Document:

EX-10.1

  Exhibit 10.1

   

  CASH AWARD AGREEMENT

   

  In recognition of the important role you play with Kohl’s, Inc. (“Kohl’s” or the “Company”), Kohl’s is offering you a Cash Award based on the terms and conditions hereinafter set forth. 

   

  1. 	Total Cash Award; Payment Dates. In consideration for your continued employment with the Company, it is hereby agreed that in the event you meet the eligibility criteria set forth in this Agreement, you will be entitled to the lump sum cash payment (the “Total Cash Award”), less applicable deductions and withholdings, payable in installments on each Payment Date. The first installment of the Total Cash Award is considered (“Payment Amount 1”).  The second installment of the Total Cash Award is considered (Payment Amount 2”).  Your Payment Dates for Payment Amount 1 and Payment Amount 2 are set forth in Attachment A. 

   

  2.     	Employment Through Retention Dates. Since the satisfactory performance of your services is an important consideration for this Agreement, you will only be entitled to Payment Amount 1 in the event of one of the following: (i) you remain employed with the Company through the Payment Date and have not received notice of termination for “cause” from the Company; (ii) the Company terminates your employment without Cause in accordance with your then current Executive Compensation Agreement, subject to your execution and non-revocation of a release of claims; or (iii) you terminate your employment with the company for Good Reason in accordance with your then current Executive Compensation Agreement, subject to your execution and non-revocation of a release of claims.  You will only be entitled to the full value of Payment Amount 2 if you remain employed with the Company through the Payment Date and have not received notice of termination for “cause” from the Company.  If, in accordance with your then current Executive Compensation Agreement, one of the following occurs: (i) the Company terminates your employment without Cause; or (ii) you terminate your employment with the Company for Good Reason, you will be entitled to a pro-rata value of Payment Amount 2, subject to your execution and non-revocation of a release of claims.  The pro-rata value will be calculated at a rate of $37,500 for each full calendar month you remain employed by the Company beginning January 2024 through December 2024.  If you die or you become disabled as defined under the Company’s long-term disability plan, you will remain eligible for the Total Cash Award.  

   

  3.     	Timing of Payment.  Subject to the conditions above, the Payment Amount will be payable on the earlier of the next regular pay cycle following the Payment Date or termination date or as soon practicable but not later than 30 days after your death or disability, and is included as wages for purposes of Form W-2 reporting.  Any payments made under this Agreement are intended to satisfy the short-term deferral exception under Internal Revenue Code Section 409A and shall be administered, construed and interpreted in accordance with such intent.  Notwithstanding the foregoing, if you are a specified employee (as that term is defined under 409A of the Internal Revenue Code), and you are involuntarily terminated (other than for cause), your Payment Amounts will not be accelerated and will be paid in accordance with the Payment Dates set forth on Attachment A.  Amounts paid pursuant to this Agreement are not included as compensation on which retirement plan contribution or accruals are calculated.

   

  

   	4.     	Other Retention Programs.  It is possible that other retention bonus programs may be implemented for which you are or may become eligible.  In the event you are or become eligible for retention payments hereunder and under other programs, you acknowledge that the Company may institute a maximum amount you can receive under all programs, provided the maximum is not less than the amount specified herein.

   

  5.     	Amendments; Governing Law; Entire Agreement.  This Agreement may be modified, amended, suspended or terminated, and any terms or conditions may be waived, but only by a written instrument executed by both parties hereto.  The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Wisconsin without giving effect to the conflicts of laws principles thereof.  This Agreement shall inure to the benefit of and be binding upon any successor to the Company and shall inure to the benefit of your legal representatives.  All obligations imposed upon you and all rights of the Company under this Agreement shall be binding upon your heirs, executors, administrators and successors.  

   

  Please review the information contained in this letter, including any addenda or exhibits. Once you have had an opportunity to consider this letter and if you agree to its terms and conditions, please return an executed copy of this letter to me.

   

   

  Regards,

   

  /s/ Marc Chini

   

  Marc Chini

  Chief People Officer

  Kohl’s, Inc.

