in such other capacities as the Board may

determine.&#160; Cusumano will have duties,

responsibilities and authorities commensurate with those capacities and/or as

the Board may determine.&#160; Cusumano will

use his best efforts to promote the interests of the Company and its unit

holders and will devote his working time to the business and affairs of the

Company.&#160; Cusumano will effectively and

competently perform his duties and responsibilities to enhance the Company's

profitability and the value of the depository units held by the Company's unit

holders.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">2)&#160;&#160;&#160;&#160; <u>Compensation</u>:</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">a)&#160;&#160;&#160;&#160; Except as otherwise provided in this

Agreement, Cusumano will continue to receive his current salary, subject to

adjustments by the Board, medical, dental, life, disability insurance,

retirement plan benefits, 401(k) plan benefits, employee savings plan benefits,

expense reimbursement benefits, Company automobile benefits and bonuses,

including those benefits provided under the NLF Executive Incentive Compensation

Plan, Unit options or Unit based rights agreements under the Company's 1995

Option/Award Plan or the Company&#146;s Option, Appreciation Rights and Restricted

Plan, the NLF Retirement Plan, the NLF Pension Restoration Plan, the NLF

Employee Savings Plans, the NLF Employee Savings Restoration Plan, the Change

of Control Severance Program, as amended, the NLF Retention Incentive Program

(adopted in March 2001) and any other fringe benefits as described in the

Company Employee Handbook in accordance with the eligibility participation

requirements and the terms set forth therein and/or the applicable benefit

policies or plans (&quot;Company Benefits&quot;).</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">3)&#160;&#160;&#160;&#160; <u>Term of Agreement and Termination</u>:</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">a)&#160;&#160;&#160;&#160; <u>Term</u>:&#160; Unless earlier terminated as provided in (b) through (f) of this

Paragraph 3, this Agreement shall be for a term of three (3) years.&#160; On the first anniversary of the Effective

Date and on each anniversary date thereafter, this Agreement will be

automatically extended for an additional year, unless either Party gives the

other Party at least thirty (30) days advance written notice of his or its

desire not to extend this Agreement for an additional year.&#160; So as to avoid any doubt, at the time such a

notice is effective, the remaining term on this Agreement will be two years.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">b)&#160;&#160;&#160; <u>Death</u>:&#160; This Agreement, including the severance compensation provided for

in Paragraph 5, and Cusumano's employment will terminate upon the death of

Cusumano.&#160; In such event, the Company

will pay to Cusumano's estate or other authorized representative, his salary

for the month in which he dies, as well as any other Company Benefits,

including bonuses, retirement payments, medical benefits, and accrued but

unused vacation due him or his spouse through the date of his death in

accordance with the terms and conditions of applicable Company policies and/or

plans.&#160; Thereafter, the Company will

have no further obligation whatsoever to his estate or other authorized

representative.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">c)&#160;&#160;&#160;&#160; <u>Disability</u>:&#160; This Agreement, including the severance

compensation provided for in Paragraph 5, will terminate upon Cusumano's

disability.&#160; Unless otherwise prohibited

by any State or Federal law, this Agreement and Cusumano's employment hereunder

will terminate on the date that he, is determined, as defined by reference to

the Company's Long-Term Disability Plan (&quot;LTD Plan&quot;), then in effect,

to be &quot;disabled&quot; from performing any material portion of his current

duties, due to physical or mental illness or injury.&#160; In such event, Cusumano will be solely compensated in accordance with

the LTD Plan and any other applicable Company policies and/or plans.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">d)&#160;&#160;&#160; <u>Termination for Cause</u>:&#160; This Agreement, including the severance

compensation provided for in Paragraph 5, and Cusumano's employment may be

immediately terminated if any of the following events occur during the term of

his employment hereunder: (&quot;Termination for Cause&quot;):&#160;&#160; (1) Cusumano is convicted of any

misdemeanor involving moral turpitude, any felony, is engaged in any willful

conduct for which the Company could incur civil liability to any other employee

or third party or commits any act of fraud, forgery, intentional

misrepresentation, embezzlement or dishonesty;&#160;

(2) Cusumano commits gross negligence in the performance or nonperformance

of his duties, habitually neglects to perform those duties or otherwise

breaches any of his obligations under this Agreement; (3) Cusumano breaches his

duty of loyalty to the Company; (4) Cusumano engages in unethical conduct or

conduct injurious to the reputation of the Company; or (5) Cusumano fails or

refuses to perform the services called for by this Agreement or assignments

given to him by the Board.&#160; If

Termination for Cause occurs, then the Company will pay Cusumano his salary for

the month in which termination occurs, any accrued but unused vacation and any

other Company Benefits that are due him under applicable Company policies or

plans through the end of the month of his termination.&#160; Thereafter, the Company will have no further

obligations whatsoever to Cusumano.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">e)&#160;&#160;&#160;&#160; <u>Termination Without Cause</u>:&#160; The Company shall have the right, at any

time, to terminate this Agreement and Cusumano's employment, without cause, by

written notice to Cusumano (&quot;Termination Without Cause&quot;).&#160; Cusumano's Termination Without Cause will be

effective on the date specified in the written notice (&quot;Termination

Date&quot;).&#160; In the event of a

Termination Without Cause, the Company will pay Cusumano the severance benefits

provided in Paragraph 5 of this Agreement.&#160;&#160;

Additionally, Cusumano will be paid all earned but unused vacation as of

the Termination Date.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">f)&#160;&#160;&#160;&#160; <u>Change of Control</u>:&#160; Neither (b), (c), (d) or (e) of this

Paragraph 3 shall apply to a change of control as defined in the Change of

Control and Severance Program executed between Cusumano and the Company, dated

November 19, 1997 (&quot;Change of Control Program&quot;).&#160; In the event of such a change of control,

the Change of Control Program shall become effective, as provided therein, this

Agreement shall be terminated and superceded, and Cusumano shall be solely

compensated as provided therein.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">4)&#160;&#160;&#160;&#160; <u>Execution of Addendums A, B and C:</u></font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">In the event that

Cusumano is Terminated Without Cause under Paragraph 3 (e) of this Agreement,

Cusumano must fully comply with all of the requirements of this Paragraph 4 to

be entitled to the severance benefits provided in Paragraph 5, including

specifically the payment of the Lump Sum provided in Paragraph 5 (a).</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">a)&#160;&#160;&#160;&#160; <u>Resignation:</u>&#160; Cusumano agrees to tender the resignation of

his employment with the Company along with all of the positions that he holds

at that time with the Company or any of its affiliated entities, partnerships

or divisions, including specifically:&#160;

Chief Executive Officer of NLF and NMC, Member of the Board of NMC,

Member of the Company's Management Committee, Director of Valencia Water

Company, Director in the Valencia Town Center Hotel Company and Director in the

TP Golf Company.&#160; In addition, Cusumano

will sell or exchange all partnership and membership interests that he may

have, as the case may be, in NMC and its affiliated entities, including but not

limited to Valencia Town Center Hotel Company, TP Golf Company, Newhall General

Partnership, and Newhall Management Limited Partnership, under the terms of the

respective shareholder agreements, partnership agreements or other governing

documents.&#160; Cusumano agrees to execute

whatever documents are necessary to effect his resignation from all of those

positions as well as any other positions that he holds with the Company or any

affiliated entities, partnerships, or divisions as of the Termination Date

under Paragraph 3(e).&#160; Cusumano's letter

of resignation, which is attached hereto as Addendum A and by this reference

incorporated herein, will be accepted by the Company effective the close of

business on his Termination Date.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">b)&#160;&#160;&#160; <u>Mutual General Releases</u>:&#160; In further consideration for the

compensation provided for in Paragraph 5 of this Agreement and as a condition

precedent to receipt of the Lump Sum Payment provided for therein, Cusumano

agrees to execute a document that conforms to Addendum B which is attached

hereto and by this reference incorporated herein (&quot;Mutual General

Releases&quot;).&#160; The Company reserves,

the right within its sole discretion, to amend, delete or otherwise revise the

Mutual General Releases to comply with any changes in applicable laws and/or to

make the Mutual General Releases fully effective in releasing and forever

discharging Company Releases from the Claims as defined therein.&#160; If Cusumano fails to execute the Mutual

