Dr. Arol I. Buntzman c/o EVCI Career Colleges Holding Corp.
Exhibit
10.53 (a)
Xx.
Xxxx
X. Xxxxxxxx
0
Xxx Xxx
Xxxxx Xxxxxx, 0xx
Xxxxx
Xxxxxxx,
XX 00000
As
of
June 18, 2007
Dear
Xx.
Xxxxxxxx:
This
letter, when countersigned by you, corrects and reforms the Letter Agreement
entered into by you on April 24, 2007 with EVCI Career Colleges Holding Corp.
As
you are aware, this correction and reformation is necessitated by the fact
that
the final draft of the Letter Agreement mistakenly omitted the paragraph below
that had been agreed to by the parties. All defined terms in the Letter
Agreement shall have the same meanings herein.
1.
The
following is hereby added as (h) to section 2 of the Letter Agreement:
(h) M&A
Fee.
Executive shall be entitled to receive a cash fee equal to 1.5% of the value
of
acquisitions or dispositions made by EVCI or its subsidiaries, that are
initiated during the Employment Term, including the sale of EVCI’s entire
business but excluding any going private transaction involving ComVest or its
affiliate.
2.
Except
as specifically corrected and reformed above, the Letter Agreement shall remain
in full force and effect.
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Very
truly yours,
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| By: | /s/ | |
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Xxxxxx
X. Xxxxxxx
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General
Counsel and
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Vice
President for Corporate Affairs
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Agreed:
/s/
Xx.
Xxxx
X. Xxxxxxxx
