Document:

Exhibit
10.33

 

SECOND
AMENDED & RESTATED

EMPLOYMENT AGREEMENT

 

THIS SECOND AMENDED & RESTATED AGREEMENT is made
and entered into as of July 1, 2003, by and between REPUBLIC AIRWAYS HOLDINGS,
INC. (hereinafter referred to as the “Company”), a Delaware corporation, and
BRYAN K. BEDFORD (hereinafter referred to as the “Executive”).

 

R E C I T A L S

 

WHEREAS, the Executive is party to an Employment
Agreement dated as of June 25, 1999 with Chautauqua Airlines, Inc. (“CAI”), a
subsidiary of the Company (the “Prior Agreement”); and

 

WHEREAS, the Executive and the Company are parties to
an Amended & Restated Employment Agreement (the “Restated Agreement”), the
effectiveness of which was subject to the condition that the Company complete
an initial public offering on or before September 30, 2002 (the “IPO
Condition”); and

 

WHEREAS, the Executive and the Company are parties to
an Amendment to the Restated Agreement (the “Restated Agreement Amendment”),
pursuant to which the deadline for satisfaction of the IPO Condition was
extended through and including March 31, 2003; and

 

WHEREAS, the IPO Condition was not satisfied as of the
deadlines set forth in the Restated Agreement or the Restated Agreement
Amendment, and as a result, the Restated Agreement has not become effective and
is null and void in all respects and the Executive shall have no rights
thereunder, including without limitation, any rights to any New Options (as
defined therein); and

 

WHEREAS, the Company and the Executive desire to amend
certain provisions of the Prior Agreement and to enter into this Second Amended
& Restated Employment Agreement,

 

NOW, THEREFORE, in consideration of the foregoing and
the mutual covenants hereinafter set forth and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, and
intending to be legally bound, the parties hereto agree as follows:

 

1.                                       Employment.  The Company agrees to employ the Executive,
and the Executive agrees to render his services to the Company, as its
President and Chief Executive Officer, during the Term (as defined below).  In connection with his employment as
President and Chief Executive Officer, (a) the Company shall use its best
efforts to nominate the Executive for membership on the Board of Directors of
the Company, and (b) the Executive shall serve without additional payment or
compensation of any kind as the President and Chief Executive Officer of CAI
and of any other direct or indirect subsidiary or affiliate of the Company
designated by the Board of Directors of the Company (collectively, with CAI,
the “Subsidiaries”).  The Executive
shall render his services at the

 

 

direction of the Board of Directors of the Company at the Company’s
offices in Indianapolis, Indiana.  The
Executive agrees to use his best efforts to promote and further the business,
reputation and good name of the Company and the Subsidiaries (collectively, the
“Company Group”) and the Executive shall promptly and faithfully comply with
all instructions, directions, requests, rules and regulations made or issued
from time to time by the Company.

 

2.                                       Term.  The term of employment pursuant to this
Agreement (the “Term”) shall continue until June 30, 2005; provided that either
party may terminate this Agreement by providing the other with 30 days prior
written notice of such termination. 
Notwithstanding the foregoing, this Agreement may be terminated by the
Company or by the Executive in the event that “Cause” for such termination
exists as provided in Section 8 below. 
In the event (i) the Company terminates this Agreement or the
Executive’s employment other than for Cause, or (ii) the Executive terminates
this Agreement or the Executive’s employment for Cause, the Company shall pay
the Executive Severance Compensation as provided in Section 4 hereof.  In the event the Company terminates this
Agreement or the Executive’s employment for Cause, or in the event the
Executive terminates this Agreement or his employment other than for Cause, the
Executive shall not be entitled to any Severance Compensation or other
compensation of any kind following the effective date of such termination.

 

3.                                       Compensation.  As full and complete compensation for all
the Executive’s services hereunder, the Company shall pay the Executive the
compensation described below.

 

(a)                                  Base
Salary.  During the Term, the
Company shall pay the Executive an annual base salary of $340,000 (“Base
Salary”). The Board of Directors shall review the Executive’s Base Salary each
year and shall have the right in its discretion to increase such Base
Salary.  In the event this Agreement is
terminated prior to the expiration of the Term, the Company shall pay to the
Executive, in addition to any Severance Compensation payable under Section 4,
any accrued but unpaid Base Salary through the termination date.

