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Detroit New
York Chicago Dallas |
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Xxxxxxxxxx Xxxxxxxxx Xxxx |
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Re: Interim Management and Restructuring Services — Third Amendment |
Dear Xx. Xxxxxxxxxx:
This letter represents the Third Amendment
to the agreement dated November 22, 2002 (the “Agreement”) between AP Services,
LLC, (“APS”) and Xxxxxx Xxxxxxx Ltd., a Bermuda corporation
(the “Company”), to provide interim management services and to assist the
Company in its restructuring. Except as modified herein, all other terms and conditions
of the Agreement shall remain intact.
The Company agrees to pay APS a “Success
Fee” of $175,000 for the month of January 2004, which is incremental to the
Success Fees reflected in the Agreement, as amended. Xxx Xxxxx’x and
Xxxx Xxxx’x responsibilities will be substantially completed by February 1,
2004. Responsibilities can be extended under mutually agreeable terms.
Xxx Xxxxxx will continue his responsibilities
assisting Xxx Xxxxxx (CEO North America Corp) and Xxxx Xxxxxx (CFO North
America Corp)
with the North American operations. Xxx Xxxxxx’x responsibilities will be
completed
by March 31, 2004. His responsibilities will include:
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Assist management in their process
to appropriately define the size of the future business. |
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Assist management in identifying
and implementing cost reductions. |
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Assist management with the development
of the Company’s revised business plan. |
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If this Third Amendment meets with your approval, please sign and return the enclosed copy. We look forward to our continuing relationship with you. |
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Acknowledged and Agreed to: |
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/s/ Xxxxxxx X. Xxxxxxxxxx |
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Xxxxxxx X. Xxxxxxxxxx |
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Its: Chairman, President & CEO |
