S-8

As filed with the Securities and Exchange Commission on August 11, 2023

Registration No. 333–          

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM S-8

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

Howard Hughes Holdings Inc.

(Exact name of registrant as specified in its charter)

Delaware	001-41779	93-1869991
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

9950 Woodloch Forest Drive, Suite 1100

The Woodlands, Texas 77380

(Address of principal executive offices)

Registrant’s telephone number, including area code: (281) 929-7700

Howard Hughes Holdings Inc. 2020 Equity Incentive Plan

(Full title of the plan)

David O’Reilly

Chief Executive Officer

Howard Hughes Holdings Inc.

9950 Woodloch Forest Drive, Suite 1100

The Woodlands, Texas 77380

(Name and address of agent for service)

(281) 929-7700

(Telephone number, including area code, of agent for service

Copies to:

Richard M. Brand

Gregory P. Patti

Cadwalader, Wickersham & Taft

200 Liberty Street

New York, New York 10281

(212) 504-6000

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	¨
		Emerging growth company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ¨

EXPLANATORY NOTE

On August 11, 2023, pursuant to an Agreement and Plan of Merger, dated August 11, 2023 (the “Merger Agreement”), among Howard Hughes Holding Inc., a Delaware corporation (the “Company”), the Howard Hughes Corporation, a Delaware corporation and the former publicly-traded parent company of the Company (“Predecessor”) and HHC Merger Sub Co., a Delaware corporation and wholly-owned subsidiary of Holdco (“Merger Sub”), Merger Sub merged with Predecessor, with Predecessor surviving the merger as a wholly-owned subsidiary of the Company (the “Merger”). In accordance with the Merger Agreement, the Merger was implemented pursuant to Section 251(g) of the Delaware General Corporation Law. At the effective time of the Merger, each outstanding share of Predecessor common stock, par value $0.01 (“Predecessor Common Stock”), was automatically converted in the Merger into one share of the Company’s common stock, par value $0.01 per share (“Company Common Stock”), evidencing the same proportional interests in the Company and having the same designation, rights, powers, and preferences, and qualifications, limitations, and restrictions as a share of the Predecessor’s Common Stock immediately prior to the Merger. The Company is deemed to be the successor issuer of Predecessor under Rule 12g-3(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

In connection with the Merger, the Company assumed all obligations of Predecessor under all of Predecessor’s employee, director, and executive compensation plans pursuant to which Predecessor was obligated to, or could, issue equity securities to its directors, officers, or employees, including, but not limited to, The Howard Hughes Corporation 2020 Equity Incentive Plan (the “Assumed Equity Plan”) and Predecessor’s equity-based award agreements, programs, sub-plans, notices, and/or similar agreements entered into or issued pursuant thereto, and each outstanding award granted or assumed thereunder. This registration statement relates to the registration of shares of Company Common Stock issuable under the Assumed Equity Plan.

PART I

INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS

The information called for in Part I of this Registration Statement is included in the Section 10(a) prospectus to be sent or given to participants in the Assumed Equity Plan as specified by Rule 428(b)(1) of the Securities Act of 1933, as amended (the “Securities Act”). In accordance with Rule 428 and the Note to Part I of Form S-8, the information is not being filed with the Securities and Exchange Commission (the “Commission”) either as part of this Registration Statement or as a prospectus or prospectus supplement pursuant to Rule 424 of the Securities Act.

PART II

INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE

The Company is subject to the informational requirements of the Exchange Act, and, in accordance therewith, files reports and other information with the Commission.  The following documents, or portions thereof, filed by the Company with the Commission pursuant to the Exchange Act, are incorporated by reference in this Registration Statement:

a) The Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

b) The Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023 and June 30, 2023.

c) The Company’s Current Reports on Form 8-K filed February 13, 2023, April 4, 2023, May 26, 2023, July 17, 2023 and July 18, 2023.

d) The Company’s definitive Proxy Statement filed on April 10, 2023.

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e) The description of the Company’s Common Stock contained in the Company’s Registration Statement on Form 8-A filed on February 29, 2012, including any amendments or reports filed for the purpose of updating such description.

f) The description of the Company’s Common Stock contained in the Company’s Registration Statement on Form 10/A, filed on November 4, 2010, File No. 001-34856, including any amendments or reports filed for the purpose of updating such description, including Exhibit 4.13 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (filed on February 27, 2023).

In addition, all documents subsequently filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment that (a) indicates that all securities offered under this Registration Statement have been sold, or (b) deregisters all securities then remaining unsold under this Registration Statement, shall be deemed to be incorporated by reference in this Registration Statement and to be a part of this Registration Statement from the date of filing of any such documents.

