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EXHIBIT 10.2
AMENDMENT TO EMPLOYMENT AND NONCOMPETE AGREEMENT
THIS AMENDMENT is dated as of December 19, 2008 (this
“Amendment”) and amends the Employment and Noncompete
Agreement (the “Agreement”) dated as of October 6, 2006
by and between JOHN PARRY (“Employee”) and AIR T,
INC., a Delaware corporation (the “Company”).
Background Statement
Employee and the Company wish to amend the Agreement to provide for
annual renewal of the agreement and to provide for reimbursement of
costs of continuation of health benefits following termination of
employment under specified circumstances.
Statement of Agreement
In consideration of good and valuable consideration and the mutual
promises set forth herein, Employee and the Company hereby amend
the Agreement as follows:
1. Annual
Renewal of Term. Paragraph 3 of the Agreement is hereby
amended and restated to read as follows:
3. Term
of Employment. Subject to paragraph 5, the term of
Employee’s employment by the Company hereunder (the
“Term of Employment”) shall commence as of October 6,
2006 and shall continue for a period of three (3) years after such
commencement date, which term shall be automatically extended for
successive one-year periods thereafter unless either party gives
written notice to the other of non-renewal of such term at least
one hundred eighty (180) day
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