General Releases on the Termination Date, or any other subsequent date mutually

agreed to by the Parties, then this Agreement and the Consulting Agreement

shall become null and void and non-enforceable and Cusumano shall not be

entitled to nor shall he be paid any of the benefits provided for in this

Agreement, including specifically, the Lump Sum Payment provided in Paragraph

5(a) of this Agreement.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">c)&#160;&#160;&#160;&#160; At the time Cusumano executes the

Agreement, he will execute a document that conforms exactly to the terms set

forth in Addendum C, which is attached hereto and by this reference and

incorporated herein (&quot;Consulting Agreement&quot;).&#160; This Agreement shall not become effective

until the Parties also have fully executed the Consulting Agreement.&#160; The Consulting Agreement shall only become

effective if Cusumano is Terminated Without Cause. The Consulting Agreement

shall commence on the date following the Termination Date and Cusumano will

commence his duties as a consultant in accordance with the terms provided in

the Consulting Agreement on the day after the Termination Date or any

subsequent date mutually agreed to by the Parties in writing.&#160; The Lump Sum Payment provided in Paragraph

5(a) of this Agreement, shall constitute all of the compensation, of whatever nature

whatsoever, to be paid to Cusumano for all of his services as a consultant,

except as otherwise provided in the Consulting Agreement.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">5)&#160;&#160;&#160;&#160; <u>Severance Compensation</u>:</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If Cusumano is Terminated Without Cause and he fully

complies with all of the requirements of Paragraph 4 of this Agreement, then he

shall be entitled to receive the following severance benefits:</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">a)&#160;&#160;&#160;&#160; <u>Lump Sum Payment</u>.&#160; Within five (5) business days of the lapse

of the seven (7) day revocation period provided in Paragraph 11 of the Mutual

General Releases, the Company shall pay Cusumano a lump sum payment equal to

three times:&#160; (i) the yearly base salary

Cusumano is making on the Termination Date; plus (ii) an amount equal to the

average of the bonuses paid to Cusumano pursuant to the NLF Executive Incentive

Compensation Plan (&quot;Bonus Plan&quot;) for the three Company fiscal years

preceding the Termination Date, less applicable withholding taxes (&quot;Lump

Sum Payment&quot;).&#160; The Lump Sum

Payment shall be deemed to have been made under this Paragraph 5 on the date

the payment is tendered to Cusumano.&#160;

The Company and Cusumano shall mutually agree on the method and timing

of the Lump Sum Payment delivery to Cusumano.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">b)&#160;&#160;&#160; <u>Additional Services Payment</u>:&#160; In the event the Termination Date occurs

during the third or fourth calendar quarter, then Cusumano will be paid a

pro-rated bonus under the Bonus Plan in effect for the fiscal year in which the

Termination Date occurs.&#160; The pro-rated

amount will be calculated by using the number of calendar days from January 1 of

the year in which the Termination Date occurs through the Termination Date as

the numerator and 360 as the denominator, multiplied by the amount of the bonus

that would have been paid as determined under the Bonus Plan.&#160; The determination of the amount will be made

at the same time as the bonuses are determined under the Bonus Plan for Company

employees.&#160; The payment

(&quot;Additional Services Payment&quot;) will be made to Cusumano within the

same month that payment is made to Company employees;&#160; provided, however, that Cusumano, as a condition precedent to

payment of the Additional Services Payment executes and returns to the

Company&#160; a document that conforms to

Addendum D, which is by this reference incorporated herein

(&quot;Acknowledgement of Payment&quot;).&#160;

The Additional Services Payment will be made to Cusumano coincident with

the execution and delivery of Acknowledgment of Payment to the Company.&#160; The Additional Services Payment will be paid

as additional compensation for services under the Consulting Agreement.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event Termination Date occurs during the first

two calendar quarters, then Cusumano will not be eligible to receive an

Additional Services Payment for the Company's fiscal year during which the

Termination Date occurs.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">c)&#160;&#160;&#160;&#160; <u>Unit Options and other Unit-Based Rights</u>:&#160; Cusumano will not be granted any additional

Unit options or Unit-based rights beyond those granted through the Termination

Date.&#160; Any existing options or

Unit-based rights, including any granted to Cusumano prior to the Termination

Date, will be exercisable or distributed as the case may be, in accordance with

the respective Unit options or Unit-based rights agreements and the Company's

respective Plans under which the options or rights were granted.&#160; Any Unit options or Unit-based rights granted

to Cusumano prior to the Termination Date that are not 100% vested on that

date, shall become 100% vested upon the fifth business day following the seven

day revocation period in Paragraph 11 of the Mutual General Releases.</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">d)&#160;&#160;&#160; <u>Retirement/Savings Plans</u>:&#160; Any benefits or payments due Cusumano under

the NLF Retirement Plan, the NLF Pension Restoration Plan (&quot;Pension

Restoration Plan&quot;), the NFL Employee Savings Restoration Plan, the NLF

Employee Savings Plan and any employee benefit plans qualified under Section

401(a) of the Internal Revenue Code will be paid in accordance with the

provisions contained in each of those plans.&#160;

As a means of funding the benefits under the Pension Restoration Plan,

the Company purchased two life insurance policies on the life of Cusumano

(&quot;Policies&quot;).&#160; Those Policies

are subject to the terms of Split-Dollar Insurance Agreements between Cusumano

and the Company.&#160; The ownership of the

Policies, Cusumano&#146;s obligation to repay premium to the Company, if any, and

the Company&#146;s obligation to pay retirement benefits under the Pension

Restoration Plan will be governed by terms of the Split-Dollar Insurance

Agreements and the Pension Restoration Plan.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">e)&#160;&#160;&#160;&#160; <u>Purchase of Car:</u>&#160; Cusumano will have the option to purchase

the Company car assigned to him on the Termination Date at the low wholesale

bluebook price for that car.&#160; If

Cusumano chooses not to exercise that option, then he shall return the car and

his keys to the car to the Company on or before the Termination Date.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">f)&#160;&#160;&#160;&#160; <u>No Other Payments or Benefits</u>:&#160; Except as otherwise provided in the

