EXHIBIT 10.8
[Letterhead of URT Industries, Inc.]
As of October 1, 1997
Xx. Xxxxx Xxxx
0000 Xxxx Xxxxxxxxxx Xxxxx Xxxx.
Hallandale, FL 33009
Dear Xx. Xxxx:
It is the purpose of this letter agreement to confirm the understanding
between you and URT Industries, Inc. ("URT") that you may associate yourself
with other companies, whether as director, officer, shareholder, employee or
otherwise, provided that no such other company competes with or transacts any
material amount of business with URT and that you continue to devote so much of
your working time to the business affairs of URT and its affiliates as my be
required to properly perform your duties under the Amended and Restated
Employment Agreement between URT and yourself dated as of October 1, 1994, as
heretofore amended (the "Employment Agreement").
In order to formally carry out such understanding, subparagraph "(b)" of
paragraph "2" of the Employment Agreement shall be deleted and the following new
subparagraph (b) is hereby substituted:
"(b) he will not directly or indirectly be associated (as an owner,
partner, shareholder, director, officer, employee, officer, agent,
consultant, adviser or in any other capacity) with any person, firm,
corporation, enterprise or entity other than the Company.
Notwithstanding the foregoing, nothing contained herein shall be
construed to prevent the Employee from becoming associated (whether as
owner, partner, shareholder, director, officer, employee, agent,
consultant, advisor or in any other capacity) with any person, firm,
corporation, enterprise or entity, provided that such association does
not involve a company or entity which competes or transacts any
material amount of business with the Company and he continues to
devote so much of his working time to the business affairs of the
Company as may be required to properly perform his duties to the
Company. In addition, the foregoing shall not in any event be
construed to prevent the Company from leasing any real property in
which the Employee has an interest provided that all requirements of
fiduciary duty are satisfied."
As of October 1, 1997
Page 2
The amendment contained herein shall be deemed to be effective as of
October 1, 1997.
Except as set forth above, the Employment Agreement shall remain in full
force and effect.
Please sign below to confirm your agreement to the foregoing.
Very truly yours,
URT INDUSTRIES, INC.
By: /s/ Xxxxx Xxxx
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Executive Vice-President
AGREED TO AND APPROVED:
/s/ Xxxxx Xxxx
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