Document:

exv10wax

Exhibit 10 (ax)

ASSIGNMENT OF MEMBERSHIP INTEREST IN

TAUBMAN PROPERTIES ASIA LLC

     This Assignment of Membership Interest in Taubman Properties Asia LLC (the “Assignment”) is
made by and between MORGAN PARKER (“Assignor”), and TAUBMAN ASIA MANAGEMENT II LLC, a Delaware
limited liability company (“Assignee”), in consideration of the sum of One Thousand U.S. Dollars
(US $1,000.00) and other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged.

     Assignor hereby sells, assigns and transfers to Assignee, forever, all of Assignor’s right,
title and interest in the membership interest (the “Membership Interest”) in Taubman Properties
Asia LLC, a Delaware limited liability company (the “Company”), and withdraws as a member of the
Company. Assignor agrees to execute and deliver all such further transfers, assignments,
conveyances and assurances as may be reasonably requested by Assignee in order to effect the full
transfer as contemplated hereby.

     Assignor agrees that he has not assigned, pledged or otherwise transferred all or any portion
of his membership interest in the Company and that the Membership interest is free and clear of all
liens and encumbrances and agrees to warrant and defend the same against any claims by third
parties. Assignor agrees to indemnify, defend and hold harmless Assignee from and against any
claim, loss or damages suffered by Assignee arising out of any breach of the preceding sentence.
Nothing expressed or implied in this Assignment shall be deemed to be an assumption by Assignee of
any liabilities or obligations of Assignor.

     The terms of this Assignment will be binding upon, inure to the benefit of and be enforceable
by the respective successors assigns of the parties hereto.

None of the provisions of this Assignment may be waived, changed or altered except in a writing
agreed to by all of the parties hereto. This Assignment shall be governed by and be construed in
accordance with the laws of the State of Delaware, without giving effect to any choice of law or
conflict of law provision that would cause the application of the law of any jurisdiction other
than the State of Delaware. This Assignment may be executed in counterparts, each of which shall
constitute an original, although not fully executed, but all of which when taken together shall
constitute but one Assignment. Delivery of an executed counterpart of this Assignment by
telecopier, facsimile or electronic means (e.g.,’’pdf’’) shall be effective as delivery of an
original executed counterpart hereof.

Assignor has executed this Assignment as of’ October 4, 2009.

	 	 	 	 	 
	 	 	 
	 	By:  	     /s/ Morgan Parker
 	 
	 	 	Morgan Parker 	 
	 	 	 	 

 

 

	 	 	 	 	 

ACCEPTANCE

Assignee hereby accepts the foregoing assignment of the Membership Interest.

Assignee has executed this acceptance of Assignment as of October 4, 2009.

	 	 	 	 	 	 	 
	 

	 	TAUBMAN ASIA MANAGEMENT LLC,

a Delaware limited liability company
	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/Robert Taubman	 	 
	 

	 	 	 	 

Robert Taubman
	 	 
	 

	 	Its:
	 	Authorized Signatoryexv10way

Exhibit 10 (ay)

SETTLEMENT AGREEMENT

     This Settlement Agreement is made and effective as of December 8, 2009 (the “Effective Date”),
by and between (i) Raymond Road Associates, LLC, BBS Development, LLC, and Blue Back Square, LLC
(individually and collectively, “BBS”), on the one hand, and (ii) The Taubman Company LLC, West
Farms Associates, and West Farms Mall, LLC (individually and collectively, “WFM”), on the other
hand. BBS and WFM are referred to collectively as the “Parties.”

Recitals

     A. On or about November 2, 2007, BBS filed a civil action in the Superior Court for the
Judicial District of Hartford, at Hartford, Connecticut, titled, Raymond Road Associates, LLC, BBS
Development, LLC, and Blue Back Square, LLC v. Taubman Centers, Inc., The Taubman Realty Group
Limited Partnership, The Taubman Company, LLC, West Farms Mall, LLC, West Farms Associates, Victor
J. Dowling, Sr., Trustee, and Victor J. Dowling, Jr., case no. CV 07 5014613S, which was amended
and subsequently transferred to the Superior Court for the Judicial District of Waterbury at
Waterbury, Connecticut, and given case no. UWY-CV-07-5007877S (the “Civil Action”).

     B. The Parties have agreed to resolve the claims in the Civil Action and all other claims by
BBS against WFM, Taubman Centers, Inc., The Taubman Realty Group Limited Partnership, Victor J.
Dowling, Sr., Trustee, and Victor J. Dowling, Jr. (individually and collectively, the “WFM
Parties”), on the terms set forth herein.

Terms

     For good and valuable consideration, including the agreements and representations herein, the
receipt and adequacy of which is hereby acknowledged, the Parties agree:

     1. West Farms Mall, LLC, or West Farms Associates will pay to Day Pitney, LLP, Trustee for
BBS, the sum of $34 million on or before December 15, 2009. Payment shall be by wire transfer to
an account designated in writing by BBS.

