Document:

Prepared by R.R. Donnelley Financial -- EX-10.37

 Exhibit 10.37 
  

			
		 	 

		
		 	 891 Daechi-dong, Kangnam-gu, Seoul,

		 	 135-178, Korea

		 	 Tel: 82-2-6903-3487

		 	 www.magnachip.com

 Confidential 

September 27, 2013 
 Theodore S. Kim 

Dear Mr. Kim: 
 MagnaChip Semiconductor,
Ltd. (“MagnaChip”) is pleased to present you with an offer for employment in the position of Senior Vice President and General Counsel of the Company, reporting to Sang Park, Chief Executive Officer. We believe that you have significant
potential to make valuable contributions to MagnaChip, and we hope you will find your employment with us to be a rewarding experience. 

You will be based at MagnaChip’s Seoul office, but will be expected to travel as needed within Korea and to other destinations as the job
may require. The expected start date of your employment is 28th day of October, 2013. 

Your annual salary will be USD 280,000 per annum. You will be paid in accordance with MagnaChip’s normal payroll practices and your
compensation will be subject to payroll deductions and all required withholdings. Annual salary increases will be determined by MagnaChip in accordance with MagnaChip’s internal policies and procedures. You will be eligible to earn an annual
incentive of up to 30% of your base salary. The annual incentive will be based on company performance and attainment of your management objectives under a plan to be established and approved the Board of Directors of MagnaChip Semiconductor
Corporation (the “Board”). MagnaChip may from time to time in its sole discretion adjust the salary and benefits paid to you and its other employees in the normal course of operations. 

			
	— Page 2	  	September 27, 2013

  

 Upon approval by the Board, you will be granted options to purchase 50,000 shares of
MagnaChip Semiconductor Corporation (the “Option”) pursuant to the MagnaChip Semiconductor Corporation 2011 Equity Incentive Plan (the “Plan”) at the exercise price equal to the fair market value of a common unit on the date of
grant at the time you begin your employment. The Option shall become vested and exercisable over three (3) years from the commencement date of your employment in accordance with the Plan. Prior to receiving the Option, you must execute an
option agreement in the form as approved by the Board. 
 You will be eligible to participate in MagnaChip’s employee benefits programs
for which you qualify and as are applicable to other MagnaChip employees of your level based in Korea. In addition to that, you shall be entitled to the following expatriate provisions: 

Visas and Work Permits. The Company shall provide the necessary services and cover the cost to obtain the necessary visas and/or work
permits to enable you and your family to legally work and stay in Korea for the duration that you are assigned to perform services in Korea. 

Tax Treatment. The Company shall provide for tax equalization (taking into account only U.S. federal taxes) and tax
consulting/preparation services for you for the period up to and including the date of termination of your employment (regardless of whether you are still employed by the Company at the time of any payment pursuant to this offer letter). You shall
minimize taxes as permitted by applicable law. 
 Housing Support. The Company shall provide you with housing support for a
residential space (the “apartment”) in or about the Gangnam area of Seoul. The Company shall provide support for the apartment’s monthly lease, called wolse, which will consist of (i) a deposit of up to KRW 20,000,000 and
(ii) a monthly rent of up to KRW 5,000,000. In the event that the Company is unable to find an appropriate wolse arrangement, the Company shall have the right to provide you with housing support in the form of a key money deposit, called
jeonse, instead of a wolse arrangement, provided that, if the Company provides jeonse, it shall be reasonably equivalent in value as the wolse. Subject to the conditions set forth herein, the Company shall enter into a
lease arrangement, for your benefit, with the landlord of the apartment. Any deposit or key money deposit shall be in the Company’s name. 

			
	— Page 3	  	September 27, 2013

  

 School Tuition for Children. The Company shall pay gross tuition, including school bus
fees, for your children at a foreign school (kindergarten through high school) in the Seoul area. 
 Insurance. The Company shall
provide health and life insurance coverage for you and your family while in Korea that is comparable to U.S. equivalents and that is generally made available to other Company expatriate executives in Korea. 