Consulting Agreement or this Paragraph 5, Cusumano shall not earn or be

entitled to receive any other wages and/or benefits whatsoever after the

Termination Date.&#160; Benefits payable

under this Paragraph 5 will terminate, supersede and be in lieu of any

severance pay benefits, Change of Control Program benefits or any other wage

and/or benefits provided for in any employment agreement, the Change of Control

Program, severance policy or benefit agreement between Cusumano and the Company

or any other policy, agreement, practice or plan (including the NLF Retention

Incentive Program adopted in March 2001) of the Company.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">g)&#160;&#160;&#160; <u>Medical Benefits</u>:&#160; As part of Company's early retirement

benefits, the Company's medical and dental HMO plans will be provided at no

cost to Cusumano and his eligible dependents until Cusumano's sixty-fifth

(65th) birthday, provided that Cusumano is eligible for those benefits on and

after the Termination Date.&#160; If Cusumano

selects a medical plan other than the HMO plan, he and his eligible dependents

will pay the difference between the amount of the premiums charged for the

coverage selected and the premiums for the same coverage under the Company's

HMO plan.&#160; Should Cusumano die before age

65, his surviving spouse and eligible dependents will continue to receive the

medical benefits until the date Cusumano would have reached age sixty-five

(65).</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">6)&#160;&#160;&#160;&#160; <u>Recitals</u>:&#160; The Recital's stated above are incorporated herein by this

reference as part of the Agreement.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">7)&#160;&#160;&#160;&#160; <u>Indemnification Agreement</u>:&#160; The Mutual General Releases, when executed

by Cusumano, as provided in Paragraph 4(b) of this Agreement shall not in any

manner amend the terms of, or affect NLF's obligations, under that certain

amended Indemnification Agreement dated November 14, 1990 between Cusumano and

NLF.</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">8)&#160;&#160;&#160;&#160; <u>Attorney Consultation</u>:&#160; Cusumano acknowledges that he has been

advised to consult with an attorney before signing this Agreement and the

Mutual General Releases incorporated herein as Addendum B, and that he has

voluntarily and knowingly executed this Agreement after having had the

opportunity to consult with an attorney.&#160;

Cusumano further acknowledges that he has had an adequate opportunity to

consult with an attorney and that he has had an adequate opportunity to make whatever

investigation or inquiry he or his counsel may deem necessary or desirable in

conjunction with the subject matter of this Agreement prior to signing it.&#160; Cusumano further acknowledges that he has

been advised that he may consider the terms of this Agreement for twenty-one

(21) days before signing it.&#160; This

Agreement was provided to Cusumano on August 31, 2001.&#160; Accordingly, Cusumano has until September

21, 2001 to decide whether he will sign the Agreement.&#160; To the extent that Cusumano takes less than

twenty-one (21) days to consider this Agreement prior to signing it, he

acknowledges that he has had sufficient time to consult with an attorney and

that he does not desire additional time.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">9)&#160;&#160;&#160;&#160; <u>Revocation Period</u>:&#160; This Agreement is revocable by Cusumano for

a period of seven (7) days following execution and return of the Agreement to

the Company.&#160; The revocation must be in

writing, must specifically revoke this Agreement, and must be delivered to

Trude Tsujimoto, Corporate Secretary, at The Newhall Land and Farming Company,

23823 Valencia Boulevard, Valencia, California, 91355, prior to the end of the

seventh (7th) day following execution and delivery of this Agreement to the

Company.&#160; Upon expiration of the seven (7)

day period, this Agreement becomes effective, enforceable and irrevocable.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:22.5pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">10)&#160;&#160; <u>Mediation/Arbitration</u>:</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">a)&#160;&#160;&#160;&#160; Cusumano and the Company agree that any

Arbitrable Claims that arise between them will be submitted first to mediation

and then to binding arbitration.&#160;

Cusumano and the Company further agree that neither of them will

commence any demand for arbitration without first submitting a formal written

demand to the other Party for mediation of the dispute.&#160; When such a demand is made, the dispute will

be submitted to mediation before a mutually agreeable mediator in the Los

Angeles area.&#160; The cost of the mediation

shall be borne equally by the Parties.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">b)&#160;&#160;&#160; Any controversy, dispute or claim between

the Parties which may arise from, out of, or relate to this Agreement, or its

subject matter or the Addendums, including the validity, enforceability,

construction or application of any of the terms, provisions, or conditions of

this Agreement or the arbitrability of any such matter (collectively referred

to herein as &quot;Arbitrable Claims&quot;) shall be submitted:&#160; (i) first to Mediation under Paragraph

10(a), and if it is not resolved through Mediation, then (ii) to&#160; final and binding arbitration in Los

Angeles, California, or such other location as the Parties shall mutually agree

in writing under the auspices of the American Arbitration Association

(&quot;AAA&quot;).&#160; The Parties agree

that neither of them may initiate in any way or prosecute any claim, charge,

lien, demand, right of action or cause of action of any nature whatsoever

arising out of or related to this Agreement before any court, tribunal, or

administrative agency against the other Party, and that they each acknowledge

that their agreement to the mediation/arbitration provisions under this

Paragraph 10 shall constitute an effective waiver of any right to have any

Arbitrable Claims determined by judge or jury.&#160;

The Parties further agree to be bound by the Employment Dispute

Resolution Rules of AAA (&quot;Rules&quot;) and that all Arbitrable Claims will

be heard by the AAA pursuant to those Rules.&#160;

The Parties further agree that in the event this Agreement, or any part

thereof is not enforceable, all other provisions shall remain in force.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">c)&#160;&#160;&#160;&#160; The arbitrator shall have jurisdiction to

determine all Arbitrable Claims and may grant any relief authorized in law or

equity for such claim.&#160; However, the

arbitrator may not modify or change the terms of this Agreement or the

Addendums.&#160; The Parties agree that the

decision of the arbitrator shall not be appealable and that judgment upon an

award rendered by the arbitrator may be entered for enforcement in any court of

competent jurisdiction.&#160; All Arbitrable

Claims must be submitted to mediation within thirty (30) days of the date such

claim first arose to be arbitrable.</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">d)&#160;&#160;&#160; Except as otherwise stated above, neither

Party may initiate in any way or prosecute any claim, charge, lien, demand,

right of action or cause of action of any nature whatsoever arising out of or

related to this Agreement or the Addendums before any court, tribunal or

administrative agency against the other Party.&#160;

A Party who initiates litigation or asserts Arbitrable Claims in any

court or before any tribunal or administrative body, shall pay all reasonable

attorneys' fees and costs incurred by the opposing Party in defending such

litigation and/or claims.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">11)&#160;&#160; <u>Confidential Information</u>:</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">a)&#160;&#160;&#160;&#160; Cusumano shall not (nor will Cusumano

assist any other person to do so) during or after the termination of his

employment with the Company as an employee or consultant, directly or

indirectly reveal, report, publish or disclose Confidential Information to any

person, firm or corporation not expressly authorized by the Company to receive

such Confidential Information, or use (or assist any person to use) such

Confidential Information except for the benefit of the Company.&#160; This provision shall not preclude

disclosures required by law, nor shall it apply to information which has

entered the public domain other than by reason of the action of Cusumano.&#160; The term &quot;Confidential Information,&quot;

as used herein, means all information or material not generally known by

non-Company personnel which (i) gives the Company some competitive business

advantage or the opportunity of obtaining such advantage or the disclosure of

which could be detrimental to the interests of the Company; (ii) which is owned

by the Company or in which the Company has an interest in; and (iii) which is

either marked &quot;Confidential Information,&quot; &quot;Proprietary

Information,&quot; or other similar marking, known by Cusumano to be considered

confidential and proprietary by the Company or from all the relevant

circumstances should reasonably be assumed by Cusumano to be confidential and

proprietary to the Company.&#160;

