EXHIBIT 10.76
March 22, 2002
Xx. Xxxxxxxx X. Xxxxx, Xx.
Green Capital
0000 Xxxxxxxx Xxxx X.X.
Xxxxxxx, Xxxxxxx 00000
Dear Xxxxxxxx,
On November 29, 2001, HTG Corp. and WestPoint Xxxxxxx Inc. entered into
the attached letter agreement (the "Agreement") concerning the restoration of
HTG Corp.'s negative balance in its capital account in HTG Falcon LLC. The
seventh paragraph provides that the HTG Corp. account balance may be restored by
Xxxxxxxx X. Xxxxx surrendering to WestPoint Xxxxxxx any vested amounts contained
in any retirement plans or accounts.
This letter is to confirm the intention of the parties that this
surrender right applied only to the WPS Supplement Retirement Plan and any
similar non-tax qualified retirement plans and not to the WPS Retirement Plan
and further that the surrender right may be exercised only on installment
payment due dates as set forth in the Agreement. Further, the parties
acknowledge that any exercise of such surrender right must be further approved
by the WestPoint Xxxxxxx Board of Directors, which approval may be withheld by
the Board at its sole discretion.
To indicate your acceptance of this clarification of the agreement,
please sign below.
Sincerely yours,
/s/ Xxxxxx X. Xxxxx
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X. Xxxxx Sears
Agreed and Acknowledged
HTG Corp.
By: /s/ Xxxxxxxx X. Xxxxx, Xx.
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Xxxxxxxx X. Xxxxx, Xx., President
By: /s/ Xxxxxxxx X. Xxxxx, Xx.
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Xxxxxxxx X. Xxxxx, Xx., Individually