Transportation. The Company shall provide a vehicle (including all ancillary costs, such as fuel and insurance) without a driver for
your use while in Korea. 
 Annual Vacation. You shall be entitled to annual vacation of two (2) weeks per year. 

Annual Home Leave. You shall be entitled to annual home leave of ten (10) business days, with full salary and benefits for you,
which shall be in addition to your annual vacation. At such times as you maintain a primary residence in Korea, the Company shall pay (or reimburse you for) the travel expenses that you and your family incur in relation to your home leave, provided
that the amount that the Company shall be responsible for shall not exceed KRW 15,000,000 per year. For purposes of this clause, your family will include your spouse, children and parents. 

As an employee of MagnaChip organization, you will be expected to abide by MagnaChip’s rules and regulations and sign and comply with
MagnaChip’s form employment agreement for employees based in Korea that includes confidentiality and non-competition provisions. 

Your employment relationship with MagnaChip is at-will, although you will be eligible for severance programs as required by Korean law. This
employment offer is conditional upon you obtaining the appropriate visas and/or permission to work at MagnaChip in the Republic of Korea. You may terminate your employment with MagnaChip at any time and for any reason whatsoever simply by notifying
us. Likewise, MagnaChip may terminate your employment at any time and for any reason whatsoever, with or without cause or advance notice. Upon termination of your employment by MagnaChip without cause, MagnaChip will pay you: (i) severance in
the form of a continuation of your salary, at the rate in effect on the date of the involuntary termination without cause, for a period of six (6)

			
	— Page 4	  	September 27, 2013

  

 
months, commencing on the date following the date of the involuntary termination, and (ii) payment of the annual incentive, in a prorated amount based on (A) the number of days you were
actually employed during the applicable plan year and (B) deemed satisfactory performance by you and MagnaChip; provided that the severance payable to you shall be reduced to the extent that the Company makes any severance payments to you
pursuant to the Korean Commercial Code or any other statute. 
 This letter forms the complete and exclusive offer of your employment with
MagnaChip. No other representative has any authority to modify or enter into an agreement or modification, express or implied, contrary to the foregoing. Any such modification or agreement must be in writing and signed by Sang Park, CEO, or
Sang-Lyun Oh, HR Director, and must clearly and expressly specify an intent to change the at-will nature of your employment. 
 We look
forward to your participation in the future growth of MagnaChip. Please indicate your acceptance of this offer of employment by signing in the space below. Please e-mail an executed copy of this letter to me
as soon as possible, with the original to follow by mail. 
  

	
	Sincerely,
	
	MAGNACHIP SEMICONDUCTOR, LTD.
	
	

	Sanglyun Oh
	SVP and Director of HR
	MagnaChip Semiconductor, Ltd.

			
	— Page 5	  	September 27, 2013

  

 THIS EMPLOYMENT OFFER IS WHOLLY AGREED AND ACCEPTED BY: 

 

	
	 /s/ Theodore S. Kim

	Theodore S. KimExhibit 10.1

Exhibit 10.1

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT is made and entered into as of the 4th day of December, 2014, by and between Cinedigm Entertainment Corp., a Delaware corporation (the "Company"), and William Sondheim (the "Employee").

WITNESSETH:

WHEREAS, the Company desires to employ the Employee and the Employee desires to be employed as President of the Company and President of Cinedigm Home Entertainment, LLC pursuant to this Employment Agreement  (the “Agreement”) upon the terms and conditions set forth below;

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereby agree as follows:

1.Employment.  The Company agrees to employ the Employee, and the Employee agrees to be employed by the Company under the terms of this Agreement, for the period stated in Section 3 hereof and upon the other terms and conditions herein provided.

