Document:

Change of Control Agreement

 Exhibit 10.54 
 Mercury Interactive Corporation 
 379 N. Whisman Road 
 Mountain View, California 94043 
 March 16, 2006 
 Mr. David Murphy 
  

	 	Re:	  Change of Control Agreement 

 Dear Mr. Murphy:

 Mercury Interactive Corporation (the “Company”) has agreed to extend certain benefits to you in the event your employment with
the Company is terminated within eighteen months of a “Change of Control” of the Company. This letter amends and restates an earlier agreement with you on this subject, and sets out the terms of our agreement henceforth (the
“Letter”). Capitalized terms are defined on Exhibit A, attached. 
 1. Severance Benefits. If you or the Company terminate your employment
at any time within the Change of Control Period, then you will be entitled to receive severance benefits as follows: 
 (a) Voluntary
Resignation; Termination for Cause. If you terminate your employment by reason of voluntary resignation (other than by Involuntary Termination) or if you are terminated for Cause, then you will not be entitled to receive severance or other
benefits. All outstanding vested stock options granted prior to January 1, 2006 shall remain exercisable until the later (i) the 15th day of the third month following the date at which the option would otherwise have expired, under the terms of the option at its original grant date or (ii) the December 31st of the year of the termination of your employment. All outstanding vested stock options granted on or after January 1,
2006 shall remain exercisable until the twelve (12) month anniversary of the date of your termination of employment; provided however, that all outstanding options shall be subject to earlier termination under Sections 7 and 11 of the
Company’s Amended and Restated 1999 Stock Option Plan (the “1999 Plan”) (or comparable provisions of the option plan under which the option is granted) and the “Expiration Date” and maximum term as defined in the award
agreement evidencing the options. 
 (b) Involuntary Termination. If your employment is terminated or you terminate your employment as
a result of Involuntary Termination, you will be entitled to receive the following benefits: 
 (i) severance pay, equal to your base salary
and target bonus as of the date your employment ceases, for the Severance Period and according to normal Company payroll practices and commencing with the month immediately after the month in which your employment so ceases; 
 (ii) coverage under the Company’s health, life, dental and other insurance programs for the Severance Period; and 

 (iii) accelerated vesting of all stock options, other forms of equity compensation (for example, any
grants of stock appreciation rights, restricted stock or phantom stock) and other forms of long-term compensation held by you, including those granted after the date of this Letter. All outstanding vested stock options granted prior to
January 1, 2006 will remain exercisable until the later of (i) the 15th day of the third month following
the date at which the option would otherwise have expired, under the terms of the option at its original grant date or (ii) the December 31st of the year of the termination of your employment and all outstanding vested stock options granted on or after January 1, 2006 will remain exercisable until the twelve month anniversary of your
date of termination; provided however, that all outstanding options shall be subject to earlier termination under Sections 7 and 11 of the 1999 Plan (or comparable provisions of the option plan under which the option is granted) and the
“Expiration Date” and maximum term as defined in the award agreement evidencing the options. 
 (c) Disability; Death. If
the Company terminates your employment as a result of your Disability (as defined below) or such employment is terminated by your death, then such termination shall be treated as if it were an Involuntary Termination (notwithstanding the language in
clause (iii) of the definition of such term), and the severance and other benefits shall be provided, in accordance with subsection (b) above. 
 2. Successors. Any successor to the Company (whether direct or indirect and whether by purchase, lease, exclusive license, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business
and/or assets shall assume the obligations under this Letter and agree expressly to perform the obligations under this Letter in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a
succession. To the extent the successor fails to expressly agree in writing at least five (5) days prior to the Change of Control to perform the obligations of the Company under this Letter, such failure shall entitle you to a payment equal to
the severance benefits you would receive upon an Involuntary Termination, as provided in Section 1.b above, with such amount payable on the Change of Control. For all purposes under this Letter, the term “Company” shall include any
successor to the Company’s business and/or assets which executes and delivers the assumption agreement described in this Section 2 or which becomes bound by the terms of this Letter by operation of law. 
 3. Law Governing; Arbitration. This Letter shall be governed by and construed in accordance with the laws of the State of California. Any dispute or controversy arising
under or in connection with this Letter shall be settled exclusively in arbitration conducted in Sunnyvale, California, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the
arbitrator’s award in any court having jurisdiction. In any arbitration proceeding, the party determined to be the prevailing party shall be entitled to receive, in addition to any other award, its attorneys’ fees and expenses of the
proceeding. 
 4. Employment and Income Taxes. All payments made pursuant to this Letter will be subject to withholding of employment taxes. 
  