Confidential Information includes, but is not limited to, the following

types of information and other information of a similar nature (whether or not

reduced to writing):&#160; trade secrets,

inventions, drawings, file data, documentation, diagrams, specifications, know

how, processes, formulas, models, flow charts, software in various stages of

development, source codes, object codes, research and development procedures,

research or development and test results, marketing techniques and materials,

marketing and development plans, price lists, pricing policies, business plans,

information relating to customers and/or suppliers' identities, characteristics

and agreements, financial information and projections, and employee files.&#160; Confidential Information also includes any

information described above which the Company obtains from another party and

which the Company treats as proprietary information or designates as

Confidential Information, whether or not owned or developed by the

Company.&#160;&#160; Notwithstanding the above,

however, no information constitutes Confidential Information if it is generic

information or general knowledge which Cusumano would have learned in the

course of similar employment elsewhere in the trade or if it is otherwise

publicly known and in the public domain.</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">b)&#160;&#160;&#160; Cusumano agrees on or before the last date of his employment

under this Agreement to surrender to the Company all notes, data, sketches,

drawings, manuals, documents, records, data bases, programs, blueprints,

memoranda, specifications, customer lists, financial reports, equipment and all

other physical forms of expression incorporating or containing any Confidential

Information, it being distinctly understood that all such writings, physical

forms of expression and other things are the exclusive property of the

Company.&#160;&#160; Cusumano acknowledges that

the unauthorized taking of any of the Company's trade secrets is a crime under

California Penal Code Section 499(c) and is punishable by imprisonment.&#160; Cusumano further acknowledges that such

unauthorized taking of the Company's trade secrets could also result in civil

liability under California Civil Code Section 3426, and that willful

misappropriation may result in an award against him for triple the amount of

the Company's damages and the Company's attorneys fees in collecting such

damages.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">c)&#160;&#160;&#160;&#160; If Cusumano breaches, or threatens to commit a breach of, any of

these non-disclosure provisions (collectively, the &quot;Restrictive

Covenants&quot;), the Company shall have the following rights and remedies,

each of which shall be in addition to, and not in lieu of, any other rights and

remedies available to the Company under law or in equity:&#160; the right and remedy to have the Restrictive

Covenants specifically enforced or to have any actual or threatened breach

thereof enjoined by any court having equity jurisdiction, all without the need

to prove any amount of actual damage or that monetary damages would not provide

an adequate remedy, it being acknowledged and agreed that any such breach or

threatened breach will cause irreparable injury to the Company and that

monetary damages will not provide an adequate remedy to the Company; and the

right and remedy to require Cusumano to account for and pay over to the Company

all compensation, profits, monies, accruals, increments or other benefits

derived or received by him or any associated party deriving such benefits as a

result of any such breach of the Restrictive Covenants.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">d)&#160;&#160;&#160; Nothing in this Agreement or any other agreement between Cusumano

and the Company shall prohibit or impede or be construed to prohibit or impede

Cusumano from lawfully competing with the Company, lawfully working for any

competitor of the Company or otherwise lawfully pursuing his career in the

residential and commercial development industry, so long as Cusumano complies

with these non-disclosure provisions.&#160;

The Parties agree that these non-disclosure provisions shall continue in

effect after Cusumano's employment with the Company as an employee and/or

consultant has terminated and notwithstanding any termination of this

Agreement.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:22.5pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">12)&#160;&#160; <u>Non-Solicitation of Employees or

Customers:</u>&#160; For a period of one (1)

year following the last date of Cusumano's employment with the Company as an

employee, Cusumano agrees not to solicit or induce any employee or supplier of

the Company to terminate his/her employment or relationship with the Company or

to, directly or indirectly, solicit the trade of or otherwise do business with

any customer or supplier of the Company and/or any one of its affiliated

entities so as to offer or sell any product or service which would be

competitive with any product or service sold by the Company or its affiliates

during that period.</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:22.5pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">13)&#160;&#160; <u>Employee Benefit Plans</u>:&#160; Except as otherwise specifically provided in

this Agreement to the contrary, all of the health and other employee benefit or

compensation plans or programs referred to and contemplated by this Agreement

(collectively referred to as &quot;Plans&quot;) shall be governed solely by the

terms of the underlying plan documents and by applicable law.&#160; Except as otherwise specifically provided in

this Agreement to the contrary, nothing in this Agreement shall impair the

Company's right to amend, modify, replace, and/or terminate any and all such

Plans in its sole discretion or in accordance with the terms thereof.&#160; This Agreement is for the sole benefit of

Cusumano and the Company, and is not intended to create a Plan, or, except as

otherwise provided herein, to modify the terms of existing Plans.&#160; Also, any payments made pursuant to this

Agreement shall not be taken into account (<i><font style="font-style:italic">i.e.</font></i>, as &quot;compensation&quot;) for

purposes of determining the amount of benefits payable under any other Plans.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:22.5pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">14)&#160;&#160; <u>Entire Agreement</u>:&#160; This Agreement is the only agreement and

understanding between the Parties pertaining to the subject matter hereof, and

supercedes and nullifies all prior agreements, summaries of agreement, descriptions

of compensation packages, discussions, negotiations, understandings,

representations or warranties, whether verbal or written between the Parties

pertaining to such subject matter.&#160; This

Agreement is binding on Cusumano's heirs and shall not be assignable by

Cusumano for any purpose.&#160; This

Agreement will be binding on any successors and assigns of the Company.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:22.5pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">15)&#160;&#160; <u>Severability</u>:&#160; If any provision of this Agreement or any

portion of such provision is held to be invalid or unenforceable, the remaining

provisions or portions shall nevertheless be given effect.&#160; It is the intent of the Parties that all

provisions shall be construed so as to be valid and enforceable, and if it

should be determined that any provision is not valid and enforceable, a

provision which would effectuate the intent of the Parties and would be valid

and enforceable shall be substituted for the invalid and unenforceable

provision.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:22.5pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">16)&#160;&#160; <u>Amendment and Waiver</u>:&#160; This Agreement may be amended, modified or

supplemented only by a writing executed by Cusumano and a designee of the

Board.&#160; Either Party may, in writing,

waive any provision of this Agreement to the extent that such provision is for

the benefit of the waiving Party.&#160; No

waiver by either Party of a breach of any provision of this Agreement shall be

construed as a waiver of any subsequent or different breach, and no forbearance

by a Party to seek a remedy for non-compliance or breach by the other Party

shall be construed as a waiver of any right or remedy with respect to such non-compliance

and/or breach.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:22.5pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">17)&#160;&#160; <u>Construction and Applicable Law</u>:&#160; The language of this Agreement and the

Addendums have been approved by the Parties after the opportunity to consult

with legal counsel and the language of these documents shall be construed as a

whole according to their fair meaning and not strictly for or against either

Party.&#160; This Agreement and the Addendums

shall in all respects be interpreted, enforced and governed by and under the

laws of the State of California.</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:22.5pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">18)&#160;&#160; <u>Notice</u>:&#160; Except as otherwise provided in this Agreement or any amendments

subsequently executed between the Parties, any notice required or permitted to

be given hereunder shall be in writing and shall be deemed to have been given

upon personal delivery, or on the date it is postmarked, by certified or

registered mail, postage pre-paid, addressed to Cusumano at the address on file

with the Company and to the Company at its corporate headquarters.&#160; The Company's current corporate headquarters

is located at The Newhall Land and Farming Company, 23823 Valencia Boulevard,

Valencia, CA 91355, Attention:&#160;

Secretary.&#160; It shall be

Cusumano's responsibility to keep the Company advised in writing of any change

in his address under this Paragraph of the Agreement.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; WHEREFORE, the

Parties have executed this Agreement on the dates provided hereinafter.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<table width="98%" style="width:98.82%;

 border-collapse:collapse;">

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">DATED:&#160;

  September 10, 2001</font></font></p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="53%" colspan="2" valign="top" style="width:53.88%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">EMPLOYEE:</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="53%" colspan="2" valign="top" style="width:53.88%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">/s/ Gary M. Cusumano</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="53%" colspan="2" valign="top" style="width:53.88%;border:none;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Gary M. Cusumano</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">DATED:&#160;

  August 28, 2001</font></font></p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="53%" colspan="2" valign="top" style="width:53.88%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">THE NEWHALL LAND AND FARMING<br>

  COMPANY (a California Limited Partnership)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">By:&#160; </font></font></p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Newhall Management Limited Partnership, its<br>

  Managing General Partner</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">By:</font></font></p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Newhall Management Corporation, its<br>

  Managing General Partner</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">By:</font></font></p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">/s/ Stuart R.

