Exhibit 10.78

[exh10_780.jpg]
     
5847 San Felipe, Suite 2600
     
P. O. Box 572887
     
Houston, Texas 77257-2887
     
713 975-7600
   

 
April 3, 1996
 
Mr. Ezra G. Levin
Kramer, Levin, Naftalis, Nessen, Kamin & Frankel
919 Third Avenue, 40th Floor
New York, New York 10022

 
RE:
LETTER AMENDMENT TO NON-EMPLOYEE
DIRECTOR DEFERRED FEE AGREEMENT

Dear Mr. Levin:

By mutual agreement, this letter (the “Letter Agreement”) will serve as an
amendment to that certain Deferred Fee Agreement dated as of September 1, 1994
(the “Agreement”), between MAXXAM Inc. (the “Corporation”) and you, as a
non-employee director of the Corporation. Section 3(b) of the Agreement be and
hereby is amended to read as follows:

 
“(b)
   
None
   
25%
 
X
50%
   
75%
   
100%”

of the standing balance credited to the Deferred Account as of the last business
day of each month shall be increased by an amount reflecting interest on such
balance for such month calculated using one-twelfth of the Prime Rate plus 2 %
on the first day of such month. For this purpose the “Prime Rate” shall mean the
highest prime rate (or base rate) reported for such date in the Money Rates
column or section of The Wall Street Journal as the rate in effect for corporate
loans at large U.S. money center commercial banks (whether or not such rate has
actually been charged by any such bank) as of such date. In the event The Wall
Street Journal ceases publication of such rate, the “Prime Rate” shall mean the
prime rate (or base rate) reported for such date in such other publication that
publishes such prime rate information as the Company may choose to rely upon.”

 
 

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Mr. Ezra G. Levin
RE: Letter Amendment to Non employee
Director Deferred Fee Agreement
April 3, 1996

 
Please sign the enclosed second original of this Letter Agreement and return it
to us in the Federal Express packaging provided to signify your approval of the
foregoing amendment to the Agreement. The extra original of this Letter
Agreement is for your records.

ATTEST:
 
MAXXAM INC.
     
/s/ Nawasa Lafferty
 
By:
/s/ Byron L. Wade
Nawasa Lafferty
   
Byron L. Wade, Vice President,
Assistant Secretary
   
Secretary & Deputy General Counsel
       

I, Ezra G. Levin, do hereby agree to the foregoing Amendment to the Deferred Fee
Agreement dated as of September 1, 1994, between MAXXAM Inc. and myself.

           
/s/ Ezra G. Levin
   
Ezra G. Levin

 

 
 
 

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