Exhibit 10.2
Supreme Holdings, Inc.
0000 Xxxxxx Xxx Xxxxx - Xxxxx 000
Xxxxxx Xxxx, Xxxxx 00000 Telephone 000-000-0000
June 3, 2004
United Managers Group, Inc.
00000 Xxxxxxx, Xxxxxxxx X
Xxxxx 000
Xxx Xxxxxxx, Xxxxx 00000
Gentlemen,
This letter agreement is intended to set out certain agreements and
understandings between Supreme Holdings, Inc. ("Supreme") and United Managers
Group, Inc. ("UMG"). It is agreed and understood between the parties that
Supreme executed a promissory note (the "Note") in favor of UMG in the original
sum of up to $2,000,000.00 on April 15, 2003. The Note had a maturity date of
April 15, 2004. In February 2004, the parties agreed to exchange the amount of
all sums due under the Note for shares of Series A Cumulative Convertible
Preferred Stock ("Series A Stock") having a face value of $100.00 per share. By
resolution of the Board of Directors of Supreme, two blocks of Series A Stock
were issued to UMG, totaling 27,191 shares and representing $2,719,100.00 of
advances by UMG to Supreme. UMG continues to make advances to Supreme and
desires to do so under the terms of the Note.
UMG hereby agrees that the Maturity Date of the Note, as set forth therein is
extended to April 15, 2005. Supreme hereby agrees that it shall be bound by all
of the terms of the Note, as extended.
If the foregoing correctly reflects your understanding of our agreements, please
so indicate by executing two (2) copies of this letter agreement in the space
provided below. Retain one (1) copy for your files and return one (1) copy to
the undersigned.
Very truly yours,
Supreme Holdings, Inc.
/s/ Xxxxxxx X. Xxxxxxxx
-----------------------------------------------------
Xxxxxxx X. Xxxxxxxx, President and CEO
AGREED and ACCEPTED
This 3rd day of June, 2004.
United Managers Group, Inc.
/s/ Xxxxxxx X. Xxxxxxx
-----------------------------------------------------
Xxxxxxx X. Xxxxxxx, General Manager
