Exhibit 10(kkkk)
[Letterhead of URT Industries, Inc.]
January 1, 1996
Peaches Entertainment Corporation
0000 Xxxxxxxxx Xxx
Xxxxxxx, XX 00000
Gentlemen:
It is the purpose of this letter agreement to confirm that for the period
from January 1, 1995 through March 31, 2000, URT Industries, Inc. ("URT") will
provide to Peaches Entertainment Corporation ("PEC") the services of Xxxxx Xxxx
("Xxxx"), as PEC's Chairman, President and Chief Executive Officer and that, in
consideration thereof, PEC agrees to:
(a) pay to Xxxx during such period, so long as he continues to provide such
services, a salary at the rate of Five Hundred Thousand Dollars ($500,000) per
annum, payable monthly, on the first day of each month;
(b) issue to Xxxx annually a form W-2 with respect thereto; and
(c) make all other required filings with all governmental authorities which
relate thereto.
Please sign below to evidence our agreement.
Very truly yours,
URT INDUSTRIES, INC.
By:/s/Xxxxx Xxxx
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AGREED AND APPROVED:
PEACHES ENTERTAINMENT CORPORATION
By:/s/Xxxxx Xxxx
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Vice-President
