Agreement to Make Annual Contributions by American Media, Inc. to Arnold Classic and Governor's Council on Physical Fitness
American Media, Inc. (AMI) agrees to make annual contributions of $100,000 to the Arnold Classic and $250,000 to the Governor's Council on Physical Fitness for five years starting in 2004. The contributions must be made before December 31 each year. Part of the contribution to the Governor's Council may be made by David Pecker. The agreement is addressed to Paul Wachter, Esq. of Oak Productions, Inc.
Exhibit 10.2
[Letterhead of American Media, Inc.]
January 1, 2004
Via Federal Express
Paul Wachter, Esq.
Oak Productions, Inc.
c/o Main Street Advisors
3110 Main Street
Suite 300
Santa Monica, CA 90405
Re: Agreement to Make Contributions
Dear Paul:
Based upon our recent conversations, this letter will confirm that for consideration received AMI agrees to make the following contributions annually over the next five years beginning in calendar year 2004.
| 1. | An annual contribution of $100,000 to the Arnold Classic |
| 2. | An annual contribution of $250,000 to the Governor’s Counsel on Physical Fitness (this contribution may be made in part by David Pecker). |
The aforementioned contributions shall be made prior to December 31 of each calendar year.
| Very truly yours, |
| /s/ Michael B. Kahane |
| Michael B. Kahane |
