Exhibit 10.10(l)
August 18, 1995
Xx. Xxxxx Xxxxxxx
Chairman of the Board
Forstmann & Company, Inc.
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, XX 00000-0000
RE: Agreement for Financial Consulting Services
Dear Xx. Xxxxxxx:
This letter outlines the understanding between Xxx Xxxx & Associates, a Michigan
corporation ("JA&A") and Forstmann & Company, Inc. (the "Company") of the
objectives, tasks, work product and fees for the engagement of JA&A to provide
financial consulting services to the Company.
JA&A hereby incorporates by reference the terms and conditions of the engagement
letter between JA&A and the Company, dated July 31, 1995, a copy of which is
attached, subject to the additions or modifications reflected herein. By your
agreement to this letter, you hereby affirm the terms reflected in the July 31,
1995 letter.
OBJECTIVES
----------
In addition to the objectives previously stated, JA&A will:
. Assume the position of interim Chief Executive Officer and Board Member of
the Company.
TIMING, FEES AND EXPENSES
-------------------------
The first paragraph on page 4 is replaced with:
The fee for the services provided by Xxxxxx X. Xxxxxxxxxx as interim CEO and
Board Member will be billed at a flat rate of $75,000 per month. Any
assistance requested by the Company that falls outside the scope of our
engagement or assistance that is required due to the workload will be
approved by you in advance and will be billed at our hourly rates which are:
Principals $ 430
Senior Associates $265 - $300
Associates $215 - $250
Accountants and Consultants $170 - $200
Xx. Xxxxx Xxxxxxx
August 18, 1995
Page 2
DIRECTORS' AND OFFICERS' INSURANCE
----------------------------------
In addition to the Indemnification provided for, since the Company has named
Xxxxxx X. Xxxxxxxxxx as an officer and director of the Company, the Company will
specifically include and cover Xxxxxx X. Xxxxxxxxxx under the Company's policy
for Directors' and Officers' Insurance. The face amount of such policy must be
at least $5 million. In the event the Company is unable to include Xxxxxx X.
Xxxxxxxxxx under the Company's policy, JA&A reserves the right to preclude
Xxxxxx X. Xxxxxxxxxx'x service as an officer or director of the Company.
If these terms meet with your approval, please sign and return the enclosed copy
of this letter.
Sincerely yours,
XXX XXXX & ASSOCIATES
/s/ Xxxxxx X. Xxxxxxxxxx
Xxxxxx X. Xxxxxxxxxx
Principal
Acknowledged and Agreed to:
BOARD OF DIRECTORS
FORSTMANN & COMPANY, INC.
By: /s/ F. Xxxxx Xxxxxxx
Its: Chairman of the Board
Date: August 29, 1995
Attachment
