Odyssey Pictures Corporation
0000 Xxxxxxx Xxxx Xxxx, Xxxxx 0000
Xxx Xxxxxxx, Xxxxxxxxxx 00000
March 2, 1998
Xx. Xxx X. Xxxxx
00 Xxxxxxxx Xxxxx
Xxxxxx Xxx, Xxx Xxxx 00000
Dear Xx. Xxxxx:
Reference is made to your agreement with Odyssey Pictures Corporation,
f/k/a Communications and Entertainment Corp. (the "Company"), dated March 6,
1996, as amended by a letter agreement dated September 23, 1997 (the agreement,
as amended, being hereinafter referred to as the "Agreement").
Effective as of the date of this letter agreement (the "Termination
Date"), you agree that the Agreement shall be cancelled and of no further force
and effect. You further agree to waive any rights to compensation which may have
accrued under the Agreement during the period from January 1, 1998 through the
Termination Date, it being understood that all financial obligations of the
Company under the Agreement which accrued through December 31, 1997 shall
survive the termination of the Agreement as provided herein.
In consideration of your consenting to the cancellation of the
Agreement as of the Termination Date, and waiving certain rights which had
accrued under the Agreement during the period from January 1, 1998 through the
Termination Date, the Company hereby agrees to pay to you (or to your assignee,
S.F.H. Associates, Inc., at your election) severance salary payments at the rate
of $5,000 per month during the four month period from January 1, 1998 through
April 30, 1998, and at the rate of $4,000 per month during the twenty-month
period from May 1, 1998 through December 31, 1999, all payments to be made on
the fifteenth day of each month. In the event of a default by the Company with
respect to any payment due on or after May 15, 1998, which default continues for
a period of thirty days thereafter, then in addition to any other rights and
remedies available to you, the severance salary payable hereunder shall increase
to the sum of $8,000 per month from the date of such default and the payment
term of this agreement shall be extended for an additional twelve month period
through December 31, 2000.
If the foregoing accurately sets forth our understanding, please
indicate your approval by signing in the space provided below.
Odyssey Pictures Corporation
By:/s/ Xxxxx Xxxxxxx
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Xxxxx Xxxxxxx, CEO
ACCEPTED AND AGREED:
/s/ Xxx X. Xxxxx
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Xxx X. Xxxxx
3/16/98
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