Document:

Exhibit 10.5

      

      

      

      
        EMPLOYMENT AGREEMENT

         

        This Employment Agreement (as hereinafter amended from time to time, this “Agreement”) is made and entered into this 12th day of November, 2019 (the “Effective

            Date”) by and between WOODBRIDGE WIND-DOWN ENTITY LLC, a Delaware limited liability company (the “Company”), and MARION W. FONG (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 desire to enter into this 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.  Employee has served as the Chief Financial Officer of the Company since the formation of the Trust on February 15, 2019, pursuant to that certain Letter Agreement, dated as of February
          15, 2019.

         

        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

        

        

        Section 1.        Employment Term. The Company hereby employs the Employee at-will, and the Employee hereby accepts such at-will
          employment, for the period commencing on the Effective Date and continuing until terminated under Section 7 or until Dissolution (the “Employment Term”).  For purposes of this Agreement, “Dissolution” shall mean the dissolution of the Company at the direction of the Board (as defined below) following the sale of the last property by the Company or one of the Company’s subsidiaries.

         

        Section 2.             Position.

         

        (a)        The Employee shall serve as the Company’s Chief Financial 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.

         

        
          
            

        

        (b)         The Employee shall devote substantially all of her 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.

         

        Section 3.            Base Salary. During the Employment Term, the Company shall pay the Employee an effective annual base salary of $450,000,
          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 eligible for annual increases of the Base Salary at the discretion of the Board beginning January 1,
          2020.

         

        Section 4.            Bonuses. During the Employment Term, Employee shall be eligible to receive bonus payments
          determined in accordance with the provisions below:

         

        (a)          2019 Annual Bonus.  If the Employee is still employed by the Company on December 31, 2019, the Employee shall receive a bonus in the amount of $100,000 with respect to 2019
          (the “2019 Bonus”).  Such bonus will be paid on or before January 31, 2020.

         

        (b)       Discretionary Bonuses.   If Employee is still employed by the Company on December 31, 2020, the Employee shall be considered by the Board for
          a discretionary bonus with respect to 2020, which discretionary bonus shall not exceed 25% of the Employee’s Base Salary for 2020.  Any discretionary bonus for 2020 shall be paid on or before January 31, 2021.  If the Employee is still employed
          by the Company at the end of the Wind-Down Period and the Wind-Down Period ends after January 1, 2021, the Employee shall be considered by the Board for a discretionary bonus with respect to the period from January 1, 2021 to the end of the
          Wind-Down Period, which discretionary bonus shall not exceed 25% of the Employee’s Base Salary for 2021.  Any such discretionary bonus shall be paid within thirty (30) days of Dissolution.  Discretionary bonuses will be considered by the Board in
          its sole and absolute discretion.

         

        
          
            

        

        (c)       Wind-Down Bonus.  At Dissolution, the Company will calculate the collective amount that has
          been distributed from the Company to the Liquidation Trust, and the 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 February 15, 2019 to Dissolution (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 shall not be reduced for Liquidation Trust Expenses, and there shall have been no Distributions occurring prior to
          February 15, 2019.  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(c).  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(c) (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

              	 	 	
                50% of then-current Base Salary, minus all bonus payments under Section 4(b)

              
	 	
                Base

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

                

              	 	 	
                100% of then-current Base Salary, minus all bonus payments under Section 4(b)

              
	 	
                High

              	 	
                $528,585,000 or over

              	 	 	
                150% of then-current Base Salary, minus all bonus payments under Section 4(b)

              

        

        

        For the avoidance of doubt, discretionary bonuses paid to the Employee under Section 4(b) prior to or concurrently with the Wind Down Bonus shall be credited against the Wind Down Bonus.  The Wind Down Bonus
          payable to the Employee under this Section 4(c) 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 end of the Wind-Down Period.

         

        Section 5.           Employee Benefits.  During the Employment Term, Employee and her 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.  In
          accordance with the Company’s PTO policy, Employee shall be entitled to six (6) days of PTO which can be used for vacation time or as paid sick leave for all permitted reasons as set forth in all applicable state and municipal paid sick leave
          laws.

         

        Section 6.           Retention Bonus.  Employee shall be entitled to receive a bonus equal to six (6) months of the
          Employee’s Base Salary at the time of termination (“Retention Bonus”).  Employee shall receive the Retention Bonus only if (a) she resigns for Good Reason, (b) her Employment Term expires, or (c) she is
          terminated without Cause.  The Retention Bonus is and will be in lieu of any severance payments, and, for the avoidance of doubt, Employee will not receive a severance payment upon termination of her employment with the Company.  The Retention
          Bonus will be paid to Employee as soon as practicable following the earlier to occur of Employee’s (a) resignation for Good Reason, (b) Employment Term expiring or (c) termination without Cause (the “Retention
            Bonus Payment Date”).