Any statement contained herein or in a document incorporated or deemed to be incorporated by reference in this Registration Statement will be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document that is also incorporated or deemed to be incorporated by reference in this Registration Statement modifies or supersedes such statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

ITEM 4. DESCRIPTION OF SECURITIES

Not applicable.

ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL

Not applicable.

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ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS

Section 145 of the Delaware General Corporation Law permits the Company, in certain circumstances, to indemnify any present or former director, officer, employee or agent of the Company against judgments, penalties, fines, settlements and reasonable expenses incurred in connection with a proceeding in which any such person was, is or is threatened to be, made a party by reason of holding such office or position. Articles VII and VIII of our Second Amended and Restated Certificate of Incorporation and Article XIII of our Amended and Restated Bylaws provide for indemnification of our directors and officers to the maximum extent permitted by Delaware law. Our Second Amended and Restated Certificate of Incorporation provides that, subject to Delaware law, our directors will not be personally liable for monetary damages awarded as a result of a breach of their fiduciary duty owed to the Company and its stockholders. This provision does not eliminate our directors’ fiduciary duty and, in appropriate circumstances, equitable remedies such as injunctive or other forms of non-monetary relief will remain available under Delaware law.

In addition, we have entered into indemnification agreements with each of our directors and executive officers (and intend to enter into similar indemnification agreements with any future directors and executive officers). These agreements require, among other things, that we indemnify each of our directors and executive officers to the fullest extent permitted by Delaware law, including indemnification of expenses such as attorneys’ fees, court costs, judgments, fines and settlement amounts reasonably incurred by the director or officer in any action or proceeding, including any action or proceeding by or in right of us, arising out of the person’s services as a director or executive officer. We are also expressly authorized to carry directors’ and officers’ insurance to protect us, our directors, officers and certain employees against certain liabilities. The 2020 Equity Incentive Plan additionally provides that no members of our Board of Directors (or its compensation committee) or our employees or agents will be held liable for, and will be indemnified and held harmless by the Company against and from, any action taken or omitted to be taken with respect to the 2020 Equity Incentive Plan or any awards thereunder, except as otherwise provided in the 2020 Equity Incentive Plan or as prohibited by law, the organizational documents of the Company or its applicable affiliate, or the applicable directors’ and officers’ insurance policy maintained by the Company or its applicable affiliate.

ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED

Not applicable.

ITEM 8. EXHIBITS

Exhibit Number	Description
4.1	The Howard Hughes Corporation 2020 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to The Howard Hughes Corporation’s Form 8-K, filed May 20, 2020)
5.1*	Opinion of Cadwalader, Wickersham & Taft LLP.
23.1*	Consent of KPMG LLP, Independent Registered Public Accounting Firm.
23.2*	Consent of Cadwalader, Wickersham & Taft LLP (included in Exhibit 5.1 to this Registration Statement).
24.1*	Power of Attorney (included on the signature pages hereto).
107*	Filing Fee Table

* Indicates exhibits filed herewith.

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ITEM 9. UNDERTAKINGS

(a) The undersigned registrant hereby undertakes:

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in this effective registration statement; and;

(iii) To include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement;

Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this registration statement.;

(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; and

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

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SIGNATURES

Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in The Woodlands Township, State of Texas, on August 11, 2023.

HOWARD HUGHES HOLDINGS INC.
By:	/s/ DAVID O’REILLY
Name:	David O’Reilly
Title:	Chief Executive Officer

POWER OF ATTORNEY

The undersigned directors and officers hereby constitute and appoint David O’Reilly, Carlos Olea and Nancy Fairfield, and each of them, with full power to act and with full power of substitution and resubstitution, our true and lawful attorneys-in-fact with full power to execute in our name and behalf in the capacities indicated below any and all amendments to this Registration Statement on Form S-8, including post-effective amendments to this Registration Statement on Form S-8, and to sign any and all additional registration statements relating to the same offering of securities as this Registration Statement on Form S-8 that are filed pursuant to the requirements of the Securities Act, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, and hereby ratify and confirm that such attorneys-in-fact, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

Signature	Title	Date
/s/ DAVID O’REILLY David O’Reilly	Chief Executive Officer and Director (Principal Executive Officer)	August 11, 2023
/s/ CARLOS OLEA Carlos Olea	Chief Financial Officer (Principal Financial and Accounting Officer)	August 11, 2023
/s/ WILLIAM ACKMAN William Ackman	Director (Chairman of the Board)	August 11, 2023
/s/ DAVID EUN David Eun	Director	August 11, 2023
/s/ ADAM FLATTO Adam Flatto	Director	August 11, 2023
/s/ BETH KAPLAN Beth Kaplan	Director	August 11, 2023
/s/ ALLEN MODEL Allen Model	Director	August 11, 2023
/s/ R. SCOT SELLERS R. Scot Sellers	Director	August 11, 2023
/s/ STEVEN SHEPSMAN Steven Shepsman	Director	August 11, 2023
/s/ MARY ANN TIGHE Mary Ann Tighe	Director	August 11, 2023
/s/ ANTHONY WILLIAMS Anthony Williams	Director	August 11, 2023

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EX-5.1

Exhibit 5.1

August 11, 2023

Howard Hughes Holding Inc.

