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EXHIBIT 10.70
June 1, 1998
Xxx. Xxxxxxxx Xxxxxxxx
Re: Educational Medical, Inc. Acquisition of Xxxxxx, Inc. -- Modification
of Non-Competition Agreement among Xxxxxxxx Xxxxxxxx, Educational
Medical, Inc. and New Hampshire Acquisition Corp. (the "Agreement")
Dear Xxx. Xxxxxxxx:
This letter will confirm that Section 3 - "Consideration" of the Agreement
is amended, in its entirety, as follows:
3. Consideration. Upon the consummation of the Purchase and execution of
this Agreement, EMI and Acquisition will pay to Employee the sum of Sixty
Thousand Dollars ($60,000) annually which shall be paid in monthly
installments in the aggregate of Five Thousand Dollars ($5,000) each
commencing April 1, 1998 and EMI and Acquisition shall continue to pay to
Employee such sum on or before the first day of each month thereafter for
the remainder of Employee's life (the "Consideration") in consideration for
her execution, delivery and performance of this Agreement. Upon Employee's
death, this Agreement shall terminate and her estate shall not be entitled
to any Consideration under this Agreement.
Except as specifically amended above, the Agreement is and shall continue
to be in full force and effect and is hereby in all respects ratified and
confirmed.
If the above accurately reflects your understanding of the modification of
the Agreement, please sign the enclosed duplicate copy of this letter in the
space provided below and return it in the enclosed self-addressed envelope as
soon as possible.
Sincerely,
Educational Medical, Inc. and
New Hampshire Acquisition Corp.
By: /s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx, Secretary
Accepted to and Agreed:
/s/ Xxxxxxxx Xxxxxxxx
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Xxx. Xxxxxxxx Xxxxxxxx
Dated: May 15, 1998
