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EXHIBIT 10.33
[EDUCATIONAL MEDICAL, INC. LETTERHEAD]
November 21, 1988
Xx. Xxxxxx X. Xxxxxxxx
The Xxxxxxxx Partners, Inc.
Suite 0000
00 Xxxxx Xxxxxx Xxxxx
Xxxxxxx, XX 00000
Dear Xxx:
This letter will formalize the stock option portion of the search you did for
Educational Medical, Inc.'s CFO. As we discussed, our original agreement called
for options on 15,000 shares. Since we ended up with one million shares, rather
than the 2,333,332 we originally planned, the number has been proportionately
reduced to 6,429 options.
This will confirm the grant to you of an option to buy 6,429 shares of our
company's common stock for a ten-year period commencing on the effective date of
an initial public offering of our common stock. The option price will be the
public offering price. The number of shares will be subject to adjustment for
stock splits.
If you have any further questions, please don't hesitate to call.
Sincerely,
Xxxx X. Xxxxxx
Xxxx X. Xxxxxx
President
GDK/bw