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 5. Golden Parachute Excise Tax. 
 a. Notwithstanding anything in the foregoing to the contrary, if any of the payments to you (prior to any reduction described in this paragraph) provided for in this Agreement, together with any other payments which
you have the right to receive from the Company or any corporation which is a member of an “affiliated group” as defined in Section 1504(a) of the Internal Revenue Code of 1986, as amended (“Code”), without regard to
Section 1504(b) of the Code, of which the Company is a member (the “Payments”) would constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code) and if the Safe Harbor Amount is greater than the
Taxed Amount, then the total amount of such Payments shall be reduced to the Safe Harbor Amount. The “Safe Harbor Amount” is the largest portion of the Payments that would result in no portion of the Payments being subject to the excise
tax set forth at Section 4999 of the Code (“Excise Tax”). The “Taxed Amount” is the total amount of the Payments (prior to any reduction as described in this paragraph) notwithstanding that all or some portion of the
Payments may be subject to the Excise Tax. Solely for the purpose of comparing which of the Safe Harbor Amount and the Taxed Amount is greater, the determination of each such amount, shall be made on an after-tax basis, taking into account all
applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all of which shall be computed at the highest applicable marginal rate). If a reduction of the Payments to the Safe Harbor Amount is necessary, then the
reduction shall occur in the following order unless you elect in writing a different order (provided, however, that such election shall be subject to Company approval if made on or after the date on which the event that triggers the Payments
occurs): reduction of cash payments; cancellation of accelerated vesting of stock awards; reduction of employee benefits. In the event that acceleration of vesting of a stock award is to be reduced, such acceleration of vesting shall be cancelled in
the reverse order of the date of grant of your stock awards unless you elect in writing a different order for cancellation. 
 b. The
accounting firm engaged by the Company for general audit purposes as of the day prior to the effective date of the Change of Control transaction shall perform the foregoing calculations. If the accounting firm so engaged by the Company is serving as
accountant or auditor for the individual, entity or group effecting the Change of Control, or you and the Company agree that such accounting firm should not be engaged for purposes of making the determinations required hereunder, another nationally
recognized accounting firm may be appointed to make the determinations required hereunder as mutually agreed to by the Company and you. The Company shall bear all expenses with respect to the determinations by such accounting firm required to be
made hereunder. 
 c. The accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed
supporting documentation, to the Company and you within 15 calendar days after the date on which your right to a Payment is triggered (if requested at that time by the Company or you) or such other time as requested by the Company or you upon
written notice that a payment related to a change of control of the Company has been or is to be made. If the accounting firm determines that no Excise Tax is payable with respect to a Payment, it shall furnish the Company and you with an opinion
reasonably acceptable to you that no Excise Tax will be imposed with respect to such Payment. 
 6. Section 409A. The parties agree to
amend this Agreement to the extent necessary to avoid imposition of any additional tax or income recognition under Code Section 409A and any final Treasury Regulations and IRS guidance thereunder prior to the earlier of any actual payment to
you that may not be in compliance with or exempt from Code Section 409A or December 31, 2006. 
  

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 The Company will not take any action that would expose any payment or benefit to you to accelerated or
additional tax under Section 409A of the Code, unless (i) the Company is obligated to take the action under an agreement, plan, or arrangement to which you are a party; (ii) you request the action; or (iii) the Company advises
you in writing that the action may result in the imposition of accelerated or additional tax under Section 409A of the Code and you subsequently request in writing that the action be taken. The Company will hold you harmless for any action it
may take in violation of this paragraph, including any attorney’s fees that you may incur in enforcing your rights hereto. Notwithstanding the foregoing, if the Company proposes to take any action or to make any amendment to this Letter to
avoid any violation of Code Section 409A and you refuse to consent in writing to such action or amendment, then you shall be responsible for any additional tax or income recognition imposed on you, and any attorney’s fees you incur, as a
result of any violation of Code Section 409A. With respect to any such action or amendment the Company proposes, the Company shall, in good faith and after consultation with you, make reasonable efforts to have such proposed action or amendment
minimize any adverse consequences to you. 
 By your signature below, you indicate that you agree to the terms set out in this Letter. 
  

