EXHIBIT 10.16
[Letterhead of URT Industries, Inc.]
July 9, 1999
Peaches Entertainment Corporation
0000 Xxxx Xxxxxxxxxx Xxxxxxxxx
Xxxxxxxxxx, XX 00000
Gentlemen:
It is the purpose of this letter to confirm our agreement that URT
Industries, Inc. ("URT") agrees that the salary payable by Peaches Entertainment
Corporation ("PEC"), to Xxxxx Xxxx, pertaining to the services of Xxxxx Xxxx,
pursuant to the agreement dated January 1, 1996 between URT and PEC, as such
agreement has previously been amended (the "Intercorporate Agreement"), shall be
$20,833.33 per month ($250,000 per annum), for a period of three months
effective January 1, 1999 and continuing until April 3, 1999. Other than as set
forth immediately above, the Intercorporate Agreement shall remain in full force
and effect.
Please sign below to evidence our agreement.
Very truly yours,
URT Industries, Inc.
By: /s/ Xxxxx Xxxx
---------------------------
Executive Vice-President
Agreed to and approved:
Peaches Entertainment Corporation
By: /s/ Xxxxx Xxxx
---------------------------------
Executive Vice-President