   

   

  Accepted and agreed to:

   

  /s/ Jill Timm				                    	Date: November 29, 2022

  Jill Timm, Chief Financial Officer

   

   

   

   

  

  ATTACHMENT A

    

  Installment				Payment Date                  		Payment Amount

   

  Payment Amount 1			January 1, 2024                             	$450,000

   

  Payment Amount 2			January 1, 2025	                	$450,000Exhibit 10.1

    

    

     

      

    
      FIRST AMENDMENT TO

      LIMITED LIABILITY COMPANY AGREEMENT

      OF

      WOODBRIDGE WIND-DOWN ENTITY LLC

       

      This First Amendment to Limited Liability Company Agreement (this “Amendment”) of
        Woodbridge Wind-Down Entity LLC, a Delaware limited liability company (the “Company”), is entered into as of November 30, 2022, by the Company’s sole member, Woodbridge Liquidation Trust
        (the “Member”).

       

      WHEREAS, the Member is party to that certain Limited Liability Company Agreement of the Company, dated as of February 15, 2019 (the “LLC Agreement”); and

       

      WHEREAS, the Member may amend the LLC Agreement from time to time and the Member deems this Amendment desirable and in the best interest of the
        Company.

       

      NOW, THEREFORE, in consideration of the mutual promises and agreements made herein and other good and valuable consideration, the receipt and
        sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

       

      1.       Definitions.  Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the LLC Agreement.

       

      Amendment. Section 13(a) of the LLC Agreement is hereby
          amended and restated as follows:

       

      “(a)          Except as
            otherwise expressly provided herein, management of the Company shall be vested in a board of managers of the Company (the “Board”; and each member of the Board, a “Manager”) comprised of (i) the CEO (as defined below) and two (2) other natural persons appointed by the Member until the effectiveness of Frederick Chin’s resignation from the Board on
            December 31, 2022 and (ii) two (2) natural persons appointed by the Member from and after the effectiveness of Frederick Chin’s resignation from the Board on December 31, 2022.  The Board shall have the power to do any and all acts necessary,
            convenient or incidental to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, to effectuate and carry out the purposes and business of the Company.  To the extent of their powers set forth
            herein, the Board is an agent of the Company for the purpose of the Company’s business and affairs, and the actions of the Board taken in accordance with such powers set forth herein shall bind the Company.  Notwithstanding the last sentence of
            Section 18-402 of the Act, except as set forth in a duly adopted resolution of the Board that is not inconsistent with this Agreement and the Plan, no individual Manager, in his or her capacity as such, shall have any authority to bind the
            Company.  The Managers as of November 30, 2022 are Frederick Chin, Richard Nevins and M. Freddie Reiss and will be Richard Nevins and M. Freddie Reiss following the effectiveness of Frederick Chin’s resignation from the Board on December 31,
            2022.”

       

      2.       Effect of Amendment.  Except as expressly amended hereby, the LLC Agreement shall continue in full force and effect.  Any references to the LLC Agreement (whether in the LLC Agreement or any agreement, document or
            certificate contemplated thereby and/or executed in connection therewith) are hereby amended to mean the LLC Agreement as amended by this Amendment.

       

      
        
          

      

      
      3.       Severability.  If any term, provision, covenant or restriction contained in this Amendment is held by a court of competent jurisdiction or other authority to be invalid, void, unenforceable or against its regulatory
            policy, the remainder of the terms, provisions, covenants and restrictions contained in this Amendment shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

       

      4.        Counterparts.  This Amendment may be executed in counterparts and a facsimile or other electronic form of signature shall be of the same force and effect as an original.

       

      5.       Governing Law.  This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware without regard to principles of conflicts of law.

       

      6.        Headings.  The headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment.

       

      [The remainder of this page is intentionally left blank.]

       

      
        2

        
          

      

      IN WITNESS WHEREOF, the
          undersigned, intending to be legally bound hereby, has duly executed this Amendment as of the date first above written.

       

      	 	
              MEMBER:

            
	 	  
	 	
              WOODBRIDGE LIQUIDATION TRUST

            
	 	 	 
	 	
              By:

            	/s/ Michael Goldberg
	 	 	
              Name: Michael Goldberg

            
	 	 	
              
                Title:   Trustee

              

            

      
        

        

         [SIGNATURE PAGE TO FIRST AMENDMENT TO LIMITED LIABILITY COMPANY AGREEMENT OF WOODBRIDGE WIND-DOWN ENTITY LLC]

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