Exhibit 10.3


 


ATLANTIC EXPRESS TRANSPORTATION GROUP INC.

ATLANTIC EXPRESS TRANSPORTATION CORP.

7 North Street

Staten Island, New York 10302


 


As of March 1, 2005


 


Mr. Nathan Schlenker

357 Horning Road

Palaline Bridge, NY 13428


 


Dear Nat:


 


Reference is made to your Fourth Amended and Restated Employment
Agreement, dated as of October 25, 2004 (the “Agreement”).


 


By this letter agreement, in consideration of the mutual agreements and
covenants contained herein, we hereby agree to amend the Agreement as follows:


 


1.             Section 1 of the
Agreement is hereby amended and restated in its entirety to read as follows:


 


1. EMPLOYMENT AND DUTIES


 


1.1. General. Commencing as of March 1, 2005 (the “Effective
Date”), the Company shall employ the Executive, and the Executive agrees to
serve, as Director of Finance of the Company, upon the terms and conditions
herein contained during the Term (as defined below), and in such capacity the
Executive agrees to serve the Company faithfully and to the best of his ability
under the direction of the Board of Directors (the “Board”).


 


1.2. Exclusive Services. During the Term, the Executive shall
devote his full-time working hours to his duties hereunder and shall not,
directly or indirectly, render services to any other person or organization or
otherwise engage in activities which would interfere significantly with his
faithful performance of his duties hereunder without the consent of the Board,
provided, however, the Executive may work one day a week from his home office
in Palaline Bridge, New York.


 


1.3. Term of Employment. The “Term” of Executive’s
employment under this Agreement shall commence as of the Effective Date and
shall terminate on December 31, 2006.


 

















 


2.             Section 2 of the Agreement is
hereby amended and restated in its entirety to read as follows:


 


2. SALARY


 


2.1. Base Salary. During the Term, the Executive shall be
entitled to receive a base salary (“Base Salary”) at a rate equal to
$321,366.30 per annum, payable monthly on or about the 15th day of
each month in equal installments in accordance with the Company’s payroll
practices, with such increases as may be provided in accordance with the terms
hereof. Once increased, such higher amount shall constitute the Executive’s
annual Base Salary.


 


2.2 Increase in Base Salary. On November 1, 2005, the
Executive’s Base Salary shall be increased by a percentage which shall equal
the greater of 3% or the percentage increase in the consumer price index for
the New York-Northern New Jersey-Long Island, NY-NJ-CT metropolitan area, as reported
by the United States Department of Labor, for the 12-month period ended the
immediately preceding October 31.


 


3.             Section 3.4 of the
Agreement is hereby deleted in its entirety.


 


All other terms of your employment contract remain in full force and effect
without any change or modification thereto.


 


	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  Atlantic Express Transportation Group Inc.

  
	
   

  	
  Atlantic Express Transportation Corp.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Peter Frank

  	
   

  
	
   

  	
  Peter Frank

  
	
   

  	
   

  
	
  Agreed and accepted:

  	
   

  
	
   

  	
   

  
	
  /s/ Nathan Schlenker

  	
   

  	
   

  
	
  Nathan Schlenker

  	
   

  
					



 


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