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Exhibit 10.8.2
THIRD AMENDMENT TO
EMPLOYMENT AGREEMENT
THIS THIRD AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment"), made and
entered into as of January 31, 1998, by and among Detroit Diesel
Corporation, a Delaware corporation, as assignee of Penske Transportation,
Inc., a Delaware corporation (the "Employer"), and A. Xxxxxx Xxxxx (the
"Employee").
WHEREAS, Employer and Employee mutually executed an Employment Agreement
dated as of February 1, 1989, as amended by a First Amendment dated as of
January 31, 1992 and a Second Amendment dated as of January 31, 1995 (the
"Agreement"); and
WHEREAS, it is the desire of the parties hereto to further amend the
Agreement as provided herein.
NOW, THEREFORE, for good and valuable consideration, receipt and
sufficiency whereof are hereby acknowledged, it is agreed by and between
the parties hereto as follows:
Section 1 of the Agreement is further amended to delete the last sentence and to
add the following sentence in substitution for the last sentence:
"The term of this Agreement shall be extended for one year commencing on
February 1, 1998 and ending on January 31, 1999 and will thereafter be
automatically renewed on an annual basis unless either the Employee or the
Employer notifies the other of their election to terminate this Agreement
at least 30 days prior to the end of any extended term."
Section 6(c) of the Agreement is amended to delete "December 31, 1992" and add
the following in its place:
"one year from the date of termination".
Except as expressly modified herein, the Agreement shall continue in full force
and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment
effective as of the date first above written.
DETROIT DIESEL CORPORATION, AS ASSIGNEE OF PENSKE TRANSPORTATION, INC.
("Employer")
By:
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Title:
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A. Xxxxxx Xxxxx ("Employee")
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