 

(b)                                 Annual
Deferred Compensation.  In addition
to the Base Salary, during the Term, the Company shall pay to the Executive an
annual deferred compensation payment (a “Deferred Compensation Payment”) in the
amount of $170,000.  The Deferred Compensation
Payment shall be paid each year during the Term at the end of the calendar year
and shall be prorated for the 2005 calendar year for the period from January 1,
2005 through the end of the Term.  In
the event this Agreement or the Executive’s employment is terminated (x) by the
Company for Cause or (y) by the Executive other than for Cause, the Executive
shall not be entitled to any Deferred Compensation Payment for such year or any
subsequent period.  In the event this
Agreement or the Executive’s employment is terminated (x) by the Company other
than for Cause, or (y) by the Executive for Cause, the Executive’s right with
respect to a Deferred Compensation Payment for the year in which such
termination occurs shall be governed by Section 4.

 

(c)                                  Bonus.  In addition to the Base Salary and Deferred
Compensation Payment, during the Term, the Company may pay to the Executive an
annual bonus (a “Bonus”) in an amount, if any, as

 

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the Board of Directors of
the Company shall determine in its discretion. The Bonus, if any, may be paid
each year during the Term at the end of the calendar year and may be prorated
for the 2005 calendar year for the period from January 1, 2005 through the end
of the Term. In the event this Agreement or the  Executive’s employment is
terminated, the  Executive shall not be entitled to any Bonus Compensation for
such year or any subsequent period.

 

4.                                       Severance
Compensation.  In the event (i) the
Company terminates this Agreement or the Executive’s employment with the
Company other than for Cause, or (ii) the Executive terminates this Agreement
or his employment with the Company for Cause, the Company shall pay to the
Executive as Severance Compensation the greater of (x) $680,000 multiplied by a
fraction, the numerator of which is the number of whole months remaining in the
Term, and the denominator of which is 24, and (y) $170,000.  For example, if the Company terminates this
Agreement other than for Cause with 20 months remaining in the Term, the
Company shall pay the Executive Severance Compensation of $566,667.  The Executive shall also receive as
Severance Compensation continuation of medical benefits for the lesser of 12
months or the remainder of the Term.

 

5.                                       No
Other Compensation.  Except as
otherwise expressly provided herein, or in any other written document executed
by the Company and the Executive, no other compensation or other consideration
shall become due or payable to the Executive on account of the services rendered
to the Company Group.  The Company shall
have the right to deduct and withhold from the compensation payable to the
Executive hereunder any amounts required to be deducted and withheld under the
provisions of any statute, regulation, ordinance, order or any other amendment
thereto, heretofore or hereafter enacted, requiring the withholding or
deduction of compensation.

 

6.                                       Medical
& 401K Benefits.  The Company
agrees that the Executive shall be entitled to participate in any retirement,
401K, disability, medical, pension, profit sharing, group insurance, or any
other plan or arrangement, or in any other benefits now or hereafter generally
available to executives of the Company, in each case to the extent that the
Executive shall be eligible under the general provisions thereof.

 

7.                                       Vacation.  The Executive shall be entitled to take
three weeks of paid vacation which shall accrue monthly during each 12 months
of the Executive’s employment hereunder, and which vacation shall be taken on
dates to be selected by mutual agreement of the Company and the Executive.

 

8.                                       Termination
for Cause.

 

(a)                                  Termination
for Cause by the Company.  The
Company, by written notice to the Executive, may immediately terminate this
Agreement and the Executive’s employment hereunder for Cause. As used herein, a
termination by the Company “for Cause” shall mean that the Executive has (i)
willfully or materially refused to perform a material part of his duties
hereunder, (ii) materially breached the provisions of Sections 9, 10 or 11
hereof, (iii) acted fraudulently or dishonestly in his relations with the
Company, (iv) committed larceny, embezzlement, conversion or any other act

 

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involving the
misappropriation of Company funds or assets in the course of his employment, or
(v) been indicted or convicted of any felony or other crime involving an act of
moral turpitude.

