E X H I B I T 10.30 Letter Agreement Re: Modification to Letter of Intent Re: Acquisition of General Vision Services, Inc. ----------------------------------------------------- ACTION INDUSTRIES, INC. March 28, 1997 General Vision Services, Inc. 330...Modification to Letter of Intent • May 14th, 1997 • Action Industries Inc • Wholesale-miscellaneous nondurable goods
Reference is made to the Letter of Intent dated February 27, 1997 between Action Industries, Inc. and General Vision Services, Inc., as modified by that certain side letter agreement between the parties dated February 27, 1997 (collectively, the "Letter of Intent"). The purpose of this letter is to delete from the Letter of Intent the retention by Action of its listing with the American Stock Exchange as a closing condition and as a condition to the parties' obligation to negotiate in good faith to reach a binding agreement upon substantially the terms set forth in Paragraphs 1 through 4 of the Letter of Intent.
E X H I B I T 10.27 Acknowledgement of Default; Waiver; and Agreement ------------------------------------------------- ACKNOWLEDGEMENT OF DEFAULT; WAIVER; AND AGREEMENT ------------------------------------------------- TO: Foothill Capital...Acknowledgement of Default; Waiver; And Agreement • May 14th, 1997 • Action Industries Inc • Wholesale-miscellaneous nondurable goods
E X H I B I T 10.29 Letter Agreement Re: Binding Effect of Letter of Intent Re: Acquisition of General Vision Services, Inc. ------------------------------------------------------- ACTION INDUSTRIES, INC. February 27, 1997 General Vision Services,...Letter Agreement • May 14th, 1997 • Action Industries Inc • Wholesale-miscellaneous nondurable goods
Reference is made to the Letter of Intent of even date herewith between Action Industries, Inc. and General Vision Services, Inc. (the "Letter of Intent"). It is our understanding that Paragraphs 1 through 4 of the Letter of Intent are not binding on, and create no rights in favor of, either party thereto. Notwithstanding the foregoing, the parties agree to negotiate in good faith to reach a binding agreement upon substantially the terms set forth in Paragraphs 1 through 4 of the Letter of Intent on or prior to April 15, 1997. Paragraphs 5 through 7 of the Letter of Intent constitute a binding agreement between the parties and the parties intend to be legally bound thereby.