2.Position and Responsibilities.  The Employee shall serve as President of the Company and President of Cinedigm Home Entertainment, LLC.  The Employee shall be responsible for such duties as are commensurate with his office and shall report to the Chief Operating Officer of Cinedigm Corp. (the “Parent”), who shall have the power to expand the Employee’s duties, responsibilities and authority and, when considered necessary, or in the best interest of the Company and its affiliates, to override the Employee’s decisions and actions.  Except as otherwise provided herein, the Employee will devote his substantial full business time throughout the Term to the services required of him hereunder.  The Employee will render his business services to the Company and its affiliates during the Term and will use his best efforts, judgment and energy to improve and advance the operations, programs, services and interests of the Company and its affiliates in a manner consistent with the duties of his position. Notwithstanding the foregoing, as long as it does not materially interfere with the Employee’s employment hereunder, the Employee may participate in educational, welfare, social, religious and civic organizations.

3.Term.  Except as otherwise provided for herein, the term of this Agreement shall be from October 1, 2014 (the “Effective Date”) through September 30, 2016 (the “Term”).  Upon the expiration of the Term, this Agreement, except for the provisions that survive pursuant to this Section 3 and Section 8, will have no further force or effect.  In the event the Employee remains employed by the Company after the Term expires and the parties have not executed a successor written agreement, the Employee’s employment will be at-will; provided, however, that the Employee, for the duration of his at-will employment, will remain entitled to the severance benefit described, and in accordance with the terms set forth, in Section 6(b) of this Agreement.

4.Compensation, Reimbursement of Expenses.
(a)Salary.  For all services rendered by the Employee in any capacity during his employment under this Agreement, including, without limitation, service as an executive, officer, director, manager or member of any committee of the Company or of any subsidiary, affiliate, or division thereof, the Company shall pay the Employee, in accordance with the Company’s normal payroll practices, a salary 

(“Base Salary”) at the rate of $412,000 per year during the Term, subject to annual reviews and increases for subsequent years in the sole discretion of the Compensation Committee of the board of directors of the Parent (the “Committee”).

(b)Bonus.  The Employee shall be eligible to participate in the Parent’s Management Annual Incentive Plan or any amended or successor plan thereto (“MAIP”).  For each of the fiscal years ending March 31, 2015 and March 31, 2016, the target bonus shall be thirty-five percent (35%) of his Base Salary (i.e., a pro rata portion of $ 144,200 for the fiscal year ending March 31, 2015) (the “Target Bonus”).  The Employee’s bonuses shall be based on Parent or Company performance with goals to be established annually by the Committee and shall be subject to adjustment at the sole discretion of the Committee.  Bonuses shall be paid at the same time bonuses are paid to other executives of the Parent or the Company, which payment shall be made during the calendar year that includes the close of such fiscal year, but no later than August 31st following the fiscal year for which the bonus is earned, and shall be subject to the terms of the MAIP.  

(c)Reimbursement of Expenses.  In accordance with Parent policies then in effect, the Company shall pay directly, or reimburse the Employee for, reasonable travel, entertainment and other business related expenses incurred by the Employee in the performance of his duties under this Agreement.

5.Participation in Benefit Plans.  Employee will be eligible to participate in all benefit plans and programs that the Company provides to employees of the Company, most of which, such as the medical plan, are employee contributory arrangements, all in accordance with the terms and conditions of such benefit plans and programs as may be modified by the Company or its affiliates, as applicable, in their sole discretion or as required by law from time to time.

6.Termination.
(a)The Company shall have the right to terminate this Agreement and the Employee’s employment prior to the expiration of the Term for Cause (as defined below).  The Employee has the right to resign and terminate this Agreement at any time without Good Reason (as defined below) upon thirty (30) days’ written notice, which notice period may be waived at the discretion of the Company.  The Company shall have no obligations to the Employee for any period subsequent to the effective date of any termination of this Agreement pursuant to this Section 6(a), except for the payment of salary and benefits earned prior to such termination. 

