Exhibit 10(m)
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 Xxxxxx X. Xxxxx, Vice
President-Finance and Chief Financial Officer of the Company ("Xxxxx").
This Amendment relates to and amends that certain Stock Purchase
Assistance Agreement dated February 27, 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 $20,000, on January 1 of every
year, the Company's Principal Payment Reimbursement would
equal such installments assuming continuing eligibility
throughout such periods). Upon Ruben's 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, it will pay the amount of $40,000
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 $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/ Xxxxxx X. Xxxxx
Xxxxxx X. Xxxxx
OTR Express, Inc.
By: /s/ Xxxxxxx X. Xxxx
Name: Xxxxxxx X. Xxxx
Title: Chairman of the Board