 

(b)                                 Termination
for Cause by the Executive.  The
Executive, by 20 business days prior written notice to the Company, may
terminate this Agreement and his employment hereunder for Cause, provided that
the Company shall have the right to cure such Cause within such 20 business day
period.  As used herein, a termination
by the Executive “for Cause” shall mean that (i) the Company has materially
diminished the duties and responsibilities of the Executive with respect to the
Company, (ii) the Company has required the Executive to relocate his residence
from Indianapolis to another location without the consent of the Executive or
(iii) a Change of Control has occurred. 
As used herein, a “Change of Control” shall mean a transaction, other
than a public or private offering of Common Stock by the Company, pursuant to
which a shareholder other than Wexford Capital LLC (“Wexford”) and its
Affiliates acquires majority voting control of the Company.

 

9.                                       Confidential
Information.  The Executive
recognizes and acknowledges that he shall receive in the course of his
employment hereunder certain confidential information and trade secrets concerning
the Company Group’s business and affairs which may be of great value to the
Company Group.  The Executive therefore
agrees that he will not disclose any such information relating to the Company
Group, the Company Group’s personnel or their operations other than in the
ordinary course of business or in any way use such information in any manner
which could adversely affect the Company Group’s business.  For purposes of this Agreement, the terms
“trade secrets” and “confidential information” shall include any and all
information concerning the business and affairs of the Company Group and any
division or other affiliate of the Company Group that is not generally
available to the public.

 

10.                                 Non-Competition.  The Executive agrees that without the prior
written consent of the Board of Directors during the Term and for a period of
12 months following the termination or expiration of this Agreement, he will
not participate as an advisor, partner, joint venturer, investor, lender,
consultant or in any other capacity in any business transaction or proposed
business transaction (a) with respect to which the Executive had a material
personal involvement on behalf of the Company Group during the last 12 months
of his employment with the Company, or (b) that could reasonably be expected to
compete with the Company Group’s business or operations or proposed or
contemplated business or transactions of the Company Group that are (I) known
by the Executive as of the date of such termination or expiration, and (II) contemplated
by the Company Group to proceed during the 12 month period following such
termination or expiration.  For these
purposes, the mere ownership by the Executive of securities of a public company
not in excess of 2% of any class of such securities shall not be considered to
be competition with the Company Group.

 

11.                                 Non-Solicitation.  The Executive agrees that during the Term,
and for a period of 12 months following the termination or expiration of this
Agreement, he shall not, without the prior written consent of the Company,
directly or indirectly, employ or retain, or have or cause any other person or
entity to employ or retain, any person who was employed by the Company Group or
any of its divisions or affiliates while the Executive was employed by the
Company.

 

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12.                                 Breach
of this Agreement.  If the Executive
commits a breach, or threatens to commit a breach, of any of the provisions of
Sections 9, 10 or 11 of this Agreement, then the Company shall have the right
and remedy to have those provisions specifically enforced by any court having
equity jurisdiction, it being acknowledged and agreed by the Executive that the
rights and privileges of the Company granted in Sections 9, 10 and 11 are of a special,
unique and extraordinary character and any such breach or threatened breach
will cause great and irreparable injury to the Company and that money damages
will not provide an adequate remedy to the Company.

 

13.                                 Notices.  All notices and other communications
required or permitted hereunder shall be in writing (including facsimile,
telegraphic, telex or cable communication) and shall be deemed to have been
duly given when delivered by hand, or mailed, certified or registered mail,
return receipt requested and postage prepaid:

 

If to the Company:                                             Republic
Airways Holdings, Inc. 

