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EXHIBIT 10.3
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
This AMENDMENT NO. 1, dated October 6, 1995, is entered into by and
between Dart Group Corporation, a Delaware corporation ("Employer"), and Xxxxxx
X. Xxxx ("Employee").
RECITALS
WHEREAS, Employer and Employee are parties to that certain Employment
Agreement, dated August 1, 1993 (the "Agreement"); and
WHEREAS, Employer and Employee desire to make certain amendments to
the Agreement.
NOW THEREFORE, in consideration of the mutual covenants set forth
herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Agreement is hereby amended as follows:
1. Section 4(a)
The first paragraph of Section 4(a) of the Agreement is hereby deleted
and replaced in its entirety with the following:
(a) Class B Stock Option. In consideration of the execution of
this contract by Employee and the payment by Employee of Five Dollars
($5) per share, an aggregate of Nine Hundred Eighty-Five Thousand Two
Hundred Forty Dollars ($985,240) (the "Option Purchase Payment"),
Employer hereby grants and sells to Employee the right and option to
purchase one hundred ninety-seven thousand forty-eight (197,048)
shares of the Class B Common Stock of Employer at a price of One
Hundred Forty Dollars ($140) per share.
2. Section 4(b)
Section 4(b) of the Agreement is hereby deleted and replaced in its
entirety with the following:
(b) Employer Loan. Employer agrees to loan to Employee the
amounts of the purchase prices in the event Employee exercises all or
parts of any option to purchase stock of Employer. Any such loan
shall bear interest at eight percent (8.0%) per annum. Said principal
and interest of each such loan shall be separately due and payable
upon the earlier of (i) the sale by Employee of shares purchased with
such loan proceeds or (ii) the fifth anniversary of the date of that
loan.
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3. Section 7
Section 7 of the Agreement is hereby amended and supplemented by
adding immediately after subsection (h) thereof the following new subsection:
(i) Mutual Consent. Employer and Employee may terminate this
Agreement at any time by mutual written consent of the parties hereto.
IN WITNESS WHEREOF, Employee has executed and Employer has caused to
be executed this Amendment No. 1 as of the date first written above.
XXXXXX X. XXXX
/s/ Xxxxxx X. Xxxx
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DART GROUP CORPORATION
By:/s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx
Treasurer and Chief Financial
Officer
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