<PAGE>   1


                                 EXHIBIT 10 (s)

<PAGE>   2

                            TERMINATION OF GUARANTEE


         THIS TERMINATION OF GUARANTEE (the "Termination Agreement") is made
and entered into as of this ____ day of September, 1996, by and among ASA
INVESTMENTS, INC., a Delaware corporation ("Guarantor"), WACHOVIA BANK OF
GEORGIA, N.A. ("Wachovia"), and THE BANK OF TOKYO - MITSUBISHI, LTD., ATLANTA
AGENCY ("Bank of Tokyo") (Wachovia and Bank of Tokyo are hereinafter sometimes
referred to collectively  as the Lenders" and individually as a "Lender").

             W   I   T   N   E   S   E   T   H        T   H   A   T

         WHEREAS, Guarantor has previously executed and delivered for the
benefit of Lenders that certain Guarantee dated June 1, 1992 (the "Guarantee")
under which Guarantee the Guarantor has guaranteed certain obligations owed by
Atlantic Southeast Airlines, Inc. ("ASA") to the Lenders as described in the
Guarantee  (collectively the "Subject Obligations"); and

         WHEREAS, notwithstanding that the Subject Obligations shall remain in
existence, pursuant and in accordance with Item 11 of the Guarantee, the
Lenders and the Guarantor desire to terminate the Guarantee so as to relieve
the Guarantor from all further responsibility and liability under the
Guarantee.

         NOW THEREFORE, for and in consideration of the mutual promises
contained herein, Ten  ($10) Dollars in hand paid by Guarantor to each Lender,
and other  good and valuable consideration, the receipt, adequacy and
sufficiency of which is hereby acknowledged, the parties hereto do hereby agree
as follows:

         1.      The parties hereby terminate the Guarantee and agree that the
Guarantee shall be of no further or continuing force or effect.  The Lenders
agree that the Guarantor is hereby relieved of all responsibilities,
obligations, and liabilities incurred under or in connection with the Guarantee
and shall have no responsibility whatsoever for all or any part of the Subject
Obligations.  Each Lender does hereby for and on behalf of itself and its
respective successors and assigns, release, remise and forever discharge
Guarantor and all of its respective successors and assigns (other than ASA) of
and from any and all debts, claims, causes of action, and other amounts arising
under or in connection with the Guarantee or the Subject Obligations.

         2.      This Termination Agreement shall be governed by the laws of
the State of Georgia.  This Termination Agreement may be executed in one or
more counterparts all of which together shall constitute one in the same
original.  This Termination Agreement shall be binding upon the parties hereto
and their respective heirs, successors, assigns, and legal representatives.


           (THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK) 

<PAGE>   3

         IN WITNESS WHEREOF, the Guarantor and each Lender have each caused
this Termination Agreement to be executed by its duly authorized officers and
its seal to be affixed hereto as of the day and year first above written.


         WACHOVIA BANK OF GEORGIA, N.A.           ASA INVESTMENTS, INC.


         By: /s/ Bradley Marcus                   By: /s/ Ronald V. Sapp   
             ----------------------------------   -------------------------
             Its: Senior Vice President           Its: Treasurer



         THE BANK OF TOKYO - MITSUBISHI,
         LTD., ATLANTA BRANCH


         By: /s/ Gary L. England                               
             ---------------------------------
                Its:Vice President and Manager




                                      2