2500 South High School Road

Indianapolis, IN  46241

Attn:  Chief Operating Officer

 

With a copy to each member of the Board of Directors

 

If to the Executive:                                             Bryan
K. Bedford

3334 Walnut Creek Drive

Carmel, IN  46032

 

14.                                 Applicable
Law.  This Agreement was negotiated
and entered into within the State of Indiana. 
All matters pertaining to this Agreement shall be governed by the laws
of the State of Indiana applicable to contracts made and to be performed wholly
therein.  Nothing in this Agreement
shall be construed to require the commission of any act contrary to law, and
wherever there is any conflict between any provision of this Agreement and any
material present or future statute, law, governmental regulation or ordinance
as a result of which the parties have no legal right to contract or perform,
the latter shall prevail, but in such event the provision(s) of this Agreement
affected shall be curtailed and limited only to the extent necessary to bring
it or them within the legal requirements.

 

15.                                 Entire
Agreement; Modification; Consents and Waivers.  This Agreement contains the entire agreement of the parties with
respect to the subject matter hereof and supersedes any and all prior
agreements or understandings, written or oral, between the parties with respect
to the subject matter hereof.  No
interpretation, change, termination or waiver of or extension of time for
performance under any provision of this Agreement shall be binding upon any
party unless in writing and signed by the party intended to be bound
thereby.  Except as otherwise provided
in this Agreement, no waiver of or other failure to exercise any right under or
default or extension of time for performance under any provision or this
Agreement shall affect the right of any party to exercise

 

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any subsequent right under or otherwise enforce said provision or any
other provision hereof or to exercise any right or remedy in the event of any
other default, whether or not similar.

 

16.                                 Severability.
The parties acknowledge that, in their view, the terms of this Agreement are
fair and reasonable as of the date signed by them, including as to the scope
and duration of post-termination activities. 
Accordingly, if any one or more of the provisions contained in this
Agreement shall for any reason, whether by application of existing law or law
which may develop after the date of this Agreement, be determined by an
arbitrator or court of competent jurisdiction to be excessively broad as to
scope of activity, duration or territory, or otherwise unenforceable, the
parties hereby jointly request such court to construe any such provision by
limiting or reducing it so as to be enforceable to the maximum extent in favor
of the Company compatible with then-applicable law.  If any one or more of the terms, provisions, covenants or
restrictions of this Agreement shall nonetheless be determined by an

arbitrator or court of competent jurisdiction to be invalid, void or
unenforceable, then the remainder of the terms, provisions, covenants and
restrictions of this Agreement shall remain in full force and effect and shall
in no way be affected, impaired or invalidated.

 

17.                                 Assignment.  The Company may, at its election, assign
this Agreement or any of its rights hereunder. 
This Agreement may not be assigned by the Executive.

 

18.                                 Counterparts.  This Agreement may be executed in
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.

 

19.                                 Arbitration.  Each of the parties hereby irrevocably and
unconditionally consents to arbitrate any dispute arising out of or relating in
any manner to this Agreement or the employment relationship contemplated hereby
or the termination thereof, or any alleged breach of any term or provision of
this Agreement.  Such arbitration shall
be conducted by a single arbitrator in accordance with the rules of the
American Arbitration Association then in effect.  Judgment may be entered on the arbitrator’s award in any federal
or state court in Indiana (and the parties expressly consent to the
jurisdiction of such court), or in any other court having jurisdiction. Each of
the Parties agrees that in any arbitration arising out of or relating to this
Agreement or the employment relationship contemplated hereby or the termination
thereof, or any alleged breach of any term or provision of this Agreement or in
any action to enter judgment on an award in such arbitration each party shall
bear its own fees and expenses.

 

20.                                 Survival.  The provisions of Sections 9 through 19 of
this Agreement shall survive any expiration or termination of this Agreement.

 

21.                                 Options
Under Prior Agreement.  The vesting
of any options to purchase stock of the Company previously granted to the
Executive under the terms of the Prior Agreement or any agreement entered into
contemporaneously with the Prior Agreement shall be governed by the terms of
such agreement notwithstanding any provision of this Agreement.

 

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IN WITNESS WHEREOF, the
parties hereto have executed this Employment Agreement as of the date first
above written.