(b)The Company shall also have the right to terminate this Agreement and the Employee’s employment prior to the expiration of the Term other than for Cause upon thirty (30) days’ notice and the Employee has the right to resign and terminate this Agreement at any time for Good Reason (each such termination shall not include a termination of employee’s employment with the Company due to the Employee’s death or Disability (as defined below)).  In the event that, prior to the expiration of the Term, the Company terminates this Agreement and the Employee's employment for reason(s) other than Cause hereof (and other than due to the Employee’s death or Disability) or if the Employee resigns for Good Reason, the Employee shall be entitled to receive salary and benefits earned prior to such termination plus the amount of his Base Salary that would have been paid for the longer of (i) the remainder of the Term and (ii) the twelve month period following termination of employment had the Employee remained employed with the Company (collectively referred to herein as “Severance”).  Subject to Sections 6(f) and 12(d)(iii) below, the Severance shall be paid in equal monthly installments, as of the first day of each month following the date of termination; provided that the first of such payments shall be made in the month following sixty (60) days after such termination; provided further that the first of such payments would include any amounts that would have been payable absent the 60-day delay in commencement date, and such payments shall continue for 

the duration of the Term or such twelve-month period, as applicable (which payment period is referred to herein as the “Severance Period”).  The Company shall be entitled to reduce the amounts paid under this Section 6(b) by the amounts paid to the Employee during the Severance Period by any other entity.

(c)If, prior to the expiration of the Term, the Company terminates this Agreement and the Employee’s employment for any reason other than for Cause (and other than due to the Employee’s death or Disability), or if the Employee resigns for Good Reason, in each event within two years after a Change in Control (as defined in the Parent’s Second Amended and Restated 2000 Equity Incentive Plan, in lieu of the amount payable under Section 6(b), the Employee will receive a lump sum payment equal to the sum of his then Base Salary and Target Bonus amount multiplied by two; provided however that such payment shall be limited to an amount which would not, when considered with other compensation payable to the Employee in connection with a Change in Control, result in an “excess parachute payment” as that term is defined in Internal Revenue Code section 280G, as determined in the sole good faith discretion of the Parent.  Subject to Section 6(f) below, payment of the amount due under this Section 6(c) shall be made as soon as practicable following the date on which the termination occurs, but in no event later than sixty (60) days following the date of such termination and the Employee will not have the right to designate the taxable year of the payment.  

(d)For purposes of this Agreement, “Cause” means any of the following: (i) the Employee’s conviction of, or plea of nolo contendere to, a felony or other crime involving moral turpitude, (ii) the Employee’s material breach of a material provision of this Agreement that is not corrected within thirty (30) days following written notice of such breach sent by the Company to the Employee, (iii) the Employee’s willful misconduct in the performance of his material duties under this Agreement, (iv) the Employee’s performance of his material duties in a manner that is grossly negligent, and (v) the Employee’s failure to attempt to fully comply with any lawful directive of the Chief Executive Officer or Chief Operating Officer of the Parent which is not corrected within thirty (30) days following written notice of such breach sent by the Company to the Employee. Whether or not “Cause” exists shall be determined solely by the Company in its reasonable, good faith discretion.

(e)For purposes of this Agreement, “Good Reason” means, without the Employee's written consent, (i) a material and substantially adverse reduction in title or job responsibilities compared with title or job responsibilities on the Effective Date; (ii) any requirement that the Employee relocate to a work location more than 50 miles from the city of New York, New York; or (iii) any material breach of the Agreement by the Company. Notwithstanding the foregoing, Good Reason will be deemed to exist only in the event that: (x) the Employee gives written notice to the Company of his claim of Good Reason and the specific grounds for his claim within ninety (90) days following the occurrence of the event upon which his claim rests, (y) the Company fails to cure such breach within thirty days (30) of receiving such notice (“Cure Period”), and (z) the Employee gives written notice to the Company to terminate his employment within fifteen (15) days following the Cure Period.  

