Exhibit 10.3

     

    AMENDED AND RESTATED EMPLOYMENT AGREEMENT

     

    This Amended and Restated Employment Agreement (as hereinafter amended from time to time, this “Agreement”) is made and entered into this 31st day of July, 2019 by and between WOODBRIDGE WIND-DOWN ENTITY LLC, a Delaware limited liability company (the “Company”), and FREDERICK CHIN (the “Employee”).

     

    RECITALS

     

    The Company is engaged in the business of the management and administration of Company assets and the distribution of net proceeds from sales and dispositions thereof to the Liquidation Trust in
      accordance with the terms of (1) the Limited Liability Company Agreement of the Company, dated as of February 15, 2019 (the “LLC Agreement”), (2) the Liquidation Trust Agreement, dated February 15, 2019, by and among the Debtors party thereto
      and Michael Goldberg, as Liquidation Trustee (the “Trust Agreement”), (3) the First Amended Joint Chapter 11 Plan of Liquidation of Woodbridge Group of Companies, LLC and its Affiliated Debtors, dated August 22, 2018 (as it may be amended,
      modified, supplemented or restated from time to time, the “Plan”), and (4) the order of the United States Bankruptcy Court for the District of Delaware confirming the Plan, dated October 26, 2018 (the “Order”);

     

    The Company and the Employee are party to an Employment Agreement, dated as of February 15, 2019 (the “Effective Date”), between the Company and Employee, pursuant to which Employee is
      employed as Chief Executive Officer of the Company (the “Prior Employment Agreement”); and

     

    The Company and the Employee desire to enter into this Agreement, as an amendment and restatement of the Prior Employment Agreement, in order for the Company to continue to engage the services of
      Employee and Employee desires to serve the Company on the terms herein provided.

     

    NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are mutually acknowledged, the
      Company and the Employee (individually a “Party” and together the “Parties”), intending to be legally bound, agree as follows:

     

    AGREEMENT

     

    1.  Employment Term. The Company hereby employs the Employee, and the Employee hereby accepts such employment, for the period commencing on the Effective Date and continuing for a term of two (2)
      years and six (6) months (the “Initial Term”). At the expiration of the Initial Term, this Agreement will automatically renew for one additional term of one (1) full fiscal quarter (the “First Extension”) if the wind down of the Company
      has not been completed on or before the expiration of the Initial Term. At the expiration of the First Extension, this Agreement will automatically renew for one additional term of one (1) full fiscal quarter (the “Second Extension”) if the
      wind down of the Company has not been completed on or before the expiration of the First Extension. For purposes of this agreement, “Employment Term” shall mean the Initial Term and, as applicable, the First Extension and Second Extension.
      Wind down of the Company shall be deemed to occur 60 days following the sale or other disposition of all of the real property vested in the Company as contemplated by the LLC Agreement, the Trust Agreement, the Plan and the Order.

     

    
      1

      
        
 

    

    2.  Position.

     

    (a) The Employee shall serve as the Company’s Chief Executive Officer. The Employee shall have such duties and authority, commensurate with such senior executive position and subject to the supervision
      of the Company’s Board of Managers (as defined in the LLC Agreement) (the “Board”) which are described in the LLC Agreement consistent with the Plan, including the authority to administer the Company in the manner contemplated by the LLC
      Agreement and the Amended Wind-Down Business Plan approved by the Company’s Board of Managers. For so long as the Employee serves as Chief Executive Officer during the Employment Term, the Employee shall, subject to the provisions of the LLC
      Agreement, also serve as a member of the Board, without additional compensation.

     

    (b) The Employee shall devote substantially all of his full business time and efforts to the performance of the Employee’s duties hereunder and shall not engage in any other business, profession, or
      occupation for compensation or otherwise that would conflict or interfere with the rendering of such services either directly or indirectly without the prior written consent of the Board; provided, that nothing herein shall preclude the
      Employee from accepting appointment to or to continue to serve on any board of directors or trustees of any business, charitable, educational organization, from engaging in other charitable, civic, and professional activities, or engaging in passive
      investment activities with other business ventures, provided, further, that such activities in the aggregate do not conflict or interfere in any material respect with the performance of the Employee’s duties hereunder or require
      Employee to devote more than forty (40) hours of time per month.