         

        
          
            

        

        Section 7.            Termination.  The Employee’s employment hereunder may be terminated by either Party at any time
          and for any reason, with or without Cause (as defined below), with 30 days advance written notice or immediately in the case of termination with Cause.  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 11(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 or PTO 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).

         

        (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 her 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; provided, further, that any
          termination based on the foregoing clauses (C) and (D) shall only constitute “Cause” if Employee fails to cure such breach, failure or refusal, within 30 days of notice.

         

        (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, other than as a result of implementation of the Wind-Down Business Plan, 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 her regular office location for the performance of her duties to a location more than thirty (30) miles from such office; or

         

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

         

        (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, in addition to the Accrued Rights, payment of the Retention Bonus in accordance
          with Section 6 and the Wind-Down Bonus in accordance with Section 4(c) above, which amount shall be prorated on the basis of the Distributions actually made prior to the end of the Employment Term.  For this purpose, the prorated bonus amount
          shall be equal to (i) the bonus amount Employee would have become entitled to receive if she had remained employed during the entire Wind-Down Period, multiplied by a fraction: (x) the numerator of which shall be the aggregate amount of
          Distributions during the Employment Term, and (y) the denominator of which shall be the aggregate amount of Distributions during the Wind-Down Period, minus (ii) any discretionary bonuses paid to Employee pursuant to Section 4(b).

         

        (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, payment of the Retention Bonus in accordance with Section 6 and the Wind-Down Bonus in accordance with Section 4(c), which amount shall be prorated
          on the basis of the Distributions actually made prior to the end of the Employment Term.  For this purpose, the prorated bonus amount shall be equal to (i) the bonus amount Employee would have become entitled to receive if she had remained
          employed during the entire Wind-Down Period, multiplied by a fraction: (x) the numerator of which shall be the aggregate amount of Distributions during the Employment Term, and (y) the denominator of which shall be the aggregate amount of
          Distributions during the Wind-Down Period, minus (ii) any discretionary bonuses paid to Employee pursuant to Section 4(b).  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 her 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)       Nature of Termination Benefits.  The termination benefits provided under this Section 7 shall not be treated as damages.  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
          any other source.

         

        
          
            

        

        Section 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 8(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.

         

        Section 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 her
          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 9 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 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 a senior executive officer of a publicly traded company.

         

        Section 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.

         

        
          
            

        

        Section 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, that certain offer letter dated as of February 15, 2019.  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) the Company’s Chief Executive Officer, and (b) two (2) members of
          the Board.

         

        (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 her 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

              
	 	 	 
	 	
                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 the address in Company’s files.

              

        

        

        (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]

         

        
          
            

        

        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:

              	
                /s/ Frederick Chin 

              	 
	 	
                Name:

              	
                Frederick Chin

              	 
	 	
                Title:

              	
                Chief Executive Officer

              	 
	 	 	 
	 	
                EMPLOYEE

              	 
	 	 	 
	 	
                Signature:

              	/s/ Marion W. Fong 	 
	 	
                Name:

              	
                Marion W. FongExhibit 10.6

    

     

    

    
      INDEMNIFICATION AGREEMENT

      

      

      This Indemnification Agreement (the “Agreement”) is made and entered into as of this 12th day of November, 2019 (the “Effective Date”), by and between WOODBRIDGE WIND-DOWN
        ENTITY, LLC, a Delaware limited liability company (the “Company”) and MARION W. FONG, an officer of the Company (the “Indemnitee”).

      

      

      RECITALS:

      

      

      A.          Indemnitee and the Company are parties to the Employment Agreement, dated as of November 12, 2019, pursuant to which
          Indemnitee serves as Chief Financial Officer of the Company; and

      

      

      B.          The Company is organized pursuant to, and in accordance with, the Delaware Limited Liability Company Act (6 Del. C. §
          18-101 et seq.), as amended from time to time (the “Act”) by the filing of a Certificate of Formation of the Company with the Secretary of State of the State of Delaware; and

      

      

      C.          Pursuant to 6 Del. C. § 18-108, subject to such standards and restrictions, if any, as are set forth in the Company’s
          limited liability company agreement, a limited liability company may, and shall have the power to, indemnify and hold harmless any member or manager or other person from and against any and all claims and demands whatsoever; and

      

      

      D.          Section 16 of the Company’s LLC Agreement (as defined below) and Section 5.3.11 of the Plan (as defined
        below), provide for the indemnification of officers and managers of the Company; and

      

      

      E.           The LLC Agreement and the Act, by their non-exclusive nature, permit contracts between the Company and its officers
          and managers with respect to indemnification; and

      

      

      F.           The Board has concluded that it is advisable and in the best interests of the Company to enter into an agreement to
          indemnify Indemnitee to the maximum extent permitted by law.

