SEC Contract Filing

Filing Date: 2020-09-28

Document Content:
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<TYPE>EX-10.10
<SEQUENCE>4
<FILENAME>brhc10015171_ex10-10.htm
<DESCRIPTION>EXHIBIT 10.10
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 <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 10.10</font><br>
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 <div style="text-align: center; font-weight: bold;"><a name="z_Hlk22808177"></a><u>FIRST AMENDMENT TO EMPLOYMENT AGREEMENT</u></div>
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 <div style="text-align: justify; text-indent: 36pt;">This First Amendment to Employment Agreement (as hereinafter amended from time to time, this &#8220;<font style="font-weight: bold;">Amendment</font>&#8221;) is made and entered into this 24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day of
 September, 2020 by and between WOODBRIDGE WIND-DOWN ENTITY LLC, a Delaware limited liability company (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;), and DAVID MARK KEMPER II (the &#8220;<font style="font-weight: bold;">Employee</font>&#8221;).</div>
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 <div style="text-align: center; font-weight: bold;">RECITALS</div>
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 <div style="text-align: justify; text-indent: 36pt;">The Company and Employee are party to that certain Employment Agreement, dated as of November 12, 2019 (as amended, amended and restated, supplemented or otherwise modified from time to time, the &#8220;<font style="font-weight: bold;">Employment Agreement</font>&#8221;).</div>
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 <div style="text-align: justify; text-indent: 36pt;">The Company and the Employee desire to amend the Employment Agreement on the terms and subject to the conditions set forth herein.</div>
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 <div style="text-align: justify; text-indent: 36pt;">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 &#8220;<font style="font-weight: bold;">Party</font>&#8221; and together the &#8220;<font style="font-weight: bold;">Parties</font>&#8221;), intending to be legally bound, agree as follows:</div>
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 <div style="text-align: center; font-weight: bold;">AGREEMENT</div>
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 <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">Section 1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Definitions.</u>&#160; Capitalized terms used but not otherwise define herein shall have the respective meanings assigned thereto in the
 Employment Agreement. </div>
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 <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">Section 2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Amendments to the Employment Agreement</u>. The Parties hereby agree to amend the Employment Agreement by deleting Section 4(b) of the
 Employment Agreement in its entirety and replacing it with the following: </div>
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 <div style="text-align: justify; margin-left: 72pt;"><a name="z_Ref24107240"></a>&#8220;(b)&#160;&#160;&#160;&#160; <u>Discretionary Bonuses.</u>&#160;&#160; 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&#8217;s Base Salary for 2020.&#160; Any discretionary bonus for 2020 shall be paid on or before January 31, 2021.&#160; If Employee is still employed by the
 Company on December 31, 2021, the Employee shall be considered by the Board for a discretionary bonus with respect to 2021, which discretionary bonus shall not exceed 25% of the Employee&#8217;s Base Salary for 2021.&#160; Any discretionary bonus for 2021 shall
 be paid on or before January 31, 2022.&#160; 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, 2022, the Employee shall be considered by the Board for a discretionary bonus
 with respect to the period from January 1, 2022 to the end of the Wind-Down Period, which discretionary bonus shall not exceed 25% of the Employee&#8217;s Base Salary for 2022.&#160; Any such discretionary bonus shall be paid within thirty (30) days of
 Dissolution.&#160; Discretionary bonuses will be considered by the Board in its sole and absolute discretion.&#8221;</div>
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 <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">Section 3.</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <u>Miscellaneous.</u></div>
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 <div style="text-align: justify; text-indent: 72pt;"><font style="color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160; <u>Governing Law</u>.&#160; This Amendment 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. </div>
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 <div style="text-align: justify; text-indent: 72pt;"><font style="color: rgb(0, 0, 0);">(b)</font>