Exhibit 10(x)
SECOND AMENDMENT TO
STOCK PURCHASE ASSISTANCE AGREEMENT
THIS AMENDMENT ("Amendment") is dated as of June 1, 2000 and is by and
between OTR Express, Inc. (the "Company") and Xxxx Xxxxx, Vice President
and Chief Operating Officer of the Company ("Xxxxx"). This Amendment
relates to and amends that certain Stock Purchase Assistance Agreement
dated June 8, 1998, as amended on January 31, 2000 by and between the
Company and Xxxxx (the "Agreement").
Section 7(a) of the Agreement is hereby amended to read as follows:
(i) For each full Principal Payment Reimbursement period
(monthly, quarterly or annually, as determined by the
Compensation Committee) as Xxxxx is employed by the Company in
an officer position, the Company shall make payments to Xxxxx
(or directly to the Bank, if instructed by Xxxxx but if Xxxxx
is in default under the Loan, then if instructed by the Bank)
of an amount of Principal Payment Reimbursement equal to the
amount of principal scheduled due and owing to the Bank under
the Loan for such period (e.g., if Xxxxx has a 6 year loan
with principal payable in equal annual installments of
$10,000, on June 8 of every year, the Company's Principal
Payment Reimbursement would equal such installments assuming
continuing eligibility throughout such periods). Upon Xxxxx'x
receipt of any such payment, he shall apply such funds to the
payment of the principal amount of the Loan to which it
relates (unless he has already made such Loan payment from
personal or other sources).
(ii) The Company and Xxxxx further agree that, in
consideration of past performance and in the interest of
inducing future performance, and on the condition that Xxxxx
does not terminate his employment with the Company prior to
August 31, 2000, the Company will pay the amount of $20,000
between June 1, 2000 and September 30, 2000 towards repayment
of the Loan such that, thereafter, it shall make payments to
Xxxxx on the terms and conditions provided in the first
sentence of this Section 7(a), for the remaining balance of
the Loan in $5,000 annual increments rather than $10,000
annual increments (beginning January 1, 2001). In the event
that Xxxxx does terminate his employment with the Company
prior to August 31, 2000, Xxxxx shall repay to the Company
(and/or the Company may offset against amounts owing to Xxxxx)
any such amounts so paid by the Company pursuant to this
subsection.
The remainder of the Agreement, and the Agreement as amended, shall
continue in full force and effect.
IN WITNESS WHEREOF, each of the parties have executed this Agreement
intending to be bound thereby.
/s/ Xxxx Xxxxx
Xxxx Xxxxx
OTR Express, Inc.
By: /s/ Xxxxxxx X. Xxxx
Name: Xxxxxxx X. Xxxx