 

	
   

  	
  REPUBLIC AIRWAYS HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Arthur Amron

  	
   

  
	
   

  	
   

  	
  Name: Arthur Amron

  	
   

  
	
   

  	
   

  	
  Title: Vice President and Assitant Secretary

  	
   

  
	
   

  	
   

  
	
   

  	
  BRYAN K. BEDFORD

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Bryan K. Bedford

  	
   

  
						

 

7Exhibit
10.34

 

SECOND
AMENDED & RESTATED

EMPLOYMENT AGREEMENT

 

THIS SECOND AMENDED AND RESTATED AGREEMENT is made and
entered into as August 1, 2003, by and between REPUBLIC AIRWAYS HOLDINGS INC.
(hereinafter referred to as the “Company”), a Delaware corporation, and Robert
Cooper (hereinafter referred to as the “Executive”).

 

R E C I T A L S

 

WHEREAS, the Executive is party to an Employment
Agreement dated as of July 16, 1999 with Chautauqua Airlines, Inc. (“CAI”), a
subsidiary of the Company (the “Prior Agreement”); and

 

WHEREAS, the Executive and the Company are parties to
an Amended & Restated Employment Agreement (the “Restated Agreement”), the
effectiveness of which was subject to the condition that the Company complete
an initial public offering on or before September 30, 2002 (the “IPO
Condition”); and

 

WHEREAS, the Executive and the Company are parties to
an Amendment to the Restated Agreement (the “Restated Agreement Amendment”),
pursuant to which the deadline for satisfaction of the IPO Condition was
extended through and including March 31, 2003; and

 

WHEREAS, the IPO Condition was not satisfied as of the
deadlines set forth in the Restated Agreement or the Restated Agreement
Amendment, and as a result, the Restated Agreement has not become effective and
is null and void in all respects and the Executive shall have no rights
thereunder, including without limitation, any rights to any New Options (as
defined therein); and

 

WHEREAS, the Company and the Executive desire to amend
certain provisions of the Prior Agreement and to enter into this Second Amended
and Restated Employment Agreement,

 

NOW, THEREFORE, in consideration of the foregoing and
the mutual covenants hereinafter set forth and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, and
intending to be legally bound, the parties hereto agree as follows:

 

1.                                       Employment.  The Company agrees to employ the Executive,
and the Executive agrees to render his services to the Company, as its
Executive Vice President, Chief Financial Officer, Treasurer and Secretary,
during the Term (as defined below). In connection with his employment the
Executive shall serve without additional payment or compensation of any kind as
an officer of CAI and of other direct or indirect subsidiary or affiliate of
the Company designated by the Board of Directors of the Company (collectively,
with CAI, the “Subsidiaries”). The Executive shall render his services at the
direction of the President and the Board of Directors of the Company at the
Company’s offices in Indianapolis, Indiana. 
The Executive agrees to use his best efforts to promote and further the
business, reputation and good name of the Company and the Subsidiaries

 

 

(collectively, the “Company Group”) and the Executive shall promptly
and faithfully comply with all instructions, directions, requests, rules and
regulations made or issued from time to time by the Company.

 

2.                                       Term.  The term of employment pursuant to this
Agreement (the “Term”) shall continue until July 31, 2005; provided that either
party may terminate this Agreement by providing the other with 30 days prior
written notice of such termination. 
Notwithstanding the foregoing, this Agreement may be terminated by the
Company or by the Executive in the event that “Cause” for such termination
exists as provided in Section 8 below. 
In the event (i) the Company terminates this Agreement or the
Executive’s employment other than for Cause, or (ii) the Executive terminates
this Agreement or the Executive’s employment for Cause, the Company shall pay
the Executive Severance Compensation as provided in Section 4 hereof. In the
event the Company terminates this Agreement or the Executive’s employment for
Cause, or in the event the Executive terminates this Agreement or his
employment other than for Cause, the Executive shall not be entitled to any
Severance Compensation or other compensation of any kind following the
effective date of such termination.

 

3.                                       Compensation.  As full and complete compensation for all
the Executive’s services hereunder, the Company shall pay the Executive the
compensation described below.

 

(a)                                  Base
Salary.  During the Term, the
Company shall pay the Executive an annual base salary of $175,000 (“Base
Salary”). The Board of Directors shall review the Executive’s Base Salary each
year and shall have the right in its discretion to increase such Base Salary.
In the event this Agreement is terminated prior to the expiration of the Term,
the Company shall pay to the Executive, in addition to any Severance
Compensation payable under Section 4, any accrued but unpaid Base Salary
through the termination date.

