Exhibit 10(n)
THIRD AMENDMENT TO
STOCK PURCHASE ASSISTANCE AGREEMENT
THIS AMENDMENT ("Amendment") is dated as of October 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 and June 1, 2000 by and between the Company and Xxxxx (the
"Agreement").
Section 7(a)(i) of the Agreement is hereby amended to add a new
paragraph, which reads as follows:
(i) Notwithstanding the preceding paragraphs of this
Section 7(a)(i) and beginning October 1, 2000, in lieu
thereof, for each monthly Principal Payment Reimbursement
period 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) the amount of $3,333.33 as Principal Payment
Reimbursement (equivalent to one-twelfth (1/12th) of the
amount of principal outstanding on September 30, 2000).
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).
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: Xxxxxx X. Xxxx
Title: Chairman of the Board
