Exhibit 10.1
[LETTERHEAD OF URT INDUSTRIES, INC.]
October 1, 1997
Xx. Xxxxx Xxxx
0000 Xxxx Xxxxxxxxxx Xxxxx Xxxxxxxxx
Xxxxxxxxxx, Xxxxxxx 00000
Dear Xx. Xxxx:
It is the purpose of this letter to confirm our agreement to the amend the
Amended and Restated Employment Agreement, dated as of the first day of October,
1994 (the "Employment Agreement"), between URT Industries, Inc., and yourself
("Employee") in the manner described below:
1. Effective as of the date of this letter (the "Effective Date"),
subparagraph (a) of Paragraph 2 of the Employment Agreement is hereby deleted
and replaced by a new subparagraph (a) providing as follows:
"(a) Employee shall devote so much of his working time to the business
affairs of the Company as may be required to properly perform his
duties as (i) Chairman of the Company's Board of Directors and Chief
Executive Officer, and (ii) pursuant to a letter agreement dated
January 1, 1996 between the Company and its subsidiary, Peaches
Entertainment Corporation ("PEC"), Chairman, President and Chief
Executive Officer of PEC; and"
2. Subparagraphs (v), (vi) and (vii) of Paragraph 3 of the Employment
Agreement are hereby amended such that Employee's annual rate of base salary
under the Employment Agreement, during the thirty (30) calendar month period
beginning with the Effective Date and ending on March 31, 2000, shall be reduced
by $150,000.00 per year from the amount that would otherwise be payable under
such Agreement.
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Other than 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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Xxxxx Xxxx
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