EXHIBIT 10.62
January 1, 1996
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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Xxxxx Xxxx, Vice President
AGREED AND APPROVED:
PEACHES ENTERTAINMENT CORPORATION
BY:
/s/ Xxxxx Xxxx
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Xxxxx Xxxx, Vice President
