May 3, 2007 Jessica Bibliowicz Mark Biderman Robert Carter Douglas Hammond Elliot Holtz Jeffrey Montgomery Robert Zuccaro Stephanie Abramson Arthur Ainsberg John Elliott Shari Loessberg Kenneth Mlekush Re: Termination of Senior Management and Director...
Exhibit 10.3
May 3, 2007
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Re: Termination of Senior Management and Director Lock-Up Agreements
Ladies and Gentlemen:
Reference is made to the Senior Management and Director Lock-Up Agreements (each, a “Lock-up Agreement”), by and between each of you (the “Executives and Directors”) and National Financial Partners Corp. (“NFP,” and together with the Executives and Directors, the “Parties”).
In consideration of your continued and valued service to NFP, in recognition of the fact that all of the NFP shares subject to the Lock-Up Agreements are already subject to either a multi-year vesting schedule or to the liquidity restrictions contained in NFP’s Second Amended and Restated Stockholders Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
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Effective immediately, the terms of the Lock-Up Agreements are null and void and of no further effect. |
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This letter may be executed in counterparts, which together shall constitute one and the same letter. The parties may execute more than one copy of the letter, each of which shall constitute an original, each of which alone and all of which together shall constitute one and the same instrument. This letter may be transmitted by facsimile and it is the intent of the parties for the facsimile (or a photocopy thereof) of any autograph printed by a receiving facsimile machine to be an original signature and for the facsimile (or a photocopy thereof) and any complete photocopy of this letter to be deemed an original counterpart. |
Sincerely,
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Xxxxxxxxx Xxxxxx Xxxxx Senior Vice President and Associate General Counsel |
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Acknowledged and Accepted: |
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