 

(b)                                 Annual
Deferred Compensation.  In addition
to the Base Salary, during the Term, the Company shall pay to the Executive an
annual deferred compensation payment (a “Deferred Compensation Payment”) in the
amount of $70,000.  The Deferred
Compensation Payment shall be paid each year during the Term at the end of the
calendar year and shall be prorated for the 2005 calendar year for the period
from January 1, 2005 through the end of the Term. In the event this Agreement
or the Executive’s employment is terminated, the Executive shall not be
entitled to any Deferred Compensation Payment for such year or any subsequent
period.

 

(c)                                  Bonus.  In addition to the Base Salary and Deferred
Compensation Payment, during the Term, the Company may pay to the Executive an
annual bonus (a “Bonus”) in an amount, if any, as the Board of Directors of the
Company shall determine in its discretion. The Bonus, if any, may be paid each
year during the Term at the end of the calendar year and may be prorated for
the 2005 calendar year for the period from January 1, 2005 through the end of
the Term. In the event this Agreement or the  Executive’s employment is
terminated, the  Executive shall not be entitled to any Bonus Compensation for
such year or any subsequent period.

 

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4.                                       Severance
Compensation.  In the event (i) the
Company terminates this Agreement or the Executive’s employment with the
Company other than for Cause, or (ii) the Executive terminates this Agreement
or his employment with the Company for Cause, the Company shall pay to the
Executive as Severance Compensation $175,000, provided that in the event the
remainder of the Term is less than 12 months, such Severance Compensation shall
be prorated for the remainder of the Term. 
For example, if the Company terminates this Agreement other than for
Cause with 4 months remaining in the Term, the Company shall pay the Executive
Severance Compensation of $58,333.  The
Executive shall also receive as Severance Compensation continuation of medical
benefits for the lesser of 12 months or the remainder of the Term.

 

5.                                       No
Other Compensation.  Except as
otherwise expressly provided herein, or in any other written document executed
by the Company and the Executive, no other compensation or other consideration
shall become due or payable to the Executive on account of the services
rendered to the Company Group.  The
Company shall have the right to deduct and withhold from the compensation
payable to the Executive hereunder any amounts required to be deducted and
withheld under the provisions of any statute, regulation, ordinance, order or
any other amendment thereto, heretofore or hereafter enacted, requiring the
withholding or deduction of compensation.

 

6.                                       Medical
& 401K Benefits.   The Company
agrees that the Executive shall be entitled to participate in any retirement,
401K, disability, medical, pension, profit sharing, group insurance, or any
other plan or arrangement, or in any other benefits now or hereafter generally
available to executives of the Company, in each case to the extent that the
Executive shall be eligible under the general provisions thereof.

 

7.                                       Vacation.  The Executive shall be entitled to take
three weeks of paid vacation which shall accrue monthly during each 12 months
of the Executive’s employment hereunder, and which vacation shall be taken on
dates to be selected by mutual agreement of the Company and the Executive.

 

8.                                       Termination
for Cause.

 

(a)                                  Termination
for Cause by the Company.  The
Company, by written notice to the Executive, may immediately terminate this
Agreement and the Executive’s employment hereunder for Cause. As used herein, a
termination by the Company “for Cause” shall mean that the Executive has (i)
willfully or materially refused to perform a material part of his duties
hereunder, (ii) materially breached the provisions of Sections 9, 10 or 11
hereof, (iii) acted fraudulently or dishonestly in his relations with the
Company, (iv) committed larceny, embezzlement, conversion or any other act
involving the misappropriation of Company funds or assets in the course of his
employment, or (v) been indicted or convicted of any felony or other crime
involving an act of moral turpitude.

