Document:

Exhibit 10.22

 

Certain portions of this letter agreement have been omitted pursuant to
a request for confidential treatment and are replaced herein by ***. The
omitted material has been filed separately with the Securities and Exchange
Commission.

 

July 15, 2003

 

Diamond Lane Productions

c/o Gang, Tyre, Ramer & Brown, Inc.

132 South Rodeo Drive

Beverly Hills, California 90212-2403

 

Ladies and Gentlemen:

 

Reference is made
to the Agreement dated as of January 20, 1987 between Diamond Lane Productions
(“DLP”) (DLP is the successor in interest to Steven Spielberg) on the one hand
and Universal City Development Partners, Ltd., a Florida limited partnership (“UCDP”)
(successor in interest to Universal City Florida Partners) on the other, as
previously amended by Amendment dated February 5, 2001 (the “Agreement”).  Capitalized terms and terms in quotation
marks that are used herein without definition have the respective meanings
assigned to them in the Agreement.  The
term “Universal Parties” as used in this letter agreement means the undersigned
Vivendi Universal Entertainment LLLP and the undersigned Universal City
Development Partners, Ltd., jointly and severally.

 

Notwithstanding
that this letter agreement is dated July 15, 2003, it shall apply retroactively
to the date Universal Studios Japan (“USJ”) opened to the public,
March 31, 2001.

 

1.             The parties agree that USJ is a
Comparable Project, as defined in Paragraph 9 of the Agreement, and that, as
set forth in Paragraph 11.e. of the Agreement, but subject to the terms of this
letter agreement, DLP will receive compensation for Steven Spielberg’s services
in connection with USJ in the amount of ***% of 100% of the “gross revenues” of
USJ, provided that, ***% of 100% of such “gross revenues” of USJ generated
during the period through June 30, 2006 shall be paid to DLP on a current
basis (as set forth in paragraph 2 below) and the remaining ***% of 100%
of the “gross revenues” of USJ shall be deferred (as set forth in
paragraph 3 below).  The entire ***%
of 100% of the “gross revenues” of USJ generated after June 30, 2006 shall
be paid to DLP on a current basis in accordance with the Agreement, but
converted from Japanese Yen to U.S. Dollars in accordance with paragraph 2
below.

 

2.             The Universal Parties shall pay to
DLP, within 45 days after the end of each calendar quarter, commencing with the
calendar quarter ending June 30, 2001 and ending with the calendar quarter
ending June 30, 2006, ***% of 100% of the “gross revenues” of USJ generated
during such quarter, converted from Japanese Yen to U.S. Dollars at the
applicable exchange rates in effect on each of the dates during such calendar
quarter that the Universal Parties (or any of their respective subsidiaries or
affiliates) received payment of any fees that are calculated based on the “gross
revenues” of USJ.  By way of example, if
the Universal Parties (or any of their respective subsidiaries or affiliates)
received a fee on August 15, 2003 based

 

 

upon Japanese Yen “gross revenues” of USJ generated in July 2003, the
calculation of both the ***% payable with respect to such July 2003
generated “gross revenues” after the end of the particular calendar quarter and
the ***% deferred pursuant to paragraph 3 below with respect to such July
2003 generated “gross revenues” shall be based upon the exchange rate in effect
on August 15, 2003 applied to such July 2003 Japanese Yen generated “gross
revenues”.

 

3.             The remaining ***% of 100% of the “gross
revenues” of USJ generated during the period through June 30, 2006 that is
payable to DLP will be deferred, with interest commencing to accrue with
respect to the deferral for a particular calendar quarter on the date that the
remaining ***% of 100% of the “gross revenues” of USJ for such calendar quarter
is paid to DLP.  All amounts deferred
shall bear interest at the rate set forth in Exhibit B to the Agreement, and,
as set forth therein, shall be compounded monthly (i.e., each month, interest
will be calculated on the total principal that has previously been or that is
then being deferred, plus interest that has previously accrued thereon).

 

4.             The Universal Parties shall render
accountings to DLP setting forth the amount deferred, plus accrued interest
thereon, each calendar quarter after execution hereof, within 45 days after the
end of such calendar quarter.  Subject to
paragraph 5 below, the Universal Parties shall pay the amounts deferred
pursuant to paragraph 3 of this letter agreement (together with the
accrued interest thereon) to DLP within 45 days after the end of any calendar
quarter in which the Universal Parties (or any of their respective subsidiaries
or affiliates) has received any payment of any of the deferred “special fees”
in respect of Universal Studios Florida (“USF”) or Universal Studios Islands of
Adventure (“IOA”), in accordance with the following formula: the payment to be
made to DLP with respect to any such calendar quarter shall be equal to the
total amount that has been deferred pursuant to paragraph 3 of this letter
agreement (together with accrued interest thereon) as of the last day of such
calendar quarter, multiplied by a fraction, the numerator of which is the
amount of such deferred “special fees” (and accrued interest thereon) paid to
the Universal Parties (or any of their respective subsidiaries or affiliates)
in respect of USF and/or IOA during such calendar quarter, and the denominator
of which shall be the total amount of the “special fees” in respect of USF and
IOA that have been deferred (together with accrued interest thereon) as of the last
day of such calendar quarter (without giving effect to any payments thereof
that may have been or are to be credited toward such calendar quarter).  Any receipt by the Universal Parties (or any
of their respective subsidiaries or affiliates) of “special fees” in respect of
USF and/or IOA during a period when there is any existing deferral of “special
fees” owing to the Universal Parties (or any of their respective subsidiaries
or affiliates) in respect of USF or IOA, respectively, shall be deemed to be
payment of the oldest then existing deferral (together with accrued interest
thereon) owing to the Universal Parties (or any of their respective
subsidiaries or affiliates) in respect of USF or IOA, as applicable.

