13 unchanged sentences
There were no directors or officers that had adopted or terminated a 10b5-1 plan or other trading arrangement during the fourth quarter of 2025.
+Added: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
+Added: Not applicable.
HHH 2025 FORM 10-K | 109
52 unchanged sentences
10.10* Employment Agreement, dated January 12, 2022, between the Howard Hughes Corporation and Carlos Olea (incorporated by reference to Exhibit 10.1 to The Howard Hughes Corporation’s Current Report on Form 8-K, filed January 12, 2022)
−Removed: 10.11* Form of Time-Based Restricted Stock Award (Executives with Employment Agreements) under The Howard Hughes Corporation 2020 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to The Howard Hughes Corporation’s Quarterly Report on From 10-Q, filed May 10, 2021)
−Removed: 10.12* Form of Time-Based Restricted Stock Award (Executive Officers without Employment Agreements) under The Howard Hughes Corporation 2020 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 to The Howard Hughes Corporation’s Quarterly Report on From 10-Q, filed May 10, 2021)
−Removed: 10.13* Form of Performance-Based Restricted Stock Award (Executive Officers with Employment Agreements) under The Howard Hughes Corporation 2020 Equity Incentive Plan (incorporated by reference to Exhibit 10.3 to The Howard Hughes Corporation’s Quarterly Report on From 10-Q, filed May 10, 2021)
−Removed: 10.14* Form of Performance-Based Restricted Stock Award (Executive Officers without Employment Agreements) under The Howard Hughes Corporation 2020 Equity Incentive Plan (incorporated by reference to Exhibit 10.4 to The Howard Hughes Corporation’s Quarterly Report on From 10-Q, filed May 10, 2021)
+Added: 10.11* Form of Time-Based Restricted Stock Award (Executives with Employment Agreements) under The Howard Hughes Corporation 2020 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to The Howard Hughes Corporation’s Quarterly Report on F o r m 10-Q, filed May 10, 2021)
+Added: 10.12* Form of Time-Based Restricted Stock Award (Executive Officers without Employment Agreements) under The Howard Hughes Corporation 2020 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 to The Howard Hughes Corporation’s Quarterly Report on F o r m 10-Q, filed May 10, 2021)
+Added: 10.13* Form of Performance-Based Restricted Stock Award (Executive Officers with Employment Agreements) under The Howard Hughes Corporation 2020 Equity Incentive Plan (incorporated by reference to Exhibit 10.3 to The Howard Hughes Corporation’s Quarterly Report on F o r m 10-Q, filed May 10, 2021)
+Added: 10.14* Form of Performance-Based Restricted Stock Award (Executive Officers without Employment Agreements) under The Howard Hughes Corporation 2020 Equity Incentive Plan (incorporated by reference to Exhibit 10.4 to The Howard Hughes Corporation’s Quarterly Report on F o r m 10-Q, filed May 10, 2021)
10.15* Form of Restricted Stock Agreement for Nonemployee Directors under The Howard Hughes Corporation 2020 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 to The Howard Hughes Corporation’s Quarterly Report on Form 10-Q, filed August 4, 2021)
13 unchanged sentences
1 to Second Amended and Restated Employment Agreement, effective as of January 1, 2024, between Howard Hughes Holdings Inc.
−Removed: and David O’Reilly
+Added: and David O’Reilly (incorporated by reference to Exhibit 10.20 to the Company’s Annual Report on F o r m 10-K, filed February 26, 2025)
10.21* Amendment No.
1 to Employment Agreement, effective as of January 1, 2024, between Howard Hughes Holdings Inc.
+Added: Jay Cross (incorporated by reference to Exhibit 10.21 to the Company’s Annual Report on F o r m 10-K, filed February 26, 2025)
10.22* Amendment No.
1 to Employment Agreement, effective as of January 1, 2024, between Howard Hughes Holdings Inc.
−Removed: and Carlos Olea
+Added: and Carlos Olea (incorporated by reference to Exhibit 10.22 to the Company’s Annual Report on F o r m 10-K, filed February 26, 2025)
10.23* Employment Agreement between Howard Hughes Holdings Inc.
−Removed: and Joseph Valane dated December 29, 2023
+Added: and Joseph Valane dated December 29, 2023 (incorporated by reference to Exhibit 10.23 to the Company’s Annual Report on F o r m 10-K, filed February 26, 2025)
+Added: 10.24* Amendment No.
+Added: 2 to Second Amended and Restated Employment Agreement, effective as of April 1, 2025, between Howard Hughes Holdings Inc.