 

(b)                                 Termination
for Cause by the Executive.  The
Executive, by 20 business days prior written notice to the Company, may
terminate this Agreement and his employment hereunder for Cause, provided that
the Company shall have the right to cure such Cause within such 20 business day

 

3

 

period.  As used herein, a termination by the
Executive “for Cause” shall mean that (i) the Company has materially diminished
the duties and responsibilities of the Executive with respect to the Company,
(ii) the Company has required the Executive to relocate his residence from
Indianapolis to another location without the consent of the Executive or (iii)
a Change of Control has occurred.  As
used herein, a “Change of Control” shall mean a transaction, other than a
public or private offering of Common Stock by the Company pursuant to which a
shareholder other than Wexford Capital LLC (“Wexford”) and its Affiliates
acquires majority voting control of the Company.

 

9.                                       Confidential
Information.  The Executive
recognizes and acknowledges that he shall receive in the course of his
employment hereunder certain confidential information and trade secrets
concerning the Company Group’s business and affairs which may be of great value
to the Company Group.  The Executive
therefore agrees that he will not disclose any such information relating to the
Company Group, the Company Group’s personnel or their operations other than in
the ordinary course of business or in any way use such information in any
manner, which could adversely affect the Company Group’s business.  For purposes of this Agreement, the terms
“trade secrets” and “confidential information” shall include any and all
information concerning the business and affairs of the Company Group and any
division or other affiliate of the Company Group that is not generally
available to the public.

 

10.                                 Non-Competition.  The Executive agrees that without the prior
written consent of the Board of Directors during the Term and for a period of
12 months following the termination or expiration of this Agreement, he will
not participate as an advisor, partner, joint venturer, investor, lender,
consultant or in any other capacity in any business transaction or proposed
business transaction (a) with respect to which the Executive had a material
personal involvement on behalf of the Company Group during the last 12 months
of his employment with the Company, or (b) that could reasonably be expected to
compete with the Company Group’s business or operations or proposed or
contemplated business or transactions of the Company Group that are (I) known
by the Executive as of the date of such termination or expiration, and (II)
contemplated by the Company Group to proceed during the 12 month period
following such termination or expiration. 
For these purposes, the mere ownership by the Executive of securities of
a public company not in excess of 2% of any class of such securities shall not
be considered to be competition with the Company Group.

 

11.                                 Non-Solicitation.  The Executive agrees that during the Term,
and for a period of 12 months following the termination or expiration of this
Agreement, he shall not, without the prior written consent of the Company,
directly or indirectly, employ or retain, or have or cause any other person or
entity to employ or retain, any person who was employed by the Company Group or
any of its divisions or affiliates while the Executive was employed by the
Company.

 

12.                                 Breach
of this Agreement.  If the Executive
commits a breach, or threatens to commit a breach, of any of the provisions of
Sections 9, 10 or 11of this Agreement, then the Company shall have the right
and remedy to have those provisions specifically enforced by any court having
equity jurisdiction, it being acknowledged and agreed by the Executive that the
rights and privileges of the Company granted in Sections 9, 10 and 11 are of a
special, unique and extraordinary character and

 

4

 

any such breach or threatened breach will cause great and irreparable
injury to the Company and that money damages will not provide an adequate
remedy to the Company.

 

13.                                 Notices.  All notices and other communications
required or permitted hereunder shall be in writing (including facsimile,
telegraphic, telex or cable communication) and shall be deemed to have been
duly given when delivered by hand or mailed, certified or registered mail,
return receipt requested and postage prepaid:

 

	
  If to the Company:

  	
   

  	
  Republic Airways
  Holdings Inc.

  
	
   

  	
   

  	
  2500 South High School Road

  
	
   

  	
   

  	
  Suite 160

  
	
   

  	
   

  	
  Indianapolis, IN 
  46421

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention: 
  Bryan K. Bedford, President

  
	
   

  	
   

  	
   

  
	
  If to the Executive:

  	
   

  	
  Robert Cooper

  
	
   

  	
   

  	
  2423 Winfield Dr.

  
	
   

  	
   

  	
  Carmel, IN 46032

  

 

14.                                 Applicable
Law.  This Agreement was negotiated
and entered into within the State of Indiana. All matters pertaining to this
Agreement shall be governed by the laws of the State of Indiana applicable to
contracts made and to be performed wholly therein.  Nothing in this Agreement shall be construed to require the
commission of any act contrary to law, and wherever there is any conflict
between any provision of this Agreement and any material present or future
statute, law, governmental regulation or ordinance as a result of which the
parties have no legal right to contract or perform, the latter shall prevail,
but in such event the provision(s) of this Agreement affected shall be
curtailed and limited only to the extent necessary to bring it or them within
the legal requirements.

