AGREEMENT
Agreement dated September 1, 1999 between Xxxxxxxx Convertibles, Inc., a
Delaware corporation ("JCI"), and Xxxx Enterprises Inc., a New York corporation
("Xxxx").
In consideration of $1.00 and other good and valuable consideration,
receipt of which is hereby acknowledged, Xxxx hereby agrees to continue to pay
JCI $150,000 per month for each calendar month until the date on which Xxxx
transfers its warehouse system to JCI (the "Transfer Date"). As of the date
hereof, Xxxx has made the $150,000 per month payments up to and including the
month of August, 1999 and Xxxx shall make payments under this Agreement in
respect of successive months on or before the 70th day after the end of each
month, commencing with the payment in respect of September which shall be due on
or before December 10, 1999.
This Agreement shall terminate on the Transfer Date and any amounts unpaid
at such date in excess of $300,000 shall be paid on the 10th of the month in
which the Transfer Date occurs (or if the Transfer Date is after the 10th of the
month on or before the 10th of the next month). Payments of the $300,000 balance
will be evidenced by a note payable in 30 payments of $10,000 per month
commencing 30 days after the Transfer Date.
The parties hereto agree that the number of new Xxxxxxxx Convertibles
stores or combined Xxxxxxxx Convertibles/Xxxxxxxx Leather super stores that JCI
is permitted to open in New York after June 1, 1999 until the Transfer Date is
limited to five.
If the Transfer Date does not occur on or prior to December 31, 2000, this
Agreement will terminate on December 31, 2000.
IN WITNESS WHEREOF, the parties have signed this Agreement as of this 1st
day of September 1999.
XXXXXXXX CONVERTIBLES, INC.
By: /s/ XXXXXX X. XXXXXXXXXX
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Xxxxxx X. Xxxxxxxxxx,
Chief Executive Officer
XXXX ENTERPRISES, INC.
By: /s/ XXXX XXXX
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Xxxx Xxxx, President
