Exhibit 10.3
[Letterhead of URT Industries, Inc.]
May 26, 1998
Peaches Entertainment Corporation
0000 Xxxx Xxxxxxxxxx Xxxxx Xxxxxxxxx
Xxxxxxxxxx, XX 00000
Gentlemen:
It is the purpose of this letter agreement to confirm that, in
consideration of the benefit expected to accrue to URT Industries, Inc. ("URT"),
by amending, in the manner described below, the agreement dated January 1, 1996
between URT and its subsidiary, Peaches Entertainment Corporation ("PEC"),
pertaining to the services of Xxxxx Xxxx (the "Intercorporate Agreement"), as
previously amended pursuant to the letter agreement dated March 17, 1997 between
URT and PEC, URT agrees that with respect to the three month period beginning
January 1, 1998 and ending March 28, 1998, the salary payable by PEC to Xxxxx
Xxxx pursuant to the Intercorporate Agreement, as so amended, shall be and is
hereby further reduced from a rate of Four Hundred Thousand Dollars ($400,000)
per annum to a rate of Three Hundred Thousand Dollars ($300,000) per annum.
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
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Executive Vice President
Agreed to and approved:
Peaches Entertainment Corporation
By: /s/Xxxxx Xxxx
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Executive Vice President