(f)Notwithstanding any other provision of this Agreement to the contrary, the Employee shall not be entitled to any payments under Section 6(b) or 6(c), and the Company shall not be obligated to make such payments, unless (i) the Employee materially complies with the restrictive covenants by which he is bound (whether pursuant to this Agreement or otherwise), including, but not limited to, any non-competition agreement, non-solicitation agreement, confidentiality agreement or invention assignment agreement signed by the Employee, and (ii) the Employee executes, delivers and does not revoke a commercially reasonable general release in form and substance acceptable to both the Company and Employee no later than sixty (60) days following the effective date of termination of employment.  To the extent the Company makes any such payment to the Employee prior to the execution and delivery or a permissible revocation of the release described in clause (ii) and the Employee fails to execute or deliver the 

release or otherwise revokes the release, then the Employee will be obligated to repay to the Company the full amount of any such payment under Section 6(b) or 6(c), as applicable, theretofore made to the Employee within ninety (90) days following the termination of the Employee’s employment.

7.Death or Disability. Notwithstanding anything in Section 6 to the contrary, upon the death or Disability (as defined below) of the Employee prior to the end of the Term, this Agreement shall terminate and no further payments shall be made other than those provided for by law and the payment of Base Salary up to and including the termination date, bonus earned and approved by the Committee (pursuant to Section 4(b)), reimbursement of expenses incurred prior to such termination (pursuant to Section 4(c)), and benefits (pursuant to Section 5) accrued prior to the date of such death or Disability but not yet paid. For purposes of this Agreement, “Disability” shall mean any physical or mental incapacity that is documented by qualified medical experts and that results in the Employee’s inability to perform his essential material duties and responsibilities for the Company, with reasonable accommodation, for a period of ninety (90) days in any consecutive twelve (12) month period, all as determined in the good faith judgment of the Board.

8.Restrictive Covenants. The Employee hereby covenants, agrees and acknowledges as follows: 

(a)Confidential Information. In the course of his employment by the Company, the Employee will receive and/or be in possession of confidential information of the Company, the Parent, their respective subsidiaries and affiliates and the predecessors and successors of any of them, including, but not limited to, information relating to: (i) operational procedures, financial statements or other financial information, contract proposals, business plans, training and operations methods and manuals, personnel records, and management systems policies or procedures; (ii) information pertaining to future plans and developments; and (iii) other tangible and intangible property that is used in the operations of the Company but not made public. The information and trade secrets relating to the business of the Company described in this Section 8(a) are hereinafter referred to collectively as the “Confidential Information,” provided that the term Confidential Information will not include any information: (x) that is or becomes generally publicly available (other than as a result of violation of this Agreement by the Employee or someone under his control or direction) or (y) that the Employee receives on a non-confidential basis from a source (other than the Company or its representatives) that is not known by him to be bound by an obligation of secrecy or confidentiality to the Company.  References in this Section 8 to the “Company” shall include Cinedigm Entertainment Corp., the Parent, their respective subsidiaries and affiliates and the predecessors and successors of any of them.

(b)Non-Disclosure. The Employee agrees that he will not, without the prior written consent of the Company, during the period of his employment or at any time thereafter, disclose or make use of any such Confidential Information, except as may be required by law (and, in such case, he will immediately notify the Company of such disclosure request) or in the course of his employment hereunder. The Employee agrees that all tangible materials containing Confidential Information, whether created by the Employee or others, that comes into his custody or possession during his employment, will be and are the exclusive property of the Company.
(c)Return of Confidential Information and Property. Upon termination of the Employee’s employment for any reason whatsoever, he will immediately surrender to the Company all Confidential Information and property of the Company in his possession, custody or control in whatever form maintained (including, without limitation, computer discs and other electronic media), including all copies thereof. The Employee shall be allowed to make and keep a copy of all personal information, including, but not limited to, personal information contained in his contacts directory.  Any Confidential Information that cannot be returned or destroyed shall be kept confidential by the Employee at all times.