      

      

      NOW, THEREFORE, in consideration of the foregoing, of Indemnitee’s service to the Company, and of other good and valuable consideration, the receipt and sufficiency of which is
        acknowledged by each of the parties hereto, the parties agree as follows:

      

      

      I. DEFINITIONS

      

      

      For purposes of this Agreement, the following terms shall have the meanings set forth below:

      

      

      “Board” shall mean the board of managers of the Company established pursuant to the LLC Agreement and as constituted from time to time.

      

      

      “Employment Agreement” shall mean the Employment Agreement, dated as of November 12,
          2019, between the Company and the Indemnitee, as it may be amended, modified, supplemented or restated from time to time.

      

      

      “Expenses” shall mean expenses of Proceedings including, without limitation, all attorneys’ fees, retainers, court costs, transcript costs, fees of experts, investigation
        fees and expenses, accounting and witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, federal, state, local or foreign taxes imposed on Indemnitee as a result of the
        actual or deemed receipt of any payments under this Agreement (excluding, for avoidance of doubt, any income taxes on Indemnitee’s income), and all other disbursements or expenses, in each case actually and reasonably incurred by Indemnitee in
        connection with prosecuting, defending, preparing to prosecute or defend, being or preparing to be a witness in or investigating a Proceeding which may be subject to indemnification covered hereunder. Expenses shall also include Expenses incurred
        in connection with any appeal resulting from any Proceeding which may be subject to indemnification covered hereunder including, without limitation, the premium, security for and other costs relating to any cost bond, supersedeas bond or other
        appeal bond or its equivalent, including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses.

       

      

      
        1

        
          

      

      “Indemnified Party” shall mean each of the Indemnitee and his heirs, executors and successors.

      

      

      “Liabilities” shall mean liabilities of any type whatsoever, including, without limitation, any judgments, fines, excise taxes and penalties and amounts paid in settlement
        (including all interest, assessments and other charges paid or payable in connection with or with respect to such judgments, fines, penalties or amounts paid in settlement) in connection with the investigation, defense, settlement or appeal of any
        Proceeding or any claim, issue or matter therein.

      

      

      “LLC Agreement” shall mean the Company’s Limited Liability Company Agreement, dated as of February 15, 2019, as it may be amended, modified, supplemented or restated from
        time to time.

      

      

      “Plan” shall mean 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.

      

      

      “Proceeding” shall mean any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing
        or any other actual, threatened or completed proceeding whether civil, criminal, administrative or investigative, or any appeal therefrom.

      

      

      “Reviewing Party” shall mean, if and when appointed by the Board, any appropriate person or body consisting of a member or members of the Company’s Board or any other person
        or body appointed by the Board who is not a party to the particular Proceeding for which Indemnitee is seeking indemnification.

      

      

      “Undertaking” shall have the meaning ascribed to it in Article IV herein.

      

      

      II. NOTICE OF PROCEEDINGS; DEFENSE OF PROCEEDINGS

      

      

      A.     Notice of Proceedings. The Indemnitee agrees to notify the Company promptly in writing upon being served with any summons, citation, subpoena, complaint,
        indictment, information or other document relating to any Proceeding which may be subject to indemnification or advancement of Expenses covered hereunder. However, the Indemnitee’s failure to so notify the Company shall not relieve the Company from
        any liability it may have to the Indemnitee under this Agreement, except to the extent that the Indemnitee’s failure to so notify the Company actually prejudices the Company with respect to said Proceeding or matter. Thereafter, the Indemnitee
        shall deliver to the Company, promptly following the Indemnitee’s receipt thereof, copies of all notices and documents (including court papers) received by the Indemnitee relating to such Proceeding or matter, other than those notices and documents
        separately addressed to the Company.

