Exhibit 10.3
[LETTERHEAD OF CONVERSE INC. APPEARS HERE]
December 10, 1996
Xx. Xxxxxx X. Xxxxxx, President
The Erving Group, Inc.
000 Xxxxxxxxx Xxxx
Xxxxxxxxx, XX 00000
RE: FOOTLOCKER BASKETBALL PROMOTION
-------------------------------
Dear Xxxxxx:
This shall confirm our November 21 understanding with respect to the
Footlocker/Converse Dr. J 2000 Purchase with Purchase Basketball Promotion in
the United States (the "Promotion") as follows:
1. The name and nickname Xxxxxx Xxxxxx and Dr. J will appear on a
Converse/Footlocker basketball for the Promotion (the
"Basketball").
2. A maximum of twenty-five thousand (25,000) Basketballs will be
sold by Converse to Footlocker in the United States and a maximum
of one thousand (1,000) to Footlocker in Canada for $3.30 (the
"Wholesale Price") for resale by Footlocker for approximately
$6.99 as part of the Promotion.
3. Converse will pay you a royalty of five percent (5%) of the
Wholesale Price for each Basketball sold by Converse to
Footlocker. Said royalty shall be paid to you no later than April
15, 1997.
4. All promotional and point of sale material for the Promotion will
be forwarded to you for approval.
If the above properly reflects our understanding please sign both copies
of this letter and return one to me. Thank you and best personal regards.
Very truly yours,
[SIGNATURE APPEARS HERE]
AGREED:
THE ERVING GROUP, INC.
By /s/ Xxxxxx X. Xxxxxx, Pres.
----------------------------
XXXXXX X. XXXXXX, President
/s/ Xxxxxx X. Xxxxxx
------------------------------
XXXXXX X. XXXXXX
c.c. Xxxxx Xxxx
Xxx Xxxxxxx
Xxx Xxxxx
