EXHIBIT 10.24
Xxxxx Xxxx
c/o URT Industries, Inc.
0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx.
Xxxxxxxxxx, Xxxxxxx 00000
August 28, 2000
URT Industries, Inc.
0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx.
Xxxxxxxxxx, XX 00000
Gentlemen:
It is the purpose of this letter to confirm our understanding with respect
to the Amended and Restated Employment Agreement, dated as of October 1, 1994,
between URT Industries, Inc. and myself, as amended to date (the "Employment
Agreement"). Pursuant to paragraph 9(a) of the Employment Agreement, URT would
be required to make certain payments to me under certain circumstances described
therein, including, without limitation, the expiration of the Employment
Agreement in accordance with its terms and the refusal of URT to continue my
employment upon terms and conditions no less favorable than those contained in
the Employment Agreement. This letter confirms as follows:
1. URT and I are currently in negotiations concerning the terms and
conditions of the proposed continuation of my employment with URT. In
recognition of such negotiations, I have agreed that provided that such
negotiations are still ongoing, I will not assert my rights under paragraph 9(a)
of the Employment Agreement before October 30, 2000.
2. You agree that all of my rights under such paragraph 9(a) of the
Employment Agreement are preserved, and shall not be deemed to have been waived
or abrogated in any manner as a result of my agreement to the foregoing, or any
alleged delay in the assertion of my rights under such paragraph 9(a).
3. Nothing contained in this Agreement shall obligate either party to
continue negotiations for any period of time, or to agree to any continued
employment on my part.
Please sign below to evidence our agreement.
Sincerely yours,
/s/ Xxxxx Xxxx
-------------------------------
Xxxxx Xxxx
Agreed:
URT Industries, Inc.
By: /s/ Xxxxx Xxxx
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Executive Vice-President
