EXHIBIT 10.63
January 1, 1996
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 that 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.
Please sign below to evidence the foregoing.
Sincerely yours,
BY:
/s/ Xxxxx Xxxx
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Xxxxx Xxxx
AGREED AND APPROVED:
URT INDUSTRIES, INC.
BY:
/s/ Xxxxx Xxxx
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Xxxxx Xxxx, Vice President