  Mork</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Name:</font></font></p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">S.R. Mork</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Title:</font></font></p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Chief Financial

  Officer</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;border:none;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">By:</font></font></p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">/s/ Trude A. Tsujimoto</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Name:</font></font></p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Trude A. Tsujimoto</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Title:</font></font></p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Secretary</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;border:none;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

</table>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>



</div>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:auto;">

</font></font>



<div class="Section2">



<p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">[NEWHALL LAND

LETTERHEAD]</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">ADDENDUM A</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Date_________</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt">PERSONAL AND CONFIDENTIAL</font></font></u></p>



</div>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:auto;">

</font></font>



<div class="Section3">



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">The Board of Directors</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">The Newhall Land and Farming Company</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">and Newhall Management Corporation</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">23823 Valencia Boulevard</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">Valencia, California 91355</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Re:&#160; <u>Resignation</u></font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">Dear Ladies and Gentlemen:</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; I

hereby tender to you my resignation of employment along with my resignation of

all positions that I hold effective the close of business on ____________.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Should

you need me to sign any additional documents or paperwork to cause the

foregoing to be completed, I will be happy to do so.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Very

truly yours,</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Gary

M. Cusumano</font></font></p>



</div>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always;">

</font></font>



<div class="Section4">



<p align="right" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt">ADDENDUM B</font></font></u></p>



<p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt">MUTUAL GENERAL

RELEASES</font></font></u></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This Addendum to

the Retention Agreement of Gary M. Cusumano (&quot;Agreement&quot;) is made and

entered into this ____ day of _____________ by and between Gary M. Cusumano

(&quot;Cusumano&quot;), and The Newhall Land and Farming Company (a California

Limited Partnership) (&quot;Company&quot;) and by this reference the Agreement

is incorporated herein.&#160; Cusumano and

the Company are hereinafter sometimes referred to collectively as &quot;the

Parties.&quot;&#160; This agreement

(&quot;Mutual General Releases&quot;) is made for the purpose of settling and

compromising all of the claims, disputes and controversies between the Parties

arising from any cause whatsoever on or prior to the date of Cusumano's

execution of the Mutual General Releases.&#160;

So as to avoid any doubt, the mutual releases contained herein, do not

in any manner amend the terms of, or affect the Company's obligations, under

that certain amended Indemnification Agreement dated November 14, 1990 between

Cusumano and the Company.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOW, THEREFORE,

the Parties hereto for the consideration set forth in the Agreement,</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">which is by this reference incorporated herein, mutually agree as

follows:</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1.&#160;&#160;&#160;&#160; <u>Consideration</u>.&#160; In consideration of the benefits provided

for in the Agreement as well as the Mutual General Releases and, for other good

and valuable consideration, the Parties give the releases, promises and

commitments contained herein.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">2.&#160;&#160;&#160;&#160; <u>Scope of Settlement</u>.&#160; The compensation and benefits provided for

in the Agreement are in full and complete settlement of all of Cusumano's

Claims against Company Releasees and fully compensates Cusumano for any and all

such Claims.&#160; Cusumano further

acknowledges that he has received all wages and benefits due him through the

last date of his employment with the Company, except as otherwise provided in

Paragraph 5 of the Agreement.&#160; Cusumano

specifically acknowledges that he has received the Lump Sum Payment and that

the Company has fully complied with the provisions of Paragraph 5(a) of the

Agreement.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">3.&#160;&#160;&#160;&#160; <u>General Release of Company Releasees</u>.&#160; Cusumano, for himself and for his heirs, spouse,

executors, administrators and assigns, acknowledg<u>e</u>s complete

satisfaction of and unconditionally releases and forever discharges the

Company, Newhall Management Corporation, and any and all of its respective

affiliated companies, subsidiaries, divisions, affiliated entities,

shareholders, partnerships, successors and assigns, and any and all&#160; of its past, present and/or future officers,

directors, members, partners, unit holders, agents, employees, administrators

and assigns (hereinafter collectively referred to as &quot;Company

Releasees&quot;), from any and all claims, demands, causes of action, costs,

charges, fees and liabilities of any kind whatsoever, whether known or unknown,

unsuspected or latent, which Cusumano or any of his heirs, guardians, administrators,

executors, successors in interest, and/or assigns have incurred or expect to

incur, or now own or hold or have at any time heretofore owned or held, or may

at any time own, hold or claim by reason of any matter or thing against Company

Releasees, and each of them, arising from or by reason of any actual or alleged

act, omission, transaction, practice, conduct or occurrence, or any other

matter</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">whatsoever on or prior to the date of Cusumano's

execution of the Mutual General Releases.&#160;

Without limiting the generality of the foregoing, Cusumano specifically

waives and fully releases Company Releasees, and each of them, from any and all

claims arising out of Cusumano's employment with the Company and/or the

termination of that employment, any positions Cusumano held or services

Cusumano rendered as well as Cusumano's resignation of all positions held with

the Company, including but not limited to:&#160;

(a) any claim under the Americans with Disabilities Act, the California

Fair Employment and Housing Act, the Civil Rights Act of 1964, as amended, the

Age Discrimination in Employment Act of 1967 or the Older Workers Benefit

Protection Act; the Employee Retirement Income Security Act of 1974; (b) any

other claim of employment discrimination (whether based on federal, state or

local, statutory or decisional law; (c) any claim arising out of the terms and

conditions of Cusumano's employment and/or any of the events relating directly

or indirectly to or surrounding the termination of his employment; (d) any

claims for severance, pension, bonuses, profit sharing or severance/termination

payments; (e) any claim regarding any claimed employment or benefit agreement

or contract whether written or oral; (f) any claim for any alleged injuries

incurred during Cusumano's employment with the Company including any claims for

rehabilitation; and (g) any other matter or claim whatsoever between the

Parties (jointly &quot;Claims&quot;).&#160;

These releases do not include or release Company Releases or any of

them, from providing the benefits or making the payments provided for in

Paragraph 5 (b), (c), (d),&#160; and (g) of

the Agreement.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">4.&#160;&#160;&#160;&#160; <u>General Release of Cusumano's Releasees</u>.&#160; The Company fully releases and discharges

forever Cusumano and his spouse, children, agents, heirs and administrators and

assigns (&quot;Cusumano Releasees&quot;) from any and all liabilities, claims,

causes of action, charges, complaints, obligations, costs, losses, damages,

injuries and attorneys' fees, of any form whatsoever, whether known or unknown,

unsuspected or latent, which the Company or any of its officers, employees,

agents, administrators, successors in interest, and/or assigns have incurred or

expect to incur, or now own or hold, or have at any time heretofore owned or

held, or may at any time own, hold, or claim to hold by reason of any matter or

thing, arising from any cause whatsoever on or prior to the date of Company's

execution of the Mutual General Releases.&#160;