 

5.             If any of the amounts deferred
pursuant to this letter agreement have not been paid to DLP within 45 days
after the end of the calendar quarter ending June 30, 2006 (i.e., by August 15,
2006) (any of such unpaid deferred amounts existing on June 30, 2006 that are
not paid by August 15, 2006, together with the accrued interest thereon
existing as of June 30, 2006,

 

2

 

is referred to herein as the “Final Deferred Amount”), then such Final
Deferred Amount will be paid to DLP in twenty (20) installments, one for each
calendar quarter during the 5-year period commencing July 1, 2006 and ending
June 30, 2011, with each such installment being payable to DLP within 45 days
after the end of each such calendar quarter during such 5-year period.  The unpaid portion of the Final Deferred
Amount shall continue to bear interest at the rate set forth in Exhibit B to
the Agreement, and, as set forth therein, shall be compounded monthly (i.e.,
each month, interest will be calculated on the unpaid balance of the Final
Deferred Amount and interest that has previously accrued thereon).  Each such quarterly installment payment to
DLP shall be in the amount of 5% of the Final Deferred Amount plus the interest
that has accrued on the unpaid portion of the Final Deferred Amount during the
applicable calendar quarter.  If, in any
calendar quarter during such 5-year period, the amount payable to DLP pursuant
to the formula in paragraph 4 above is greater than the amount payable to
DLP pursuant to this paragraph 5, the payment to DLP shall be made in
accordance with the formula in paragraph 4 above.  The amount by which the amount payable to DLP
pursuant to the formula in paragraph 4 above is greater than the amount
payable to DLP pursuant to this paragraph 5 shall be applied in equal portions
toward all remaining quarterly payments to be made to DLP under this
paragraph 5, and all such remaining quarterly payments to be made under
this paragraph 5 shall be recalculated accordingly.

 

6.             The Universal Parties may at any
time prepay to DLP all or any amount that has been deferred under this letter
agreement, and/or any accrued interest thereon, without penalty or premium.

 

7.             Notwithstanding that the term “Universal
Parties” includes an entity other than Vivendi Universal Entertainment LLLP,
that the term “Universal Parties (or any of their respective subsidiaries or
affiliates)” includes entities other than Vivendi Universal Entertainment LLLP,
and that the Universal Parties may delegate to other entities the obligation to
make payments hereunder, Vivendi Universal Entertainment LLLP agrees that it
will be liable to DLP for all payments required to be made by the Universal
Parties under this letter agreement.

 

8.             Except as set forth herein, the
Agreement remains unmodified and in full force and effect.

 

 

	
  Diamond Lane
  Productions

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Gerald Breslauer

  	
   

  
	
   

  	
  Name: 

  	
  GERALD BRESLAUER

  	
   

  
	
   

  	
  Title: 

  	
  Vice President

  	
   

  

 

3

 

Vivendi Universal
Entertainment LLLP, a Delaware limited liability limited partnership

 

 

	
  By:

  	
  /s/ Karen Randall

  	
   

  	
   

  
	
   

  	
  Name: Karen Randall

  	
   

  	
   

  
	
   

  	
  Title: Executive Vice
  President

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Universal City
  Development Partners, Ltd., a Florida limited partnership

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  Universal City Florida
  Holding Co. II

  	
   

  	
   

  
	
   

  	
  General Partner

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Universal City Property
  Management II LLC

  	
   

  	
   

  
	
   

  	
   

  	
  General Partner

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Michael Short

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Michael Short

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Vice President
  and Authorized Agent

  	
   

  	
   

  

 

4Exhibit 10.26

 

AMENDMENT

TO

VARIABLE DEFERRED COMPENSATION PLAN FOR EXECUTIVES

 

 

This Amendment of the Plan is
adopted to reflect that as of June 5, 2002, the Company converted its legal
status from that of a Delaware limited partnership, into a Florida limited
partnership, by merging with a newly formed Florida limited partnership,
Universal City Development Partners, Ltd., which was the surviving entity of
the merger.

 

Accordingly, effective June 5,
2002, Section 2.9 of the Plan is revised to read as follows:

 

Section 2.9.  Company.    “Company”
means Universal City Development Partners, Ltd., d/b/a Universal Orlando, and,
during the period in which each of them previously existed separately, also
means Universal City Florida Partners and Universal City Development Partners,
LP.

 

EXECTUED AT Orlando, Florida,
this 9th day of June, 2003.

 

	
   

  	
   

  	
  By:

  	
  /s/ John
  Sprouls

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Executive
  Vice President, HR

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]