     

    3. Base Salary. During the Employment Term, the Company shall pay the Employee an effective annual base salary of $750,000, payable in installments in accordance with the Company’s payroll
      practices as in effect from time to time (not less frequently than twice per month), subject to applicable deductions and withholding. The Employee’s effective annual base salary, as in effect from time to time, is hereinafter referred to as the “Base
        Salary.” The Employee shall be entitled to annual increases (but not decreases) in Base Salary, based on an annual merit review by the Board; provided, that any such increase shall be determined in the sole discretion of the Board and
      limited to no more than ten percent (10%) of the preceding year’s Base Salary. The first annual increase to the Base Salary shall occur not earlier than December 31, 2019.

     

    4. Bonus. During the Employment Term, Employee shall be eligible to receive bonus payments determined in accordance with the provisions of Sections 4(a) and 4(b) below.

     

    (a) Wind Down Bonus Compensation. At the earlier of concluding the wind down of the Company’s assets as contemplated by the Plan, and expiration of the Employment Term (subject to the
      Extension), the Company will calculate the collective amount that has been distributed from the Company to the Liquidation Trust, and Employee will be entitled to receive a cash bonus determined on the basis of the aggregate amount of cash
      distributions from the Company to the Liquidation Trust for the period from the Effective Date to and including the end of the Employment Term (the “Wind Down Period”). For purposes of all bonus calculations under this Section 4, the term
      “distributions from the Company to the Liquidation Trust” and variations thereof shall include all remissions of Cash from the Company to the Liquidation Trust (“Distributions”). For the avoidance of doubt, Distributions exclude Liquidation
      Trust Expenses, and there shall have been no Distributions occurring prior to the Effective Date. If the collective amount of Distributions during the Wind Down Period is less than Three Hundred Fifty One Million Ninety Three Thousand Dollars
      ($351,093,000) (the “Wind Down Bonus Threshold”), Employee shall receive no bonus under this Section 4(a). For any amount of Distributions during the Wind Down Period in excess of the Wind Down Bonus Threshold, Employee’s bonus pursuant to
      this Section 4(a) (the “Wind Down Bonus”) shall be determined on the basis of the cumulative amount of Distributions during the Wind Down Period as follows:

    

    

    	
             

          	
            Cumulative Amount of Distributions

              During Wind Down Period

          	
            Wind Down Bonus

              Payment Amount

          
	
            Low

          	
            $351,093,000 to $401,442,999

          	
            $1,125,000

          
	
            Base

          	
            $401,443,000 to $528,584,999

          	
            $1,500,000

          
	
            High

          	
            $528,585,000 or over

          	
            $1,875,000

          


    

    

    
      2

      
        
 

    

     

    The Wind Down Bonus payable to Employee under this Section 4(a) shall be determined and paid to Employee within 30 days after the end of the Wind Down Period; provided that no Wind Down Bonus shall be due or paid under
      this Agreement if Employee has been terminated by the Company for Cause (as defined below) or voluntarily resigned other than for Good Reason (as defined below) before the 30th
      day after the end of the Initial Term.

     

    (b) Annual Bonus Compensation. At the end of each period described below Employee shall be entitled to a bonus determined on the basis of Distributions during such period. For the avoidance of
      doubt, Distributions in any given period shall include the amount of cash amounts collected as a result of or otherwise attributable to sales or other dispositions of real properties and other Company assets in such period, and distributed to the
      Liquidation Trust in a subsequent period, if so certified by the Board for purposes of calculating bonus payments earned for such period under this Section 4(b). All bonus amounts payable to Employee under this Section 4(b) shall be determined and
      paid to Employee within 30 days after the end of the applicable bonus period; provided that no annual bonus shall be due or paid under this Agreement for a specific period if Employee has been terminated by the Company for Cause or voluntarily
      resigned other than for Good Reason before the 30th day after the end of such period.