Without limiting the generality of the foregoing, the Company fully

releases and discharges each and all of Cusumano's Releasees from any and all

claims, demands and causes of action in connection with any and all matters

pertaining to Cusumano's employment by the Company, including, but not limited

to, any and all damages of every kind whatsoever, express or implied duties or

obligations, express or implied covenants, and promises on any and all of the

above, any other matter between the Parties, and any claims relating to and

arising out of Cusumano's performance of his duties as an officer of the

Company or a member of the Company's Board of Directors.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">5.&#160;&#160;&#160;&#160; <u>Non-Admission of Liability</u>.&#160; This Agreement shall not in any way be

construed as an admission by either Party of any liability whatsoever, or as an

admission by either Party of any illegal or improper act or acts, of any kind

or nature whatsoever, against the other Party.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">6.&#160;&#160;&#160;&#160; <u>Releases Include Unknown Claims</u>.&#160; It is the intention of the Parties in

executing the Mutual General Releases and in paying and receiving the monetary

and other consideration called for by the Agreement that the Mutual General

Releases shall be effective as a full and final accord and satisfaction and

general release of and from all liabilities, disputes, claims and matters,

known or unknown, suspected or unsuspected arising from any cause whatsoever on

or prior to the date of Cusumano's execution of the Mutual General

Releases.&#160; In furtherance of this

intention, the Parties, and each of them, acknowledge that they are familiar

with Section 1542 of the Civil Code of the State of California, which provides

as follows:</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:1.0in;margin-right:1.0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&quot;A general release does not extend to claims

which the creditor does now know or suspect to exist in his favor at the time

of executing the release which if known by him must have materially affected

his settlement with the debtor.&quot;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">The Parties, and each of them, waive and relinquish

any right or benefit which they have or may have under Section 1542 of the

Civil Code of the State of California or any similar provision of statutory or

non-statutory law of this or any other jurisdiction to the full extent that

they may lawfully waive all such rights and benefits pertaining to the subject

matter of the Agreement and the Mutual General Releases.&#160; In connection with such waiver and relinquishment,

the Parties, and each of them, acknowledge that they are aware that any legal

counsel that they may retain may hereafter discover claims or facts in addition

to or different from those which they now know or believe to exist with respect

to the subject matter of the Mutual General Releases, but that it is their

intention hereby to fully, finally and forever settle and release all the

released matters, disputes and differences, known and unknown, suspected or

unsuspected, which now exist, may exist, or heretofore has existed, between them.&#160; In furtherance of this intention, the

releases herein given shall be and remain in effect as full and complete

general releases notwithstanding the discovery and existence of any such

additional or different claims or facts.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">7.&#160;&#160;&#160;&#160; <u>Successors and Assigns</u>. &#160;This Agreement shall bind, and inure to the

benefit of, the respective heirs, legal representatives, successors, and

assigns of the Parties hereto.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">8.&#160;&#160;&#160;&#160; <u>Covenant Not to Sue</u>.&#160; The Parties, and each of them, represent and

warrant that they have no action, claim, charge or lawsuit intended, filed,

prepared or pending against the other Party or their respective released

parties and that they will not individually or as a member of any class file

any action, claim, charge or lawsuit against the other Party, or any of their

respective released parties, concerning the subject matter of the Agreement,

the Mutual General Releases and/or any of the claims released under the Mutual

General Releases.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">9.&#160;&#160;&#160;&#160; <u>Construction</u>.&#160; The language of the Mutual General Releases

has been approved by all Parties after the opportunity to consult with legal

counsel and the language of the Mutual General Releases shall be construed as a

whole according to its fair meaning and not strictly for or against either

Party.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">10.&#160;&#160; <u>Entire Agreement and Governing Law</u>.&#160; The Mutual General Releases shall in all

respects be interpreted, enforced, and governed by and under the laws of the

State of California.&#160; The Mutual General

Releases constitutes the entire agreement between the Parties and supercedes all

prior agreements, whether verbal or written, between the Parties pertaining to

the subject matter hereof.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<font size="3" face="Times New Roman"><font style="font-size:12.0pt;font-family:'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;">&nbsp;</p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">11.&#160;&#160; <u>Legal Consultation and Revocability

Periods</u>:&#160; The Parties expressly

intend, and Cusumano acknowledges and agrees, that as part of the potential

claims released in Paragraphs 3 and 4 of the Mutual General Releases, Cusumano

is herein releasing the Company Releasees from any claims that he has or may

have under the Age Discrimination in Employment Act of 1967,&#160; 29 U.S.. &#167; 621 et seq.&#160; Accordingly, Cusumano has been advised to

review the Mutual General Releases and represents and agrees:&#160;&#160; (a)&#160;

that he has been advised to consult with an attorney prior to executing

the Mutual General Releases;&#160; (b)&#160; that he has had up to twenty-one (21) days

to consider executing the Mutual General Releases and that he is&#160; knowingly and voluntarily entering into the

Mutual General Releases;&#160; (c)&#160; that he received a copy of the Mutual

General Releases on&#160; <u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u>, 2001; (d)&#160; that he has seven (7) days from the date of

execution of the Mutual General Releases to rescind it by doing so in writing

addressed to the General Counsel and/or Secretary of the Company,&#160; at its corporate headquarters located at The

Newhall Land and Farming Company, 23823 Valencia Boulevard, Valencia,

California 91355 ; and&#160; (e) that the

Mutual General Releases will not be effective until the end of the seven (7)

day revocation period.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<table width="98%" style="width:98.82%;

 border-collapse:collapse;">

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">DATED:____________________</font></font></p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="53%" colspan="2" valign="top" style="width:53.88%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">EMPLOYEE:</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="53%" colspan="2" valign="top" style="width:53.88%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="53%" colspan="2" valign="top" style="width:53.88%;border:none;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Gary M. Cusumano</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">DATED:____________________</font></font></p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="53%" colspan="2" valign="top" style="width:53.88%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">THE NEWHALL LAND AND FARMING<br>

  COMPANY (a California Limited Partnership)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">By:&#160; </font></font></p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Newhall Management Limited Partnership, its<br>

  Managing General Partner</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">By:</font></font></p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Newhall Management Corporation, its<br>

  Managing General Partner</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">By:</font></font></p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Name:</font></font></p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Title:</font></font></p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;border:none;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">By:</font></font></p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Name:</font></font></p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Title:</font></font></p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;border:none;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

</table>



</div>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always;">

</font></font>



<div class="Section5">



<p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt">ADDENDUM C</font></font></u></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt">CONSULTING

AGREEMENT OF GARY M. CUSUMANO</font></font></u></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This Consulting Agreement is

made and entered into on ________, 200__ by and between Gary M. Cusumano

(&quot;Consultant&quot;) and The Newhall Land and Farming Company (a California

Limited Partnership) (&quot;Company&quot;).&#160;

Consultant and the Company are hereinafter sometimes referred to

collectively as &quot;the Parties.&quot;&#160;

This Consulting Agreement is being entered into as an addendum to the

Retention Agreement of Gary M. Cusumano dated March 31, 2001

(&quot;Agreement&quot;) and by this reference is incorporated herein.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOW, THEREFORE, in consideration

of the foregoing, the terms and covenants set forth herein, and the benefits

provided in the Agreement, the Company and Consultant hereby agree as follows:</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">1.&#160;&#160;&#160;&#160; <u>Retention of Consultant</u>.&#160; The Company hereby retains Consultant and

Consultant hereby agrees to render services to the Company as a Consultant for

a period of one (1) year commencing on the day after the Termination Date as

provided in Paragraph 3(e) of the Agreement (&quot;Consulting

Period&quot;).&#160; Consultant will hold

himself available during the Consulting Period to render consultation and

advice to the Company as requested by the Company's President and/or Chief

Executive Officer.&#160; Consultant will

remain available for consultation and advice on all aspects of the Company's

business, by telephone and correspondence or, if requested by the Company's

President and/or Chief Executive Officer, in person at the Company's principal

offices (or at other locations by mutual agreement) during reasonable business

hours.&#160; During the Consulting Period,

Consultant shall be entitled to engage in consulting work for other companies

and entities as long as that work does not interfere with Consultant's

obligations hereunder.&#160; Consultant,

however, agrees that he will not during the Consulting Period perform any work

on any basis for any person or entity (including any entity established by him)

that is in competition with the Company or any of its subsidiaries,

partnerships or divisions.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">2.&#160;&#160;&#160;&#160; <u>Compensation</u>.&#160; Consultant's sole compensation for any

consulting services rendered to the Company during the Consulting Period shall

be the payment of the Lump Sum Payment provided for in Paragraph 5(a) of the

Agreement as well as any Additional Services Payment made under Paragraph 5(b)

of the Agreement.&#160; Consultant

acknowledges that the Lump Sum Payment and any Additional Services Payment

include compensation for all services to be rendered by Consultant hereunder.&#160; No other compensation, wages or benefits of

any kind whatsoever shall be earned by or paid to Consultant by the Company

under this Consulting Agreement, except as the Parties may otherwise agree in

writing during the term of the Consulting Period. </font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">3.&#160;&#160;&#160;&#160; <u>Independent Contractor</u>.&#160; It is agreed that Consultant will be an

independent contractor and not an employee in the performance of the Consulting

Services rendered during the Consulting Period.&#160; To the extent that Consultant receives any compensation from the