     2. Subject to, and except as to, the obligations arising under this Agreement, BBS for
themselves and on behalf of their respective direct and indirect members, employees, attorneys,
agents, representatives, affiliates, subsidiaries, related entities, parents, heirs, beneficiaries,
predecessors, successors, trustees, legal and other representatives, executors, and assigns
(individually and collectively, the “BBS Releasors”), hereby release, acquit, and forever discharge
the WFM Parties and each of their respective direct and indirect members, managers, directors,
officers, shareholders, partners, affiliates, subsidiaries, related entities, parents, heirs,
beneficiaries, predecessors, trustees, executors, employees, agents, legal and other
representatives, and each of their successors and assigns (individually and collectively, the “WFM
Party Releasees”) from any and all claims, demands, actions, causes of action, suits, debts, dues,
sums of money, accounts, contracts, agreements, promises, torts, damages, injuries, liabilities,
and controversies whatsoever in law or in equity, whether known or unknown, foreseen or unforeseen,
which the BBS Releasors now have or which now or hereafter could be

 

 

asserted by the BBS Releasors against the WFM Party Releasees based on any act or omission of any
kind occurring on or before the Effective Date, including, without limitation, all claims alleged
or which could have been alleged in the Civil Action.

     3. BBS warrants and represents that the BBS Releasors have not assigned, collaterally or
otherwise, to any person or entity any claim or action against the WFM Party Releasees. BBS
covenants and agrees that the BBS Releasors shall not commence or instigate the bringing or
prosecution of any claim, action, or proceeding of any type or kind, or participate in the bringing
or prosecution of any claim, action, or proceeding of any type or kind against any of the WFM Party
Releasees based on any act or omission of any kind that occurred on or before the Effective Date.
BBS further covenants and agrees that none of the BBS Releasors will provide information, aid, or
assistance to any person or entity, including, without limitation, the Town of West Hartford or the
West Hartford Town Council or their legal or other representatives, in connection with the
commencement, instigation, or prosecution of any claim, action, or proceeding of any kind arising
out of the acts and omissions alleged in the Civil Action or any other action pending as of the
Effective Date, except as required by law.

     4. Upon receipt of the payment due under paragraph 1 of this Agreement, BBS, by its counsel,
will sign and deliver to counsel for WFM a Withdrawal of the Civil Action with prejudice and
without costs to any Party, in a form satisfactory to WFM, and WFM, by its counsel will sign and
file the Withdrawal with the Superior Court for the Judicial District of Waterbury, at Waterbury,
Connecticut.

     5. The Parties agree that this Agreement resolves contested and disputed claims. WFM and the
WFM Party Releasees expressly deny any wrongdoing or liability for the acts and omissions alleged
in the Civil Action. Neither this Agreement, nor any part hereof, constitutes an admission of
fault or liability on the part of the WFM Party Releasees, and this Agreement shall not be
construed or used as an admission of fault or liability. The BBS Releasors and the WFM Party
Releasees covenant and agree that they shall not disparage one another or claim or suggest in any
way that any other party has admitted fault or liability.

     6. The BBS Releasors shall respond in good faith to all reasonable requests made by the WFM
Party Releasees in connection with the WFM Party Releasees’ efforts to compromise and settle the
consolidated civil action commenced by the Town of West Hartford and the West Hartford Town Council
(individually and collectively, the “Town”) against the WFM Parties, pending in the Superior Court
for the Judicial District of Waterbury, at Waterbury, Connecticut, and the BBS Releasors shall not
interfere with the efforts of the WFM Party Releasees, including sharing any information with the
Town or assisting the Town in its action against the WFM Parties, unless required by law.

     7. This Agreement contains the entire agreement of the Parties concerning the subject matter
of this Agreement. There are no other agreements, written or oral, express or implied, between the
Parties with respect to the subject matter of this Agreement. None of the Parties is relying on
any prior or contemporaneous representation, promise, negotiation, or statement, and all prior or
contemporaneous representations, promises, negotiations, and statements, if any, are merged into
this Agreement. This Agreement may be modified only by a writing executed by all Parties to this
Agreement.

2

 

     8. This Agreement may be executed in any number of counterparts, each of which will be deemed
an original, but all of which will constitute one and the same instrument.

     9. Each of the persons signing this Agreement on behalf of the Parties warrant and represent
that they are authorized to do so.

     10. This Agreement shall be binding upon and shall inure to the benefit of the Parties and
their respective agents, representatives, successors, heirs and assigns.

     11. This Agreement is the result of negotiations between the Parties. No strict construction
shall be applied against any of the Parties as a consequence of their role, or the role of their
counsel, in the preparation of this Agreement.

     12. This Agreement shall be construed in accordance with the substantive law of the State of
Connecticut.

IN WITNESS HEREOF, the parties hereto have executed this Agreement.

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Raymond Road Associates, LLC	 	The Taubman Company LLC	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Robert N. Wienner
	 	By:
	 	/s/ Robert S. Taubman	 	 
	 

	 	 
	 	 	 	 	 	 
	
	 	Its:
	 	Its: President and CEO	 	 
	 
	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	December 8, 2009	 	December 8, 2009	 	 
	 
	 	 	 	 	 	 	 	 
	BBS Development, LLC	 	West Farms Mall, LLC	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	Raymond Road Associates, LLC
	 	By:
	 	/s/ Robert S. Taubman	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Its: Manager	 	Its: Authorized Signatory
	 	 
	By:

	 	/s/ Robert N. Wienner
 

Robert N. Wienner, manager
	 	 
	 	December 8, 2009 	 	 
	 
	 	 	 	 	 	 	 	 
	December 8, 2009	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Blue Back Square, LLC	 	West Farms Associates	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	BBS Development, LLC
	 	By:
	 	/s/ Robert S. Taubman	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Its: Manager	 	Its: Authorized Signatory 	 	 
	By:

	 	Raymond Road Associates, LLC
	 	
	 	 	 	 
	 

	 	Its: Manager
	 	 	 	December 8, 2009	 	 
	By:

	 	/s/ Robert N. Wienner	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Robert N. Weinner, manager	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	December 8, 2009	 	 	 	 	 	 

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