EXHIBIT 10.12
[Letterhead of URT Industries, Inc.]
December 23, 1998
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 nine months effective
April 1, 1998 and continuing until December 31, 1998. 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
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Executive Vice-President