     

    (i) Period 1. Period 1 is the period between the Effective Date and December 31, 2019. At the end of Period 1, the Company will calculate the amount of Distributions in respect of Period 1 (“Period
        1 Distributions”). If the amount of Period 1 Distributions is less than Ninety Seven Million Three Hundred Thirty Two Thousand Dollars ($97,332,000) (the “Period 1 Bonus Threshold”), Employee shall receive no bonus under this Section
      4(b)(i). If the amount of Period 1 Distributions exceeds the Period 1 Bonus Threshold, Employee’s bonus pursuant to this Section 4(b)(i) (the “Period 1 Bonus”) shall be an amount determined on the basis of cumulative Distributions during
      Period 1 as follows:

    

    

    	
             

          	
            Cumulative Amount of Distributions

              During Period 1

          	
            Period 1 Bonus Payment

              Amount

          
	
            Low

          	
            $97,332,000 to $106,504,999

          	
            $487,500

          
	
            Base

          	
            $106,505,000 to $125,454,999

          	
            $637,500

          
	
            High

          	
            $125,455,000 or more

          	
            $862,500

          


    

    

    (ii) Period 2. Period 2 is the period between the Effective Date and December 31, 2020. At the end of Period 2, the Company will calculate the amount of Distributions in respect of Period 2
      (which amount the parties acknowledge by definition shall include, without duplication, all Period 1 Distributions) (“Period 2 Distributions”). If the amount of Period 2 Distributions is less than One Hundred Seventy Eight Six Hundred Seventy
      Seven Thousand Dollars ($178,677,000) (the “Period 2 Bonus Threshold”), Employee shall receive no bonus under this Section 4(b)(ii). If the amount of Period 2 Distributions exceed the Period 2 Bonus Threshold, Employee’s bonus pursuant to this
      Section 4(b)(ii) (the “Period 2 Bonus”) shall be an amount determined on the basis of cumulative Distributions during Period 2 as follows:

    

    	
             

          	
            Cumulative Amount of Distributions

              During Period 2

          	
            Period 2 Bonus Payment

              Amount

          
	
            Low

          	
            $178,677,000 to $206,372,999

          	
            $487,500

          
	
            Base

          	
            $206,373,000 to $262,744,999

          	
            $637,500

          
	
            High

          	
            $262,745,000 or more

          	
            $862,500

          


    
      3

      
        
 

    

    (iii) Period 3. Period 3 is the period between the Effective Date and the expiration of the Term of this Agreement, as such term may be extended as provided in Section 1 above. At the end of
      Period 3, the Company will calculate the amount of Distributions in respect of Period 3 (which amount the parties acknowledge by definition shall include, without duplication, all Period 1 Distributions and all Period 2 Distributions) (“Period 3
        Distributions”). If the amount of Period 3 Distributions is less than Three Hundred Fifty One Million Ninety Three Thousand Dollars ($351,093,000) (the “Period 3 Bonus Threshold”), Employee shall receive no bonus under this Section
      4(b)(iii). If the amount of Period 3 Distributions exceed the Period 3 Bonus Threshold, Employee’s bonus pursuant to this Section 4(b)(iii) (the “Period 3 Bonus”) shall be an amount determined on the basis of cumulative Distributions during
      Period 3 as follows:

    

    

    	
             

          	
            Cumulative Amount of Distributions

              During Period 3

          	
            Period 2 Bonus Payment

              Amount

          
	
            Low

          	
            $351,093,000 to $401,442,999

          	
            $487,500

          
	
            Base

          	
            $401,443,000 to $528,584,999

          	
            $637,500

          
	
            High

          	
            $528,585,000 or more

          	
            $862,500

          


    

    

     

    5. Employee Benefits. During the Employment Term, Employee and his eligible dependents shall be entitled to participation in the Company’s health, dental, vision and life insurance coverages
      (collectively, “Employee Benefits”). In addition, the Employee shall be entitled to four (4) weeks of paid vacation each year.

     

    6. Business Expenses. During the Employment Term, the Employee shall be reimbursed by the Company for reasonable business expenses incurred by the Employee in the performance of the Employee’s
      duties hereunder, including expenses for travel and lodging; provided, however, that any request of Employee for reimbursement of business expenses in excess of $10,000 in any calendar month during the Employment Term shall require
      the approval of the Board.