Company as a result of any written agreement between the Parties executed as an

exception under Paragraph 2 of this Consulting Agreement, then, no normal

payroll withholding shall&#160; be deducted

from any amounts due Consultant.&#160;

Consultant represents and warrants that he will pay all taxes due with

respect to any such payments received from the Company and will indemnify and

hold the Company harmless from any and all claims, causes of action, expenses,

lawsuits or any other costs incurred by the Company as a result of any failure

of Consultant to do so.&#160; </font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

font-family:'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font></u>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">4.&#160;&#160;&#160;&#160; <u>Confidential Information.&#160; </u></font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(a)&#160;&#160; Cusumano shall not (nor will Cusumano assist

any other person to do so) during or after the termination of his employment

with the Company as a consultant, directly or indirectly reveal, report,

publish or disclose Confidential Information to any person, firm or corporation

not expressly authorized by the Company to receive such Confidential

Information, or use (or assist any person to use) such Confidential Information

except for the benefit of the Company.&#160;

This provision shall not preclude disclosures required by law, nor shall

it apply to information which has entered the public domain other than by

reason of the action of Cusumano.&#160; The

term &quot;Confidential Information,&quot; as used herein, means all

information or material not generally known by non-Company personnel which (a)

gives the Company some competitive business advantage or the opportunity of

obtaining such advantage or the disclosure of which could be detrimental to the

interests of the Company; (b) which is owned by the Company or in which the

Company has an interest in; and (c) which is either marked &quot;Confidential

Information,&quot; &quot;Proprietary Information:&quot;&#160; or other similar marking, known by Cusumano

to be considered confidential and proprietary by the Company or from all the

relevant circumstances should reasonably be assumed by Cusumano to be

confidential and proprietary to the Company.&#160;

Confidential Information includes, but is not limited to, the following

types of information and other information of a similar nature (whether or not

reduced to writing):&#160; trade secrets,

inventions, drawings, file data, documentation, diagrams, specifications, know

how, processes, formulas, models, flow charts, software in various stages of

development, source codes, object codes, research and development procedures,

research or development and test results, marketing techniques and materials,

marketing and development plans, price lists, pricing policies, business plans,

information relating to customers and/or suppliers' identities, characteristics

and agreements, financial information and projections, and employee files.&#160; Confidential Information also includes any

information described above which the Company obtains from another party and

which the Company treats as proprietary information or designates as

Confidential Information, whether or not owned or developed by the

Company.&#160;&#160; Notwithstanding the above,

however, no information constitutes confidential information if it is generic

information or general knowledge which Cusumano would have learned in the

course of similar employment elsewhere in the trade or if it is otherwise

publicly known and in the public domain.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(b)&#160;&#160; To the extent that Cusumano has not already

done so, he shall, on or before the last date of his employment hereunder as a

Consultant,&#160; surrender to the Company

all notes, data, sketches, drawings, manuals, documents, records, data bases,

programs, blueprints, memoranda, specifications, customer lists, financial

reports, equipment and all other physical forms of expression incorporating or

containing any Confidential Information, it being distinctly understood that

all such writings, physical forms of expression and other things are the

exclusive property of the Company.&#160;&#160;

Cusumano acknowledges that the unauthorized taking of any of the

Company's trade secrets is a crime under California Penal Code Section 499(c)

and is punishable by imprisonment.&#160;

Cusumano further acknowledges that such unauthorized taking of the

Company's trade secrets could also result in civil liability under California

Civil Code Section 3426, and that willful misappropriation may result in an

award against him for triple the amount of the Company's damages and the

Company's attorneys fees in collecting such damages.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(c) &#160; If Cusumano breaches, or threatens to commit a

breach of, any of these non-disclosure provisions (collectively, the

&quot;Restrictive Covenants&quot;), the Company shall have the following rights

and remedies, each of which shall be in addition to, and not in lieu of, any

other rights and remedies available to the Company under law or in equity:&#160; the right and remedy to have the Restrictive

Covenants specifically enforced or to have any actual or threatened breach

thereof enjoined by any court having equity jurisdiction, all without the need

to prove any amount of actual damage or that monetary damages would not provide

an adequate remedy, it being acknowledged and agreed that any such breach or

threatened breach will cause irreparable injury to the Company and that

monetary damages will not provide an adequate remedy to the Company; and the

right and remedy to require Cusumano to account for and pay over to the Company

all compensation, profits, monies, accruals, increments or other benefits

derived or received by him or any associated party deriving such benefits as a

result of any such breach of the Restrictive Covenants.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(d)&#160;&#160; Nothing in this Agreement or any other

agreement between Cusumano and the Company shall prohibit or impede or be

construed to prohibit or impede Cusumano from lawfully competing with the

Company, lawfully working for any competitor of Company or otherwise lawfully

pursuing his career in the residential and commercial development industry, so

long as Cusumano complies with these non-disclosure provisions.&#160; The Parties agree that these non-disclosure

provisions shall continue in effect after Cusumano's employment with the

Company as an employee and/or consultant has terminated and notwithstanding any

termination of this Agreement.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">5.&#160;&#160;&#160;&#160; <u>Non-Solicitation of Employees or

Customers</u>:&#160; For a period of one (1)

year following the last date of Cusumano's employment with the Company as a

consultant, Cusumano agrees not to solicit or induce any employee of the Company

to terminate his/her employment with the Company or to, directly or indirectly,

solicit the trade of or otherwise do business with any customer of the Company

and/or any one of its affiliated entities so as to offer or sell any product or

service which would be competitive with any product or service sold by the

Company or its affiliates during that period.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

font-family:'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font></u>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">6.&#160;&#160;&#160;&#160; <u>Miscellaneous</u>.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(a)&#160;&#160; The Parties to this Consulting Agreement each

acknowledge that they have read the Consulting Agreement, have had it explained

to them by counsel of their choice, are aware of the contents and legal effects

thereof, and in entering into this Consulting Agreement are acting on the

advise of counsel of their choice.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(b)&#160;&#160; The Parties each further acknowledge that no

representation, promise or inducement has been made other than as set forth in

this Consulting Agreement, and that the Parties do not enter into this

Consulting Agreement in reliance of any representation, promise or inducement

not set forth herein.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(c)&#160;&#160; This Consulting Agreement contains all of the

terms and provisions of the agreement between the Parties with respect to the

subject matter hereof.&#160; There are no

oral understandings, statements or stipulations bearing upon the effect of this

Consulting Agreement which have not been incorporated herein.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(d)&#160;&#160; All notices and other communications desired

or required to be given under this Consulting Agreement shall be in writing and

shall be deemed adequately given for purposes hereof upon delivery in person,

or on the day mailed by first class mail, postage prepaid, to such address as

either Party may give to the other Party in writing.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(e)&#160;&#160; Any provision of this Agreement that is

