EXHIBIT 10(H)
January 30, 1996
Xxxxxxxx X. Xxxxx
PS Group, Inc.
0000 Xx Xxxxx Xxxxxxx Xxxxx
Xxxxx 0000
Xxx Xxxxx, Xxxxxxxxxx 00000
Re: Employment Agreement
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Dear Xxxxx:
As you know, PS Group, Inc. (the "Company") is contemplating entering into
a holding company reorganization transaction pursuant to which the Company would
become a wholly-owned subsidiary of a newly-formed holding company (the
"Reorganization").
The employment agreement dated as of January 15, 1988 between you and the
Company provides for special treatment upon the occurrence of a "Change in
control of Employer." As we have discussed, the consummation of the
Reorganization will not constitute a "Change in control of Employer" for the
purposes of your employment agreement.
Please execute this letter in the space provided below to confirm your
agreement with the foregoing.
Sincerely,
/s/ Xxxxxxx X. Xxxxxxxxxxxxx
Xxxxxxx X. Xxxxxxxxxxxxx
Chairman of the Board and
Chief Executive Officer
Agreed and Accepted
/s/ Xxxxxxxx X. Xxxxx
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Xxxxxxxx X. Xxxxx
Dated: January 30, 1996
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