     

    7. Termination. The Employee’s employment hereunder may be terminated by either Party at any time and for any reason on at least thirty (30) days’ advance written notice (other than upon the
      Employee’s death or upon a termination for Cause, which may be effective immediately). Any purported termination of employment by the Company or by the Employee (other than due to the Employee’s death) shall be communicated by written Notice of
      Termination to the other Party hereto in accordance with Section 13(f) hereof. Notwithstanding any other provision of this Agreement, the provisions of this Section 7 exclusively shall govern the Employee’s rights upon termination of employment with
      the Company and its affiliates.

     

    (a) Termination by the Company for Cause.

     

    (i) If the Employee’s employment hereunder is terminated by the Company for Cause (as defined below), the Employee shall be entitled to receive solely the following: Base Salary, accrued and unused
      vacation through the date of termination and all Employee Benefits prorated to the effective date of termination (the “Accrued Rights”). The Company and Employee acknowledge and agree that Accrued Rights shall also include bonuses that were
      required to be paid, pursuant to the terms of this Agreement, but were not paid prior to the date of termination of employment (even resignation without Good Reason and termination for Cause).

     

    
      4

      
        
 

    

    (ii) For purposes of this Agreement (and notwithstanding any different definition of the term Cause in the LLC Agreement), “Cause” shall mean any of the following grounds for termination of
      Employee’s employment, in each case as reasonably determined by the Board within 90 days of the Board becoming aware of the existence of the event or circumstances: (A) fraud, embezzlement, or any act of moral turpitude or willful misconduct on the
      part of the Employee; (B) conviction of or the entry of a plea of nolo contendere by the Employee for any felony; (C) the willful breach by the Employee of any material term of this Agreement; or (D) the willful failure or refusal by
      the Employee to perform his reasonably assigned duties to the Company; provided, however, that no act or failure to act, on Employee’s part shall be considered “willful” unless done, or omitted to be done, by Employee not in good
      faith and without reasonable belief that Employee’s action or omission was in the best interest of the Company and consistent with the Plan and Wind-Down Business Plan.

     

    (b) Voluntary Resignation by the Employee. If the Employee resigns voluntarily other than for Good Reason (as defined below), Employee shall be entitled to receive solely the Accrued Rights. For
      purposes of this Agreement, “Good Reason” shall mean any of the following which is not corrected by the Company within 30 days after the Company receives written notice from Employee specifying the circumstances and correction sought:

     

    (i)    any diminution in Employee’s title, duties, authorities, or responsibilities, or actions by the Board without Employee’s consent assigning duties to Employee or otherwise directing actions
      inconsistent with the Wind-Down Business Plan;

     

    (ii)    any reduction in, or limitation upon, Employee’s Base Salary, benefits or bonus opportunities;

     

    (iii)   requiring Employee to relocate his regular office location for the performance of his duties to a location more than thirty (30) miles from such office;

     

    (iv)   Employee ceases to be a member of the Board;

     

    (v)    material breach by the Company of any provision of this Agreement or any other agreement between the Company and Employee;

     

    (vi)   the Company’s failure to extend the Employment Term to implement the Extension described in Section 1 of this Agreement; or

     

    (vii)  any action by the Board (taken without Employee’s recommendation or over Employee’s objection) which could reasonably be expected to result in a failure of the Company to make Distributions in
      amounts required to earn any bonus opportunity under Section 4 above, including but not limited to proposed sales or dispositions of Wind Down Assets at material discounts to fair market value or incurring Wind Down Expenses in excess of market
      rates.

     

    
      5

      
        
 

    

    (c) Termination by the Company Without Cause or Resignation by Employee for Good Reason. If the Employee’s employment hereunder is terminated by the Company without Cause, or if the Employee
      resigns for Good Reason (subject to the last paragraph of this Section 7(c)), the Employee shall be entitled to receive the following in addition to the Accrued Rights:

     

    (i)     Continued payments of Employee’s then applicable annual Base Salary for the remainder of the Employment Term (including the Extension, if any); plus

     