+Added: and David O’Reilly (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on F o r m 8-K, filed April 4, 2025)
+Added: 10.25* Amendment No.
+Added: 2 to Employment Agreement, effective as of April 1, 2025, between Howard Hughes Holdings Inc.
+Added: and Carlos A.
+Added: Olea (incorporated by reference to Exhibit 99.2 to the Company’s Current Report on F o r m 8-K, filed April 4, 2025)
+Added: 10.26* Amendment No.
+Added: 1 to Employment Agreement, effective as of April 1, 2025, between Howard Hughes Holdings Inc.
+Added: and Joseph Valane (incorporated by reference to Exhibit 99.3 to the Company’s Current Report on F o r m 8-K, filed April 4, 2025)
+Added: 10.27 Share Purchase Agreement, dated May 5, 2025, by and between the Company and Pershing Square Holdco, L.P.
+Added: (incorporated by reference to Exhibit 10.1 to the Howard Hughes Holdings Inc.
+Added: Current Report on Form 8-K, filed May 6, 2025)
+Added: 10.28 Services Agreement, dated May 5, 2025, by and between the Company and Pershing Square Capital Management, L.P.
+Added: (incorporated by reference to Exhibit 10.2 to the Howard Hughes Holdings Inc.
+Added: Current Report on Form 8-K, filed May 6, 2025)
+Added: 10.29 Shareholder Agreement, dated May 5, 2025, by and between the Company, Pershing Square Holdco, L.P., and Pershing Square Capital Management, L.P.
+Added: (incorporated by reference to Exhibit 10.3 to the Howard Hughes Holdings Inc.
+Added: Current Report on Form 8-K, filed May 6, 2025)
+Added: 10.30 Standstill Agreement, dated May 5, 2025, by and between the Company and Pershing Square Holdco, L.P.
+Added: (incorporated by reference to Exhibit 10.4 to The Howard Hughes Holdings Inc.
+Added: Current Report on Form 8-K, filed May 6, 2025)
+Added: 10.31 Registration Rights Agreement, dated May 5, 2025, by and between the Company, Pershing Square Holdco, L.P.
+Added: and Pershing Square Capital Management, L.P.
+Added: on behalf of certain of its affiliates (incorporated by reference to Exhibit 10.5 to the Howard Hughes Holdings Inc.
+Added: Current Report on Form 8-K, filed May 6, 2025)
+Added: 10.32 Separation and Release Agreement, dated June 8, 2025, between Howard Hughes Holdings Inc.
+Added: Jay Cross (incorporated by reference to Exhibit 99.1 to the Howard Hughes Holdings Inc.
+Added: Current Report on Form 8-K, filed June 10, 2025)
+Added: 10.33* 2025 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Howard Hughes Holdings Inc.
+Added: Current Report on Form 8-K filed October 7, 2025)
+Added: 10.34 Purchase and Sale Agreement, dated December 17, 2025 (incorporated by reference to Exhibit 10.1 to the Howard Hughes Holdings Inc.
+Added: Current Report on Form 8-K filed December 18, 2025)
+Added: 10.35 Equity Commitment Letter (incorporated by reference to Exhibit 10.2 to the Howard Hughes Holdings Inc.
+Added: Current Report on Form 8-K filed December 18, 2025)
19.1+ Insider Trading Policy
+Added: HHH 2025 FORM 10-K | 113
+Added: Index to Financial Statements
21.1+ List of Subsidiaries
17 unchanged sentences
(i) the Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 2023, (ii) Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024, and 2023, (iii) the Consolidated Balance Sheets as of December 31, 2025 and 2024, (iv) Consolidated Statements of Equity for the years ended December 31, 2025, 2024, and 2023, (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024, and 2023, and (vi) the Notes to Consolidated Financial Statements.
−Removed: HHH 2024 FORM 10-K | 111
−Removed: Index to Financial Statements
Form 10-K Summary
10 unchanged sentences
Signature Title Date
−Removed: * Chairman of the Board and Director February 26, 2025
+Added: * Executive Chairman of the Board and Director February 19, 2026
+Added: William Ackman
O’Reilly Chief Executive Officer and Director February 19, 2026
9 unchanged sentences
* Director February 19, 2026
−Removed: Dana Hamilton
* Director February 19, 2026
−Removed: * Director February 26, 2025
+Added: Susan Panuccio
* Director February 19, 2026
−Removed: Steven Shepsman
* Director February 19, 2026
1 unchanged sentence
* Director February 19, 2026
+Added: Jean-Baptiste Wautier
+Added: * Director February 19, 2026
Anthony Williams
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.