NEWS COMMUNICATIONS, INC.
November 22, 1996
Mr. Xxx Xxxxxxxx
Xxx's Papers
0000 Xxxxxxx Xxxxxxx
Xxxxxxxxxxxxx, XX 00000
Dear Xxx,
As per our discussions, I write this letter to confirm our agreement regarding
the "Rattiner Option," as described in paragraph 12A of the News
Communications/Xxx's Papers shareholders agreement dated October 13, 1988
(Agreement).
News Communications, Inc., for a one year period, waives the requirements stated
in 12A(b) of the Agreement.
It is expressly intended that, for the period from November 22, 1996 through
November 21, 1997, you will have the right to exercise your option granted in
12A(a) of the agreement without regard to meeting the profit requirements in
12A(b) of the agreement.
All of the other provisions of the agreement, including paragraph 13 (Purchase
Price;Payment), remain unchanged.
This letter and its provisions are void after November 21, 1997.
Sincerely,
/s/ Xxxxxxx Xxxxxxxxx
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Xxxxxxx Xxxxxxxxx
President
cc: Xxxxx Xxxxxxxxxxx
Xxxxxx Xxxx
Xxxxxx Xxxxxxxxx