       

      

      
        2

        
          

      

      B.     Defense of Proceedings. The Company will be entitled to participate, at its own expense, in any Proceeding which may be subject to indemnification or advancement of
        Expenses covered hereunder of which it has notice, and the Company will be entitled to assume the defense of the Indemnified Parties therein, with counsel reasonably satisfactory to the Indemnitee; provided, however, that the Company shall not be
        entitled to assume the defense of the Indemnified Parties in any Proceeding  if the Indemnitee has reasonably concluded that there may be a conflict of interest between the Company and the Indemnified Parties with respect to such Proceeding. The
        Indemnitee shall have the right to employ his own counsel in any such Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the expense of the Indemnitee
        unless (i) the employment of separate counsel by the Indemnitee (and the Company’s payment of the expenses of such counsel) has been authorized by the Company; (ii) there may be one or more defenses or claims available to the Indemnitee that are
        different from or additional to those available to the Company; (iii) Indemnitee has reasonably concluded that there may be a conflict of interest between the Company and the Indemnified Parties with respect to such Proceeding or (iv) the Company
        shall not in fact have employed counsel to assume the defense of the Indemnitee in such Proceeding after being provided notice thereof, such counsel shall not in fact have assumed such defense or such counsel shall not be acting, in connection
        therewith, with reasonable diligence; it being understood that in the case of any of the foregoing clauses (i), (ii) or (iii) the fees and expenses of the Indemnitee’s counsel shall be advanced by the Company in accordance with this Agreement.

      

      

      C.     Settlement of Claims. The Company shall not settle any Proceeding which may be subject to indemnification or advancement of Expenses covered hereunder in any
        manner which would impose any liability, penalty or limitation on the Indemnitee without the written consent of the Indemnitee, which consent shall not be unreasonably withheld or delayed.

      

      

      III. INDEMNIFICATION

      

      

      A.    General. The Company hereby agrees to indemnify the Indemnified Parties to the fullest extent permitted by
          applicable law, the Company’s Certificate of Formation, the LLC Agreement, the Employment Agreement and the Plan, if Indemnitee was or is or becomes a party to or a witness or other participant in (including participation in discovery or trial
          preparation), or is threatened to be made a party to or a witness or other participant in, any Proceeding (other than an action by or in the right of the Company) by reason of the fact that he is or was an officer, manager or employee of the
          Company, or by reason of anything done or not done by him in any such capacity, against any and all Expenses and Liabilities incurred without gross negligence or willful misconduct (which gross negligence or willful misconduct, if any, must be
          determined by a final, non-appealable order of a court of competent jurisdiction) by Indemnitee in connection with such Proceeding. In the event of any change after the date of this Agreement in any applicable law, statute or rule that expands
          the right of a Delaware limited liability company to indemnify a manager, director, officer, employee, controlling person, agent or fiduciary, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater
          benefits afforded by such change. In the event of any change in any applicable law, statute or rule that narrows the right of a Delaware limited liability company to indemnify a manager, director, officer, employee, agent or fiduciary, such
          change, to the extent not otherwise required by such law, statute or rule to be applied to this Agreement, shall have no effect on this Agreement or the parties’ rights and obligations hereunder.

      

      

      The Company shall indemnify the Indemnitee Parties to the fullest extent permitted by applicable law, the Company’s Certificate of Formation, the LLC Agreement, the Employment Agreement and the Plan,
        if Indemnitee was or is or becomes a party to or a witness or other participant in (including participation in discovery or trial preparation), or is threatened to be made a party to or a witness or other participant in, any threatened, pending or
        completed action or suit by or in the right of the Company, to procure a judgment in its favor against expenses (including but not limited to reasonable attorneys’ fees) actually and reasonably incurred by him in connection with the defense or
        settlement of such action or suit if he acted in good faith an in a manner he reasonably believed to be in or not opposed to the best interests of the Company and except that no indemnification shall be made in respect of any claim, issue or matter
        as to which Indemnitee shall have been adjudged to be liable to the Company unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in
        view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for such expenses which the court shall deem proper.

       

      

      
        3

        
          

      

      B.     The Company shall, to the fullest extent permitted by law, indemnify the Indemnified Parties for, and shall defend and
          hold them harmless against, any loss, liability, damage, judgment, fine, penalty, claim, demand, settlement, cost, or expense (including the reasonable fees and expenses of their respective professionals) incurred without gross negligence or
          willful misconduct on the part of the applicable Indemnified Party (which gross negligence or willful misconduct, if any, must be determined by a final, non-appealable order of a court of competent jurisdiction) for any action taken, suffered, or
          omitted to be taken by the Indemnified Parties in connection with the acceptance, administration, exercise, and performance of their duties under the Plan or the LLC Agreement, as applicable.  An act or omission taken with the approval of the
          Bankruptcy Court (as such term is defined in the Plan), and not inconsistent therewith, will be conclusively deemed not to constitute gross negligence or willful misconduct.  In addition, the Company shall, to the fullest extent permitted by law,
          indemnify, defend, and hold harmless the Indemnified Parties, from and against and with respect to any and all losses, liabilities, damages, judgments, fines, penalties, claims, demands, settlements, costs, or expenses (including the reasonable
          fees and expenses of their respective professionals) arising out of or due to their actions or omissions, or consequences of such actions or omissions, with respect to the Company or the implementation or administration of the Plan if the
          applicable Indemnified Party acted in good faith and in a manner reasonably believed to be in, or not opposed to, the best interest of the Company.  The costs and expenses incurred in enforcing the right of indemnification in this paragraph B.
          shall be paid by the Company.