 

15.                                 Entire
Agreement; Modification; Consents and Waivers.  This Agreement contains the entire agreement of the parties with
respect to the subject matter hereof and supersedes any and all prior
agreements or understandings, written or oral, between the parties with respect
to the subject matter hereof.  No
interpretation, change, termination or waiver of or extension of time for
performance under any provision of this Agreement shall be binding upon any
party unless in writing and signed by the party intended to be bound
thereby.  Except as otherwise provided
in this Agreement, no waiver of or other failure to exercise any right under or
default or extension of time for performance under any provision or this Agreement
shall affect the right of any party to exercise any subsequent right under or
otherwise enforce said provision or any other provision hereof or to exercise
any right or remedy in the event of any other default, whether or not similar.

 

16.                                 Severability.
The parties acknowledge that, in their view, the terms of this Agreement are
fair and reasonable as of the date signed by them, including as to the scope
and duration of post-termination activities. 
Accordingly, if any one or more of the provisions contained in this
Agreement shall for any reason, whether by application of existing law or law
which may develop after the date

 

5

 

of this Agreement, be determined by an arbitrator or court of competent
jurisdiction to be excessively broad as to scope of activity, duration or
territory, or otherwise unenforceable, the parties hereby jointly request such
court to construe any such provision by limiting or reducing it so as to be
enforceable to the maximum extent in favor of the Company compatible with
then-applicable law.  If any one or more
of the terms, provisions, covenants or restrictions of this Agreement shall
nonetheless be determined by an arbitrator or court of competent jurisdiction
to be invalid, void or unenforceable, then the remainder of the terms,
provisions, covenants and restrictions of this Agreement shall remain in full
force and effect and shall in no way be affected, impaired or invalidated.

 

17.                                 Assignment.  The Company may, at its election, assign
this Agreement or any of its rights hereunder. 
This Agreement may not be assigned by the Executive.

 

18.                                 Counterparts.  This Agreement may be executed in
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.

 

19.                                 Arbitration.  Each of the parties hereby irrevocably and
unconditionally consents to arbitrate any dispute arising out of or relating in
any manner to this Agreement or the employment relationship contemplated hereby
or the termination thereof, or any alleged breach of any term or provision of
this Agreement.  Such arbitration shall
be conducted in Indianapolis, Indiana by a single arbitrator in accordance with
the rules of the American Arbitration Association then in effect.  Judgement may be entered on the arbitrator’s
award in any federal or state court in Indiana (and the parties expressly
consent to the jurisdiction of such court), or in any other court having
jurisdiction. Each of the Parties agrees that in any arbitration arising out of
or relating to this Agreement or the employment relationship contemplated
hereby or the termination thereof, or any alleged breach of any term or
provision of this Agreement or in any action to enter judgment on an award in
such arbitration each party shall bear its own fees and expenses.

 

20.                                 Survival.  The provisions of Sections 9 through 19 of
this Agreement shall survive any expiration or termination of this Agreement.

 

21.                                 Options
Under Prior Agreement.  The vesting
of any options to purchase stock of the Company previously granted to the
Executive under the terms of the Prior Agreement or any agreement entered into
contemporaneously with the Prior Agreement shall be governed by the terms of
such agreement notwithstanding any provision of this Agreement.

 

 

IN WITNESS
WHEREOF, the parties hereto have executed this Employment Agreement as of the
date first above written.

 

6

 

	
   

  	
  REPUBLIC AIRWAYS HOLDINGS INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bryan K. Bedford

  	
   

  
	
   

  	
   

  	
  Name: Bryan K. Beford

  	
   

  
	
   

  	
   

  	
  Title: President & CEO

  	
   

  
	
   

  	
   

  
	
   

  	
  ROBERT COOPER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Robert H. Cooper

  	
   

  

 

7

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