(d)Non-Competition. The Employee agrees that, while employed by the Company and for one year after the cessation of his employment with the Company for any reason, he will not become employed by or otherwise engage in or carry on, whether directly or indirectly as a principal, agent, consultant, partner or otherwise, any business with any person, partnership, business, corporation, company or other entity (or any affiliate, subsidiary, parent or division thereof) that is in direct competition with the Company.

(e)Non-Solicitation/No-Hiring. The Employee agrees that, while employed by the Company and for the greater of one year after the cessation of his employment with the Company for any reason or the period during which the Employee receives Severance or Change in Control payments, he will not (i) solicit or induce or attempt to solicit or induce any employee, director or consultant to terminate his or her employment or other engagement with the Company or (ii) employ or retain (or in any way assist, participate in or arrange for the employment or retention of) any person who is employed or retained by the Company or any of its parents, subsidiaries, affiliates and divisions or who was employed or retained by the Company or any of its parents, subsidiaries, affiliates and divisions both within the six (6) month period immediately preceding the Employee’s contemplated employment or retention of such person and on the date the Employee’s employment with the Company ended.

(f)Injunctive Relief and Other Remedies. The Employee acknowledges that the foregoing confidentiality, non-competition and non-solicitation/no-hiring provisions are reasonable and necessary for the protection of the Company and its parent, subsidiaries, affiliates and divisions, and that they will be materially and irrevocably damaged if these provisions are not specifically enforced. Accordingly, the Employee agrees that, in addition to any other relief or remedies available to the Company and its parent, subsidiaries, affiliates and divisions, the Company will be entitled to seek an appropriate injunctive or other equitable remedy for the purposes of restraining the Employee from any actual or threatened breach of those provisions, and no bond or security will be required in connection therewith. If any of the foregoing confidentiality, non-competition and no-solicitation/no-hiring provisions are deemed invalid or unenforceable, these provisions will be deemed modified and limited to the extent necessary to make them valid and enforceable.

(g)Tax Withholding.  The Company shall withhold from any compensation and benefits payable under this Agreement all federal, state, local or other taxes as shall be required pursuant to any law or governmental regulation or ruling. 

(h)Entire Agreement.  This Agreement contains the entire understanding between the parties hereto and supersedes any other agreement between the Company or any predecessor of the Company or any of its affiliates and the Employee regarding the subject matter hereof.

9.Notices.  All notices that are required or may be given pursuant to the terms of this Agreement will be in writing and will be sufficient in all respects if given in writing and (i) delivered personally, (ii) mailed by certified or registered mail, return receipt requested and postage prepaid, or (iii) sent via a responsible overnight courier, to the parties at their respective addresses set forth above, or to such other address or addresses as either party will have designated in writing to the other party hereto. The date of the giving of such notices delivered personally or by carrier will be the date of their delivery and the date of giving of such notices by certified or registered mail will be the date five days after the posting of the mail.

10.General Provisions.

(a)Nonassignability.  Neither this Agreement nor any right or interest hereunder shall be assignable by the Employee or his beneficiaries or legal representatives without the Company's prior written consent; provided, however, that nothing in this Section 12(a) shall preclude (i) the Employee from designating a beneficiary to receive any benefit payable hereunder following his death, or (ii) the executors, administrators, or other legal representatives of the Employee or his estate from assigning any rights hereunder to the person or persons entitled thereto.

(b)No Attachment.  Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void and of no effect.

(c)Binding Agreement.  This Agreement shall be binding upon, and inure to the benefit of, the Employee and the Company and their respective permitted successors and assigns.

(d)Compliance with 409A.

(i)Notwithstanding anything herein to the contrary, it is intended that the provisions of this Agreement satisfy the provisions of Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations issued thereunder (“Section 409A”) and this Agreement shall be interpreted and administered, as necessary, so that the payments and benefits set forth herein shall be exempt from or shall comply with the requirements of Section 409A.