      

      

      C.     Reviewing Party.  If the Reviewing Party shall have determined that Indemnitee would not be permitted to be indemnified under paragraphs A. and B. of this Article
        III, then (i) the Company shall not be obligated to provide any indemnification under this Article III and (ii) Indemnitee acknowledges and agrees that the Company shall not be obligated to make an advance payment of Expenses to Indemnitee pursuant
        to Article IV; provided, however, that if Indemnitee has commenced or thereafter commences legal proceedings in a court of competent jurisdiction to secure a
        determination that Indemnitee is entitled to indemnification, any determination made by the Reviewing Party that Indemnitee would not be permitted to be indemnified under applicable law shall not be binding until a final judicial determination is
        made with respect thereto (as to which all rights of appeal therefrom have been exhausted or lapsed) and until such time, Indemnitee shall be entitled to receive advances of Expenses pursuant to Article IV.  The Reviewing Party shall be selected by
        the Board.  If there has been no determination by the Reviewing Party or if the Reviewing Party determines that Indemnitee substantively would not be permitted to be indemnified in whole or in part under applicable law, Indemnitee shall have the
        right to commence litigation seeking an initial determination by the court or challenging any such determination by the Reviewing Party or any aspect thereof, including the legal or factual bases therefor, and the Company hereby consents to service
        of process and to appear in any such proceeding. Any determination by the Reviewing Party otherwise shall be conclusive and binding on the Company and Indemnitee.

      

      

      For the purposes of any determination of whether any act or omission of the Indemnitee met a required standard of conduct, each act or omission of the Indemnitee shall be
        conclusively deemed in good faith and in a manner reasonably believed to be in, or not opposed to, the best interest of the Company if the Indemnitee’s action or omission is based on the advice of legal counsel for the Company or the independent
        members of the Board or any committee thereof, or on information or records given or reports made to the Company by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Company, or is
        taken with approval of the Bankruptcy Court, and not inconsistent therewith. The provisions of this paragraph shall not be exclusive or deemed to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the
        applicable standard of conduct set forth in this Agreement or under applicable law.

       

      

      
        4

        
          

      

      D.    Indemnification of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee is a party to
        and is successful in, on the merits or otherwise, including, without limitation, the dismissal of a Proceeding without prejudice, in the defense of any Proceeding or investigation or in the defense of any claim, issue or matter therein, in each
        case which may be subject to indemnification or advancement of Expenses covered hereunder, the Indemnitee shall be indemnified by the Company to the maximum extent permitted by law against all Expenses and Liabilities actually incurred by or for
        Indemnitee in connection therewith.

      

      

      E.    Contribution.   If the indemnification provided for above is for any reason held by a court of competent
          jurisdiction to be unavailable to Indemnitee in respect of any Expenses or Liabilities referred to therein, then the Company, in lieu of indemnifying Indemnitee thereunder, shall contribute to the amount paid or payable by Indemnitee as a result
          thereof (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and Indemnitee, or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is
          appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company and Indemnitee in connection with the action or inaction that resulted in such Expenses or Liabilities, as well as
          any other relevant equitable considerations.  The Company and Indemnitee agree that it would not be just and equitable if contribution pursuant to this paragraph E. were determined by pro rata or per capita allocation or by any other method of
          allocation that does not take account of the equitable considerations referred to in the immediately preceding sentence.

