Exhibit MM
October 3, 1995
Xxxxx Corporation
0 Xxxxx Xxxxx Xxxxx
Xxxxx 000
Xxxxxxxxx, XX 00000
Reference is made to the proposed agreement dated October
3, 1995, between Spinnaker Industries, Inc. ("Spinnaker") and you.
To induce Xxxxx to enter into that agreement, the undersigned,
Xxxxxxx X. Xxxxx, Xxx X. Xxxxxxx, III and Boyle, Fleming, Xxxxxx &
Co., Inc., hereby agrees with Xxxxx Corporation ("Xxxxx") that they
will not sell any shares (or warrants to purchase any shares) of
Spinnaker stock which they own, until Xxxxx'x commitment to loan
funds to Spinnaker under the agreement dated October 3, 1995,
between Spinnaker and Xxxxx has terminated, any funds loaned to
Spinnaker pursuant thereto have been paid in full, all payments
owed to Xxxxx pursuant to the agreement, including expense
reimbursement, have been made, and any Xxxxx guarantees of loans by
other persons to Spinnaker to fund Spinnaker's obligation to honor
the Put (as defined in the agreement) have terminated.
Further, it is understood that the undersigned currently
own no Spinnaker stock.
Sincerely yours,
_________________________
Xxxxxxx X. Xxxxx
ACCEPTED:
________________________
Xxxxx Corporation Xxx X. Xxxxxxx, III
By:_______________________
Boyle, Fleming, Xxxxxx &
Co., Inc.
By:________________________
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