EXHIBIT 10.106
AMENDMENT NO. 1 TO
EMPLOYMENT AGREEMENT
THIS AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT ("Amendment") is entered
into as of the 17th day of July, 2003, by and between TIMCO AVIATION SERVICES,
INC., a Delaware corporation ("Company"), and XXX X. XXXXXX, XX. ("Employee")
PRELIMINARY STATEMENTS
A. The parties have previously entered into that certain Employment
Agreement dated March 20, 2002 (the "Agreement"). Unless otherwise defined,
capitalized terms used herein shall have the meanings given to them in the
Agreement.
B. The parties wish to amend the Agreement to reflect the terms set
forth below.
AGREEMENT
NOW, THEREFORE, in consideration of the premises, the mutual covenants
set forth herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereby agree as
follows:
1. Section 1(b) of the Agreement is hereby amended by deleting all of
its text and replacing it with the following text:
(b) Employment Period. Subject to the terms and conditions set
forth herein and unless sooner terminated as hereinafter
provided, Company shall employ Employee and Employee agrees to
serve as an employee of Company for the period commencing on
March 20, 2002 and ending on December 31, 2006, which initial
term shall automatically renew for consecutive one year
periods, unless terminated by either party by twelve (12)
months notice prior to the expiration of the initial term or
any renewal term (the "Employment Term"). For purposes of this
Agreement, the Employment Term and any renewal term thereof
are collectively referred to herein as the "Employment
Period."
2. Except as amended hereby, the Agreement shall remain in full force
and effect.
[Signatures on Next Page]
IN WITNESS WHEREOF, the parties have executed this Agreement effective
as of the date first above written.
TIMCO AVIATION SERVICES, INC., a
Delaware corporation
By: /s/ C. Xxxxxx Xxxxxxxx
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C. Xxxxxx Xxxxxxxx
Executive Vice President and CFO
EMPLOYEE:
/s/ Xxx X. Xxxxxx, Xx.
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XXX X. XXXXXX, XX.