      

      

      F.      Limitations on Indemnification. Any other provision herein to the contrary notwithstanding, the Company shall
          not be obligated pursuant to the terms of this Agreement:

      

      

      (1)       Claims Initiated by Indemnitee. To indemnify or advance Expenses to Indemnitee with respect to Proceedings
          initiated or brought voluntarily by Indemnitee and not by way of defense, except (i) with respect to actions or proceedings to establish or enforce a right to indemnification under this Agreement, the LLC Agreement, the Employment Agreement or
          the Plan or any other agreement or insurance policy now or hereafter in effect, (ii) in specific cases if the Board has approved the initiation or bringing of such Proceeding, or (iii) as otherwise required under the Act, regardless of whether
          Indemnitee ultimately is determined to be entitled to such indemnification, advance expense payment or insurance recovery, as the case may be; or

      

      

      (2)       Other Benefits.   To provide indemnification to Indemnitee to the extent that payment is actually made to the
          Indemnitee under any insurance policy or is made on behalf of the Indemnitee by or on behalf of the Company, or to the extent Indemnitee has otherwise actually received payment (under any insurance policy, the LLC Agreement, the Employment
          Agreement, the Plan or otherwise) of the amounts otherwise indemnifiable hereunder; or

      

      

      (3)        Gross Negligence; Willful Misconduct.  To indemnify or advance Expenses to Indemnitee on account of
          Indemnitee’s conduct which is finally adjudged to have been fraudulent or deliberately dishonest, grossly negligent or to constitute willful misconduct.

      

      

      IV. ADVANCEMENT OF EXPENSES

      

      

      Notwithstanding any provision to the contrary in Article V hereof, but subject to paragraph F.3 of Article III hereof, the Company shall advance to the Indemnitee all Expenses which
        are incurred by or for the Indemnitee and for which the Indemnitee is entitled to indemnification pursuant to Article III hereof, provided that all of the following are satisfied: (i) the Indemnitee provides the Company with written affirmation of
        the Indemnitee’s good faith belief that the Indemnitee has met the standard of conduct necessary for indemnification; and (ii) the Indemnitee provides the Company with a written agreement (the “Undertaking”) to repay the amount paid or
        reimbursed by the Company if it is ultimately determined that the Indemnitee is not entitled to indemnification. The Indemnitee shall be required to execute and submit the Undertaking to repay Expenses advanced in the form of Exhibit A attached
        hereto or in such form as may be required under applicable law as in effect at the time of execution thereof. The Undertaking shall contain the written affirmation by the Indemnitee, described above, of the Indemnitee’s good faith belief that the
        standard of conduct necessary for indemnification has been met. The Company shall advance such expenses within ten (10) days after its receipt of the Undertaking. The Indemnitee hereby agrees to repay any Expenses advanced hereunder if it is
        ultimately determined that the Indemnitee is not entitled to be indemnified against such Expenses. Any advances and the undertaking to repay Expenses pursuant to this Article IV shall be unsecured and no interest shall be charged thereon.

       

      

      
        5

        
          

      

      V. PROCEDURES; DETERMINATION OF RIGHT TO INDEMNIFICATION

      

      

      A.    Procedure for Payment.  To obtain indemnification for Liabilities under this Agreement, the Indemnitee shall submit to the Company a written request for payment,
        including with such request such documentation as is reasonably available to the Indemnitee and reasonably necessary to determine whether and to what extent the Indemnitee is entitled to indemnification and payment hereunder. Except as otherwise
        provided in this Agreement, any indemnification payment due hereunder shall be paid by the Company no later than ten (10) days following the determination by the Reviewing Party or otherwise pursuant to this Article V that such indemnification
        payment is proper hereunder.

      

      

      B.    Right to Seek Judicial Determination. Notwithstanding any other provision of this Agreement to the contrary, at any time sixty (60) days after a request for
        indemnification has been made to the Company (or upon earlier receipt of written notice that a request for indemnification has been rejected), the Indemnitee may petition a court of competent jurisdiction to determine whether the Indemnitee is
        entitled to indemnification, and such court shall have the exclusive authority to make such determination, unless and until the Indemnitee’s action is dismissed or otherwise terminated before such determination is made. The court, as petitioned,
        shall make an independent determination of whether the Indemnitee is entitled to indemnification, without regard to any prior determination in any other forum.

      

      

      C.    Expenses under this Agreement. Notwithstanding any other provision in this Agreement to the contrary, the Company
          shall indemnify the Indemnitee against all Expenses incurred by the Indemnitee in connection with any hearing or proceeding under this Article V involving the Indemnitee and against all Expenses incurred by the Indemnitee in connection with any
          other action between the Company and the Indemnitee involving the interpretation or enforcement of the rights of the Indemnitee under this Agreement, even if it is finally determined that the Indemnitee is not entitled to indemnification in whole
          or in part hereunder,  unless a court of competent jurisdiction finds that each of the material claims and/or defenses of Indemnitee in any such hearing or proceeding was frivolous or not made in good faith.

