Exhibit 10(llll)
Xxxxx Xxxx
0000 Xxxxxxxxx Xxx
Xxxxxxx, XX 00000
January 1, 1996
URT Industries, Inc.
0000 Xxxxxxxxx Xxx
Xxxxxxx, XX 00000
Gentlemen:
I understand that URT is simultaneously entering into a letter agreement
dated January 1, 1996 (the "Intercorporate Agreement") with its subsidiary,
Peaches Entertainment Corporation ("PEC"), which provides the URT will make
available to PEC, for the balance of the Period of Employment described in my
Employment Agreement with URT dated October 1, 1994 (the "Employment
Agreement"), my services as PEC's Chairman, President and Chief Executive
Officer and that PEC will pay directly to me, as compensation for such services,
the amount described in the Intercorporate Agreement.
It is the purpose of this letter agreement to confirm that:
1. I agree to perform for PEC the services described in the
Intercorporate Agreement.
2. If, and to the extent that and so long as I receive from PEC the
compensation described in the Intercorporate Agreement, as it may be increased
or decreased from time to time, it shall be credited against the base salary
which is payable to me by URT under the Employment Agreement.
3. URT may rely on this letter agreement in executing the Intercorporate
Agreement.
Sincerely yours,
s/Xxxxx Xxxx
--------------------------
Xxxxx Xxxx
AGREED AND APPROVED:
URT INDUSTRIES, INC.
By: s/Xxxxx Xxxx
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Vice-President
