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July 23, 1997 Mr. Charles G. Schuyler President Drew Shoe Corporation 252 Quarry Road P.O. Box 300 Lancaster, Ohio 43130 Dear Chuck: Attached Is a Check for $25,000 Representing Our Agreement to Extend the Deadline for the Closing of the Drew Shoe Acquisition as Outlined in the Purchase Agreement Dated March 20, 1997 From March 28, 1997 to September 15, 1997. It Is Understood That This Payment Will Be Applied Towards the Purchase Price, Should the Acquisition Be Completed by September 15, 1997. However, if the Acquisition Is Not Completed Within This Period, the Amount of $25,000 Will Be Nonrefundable. Please Sign Below and Return an Original Signed Copy to My Attention. Sincerely, \S\ Michael Strauss \S\ Charles G. Schuyler - Concur: Charles G. Schuyler Drew Shoe Corporation Ms/Kjt <page> July 23, 1997 Mr. Frank Shyjka Executive Vice President Drew Shoe Corporation 252 Quarry Road P.O. Box 300 Lancaster, Ohio 43130 Dear Frank: Attached Is a Check for $25,000 Representing Our Agreement to Extend the Deadline for the Closing of the Drew Shoe Acquisition as Outlined in the Purchase Agreement Dated March 20, 1997 From March 28, 1997 to September 15, 1997. It Is Understood That This Payment Will Be Applied Towards the Purchase Price, Should the Acquisition Be Completed by September 15, 1997. However, if the Acquisition Is Not Completed Within This Period, the Amount of $25,000 Will Be Nonrefundable. Please Sign Below and Return an Original Signed Copy to My Attention. Sincerely, \S\ Michael Strauss \S\ Frank Shyjka - Concur: Frank Shyjka Drew Shoe Corporation Ms/Kjt
