Exhibit 10.22

February 9, 2007

Riley Investment Partners Master Fund, L.P.

Riley Investment Management LLC

11000 Santa Monica Boulevard

Suite 810

Los Angeles, CA 90025

Re:

MAIR Holdings, Inc. Board of Directors

 

Ladies and Gentlemen:

This letter is in response to your letter, dated January 12, 2006 (the “Special
Meeting Notice”), addressed to MAIR Holdings, Inc. ( “MAIR”), demanding that
MAIR call a special meeting of its shareholders and is intended to reflect our
recent discussions.

MAIR agrees that its Board of Directors (the “Board”) will act within the next
three business days to expand the size of the Board from seven members to eight
members and that John Ahn will be appointed to the Board to fill the newly
created vacancy.  In addition, John Ahn will be appointed to the Nominating
Committee of the Board.

MAIR agrees that for the first, next vacancy created on the Board (whether by
the resignation of a director or otherwise), the Board will work with Mr. Ahn to
appoint a director to fill the vacancy who is mutually acceptable to Mr. Ahn and
all other Board members.

By your execution of this letter, you agree that your demand for a special
meeting of MAIR’s shareholders and related matters as set forth in the Special
Meeting Notice is cancelled and withdrawn effective as of the date John Ahn is
appointed to the Board and the Nominating Committee.  You agree to waive any
failure to call a special meeting in the next three business days.  MAIR
acknowledges that you maintain your right to submit a new demand in the future
and otherwise exercise your rights as shareholders.

 

Regards,

 

 

 

 

 

/s/ Paul F. Foley

 

 

 

Paul Foley

 

 

President and Chief Executive Officer

 

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Accepted and agreed to:

RILEY INVESTMENT MANAGEMENT, LLC

 

By:

/s/ John Ahn

 

 

John Ahn, Principal

 

 

RILEY INVESTMENT PARTNERS MASTER FUND, L.P.

 

By:

Riley Investment Management, LLC, its

 

 General Partner

 

By:

/s/ John Ahn

 

 

John Ahn, Principal

 

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