(ii)To the extent that the Company determines that any provision of this Agreement would cause the Employee to incur any additional tax or interest under Section 409A, the Company shall be entitled to reform such provision to attempt to comply with or be exempt from Section 409A.  To the extent that any provision hereof is modified in order to comply with 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 without violating the provisions of Section 409A.

(iii)Notwithstanding any provision in this Agreement or elsewhere to the contrary, if on his termination date the Employee is deemed to be a “specified employee” within the meaning of Section 409A, any payments or benefits due upon, or within the six month period following and due to,  a termination of the Employee’s employment that constitutes a “deferral of compensation” within the meaning of Code Section 409A and which do not otherwise qualify under the exemptions under Treas. Reg. Section 1.409A-1, shall be paid or provided to the Employee in a lump sum on the earlier of (1) the first day following the six month anniversary of the Employee’s separation from service (as such term is defined in Section 409A) for any reason other than death, and (2) the date of the Employee’s death, and any remaining payments and benefits shall be paid or provided in accordance with the normal payment dates specified for such payment or benefit. 

(iv)Notwithstanding anything in this Agreement or elsewhere to the contrary, a termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits that constitute “non-qualified deferred compensation” within the meaning of Section 409A upon or following a termination of the Employee’s employment unless such termination is also a “separation from service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service” and the date of such separation from service shall be the termination date for purposes of any such payment or benefits.  In no event may the Employee, 

directly or indirectly, designate the calendar year of any payment to be made under this Agreement or otherwise which constitutes a “deferral of compensation” within the meaning of Section 409A.

(v)All expenses or other reimbursements paid pursuant to this Agreement or other policy or program of the Company that are taxable income to the Employee shall in no event be paid later than the end of the calendar year next following the calendar year in which the Employee incurs such expense or pays such related tax.  With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, and (iii) such payments shall be made on or before the last day of the Employee’s taxable year following the taxable year in which the expense was incurred.
 
(vi)Nothing contained in this Agreement or any other agreement between the Employee and the Company or any policy, plan, program or arrangement of the Company shall constitute any representation or warranty by the Company regarding compliance with Section 409A.

11.Modification and Waiver.

(a)Amendment of Agreement.  This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto. 

(b)Waiver.  No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel.  No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived.

12.Severability.  If, for any reason, any provision of this Agreement is held invalid, such invalidity shall not affect any other provision of this Agreement not held so invalid, and each such other provision shall to the full extent consistent with law continue in full force and effect. If any provision of this Agreement shall be held invalid in part, such invalidity shall in no way affect the rest of such provision not held so invalid, and the rest of such provision, together with all other provisions of this Agreement, shall to the full extent consistent with law continue in full force and effect.
13.Headings.  The headings of sections herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement.

14.Governing Law.  This Agreement has been executed and delivered in the State of New York, and its validity, interpretation, performance, and enforcement shall be governed by the laws of said State other than the conflict of laws provisions of such laws.  The Employee and the Company hereby consent to the jurisdiction of the Federal and State courts located in the borough of Manhattan in New York City, New York, and each party waives any objection to the venue of any such suit, action or proceeding and the right to assert that any such forum is not a convenient forum, and irrevocably consents to the jurisdiction of the Federal and State courts located in the borough of Manhattan in New York City, New York in any such suit, action or proceeding.

15.Survival of Provisions. Neither the termination of this Agreement, nor of the Employee's employment hereunder, will terminate or affect in any manner any provision of this Agreement that is intended by its terms to survive such termination, including without limitation, the provisions of Section 8 hereof.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its officers thereunto duly authorized, and the Employee has signed this Agreement, all as of the day and year first above written.

CINEDIGM ENTERTAINMENT CORP.

By:    /s/ Chris McGurk        
Name:    Chris McGurk            
Title:    Chairman & CEO        

Employee

/s/ William A. Sondheim        
William Sondheim

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