RE: Extension of Consulting Agreement
EXHIBIT 10.22.3
May 5, 2008
Xx. Xxxx X. Xxxxxxxxxxxxx
Timpanogos Consulting LLC
00 Xxxxxx Xxxx Xxxx
Xxxxxxxxxx, Xxxxxxxxxxx 00000
Timpanogos Consulting LLC
00 Xxxxxx Xxxx Xxxx
Xxxxxxxxxx, Xxxxxxxxxxx 00000
RE:
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Extension of Consulting Agreement |
Dear Xxxx:
This letter is being sent in reference to the Consulting Agreement dated July 27, 2007, and
effective June 30, 2007, between Interstate Brands Corporation (“IBC”) and Timpanogos Consulting
LLC (“Consultant”). As you are aware, the Consulting Agreement was scheduled to expire on March
29, 2008, and we agreed pursuant to a prior letter agreement to extend it through April 21, 2008
and again through May 5, 2008. While IBC has not yet finalized its strategy for exiting its
pending bankruptcy proceedings, your continued service is of great importance to the company’s
future. Therefore, we would like to extend the current Consulting Agreement until May 19, 2008.
During the extension, your rate of compensation will remain at $750 per hour (limited to 60 hours
per week with no daily limit) but will not be subject to any holdback. At the conclusion of the
extension period, the Agreement will continue until terminated by either party on one (1) day
notice to the other. All other terms and conditions under the Consulting Agreement shall remain in
full force and effect during the extension.
If you are in agreement to extend the Consulting Agreement, please sign below and return a copy of
this letter to me for our files. IBC has benefited greatly from your expertise during your
engagement and we are looking forward to our continued relationship.
Sincerely,
/s/ Xxxxx X. Xxxx
Xxxxx X. Xxxx
Chief Executive Officer
Chief Executive Officer
Agreed and Accepted:
TIMPANOGOS CONSULTING LLC
By:
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/s/ Xxxx X. Xxxxxxxxxxxxx
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Date: | 5/5/08
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Name: Xxxx X. Xxxxxxxxxxxxx |