      

      

      VI. PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS

      

      

      A.    Burden of Proof. In making a determination with respect to entitlement to indemnification hereunder, the person, persons, entity or entities making such
        determination shall presume that the Indemnitee is entitled to indemnification under this Agreement and the Company shall have the burden of proof of overcoming that presumption.

      

      

      B.    Effect of Other Proceedings. The termination of any Proceeding or any claim, issue or matter therein by judgment, order, settlement or conviction, or upon a plea of
        nolo contendere, or its equivalent, shall not create a presumption that the Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable
        law. In addition, neither the failure of the Reviewing Party to have made a determination as to whether Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual determination by the Reviewing Party that
        Indemnitee has not met such standard of conduct or did not have such belief, prior to the commencement of legal proceedings by Indemnitee to secure a judicial determination that Indemnitee should be indemnified under applicable law, shall be a
        defense to Indemnitee’s claim or create a presumption that Indemnitee has not met any particular standard of conduct or did not have any particular belief.  In connection with any such determination by the Reviewing Party or otherwise as to whether
        Indemnitee is entitled to be indemnified hereunder, the burden of proof shall be on the Company to establish that Indemnitee is not so entitled

       

      

      
        6

        
          

      

      VII. INSURANCE

      

      

      In the event that the Company maintains liability insurance to protect itself and any manager or officer of the Company against any expense, liability or loss, such insurance shall
        cover the Indemnitee to at least the same degree as each other manager and/or officer of the Company. If, at the time of the receipt by the Company of a notice of a Proceeding pursuant to paragraph A of Article II hereof, the Company has liability
        insurance in effect that may cover such Proceeding, the Company shall give prompt notice of the commencement thereof to the insurers in accordance with the procedures set forth in each of the Company’s policies. The Company shall thereafter take
        all commercially reasonable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such action, suit, proceeding, inquiry or investigation in accordance with the terms of such policies.

      

      

      VIII. NON-EXCLUSIVITY, SUBROGATION AND MISCELLANEOUS

      

      

      A.    Non-Exclusivity. The rights of the Indemnitee hereunder shall not be deemed exclusive of any other rights to which the Indemnitee may at any time be entitled under
        any provision of the Act, the Plan, the LLC Agreement or the Employment Agreement, or under any agreement, resolution of the Board or otherwise. To the extent that, during the term of this Agreement, the rights of the then-existing managers and
        officers of the Company are more favorable to such managers or officers than the rights currently provided to the Indemnitee under this Agreement, the Indemnitee shall be entitled to the full benefits of those more favorable rights.

      

      

      No amendment, alteration, rescission or replacement of this Agreement or any provision hereof that would limit in any way the benefits and protections afforded to the Indemnitee by
        this Agreement shall be effective as to the Indemnitee with regards to any action or inaction undertaken by the Indemnitee prior to such amendment, alteration, rescission or replacement.  The indemnification provided under this Agreement shall
        continue as to the Indemnitee for any action the Indemnitee took or did not take while serving in an indemnified capacity even though the Indemnitee may have ceased to serve in such capacity.

      

      

      B.     Subrogation. In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the
        Indemnitee, who shall execute all required documents and take all action necessary to secure such rights, including execution of documents necessary to enable the Company to bring suit to enforce such rights.

      

      

      C.    Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given: (i) if delivered by hand,
        by courier, by nationally recognized delivery service or by telegram and receipted for by the party to whom such notice or other communication was directed at the time indicated on such receipt; (ii) if by email or facsimile at the time shown on
        the confirmation of such email or facsimile transmission; or (iii) if by U.S. certified or registered mail, with postage prepaid, on the third business day after the date on which it is so mailed:

       

      

      
        7

        
          

      

      If to the Indemnitee, as shown with the Indemnitee’s signature below.

      

      

      	 	
              If to the Company to:

            	
              Woodbridge Wind-Down Entity, LLC

            
	 	 	
              14140 Ventura Boulevard #302

            
	 	 	
              Sherman Oaks, CA 91423

            
	 	 	
              Attention: M. Freddie Reiss, Manager

            
	 	 	 
	 	
              With copies to:

            	
              Klee, Tuchin Bogdanoff & Stern LLP

            
	 	 	
              1999 Avenue of the Stars

            
	 	 	
              Thirty Ninth Floor

            
	 	 	
              Los Angeles, CA 90067-6049

            
	 	 	
              Attention: Michael L. Tuchin

            

      

      

      or to such other address as may have been furnished to the Indemnitee by the Company or to the Company by the Indemnitee, as the case may be.