invalid, prohibited or unenforceable shall be ineffective to the extent of such

prohibition or unenforceability without invalidating the remaining provisions

of this Consulting Agreement.&#160; To the

extent permitted by applicable law, the Company and Consultant hereby waive any

provision of law that renders any portion of this Consulting Agreement prohibited

or unenforceable in any respect.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(f)&#160;&#160;&#160; This Agreement may not be amended, modified

or terminated orally, and no obligation hereunder may be waived orally.&#160; No amendment, modification, termination or

waiver shall be effective for any purpose unless it is in writing and signed by

the Party against whom enforcement thereof is sought.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(g)&#160;&#160; The provisions of this Consulting Agreement

shall be binding upon, and shall enure to the benefit of, the Parties and their

respective heirs, executors, administrators, successors and assigns.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(h)&#160;&#160; This Consulting Agreement shall be governed

by and construed in accordance with the laws of the State of California.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; IN WITNESS WHEREOF, the Parties

hereto have executed this Consulting Agreement as of the day and year first above

written.</font></font></p>



</div>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:auto;">

</font></font>



<div class="Section6">



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<table width="100%" style="width:100.0%;

 border-collapse:collapse;">

 <tr>

  <td width="25%" colspan="2" valign="top" style="width:25.66%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">CONSULTANT:</font></font></p>

  </td>

  <td width="29%" valign="top" style="width:29.92%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="44%" colspan="2" valign="top" style="width:44.42%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">THE NEWHALL LAND AND FARMING COMPANY (a California

  Limited Partnership) <br>

  By:&#160; Newhall Management Limited

  Partnership, its Managing General Partner <br>

  By:&#160; Newhall Management Corporation,

  its Managing General Partner</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="25%" colspan="2" valign="top" style="width:25.66%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="29%" valign="top" style="width:29.92%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="44%" colspan="2" valign="top" style="width:44.42%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="25%" colspan="2" valign="top" style="width:25.66%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="29%" valign="top" style="width:29.92%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="44%" colspan="2" valign="top" style="width:44.42%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="width:4.54%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">By:</font></font></p>

  </td>

  <td width="21%" valign="top" style="width:21.12%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="29%" valign="top" style="width:29.92%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="width:6.66%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">By:</font></font></p>

  </td>

  <td width="37%" valign="top" style="width:37.76%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="width:4.54%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="21%" valign="top" style="width:21.12%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Gary M. Cusumano</font></font></p>

  </td>

  <td width="29%" valign="top" style="width:29.92%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="width:6.66%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Name:</font></font></p>

  </td>

  <td width="37%" valign="top" style="width:37.76%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="width:4.54%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="21%" valign="top" style="width:21.12%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="29%" valign="top" style="width:29.92%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="width:6.66%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Title:</font></font></p>

  </td>

  <td width="37%" valign="top" style="width:37.76%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="width:4.54%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="21%" valign="top" style="width:21.12%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="29%" valign="top" style="width:29.92%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="width:6.66%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="37%" valign="top" style="width:37.76%;border:none;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="width:4.54%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="21%" valign="top" style="width:21.12%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="29%" valign="top" style="width:29.92%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="width:6.66%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="37%" valign="top" style="width:37.76%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="width:4.54%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="21%" valign="top" style="width:21.12%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="29%" valign="top" style="width:29.92%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="width:6.66%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">By:</font></font></p>

  </td>

  <td width="37%" valign="top" style="width:37.76%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="width:4.54%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="21%" valign="top" style="width:21.12%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="29%" valign="top" style="width:29.92%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="width:6.66%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Name:</font></font></p>

  </td>

  <td width="37%" valign="top" style="width:37.76%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="width:4.54%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="21%" valign="top" style="width:21.12%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="29%" valign="top" style="width:29.92%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="width:6.66%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Title:</font></font></p>

  </td>

  <td width="37%" valign="top" style="width:37.76%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

</table>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p align="right" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;">&nbsp;</p>



<p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">ADDENDUM D</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt">ACKNOWLEDGMENT OF

PAYMENT</font></font></u></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This Addendum to the Retention

Agreement of Gary M. Cusumano dated March 31, 2001 (&quot;Agreement&quot;) is

made and entered into this ____ day of ______________ by and between Gary M.

Cusumano (&quot;Cusumano&quot;), and The Newhall Land and Farming Company (a

California Limited Partnership) (&quot;Company&quot;) and by this reference the

Agreement is incorporated herein.&#160;

Cusumano and the Company are hereinafter sometimes referred to

collectively as &quot;the Parties.&quot;&#160;

This Acknowledgment of Payment (&quot;Acknowledgment&quot;) is made and

entered into on the date set forth above.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOW, THEREFORE, the Parties

hereto for the consideration set forth in the Agreement initially agree as

follows:</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1.&#160; <u>Receipt of Payment</u>.&#160;

Cusumano hereby acknowledges that he has been paid the Additional

Services Payment provided for in paragraph 5(b) of the Agreement and that the

Company has fully complied with all the requirements of Paragraph 5(b) of the

Agreement.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2.&#160; <u>Successors and Assigns</u>.&#160;

This Acknowledgment shall bind, inure to the benefit of, the respective

heirs, legal representatives, successors, and assigns of the Parties hereto.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3. <u>Covenant Not To Sue</u>.&#160; The Parties, and each of them, represent and

warrant that they have no action, claim, charge or lawsuit intended, filed,

prepared or pending against the other Party or their respective released

parties and that they will not individually or as a member of any class file any

action, claim, charge or lawsuit against the other Party, or any of their

respective released parties, concerning the subject matter of the Agreement,

the Acknowledgment and/or any of the claims released under the Mutual General

Releases.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4.&#160; <u>Construction</u>.&#160; The

language of the Acknowledgment has been approved by all Parties after the

opportunity to consult with legal counsel and the language of the

Acknowledgment shall be construed as a whole according to its fair meaning and

not strictly for or against either Party.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.&#160; <u>Entire Agreement and Governing Law</u>.&#160; The Acknowledgment shall in all respects be

interpreted, enforced, and governed by and under the laws of the State of

California.&#160; The Acknowledgment

constitutes the entire agreement between the Parties and supersedes all prior

agreements, whether verbal or written, between the Parties pertaining to the

subject matter hereof.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>



<table width="98%" style="width:98.82%;

 border-collapse:collapse;">

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">DATED:_________________, 2001</font></font></p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="53%" colspan="2" valign="top" style="width:53.88%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">EMPLOYEE:</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="53%" colspan="2" valign="top" style="width:53.88%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="53%" colspan="2" valign="top" style="width:53.88%;border:none;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Gary M. Cusumano</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">DATED:_________________, 2001</font></font></p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="53%" colspan="2" valign="top" style="width:53.88%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">THE NEWHALL LAND AND FARMING<br>

  COMPANY (a California Limited Partnership)</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">By:&#160; </font></font></p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Newhall Management Limited Partnership, its<br>

  Managing General Partner</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">By:</font></font></p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Newhall Management Corporation, its<br>

  Managing General Partner</font></font></p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">By:</font></font></p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Name:</font></font></p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Title:</font></font></p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;border:none;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">By:</font></font></p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Name:</font></font></p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Title:</font></font></p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="29%" valign="top" style="width:29.3%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="16%" valign="top" style="width:16.82%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="7%" valign="top" style="width:7.86%;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="46%" valign="top" style="width:46.02%;border:none;padding:0in 0in 0in 0in">

  <p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

</table>



<p align="center" style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font size="3" face="Times New Roman"><font style="font-size:12.0pt">&nbsp;</font></font></p>



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