Default Notice Regarding Closing and Standstill Agreements between Jonathan S. Landow and American United Global, Inc.
Summary
This notice, sent by Jonathan S. Landow to American United Global, Inc. (AUGI) and its president Robert Rubin, informs AUGI of a default under a Closing Agreement dated June 16, 2003, and a Standstill Agreement dated October 23, 2003. The default occurred when the principal balance of a note exceeded $1,000,000, allowing Landow to request the sale of NYMI. The letter formally notifies AUGI of the default and Landow's exercise of his rights to request the sale, while reserving all other rights under the agreements.
EX-10.3 3 defaultnotice.txt DEFAULT NOTICE Exhibit 10.3 Default Notice November 5, 2003 VIA FACSIMILE TRANSMISSION Fax ###-###-#### FEDEX OVERNIGHT MAIL CERTIFIED MAIL: RRR Robert Rubin, individually And as President, CEO and Chairman of American United Global, Inc. 25 Highland Blvd. Dix Hills, New York 11756 Re: Default under Closing Agreement dated June 16, 2003 Default under Standstill Agreement dated October 23, 2003 Dear Bob: Reference is made to that certain Closing Agreement dated as of June 16, 2003 (the "Closing Agreement"), among American United Global, Inc. ("AUGI"), Tracy Landow, Redwood Investments Associates, L.P. a Delaware limited partnership (Redwood), myself and others and a standstill Agreement dated October 23, 2003 between AUGI, Tracy Landow, Redwood and myself. Capitalized terms not otherwise defined in this letter shall have the meanings assigned to such terms in the Closing Agreement. The outstanding principal balance of the Landow Note exceeded $1,000,000 on October 17, 2003 constituting a Default Event under the Closing Agreement, which provides that in such event the Sale of NYMI may be requested by me. Under the Standstill Agreement, I agreed not to request the Sale of NYMI until 5:01 PM EST on October 31, 2003 at which time all Payment Events would have been required to be consummated. Let this letter serve as notice that a Default Event existed on October 31, 2003 at 5:01 PM EST and continues. I hereby exercise my rights under Section 4 of the Closing Agreement to request the Sale of NYMI. This letter is not intended and should not be construed as a waiver of any of my rights and entitlements as otherwise provided for in the Closing Agreement and the Standstill Agreement. Sincerely yours, /s/ Jonathan S. Landow Jonathan S. Landow, M.D. President and CEO New York Medical, Inc. cc: Steven Weiss, Esq. Gersten, Savage, Kaplowitz, Wolf & Marcus, LLP Fax ###-###-####
