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ent000285-019
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I agree.Royalty Participants July 7, 1978 Page Two Therefore, to give you an example: During the week in Norfolk, if we did capacity business and you were earning one per cent (1%) of the company's income, you would receive the following: a) ' 1% of $60,000 (PKG FEE) = $600.00 b) 1% of $16,500 (30% of the overage at capacity: $55,000) = $165.00 TOTAL $765.00 If you waived that royalty and we repaid you out of the overall profits from the tour, you would receive 125% of $765.00 or a total of $956.25. Basically, what we are asking you to do is to help us minimize the risk, with the benefit of an increased participation if the tour is profitable. At this writing we are asking for waiver/deferments for the Houston week with the Louisville and Norfolk weeks in question. It is planned that royalties will be paid on any guaranteed week of $65,000 or more with the others depending upon the gross. I hope this will help to answer your questions. If you are in agreement with this concept for the summer tour, please sign and return in the envelope provided. Thanks again. Sincerely, AL%fc . Frittlz Holt Agreed; AAA-, / '^p