August 31, 2000 George Watts 111 Stone Creek Road Greer, SC 29650 Re: Liquidity Agreement/Right to Put Certain Shares of Executive Stock Dear George:Liquidity Agreement/Right to Put Certain Shares of Executive Stock • November 14th, 2000 • Aircraft Service International Group Inc • Airports, flying fields & airport terminal services
In order to allow you to pay any Additional Tax Liability in a timely manner, to the extent you incur an Additional Tax Liability while employed by the Company, you will have the right to require the Company to purchase the number of shares of Executive Stock (or fraction thereof) with an aggregate Fair Market Value equal to the Additional Tax Liability. For purposes of this agreement, "Additional Tax Liability" shall mean in any tax year in which a final tax adjustment is made by the Internal Revenue Service with respect to your purchase of Executive Stock under the Stock Agreement, all additional taxes, interest and penalties applicable to any such final tax adjustment. The undersigned's obligation to purchase such shares of Executive Stock hereunder is conditioned upon your providing the undersigned with documentation that is reasonably satisfactory to the Company evidencing the final determination of such Additional Tax Liability. It is the intent of this agreement to provide you w
Ranger Aerospace Corporation letterhead] August 31, 2000 George W. Watts 111 Stone Creek Road Greer, SC 29650 RE: Liquidity Agreement/Right to Put Certain Shares of Executive Stock Dear George: Reference is hereby made to that certain letter from...Liquidity Agreement/Right to Put Certain Shares of Executive Stock • November 14th, 2000 • Aircraft Service International Group Inc • Airports, flying fields & airport terminal services
Reference is hereby made to that certain letter from Ranger Aerospace Corporation to you dated March 7, 2000, re: Liquidity Agreement/Right to Put Certain Shares of Executive Stock (the "March 7 Letter"). This letter affirms that the March 7 Letter remains in full force and affect, and that references to that certain Executive Stock Agreement dated as of March 7, 2000 and defined as the "Stock Agreement" in the March 7 Letter shall now be references to that certain Amended & Restated Executive Stock Agreement dated August 31, 2000 which amended and restated such March 7 Stock Agreement.
