May 26, 1998 Peaches Entertainment Corporation 1180 East Hallandale Beach Boulevard Hallandale, FL 33009 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 Industries Inc • July 13th, 1998 • Retail-record & prerecorded tape stores
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 Allan Wolk (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 Allan Wolk 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.
Exhibit 10.2 LOAN FORGIVENESS AGREEMENT AGREEMENT dated as of the 29th day of November, 1997 between URT INDUSTRIES, INC. ("URT"), a Florida corporation with offices at 1180 East Hallandale Beach Boulevard, Hallandale, Florida 33009, and PEACHES...Loan Forgiveness Agreement • July 13th, 1998 • Urt Industries Inc • Retail-record & prerecorded tape stores
March 17, 1997 Peaches Entertainment Corporation 1180 East Hallandale Boulevard Hallandale, FL 33009 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 Industries Inc • July 13th, 1998 • Retail-record & prerecorded tape stores
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 Allan Wolk (the "Intercorporate Agreement"), URT agrees that the salary payable by PEC to Allan Wolk pursuant to the Intercorporate Agreement shall be and is hereby reduced from Five Hundred Thousand Dollars ($500,000) per annum to Four Hundred Thousand Dollars ($400,000) per annum for a period of two years effective March 1, 1997 and continuing until February 28, 1999. Other than as set forth immediately above, the Intercorporate Agreement shall remain in full force and effect.
May 26, 1998 Mr. Allan Wolk 1180 East Hallandale Beach Boulevard Hallandale, FL 33009 Dear Mr. Wolk: It is the purpose of this letter to confirm our agreement to further amend the Amended and Restated Employment Agreement, dated as of the first day of...Urt Industries Inc • July 13th, 1998 • Retail-record & prerecorded tape stores
Exhibit 10.5 [Letterhead of URT Industries, Inc.] July 9, 1998 Peaches Entertainment Corporation 1180 East Hallandale Beach Blvd. Hallandale, FL 33009 Gentlemen: It is the purpose of this letter agreement to confirm that, in consideration of the...Urt Industries Inc • July 13th, 1998 • Retail-record & prerecorded tape stores
It is the purpose of this letter agreement to confirm that, in consideration of the benefit which would be expected to accrue to URT Industries, Inc. ("URT"), URT hereby agrees that, in the event that funds generated from the operations of Peaches Entertainment Corporation ("PEC"), and the proceeds of any debt financing which may be obtained, are insufficient to meet PEC's current projected operating requirements during the fiscal year period ending April 3, 1999, then URT will take any necessary action to see that funds are available to cover any shortfalls up to April 3, 1999.
October 1, 1997 Mr. Allan Wolk 1180 East Hallandale Beach Boulevard Hallandale, Florida 33009 Dear Mr. Wolk: 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...Urt Industries Inc • July 13th, 1998 • Retail-record & prerecorded tape stores
