Exhibit 10(zzzz)
[LETTERHEAD OF URT INDUSTRIES, INC.]
March 17, 1997
Peaches Entertainment Corporation
0000 Xxxx Xxxxxxxxxx Xxxxxxxxx
Xxxxxxxxxx, XX 00000
Gentlemen:
It is the purpose of this letter agreement to confirm that, in
consideration of the benefit expected to accrue to URT Industries, Inc. ("URT"),
by amending, in the manner described below, the agreement dated January 1, 1996
between URT and its subsidiary, Peaches Entertainment Corporation ("PEC"),
pertaining to the services of Xxxxx Xxxx (the "Intercorporate Agreement"), URT
agrees that the salary payable by PEC to Xxxxx Xxxx pursuant to the
Intercorporate Agreement shall be and is hereby reduced from Five Hundred
Thousand Dollars ($500,000) per annum to Four Hundred Thousand Dollars
($400,000) per annum for a period of two years effective March 1, 1997 and
continuing until February 28, 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
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Executive Vice-President
Agreed to and approved:
Peaches Entertainment Corporation
By: /s/ Xxxxx Xxxx
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Executive Vice-President