      

      

      D.    Governing Law; Jurisdiction. The parties agree that this Agreement shall be governed by, construed and enforced in accordance with the internal laws of the State of
        Delaware, without application of the conflict of laws principles thereof.  Subject to Section 24 of the LLC Agreement, the Company and Indemnitee each hereby irrevocably consent to the non-exclusive jurisdiction of the courts of the State of
        Delaware for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement.

      

      

      E.     Binding Effect. Except as otherwise provided in this Agreement, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs,
        spouses, executors, administrators, successors, legal representatives and permitted assigns. The Company shall require any successor to or assignee under this Agreement, by written agreement in form and substance reasonably satisfactory to the
        Indemnitee, to expressly assume and agree to be bound by and perform this Agreement in the same manner and to the same extent as the Company would be required to perform absent such succession or assignment.

      

      

      F.     Waiver. No termination, cancellation, modification, amendment, deletion, addition or other change in this Agreement or any provision hereof, or waiver of any right
        or remedy herein, shall be effective for any purpose unless specifically set forth in a writing signed by the party or parties to be bound thereby. The waiver of any right or remedy with respect to any occurrence on one occasion shall not be deemed
        a waiver of such right or remedy with respect to such occurrence on any other occasion.

      

      

      G.    Entire Agreement. This Agreement constitutes the entire agreement and understanding among the parties hereto in reference to the subject matter hereof; provided,
        however, that the parties acknowledge and agree that the LLC Agreement, the Employment Agreement and the Plan contain provisions on the subject matter of indemnification and that this Agreement is not intended to, and does not, limit the rights or
        obligations of the parties hereto pursuant to such instruments. Subject to the foregoing sentence, this Agreement supersedes any prior agreement entered into between the parties with respect to the subject matter hereof.

      

      

      H.     Titles. The titles to the articles and sections of this Agreement are inserted for convenience only and should not be deemed a part hereof or affect the
        construction or interpretation of any provisions hereof.

      

      

      I.      Invalidity of Provisions. Every provision of this Agreement is severable, and the invalidity or unenforceability of any term or provision shall not affect the
        validity or enforceability of the remainder of this Agreement.

       

      

      
        8

        
          

      

      
      J.      Pronouns and Plurals. Where applicable, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular
        form of nouns, pronouns and verbs shall include the plural and vice versa.

      

      

      K.    Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together constitute one
        agreement binding on all the parties hereto.

      

      

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

       

      

      
        9

        
          

      

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

      

      

      	 	
              WOODBRIDGE WIND-DOWN ENTITY, LLC

            
	 	 
	 	
              By:

            	/s/ Frederick E. Chin  

            
	 	

            	
              Name:

            	Frederick E. Chin   

            
	 	

            	
              Title: 

              

            	Chief Executive Officer 

            
	 	 	 
	 	 	/s/ Marion W. Fong 
	 	

            	
              Marion W. Fong

            
	 	 	Chief Financial Officer 

            

      

      

      
        10

        
          

      

      EXHIBIT A

      

      

      FORM OF UNDERTAKING TO REPAY EXPENSES ADVANCED

      

      

      The Board of Managers of Woodbridge Wind-Down Entity, LLC

      

      

      	 	
              Re:

            	
              Undertaking to Repay Expenses Advanced

            

      

      

      Ladies and Gentlemen:

      

      

      The undertaking is being provided pursuant to that certain Indemnification Agreement, dated November 12, 2019, by and between Woodbridge Wind-Down Entity, LLC and the undersigned
        Indemnitee (the “Indemnification Agreement”), pursuant to which I am entitled to advancement of expenses in connection with [Insert Description of Proceeding] (the “Proceeding”). Terms used
        herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement.

      

      

      Pursuant to Article IV of the Indemnification Agreement, the Company is obligated to advance Expenses that are incurred by or for me in connection with the Proceeding, provided that
        I execute and submit to the Company an Undertaking in which I: (i) undertake to repay any Expenses paid by the Company on my behalf, if it shall be ultimately determined that I am not entitled to be indemnified thereby against such Expenses; and
        (ii) affirm my good faith belief that I have met the standard of conduct necessary for indemnification.

      

      

      [Insert Description of expenses incurred by or for Indemnitee]

      

      

      The letter shall constitute my undertaking to repay to the Company any Expenses paid by it on my behalf in connection with the Proceeding if it is ultimately determined that I am
        not entitled to be indemnified with respect to such Expenses as set forth above. I hereby affirm my good faith belief that I have met the standard of conduct necessary for indemnification and that I am entitled to such indemnification.

      

      

      	 	 	 
	 	
              [Name]

            	 
	 	 	 
	 	
              [Date]

            	 

      

      

       
        11

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