    (ii)    Payments of the cash bonus amounts pursuant to Section 4 above that Employee would have become entitled to receive if he had remained employed during the entire Employment Term, which bonus
      amounts shall be determined in accordance with Section 4 and shall become due and payable to Employee when, as and if the corresponding amount would have become payable under Section 4. For example, if (i) Employee is terminated without Cause or
      resigns for Good Reason during Period 2, (ii) Distributions during the Wind Down Period are ultimately determined to be $360,000,000, (iii) Distributions during Period 1 were $110,000,000 (and a Period 1 Bonus of $637,500 had already been earned and
      paid as provided in Section 4(b)(i)), (iv) Distributions during Period 2 and Period 3 are ultimately determined to be $270,000,000 and $360,000,000, respectively, then Employee shall become entitled to receive: (x) a Wind Down Bonus in the amount of
      $1,125,000 within 30 days after the end of the Wind Down Period; (y) a Period 2 Bonus in the amount of $862,500 within 30 days after the end of Period 2; and a Period 3 Bonus in the amount of $487,500 within 30 days after the end of Period 3.

     

    Employee must actually terminate employment within two (2) years following the initial existence of the event or circumstance constituting Good Reason, and Employee must have given the Company notice of
      the initial existence of such event or circumstance within 90 days of its initial existence, in order for Employee to be entitled to resign for Good Reason and the benefits of this Section 7(c).

     

    (d) Termination Upon Death or Disability of Employee. If the Employee’s employment hereunder is terminated by reason of the Death or Disability of Employee, the Employee (or Employee’s estate or
      beneficiary) shall be entitled to receive, in addition to the Accrued Rights, the bonus amounts to which Employee would thereafter have become entitled to receive under Section 7(c)(ii) above, which bonus amounts shall prorated on the basis of the
      Distributions actually made prior to the effective date of termination for the period(s) applicable to the bonus determination under Section 4 above. For this purpose, the prorated bonus amount for each applicable bonus period (the Wind Down Period
      and the applicable Section 4(b) annual period (Period 1, Period 2 or Period 3) shall be equal to the full maximum bonus amounts payable for each such period, as applicable, multiplied by a fraction: (i) the numerator of which shall be the aggregate
      amount of Distributions for the applicable period ending on the effective date of termination, by (y) the aggregate amount of Distributions for the entire applicable period including the effective date of
      termination.

    

     

    For purposes of this Agreement, “Disability” shall mean the Employee is disabled by any physical or mental condition that renders him unable to perform the essential functions of his position
      with or without reasonable accommodation as required by law for any period of ninety (90) consecutive days or an aggregate of one hundred twenty (120) days during any 12-month period.

     

    (e) Board/Committee Resignation. Upon termination of the Employee’s employment for any reason, the Employee agrees to resign at the direction of the Board, as of the date of such termination and
      to the extent applicable, from the Board (and any committees thereof) and the board of directors (and any committees thereof) or any other positions of any of the Company’s subsidiaries or affiliates.

     

    (f) Nature of Termination Benefits. The termination benefits provided under this Section 7 shall not be treated as damages, but rather shall be treated as severance compensation to which
      Employee is entitled. Employee shall not be required to mitigate the amount of any payment or benefit provided by seeking other employment or otherwise and there shall be no reduction of or offset against amounts due Employee under this Agreement on
      account of any remuneration or earnings that Employee may receive from to any other source.

     

    
      6

      
        
 

    

    8.  Section 409A.

     

    (a) The intent of the parties is that payments and benefits under this Agreement comply with or be exempt from Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder
      (collectively, “Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. If the Employee notifies the Company that the Employee has received advice of tax counsel of a
      national reputation with expertise in Section 409A that any provision of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause the Employee to incur any additional tax or interest under Section 409A
      (with specificity as to the reason therefor) or the Company independently makes such determination, the Company shall, after consulting with the Employee, reform such provision to try to comply with Section 409A through good faith modifications to
      the minimum extent reasonably appropriate to conform with Section 409A. To the extent that any provision hereof is modified in order to comply with or be exempt from Section 409A, such modification shall be made in good faith and shall, to the
      maximum extent reasonably possible, maintain the original intent and economic benefit to the Employee and the Company of the applicable provision without violating the provisions of Section 409A.