9950 Woodloch Forrest Drive, Suite 1100

The Woodlands, Texas 77380

Re: Registration Statement on Form S-8 filed by Howard Hughes Holding Inc.

Ladies and Gentlemen:

We have acted as counsel for Howard Hughes Holding Inc., a Delaware corporation (the “Company”), in connection with the registration under the Securities Act of 1933, as amended (the “Act”), of 1,200,000 shares (the “Shares”) of common stock, par value $0.01 per share, of the Company that may be issued or delivered and sold pursuant to awards granted under The Howard Hughes Corporation 2020 Equity Incentive Plan (the “Plan”). In connection with the opinion expressed herein, we have examined such documents, records and matters of law as we have deemed relevant or necessary for purposes of this opinion. Based on the foregoing, and subject to the further limitations, qualifications and assumptions set forth herein, we are of the opinion that the Shares that may be issued or delivered and sold pursuant to the Plan have been authorized by all necessary corporate action and will be, when issued or delivered and sold in accordance with such Plan and the authorized forms of award agreements thereunder, validly issued, fully paid and nonassessable, provided that the consideration for the Shares is at least equal to the stated par value thereof.

The opinion expressed herein is limited to the General Corporation Law of the State of Delaware, including the applicable provisions of the Delaware Constitution and the reported judicial decisions interpreting such law, as currently in effect, and we express no opinion with respect to any other law of the State of Delaware or the laws of any other jurisdiction. In addition, we have assumed that the resolutions authorizing the Company to issue or deliver and sell the Shares pursuant to the Plan and the authorized forms of award agreements thereunder will be in full force and effect at all times at which such Shares are issued or delivered or sold by the Company, and the Company will take no action inconsistent with such resolutions.

We hereby consent to the filing of this opinion as Exhibit 5.1 to the Registration Statement on Form S-8 filed by the Company to effect registration of the Shares to be issued or delivered and sold pursuant to the Plan under the Act. In giving such consent, we do not thereby admit that we are included in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Securities and Exchange Commission promulgated thereunder.

Very truly yours,

/s/ Cadwalader, Wickersham & Taft LLP

EX-23.1

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statement on Form S-8 of Howard Hughes Holding Inc. pertaining to the Howard Hughes Holding Inc. 2020 Equity Incentive Plan of our report dated February 27, 2023, with respect to the consolidated financial statements of The Howard Hughes Corporation and the effectiveness of internal control over financial reporting of The Howard Hughes Corporation included in its Annual Report (Form 10-K) for the year ended December 31, 2022, filed with the Securities and Exchange Commission.

/s/ KPMG LLP

Dallas, Texas

August 11, 2023

EX-FILING FEES

Exhibit 107

Calculation of Filing Fee Tables

Form S-8

(Form Type)

Howard Hughes Holding Inc.

(Exact Name of Registrant as Specified in its Charter)

Table 1. Newly Registered Securities

Security Type	Security Class Title	Fee Calculation Rule	Amount Registered(1)	Proposed Maximum Offering Price Per Unit	Maximum Aggregate Offering Price	Fee Rate	Amount of Registration Fee
Equity	Common Stock, par value $0.01 per share	Rule 457(c) and Rule 457(h)	1,200,000 (2)	$83.93 (3)	$100,716,000	0.0001102	$11,098.90
Total Offering Amounts					$100,716,000		$11,098.90
Total Fee Offsets					—		—
Net Fee Due							$11,098.90

(1) Pursuant to Rule 416 under the Securities Act of 1933, as amended (the “Securities Act”), this Registration Statement shall also cover any additional shares of common stock which become issuable under the above-named plan by reason of any stock dividend, stock split, recapitalization or any other similar transaction effected without the receipt of consideration which results in an increase in the number of our outstanding shares of common stock.

(2) Represents 1,200,000 shares of Common Stock available for issuance under the Howard Hughes Holding Inc. 2020 Equity Incentive Plan.

(3) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) and Rule 457(h) under the Securities Act. The offering price per share and aggregate offering price are based upon the average of the high and low prices per share of Common Stock as reported on the New York Stock Exchange on August 7, 2023, which was $83.93 per share.