EX-10 4 ex10-h.txt EXHIBIT 10(H) EXHIBIT 10(h) SOTHEBY'S NEVADA, INC. 5600 Spring Mountain Road, Suite 104 Las Vegas, Nevada 89102 February 10, 2003 Acquavella Contemporary Art, Inc. c/o Mr. William R. Acquavella 1400 South Virginia Street Reno, Nevada 89502 Dear Bill: This letter agreement amends the Agreement of Partnership (the "Partnership Agreement") of Acquavella Modern Art, a Nevada general partnership, dated May 29, 1990, between Sotheby's Nevada, Inc., a Nevada Corporation ("Sotheby's Partner"), and Acquavella Contemporary Art, Inc., a Nevada Corporation ("Acquavella Partner"). By letters of amendment on December 1, 2000 and December 15, 2001, we agreed to extend the term of the Partnership Agreement through March 31, 2002 and 2003, respectively. By this letter of amendment, we are agreeing to extend the term of the Partnership Agreement for one additional year through March 31, 2004. Accordingly, each of the Sotheby's Partner and the Acquavella Partner hereby agree to amend Section 1.5(iii) of the Partnership Agreement to delete the reference to December 31, 2000 (subsequently amended to March 31, 2002 and March 31, 2003), and substitute therefore the date of "March 31, 2004." Except as amended hereby, the Partnership Agreement shall remain in full force and effect and is hereby ratified and confirmed. Please sign this letter agreement in the space provided below. Upon execution on behalf of the Acquavella Partner, this letter agreement shall be effective as of the date of this letter. SOTHEBY'S NEVADA, INC. By: /s/ William F. Ruprecht ----------------------- Name: William F. Ruprecht ------------------- Title: President --------- AGREED AND ACCEPTED ACQUAVELLA CONTEMPORARY ART, INC. By: /s/ William Acquavella ---------------------- Name: William Acquavella ------------------ Title: President ---------