     

    (b) A termination of employment shall not be deemed to have occurred for purposes of this Agreement providing for the payment of any amounts or benefits that are considered nonqualified deferred
      compensation under Section 409A upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A and the payment thereof prior to a “separation from service” would violate
      Section 409A. For purposes of any such provision of this Agreement relating to any such payments or benefits, references to a “termination,” “termination of employment,” or like terms shall mean “separation from service.” If the Employee is deemed on
      the date of termination to be a “specified employee” within the meaning of that term under Section 409A(a)(2)(B), then, notwithstanding any other provision herein, with regard to any payment or the provision of any benefit that is considered
      nonqualified deferred compensation under Section 409A payable on account of a “separation from service,” such payment or benefit shall not be made or provided prior to the date that is the earlier of (A) the expiration of the six-month period
      measured from the date of such “separation from service” of the Employee, and (B) the date of the Employee’s death (the “Delay Period”). Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this Section 10(b)
      (whether they would have otherwise been payable in a single lump sum or in installments in the absence of such delay) shall be paid or reimbursed to the Employee in a lump sum on the first business day following the Delay Period, and any remaining
      payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

     

    (c) (i) All expenses or other reimbursements as provided herein shall be payable in accordance with the Company’s policies as in effect from time to time, but in any event shall be made on or prior to
      the last day of the taxable year following the taxable year in which such expenses were incurred by the Employee; (ii) no such reimbursement or expenses eligible for reimbursement in any taxable year shall in any way affect the expenses eligible for
      reimbursement in any other taxable year; and (iii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchanged for another benefit.

     

    (d) For purposes of Section 409A, the Employee’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments.
      Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within 30 days following the date of termination”), the actual date of payment
      within the specified period shall be within the sole discretion of the Company.

     

    
      7

      
        
 

    

    9. Directors and Officers Insurance; Indemnification.

     

    (a) During the Employment Term, the Company shall keep in force for the Employee coverage under a directors and officers liability insurance policy, with such coverage to be at a level no less than that
      maintained for other officers of the Company and the members of the Board.

     

    (b) The Company shall indemnify Employee, to the maximum extent permitted under applicable law and as set forth in the applicable organizational instruments governing the Company (including articles of
      incorporation, bylaws or trust instruments (as such articles, bylaws, or trust instruments may be amended, modified supplemented, or restated from time to time)), against all liabilities, losses, damages, costs, charges, and expenses (collectively, “Losses”)
      incurred or sustained by Employee in connection with any claim, action, suit, or proceeding to which Employee may be made a party, brought directly or derivatively by any third party by reason of any act or omission by Employee as a director or
      officer of the Company; provided that, Employee shall be liable for (and shall not be entitled to indemnification for) any such losses incurred by reason of his gross negligence, willful misconduct, or breach of the duty of loyalty, unless and only
      to the extent that the court in which such claim, action, suit, or proceeding was brought shall have determined upon application that, despite such adjudication but in consideration of all the circumstances of the case, Employee is fairly and
      reasonably entitled to indemnity for such Losses that such court shall deem proper. Employee’s rights under this Section 11 shall be in addition to, not in lieu of, any other rights to indemnification that Employee may have under the Plan, the
      Company’s organizational documents, applicable law, or otherwise.

     

    Employee, as an Officer of the Company and a member of the Board, and as a Wind-Down Indemnified Party (as defined in the Plan), shall be entitled to indemnification as provided in Section 5.3.11 of the
      Plan, including rights to advancement of indemnifiable expenses.

     

    The Company and Employee shall enter into an Indemnification Agreement in form and substance customary for chief executive officers of a publicly traded company.

     

    10.   Governing Law; Jurisdiction.

     

    (a) This Agreement shall be subject to and governed by the laws of the State of California applicable to contracts made and to be performed therein, without regard to conflict-of-laws principles
      thereof.

     

    (b) Any action to enforce any of the provisions of this Agreement shall be brought in a court of the State of California located in Los Angeles County or in a Federal court located in Los Angeles,
      California. The parties consent to the jurisdiction of such courts and to the service of process in any manner provided by California law. Each Party irrevocably waives any objection that it may now or hereafter have to the laying of the venue of any
      such suit, action, or proceeding brought in such court and any claim that such suit, action, or proceeding brought in such court has been brought in an inconvenient forum and agrees that service of process in accordance with the foregoing sentences
      shall be deemed in every respect effective and valid personal service of process upon such Party.

