Paul Walker's Brother Cody Names Newborn in Honor of Actor Almost 10 Years After Death (Exclusive)

The couple are already parents to a 5-year-old daughter and a 2½-year-old son

It’s all about family for Cody Walker and his wife Felicia.

The couple have honored Cody’s late brother, Fast & Furious star Paul Walker, by naming their newborn son after him, they exclusively confirm to PEOPLE.

Paul Barrett ("Bear") Walker was born 7 lbs., 4 oz. on Sunday, April 30, in Arizona. Twenty-four hours later, they arrived at the perfect name, Cody tells PEOPLE. Like their other two children, the couple did not find out the baby’s sex until he was born.

"This November will mark 10 years since we lost my brother, Paul, and I just felt now was the appropriate time," says Cody, who lives in Arizona with his family.

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“My brother, Caleb, and I are both done having children. My brother, Paul, was Paul William Walker IV and that name goes back four generations," says Cody.

"Within the family, he went by ‘little Paul’ or ‘Paul 4,’ even though he quickly outgrew our father in height. It was important to me to have that name carry on.”

Cody, multi-hyphenate entertainer Tyrese Gibson and Chris Lee are further carrying on Paul’s memory with FuelFest, which pulls into Irwindale Speedway in California on Saturday, June 3. Japan, Germany, New Jersey, Las Vegas, United Arab Emirates and Scottsdale follow throughout the year.

The automotive and motorsports festival celebrates car culture with drift racing, off roading and ride-alongs with professional drivers and VIP experiences.

“You never know who you might see at one of our shows,” he says coyly. “We have had several surprise special guests from the ‘Fast and Furious’ world attend our shows.”

A portion of the proceeds from each FuelFest show goes directly to Reach Out WorldWide, a nonprofit Paul founded in January 2010 after a massive earthquake devastated Haiti. On the trip, Paul saw a gap between the availability of skilled resources and the requirement for such personnel in post-disaster situations.

Cody sees Reach Out WorldWide “as a part of Paul that he left behind.”

“It’s important to so many to see that part of his legacy live on,” he says. “Since Paul’s passing, ROWW has continued to assist communities in natural disaster zones in 13 countries, with over 79 deployments and over 63,000 volunteer hours logged. That’s over $10 million in contributions to those in need through the generosity of incredible donors and brands like Lowe’s and FuelFest, who help keep its mission going.”

Cody is touched by the response to FuelFest, which he calls a wild-yet-difficult ride. The pandemic nearly shut down the then-fledgling event.

“There were many times where I just didn’t think I was going to be able to continue to grow the event and that it might get shut down before really ever getting off the ground,” he says. “I owe all the success to the perseverance of my team, my wife and, most importantly, the fans. I really feel like I’ve caught lightning in a bottle and created something that the car community was missing.”

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