AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
This is Amendment No. 1 ("Amendment No. 1") to that certain Employment Agreement
dated as of October 1, 1996, between World Airways, Inc., a Delaware corporation
("World") and Xxxxx X. Xxxxxx ("Xxxxxx"), (the "Agreement").
WHEREAS, Pursuant to Section 4 (d) of the Agreement Xx. Xxxxxx is required to
hold a certain amount of any combination of the common stock of World Airways
and/or WorldCorp; and
WHEREAS, it is the intention of the parties that shares of common stock of World
Airways and WorldCorp allocated to Xx. Xxxxxx'x ESSOP account be counted toward
meeting the stock ownership requirement.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged,, the parties to this Amendment No. 1 agree as
follows:
1. The Agreement is hereby amended so that the sentence beginning on line
five, beginning "For purposes..." is restated as follows:
For purposes of this Agreement, any shares of World Airways Common
Stock or WorldCorp Common Stock (i) allocated to Xx. Xxxxxx'x ESSOP
account, (ii) owned by members of Khatib's immediate family (i.e.,
spouse, sons or daughters), or (iii) a revocable grantor trust of which
he is the grantor, shall be counted towards Khatib's stock ownership
and holding requirements.
2. Except as expressly amended herein, the Agreement, as amended through
the date hereof, and each and every provision thereof, remains in full
force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 this 30th day
of April, 1997.
WORLD AIRWAYS, INC.
By:______________________________
Xxxxxxx X. Xxx, Xx.
President and CEO
______________________________
Xxxxx X. Xxxxxx
