Contract
Exhibit
10.78
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0000
Xxx Xxxxxx, Xxxxx 0000
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P.
O. Xxx 000000
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Xxxxxxx,
Xxxxx 00000-0000
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000
000-0000
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April 3, 1996
Xx. Xxxx
X. Xxxxx
Kramer,
Levin, Naftalis, Nessen, Xxxxx & Xxxxxxx
000 Xxxxx
Xxxxxx, 00xx Xxxxx
Xxx Xxxx,
Xxx Xxxx 00000
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RE:
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LETTER
AMENDMENT TO NON-EMPLOYEE
DIRECTOR
DEFERRED FEE AGREEMENT
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Dear Xx.
Xxxxx:
By mutual agreement, this letter (the
“Letter Agreement”) will serve as an amendment to that certain Deferred Fee
Agreement dated as of September 1, 1994 (the “Agreement”), between MAXXAM Inc.
(the “Corporation”) and you, as a non-employee director of the Corporation.
Section 3(b) of the Agreement be and hereby is amended to read as
follows:
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“(b)
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None
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25%
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X
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50%
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75%
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100%”
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of the
standing balance credited to the Deferred Account as of the last business day of
each month shall be increased by an amount reflecting interest on such balance
for such month calculated using one-twelfth of the Prime Rate plus 2 % on the
first day of such month. For this purpose the “Prime Rate” shall mean the
highest prime rate (or base rate) reported for such date in the Money Rates
column or section of The Wall Street
Journal as the rate in effect for corporate loans at large U.S. money
center commercial banks (whether or not such rate has actually been charged by
any such bank) as of such date. In the event The Wall Street
Journal ceases publication of such rate, the “Prime Rate” shall mean the
prime rate (or base rate) reported for such date in such other publication that
publishes such prime rate information as the Company may choose to rely
upon.”
Xx. Xxxx
X. Xxxxx
RE:
Letter Amendment to Non employee
Director
Deferred Fee Agreement
April 3,
1996
Please sign the enclosed second
original of this Letter Agreement and return it to us in the Federal Express
packaging provided to signify your approval of the foregoing amendment to the
Agreement. The extra original of this Letter Agreement is for your
records.
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ATTEST:
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/s/
Xxxxxx Xxxxxxxx
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By:
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/s/
Xxxxx X. Xxxx
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Xxxxxx
Xxxxxxxx
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Xxxxx
X. Xxxx, Vice President,
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Assistant
Secretary
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Secretary
& Deputy General Counsel
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I, Xxxx X. Xxxxx, do hereby agree to
the foregoing Amendment to the Deferred Fee Agreement dated as of September 1,
1994, between MAXXAM
Inc. and myself.
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/s/
Xxxx X. Xxxxx
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Xxxx
X. Xxxxx
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