     

    
      8

      
        
 

    

    11. Miscellaneous.

     

    (a) Entire Agreement; Amendments. This Agreement contains the entire understanding of the parties with respect to the employment of the Employee by the Company and supersedes any prior oral or
      written communications, agreements and understandings among the parties concerning the specific subject matter hereof, including, without limitation, the Prior Employment Agreement. There are no restrictions, agreements, promises, warranties,
      covenants, or undertakings between the parties with respect to the subject matter herein other than those expressly set forth herein. This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto;
      provided, however, that any such alteration, modification or amendment shall require the prior approval of (a) two (2) members of the Board other than Employee, and (b) a majority of the members of the Liquidation Trust Supervisory Board (as such
      term is described in the Trust Agreement).

     

    (b) No Waiver. The failure of a Party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such Party’s rights or deprive such Party
      of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

     

    (c) Severability. The provisions of this Agreement are severable, and the invalidity, illegality, or unenforceability of any one or more provisions shall not affect the validity, legality, or
      enforceability of any other provision. In the event that a court of competent jurisdiction shall determine that any provision of this Agreement or the application thereof is unenforceable in whole or in part because of the duration or scope thereof,
      the parties hereto agree that said court in making such determination shall have the power to reduce the duration and scope of such provision to the extent necessary to make it enforceable, and that the Agreement in its reduced form shall be valid
      and enforceable to the full extent permitted by law.

     

    (d) Assignment. This Agreement and all of the Employee’s rights and duties hereunder shall not be assignable or delegable by the Employee. This Agreement shall be assigned by the Company to, and
      expressly assumed for the specific, intentional benefit of Employee by, a person or entity that is a successor in interest to all or substantially all of the business operations of the Company. Upon such assignment, the rights and obligations of the
      Company hereunder shall become the rights and obligations of such affiliate or successor person or entity.

     

    (e) Successors; Binding Agreement. This Agreement shall inure to the benefit of and be binding upon personal or legal representatives, executors, administrators, successors, heirs, distributees,
      devisees, and legatees. In the event of the Employee’s death, all amounts payable to the Employee that are then unpaid, including pursuant to Section 7, shall be paid to the Employee’s beneficiary designated by him in writing to the Company or, in
      the absence of such designation, to his estate.

     

    (f) Notice. For the purpose of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered
      by hand or overnight courier or three days after it has been mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below in this Agreement, or to such other address as
      either Party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt.

     

    	
            If to the Company:

          	
            Woodbridge Wind-Down Entity LLC

          
	 	
            14140 Ventura Boulevard #302

          
	 	
            Sherman Oaks, CA 91423

          
	 	
            Attn: M. Freddie Reiss, Manager

          


    

    

    
      9

      
        
 

    

    	
            with a copy to:

          	
            Klee, Tuchin Bogdanoff & Stern, LLP

          
	 	
            1999 Avenue of the Stars

          
	 	
            Thirty-Ninth Floor

          
	 	
            Los Angeles, CA 90067-6049

          
	 	
            Attn: Michael L. Tuchin

          


     

    If to the Employee, to Employee’s last address set forth on the payroll records of the Company.

     

    (g) Withholding Taxes. The Company may withhold from any amounts payable under this Agreement such Federal, state, and local taxes as may be required to be withheld pursuant to any applicable
      law or regulation.

     

    (h) Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

     

    [Signature Page Follows]

    

    

    
      10

      
        
 

    

    IN WITNESS WHEREOF, the parties hereto have duly executed this Amended and Restated Employment Agreement on the day and year first above written.

    	 	 	 
	 	
            WOODBRIDGE WIND-DOWN ENTITY LLC

          
	 	 	 
	 	
            By:

          	
	 	
            Name:

          	
            M. Freddie Reiss

          
	 	
            Title:

          	
            Manager

          
	 	 	 
	 	
            EMPLOYEE

          
	 	 
	 	
            Signature:

          	
	 	
            Name:

          	
            Frederick Chin

          


    

    

    
      11