			
	Very truly yours,
	
	MERCURY INTERACTIVE CORPORATION
		
	By:	 	 /s/ Anthony Zingale

	Title:	 	President and Chief Executive Officer
	
	ACKNOWLEDGED AND AGREED:
	
	 /s/ David Murphy

	David Murphy
	
	Date: March 16, 2006

  

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 EXHIBIT A 
 Definition of Terms. The following terms referred to in this Letter shall have the following meanings: 
 “Cause” means (i) any act of
personal dishonesty taken by you in connection with your responsibilities as an employee and intended to result in substantial personal enrichment; (ii) your being convicted of a felony; or (iii) a willful act by you which constitutes
gross misconduct and which is materially injurious to the Company. 
 “Change of Control” means the occurrence of any of the following events:

 (a) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), is or
becomes the “beneficial owner” (as defined in Section 13d-3 of said Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company’s then outstanding
voting securities; 
 (b) The composition of the Board of Directors changes during any period of 36 months such that individuals who at the
beginning of the period were members of the Board of Directors (the “Continuing Directors”) cease for any reason to constitute at least a majority thereof; unless at least 66- 2/3% of the Continuing Directors has either (i) approved the election of the new Directors, (ii) if the election of the new Directors is voted on by
shareholders, recommended that the shareholders vote for approval, or (iii) otherwise determined that such change in composition does not constitute a Change of Control, even if the Continuing Directors do not constitute a quorum of the whole
Board (it being understood that this requirement shall not be capable of satisfaction unless there is at least one Continuing Director); 
 (c) The shareholders of the Company approve a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 50% of the total voting power represented by the voting securities of the Company or such surviving
entity outstanding immediately after such merger or consolidation, or the shareholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale, lease, exclusive license or disposition by the Company of all
or substantially all of the Company’s assets; 
 (d) Any other provision of this subsection notwithstanding, the term Change of Control
shall not include either of the following events undertaken at the election of the Company: 
 (i) Any transaction, the sole purpose of which
is to change the state of the Company’s incorporation; or 
 (ii) A transaction, the result of which is to sell all or substantially all
of the assets of the Company to another corporation (the “surviving corporation”) provided that the surviving corporation is owned directly or indirectly by the shareholders of the Company immediately following such transaction in
substantially the same proportions as their ownership of the Company’s common stock immediately preceding such transaction. 
  

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 “Change of Control Period” means the period beginning with the date that a Change of Control has occurred (as
determined by the Board of Directors of the Company) and ending twenty-four (24) months later. 
 “Disability” means that you suffer from a
physical or mental disability to an extent that renders it impracticable for you to continue performing your duties hereunder. You shall be deemed to be so disabled if (i) a physician selected by the Company (and the Company will use its best
efforts to coordinate such determination by the physician with the Company’s long term disability insurance carrier) advises the Company that your physical or mental condition will render you unable to perform your duties for a period exceeding
three consecutive months, or (ii) due to a physical or mental condition, you have not substantially performed your duties hereunder for a period of three consecutive months. 
 “Involuntary Termination” means without your written consent (i) your assignment to any duties or the significant reduction of your duties or a significant change of your title, any of which is
inconsistent with your position or title with the Company and responsibilities in effect immediately prior to such assignment. For purposes of clarification, if you are not the principal financial officer of the successor entity or its ultimate
parent, if any, then you will have suffered a significant reduction of your duties which qualifies as an Involuntary Termination pursuant to this paragraph; (ii) reduction by the Company in your base compensation as in effect immediately prior
to such reduction; (iii) any purported termination of you by the Company (other than a voluntary resignation initiated by you, except for a voluntary termination initiated by you for the reasons described in this paragraph) which is not
effected for Disability or for Cause; (iv) relocation of your principal place of employment by more than 50 miles; (v) the failure of any successor entity to the Company to expressly assume in writing the terms of this agreement or your
employment agreement; and (vi) any material breach by the Company of any material provision of your employment agreement with the Company which has not been cured within 30 days of written notice to the Company by you of such breach.

 “Severance Period” means the 24-month period following your termination of employment. 
  

 6Aircraft Modification Agreement with Israel Aircraft Industries, Ltd.

 Exhibit 10.23 
 AMENDMENT TO THE BOEING 767 AIRCRAFT MODIFICATION AGREEMENT 
 THIS AMENDMENT TO THE
BOEING 767 SPECIAL FREIGHTER MODIFICATION AGREEMENT (“Amendment”) is entered into as of December             2005, by and between Israel Aircraft Industries Ltd., a
corporation organized and existing under the laws of the State of Israel (“Contractor”) and ABX Air, Inc., a corporation organized and existing under the laws of the State of Delaware (“ABX”), United States of America.

 Preliminary Statements 
 A. Contractor and ABX are parties to a Boeing 767 Special Freighter Agreement, effective as of December 17, 2001, and as amended from time to time, (the “767 Agreement”). 
 B. Contractor and ABX desire to amend the 767 Agreement as hereinafter provided to accommodate the requirements of each other. 

Statement of Agreement 
 Contractor and ABX, intending to be legally bound, hereby agree as follows: 
 1. Definitions. Unless
otherwise defined herein, including in the recitations to this Amendment, all capitalized terms used herein shall have the meanings ascribed thereto in the 767 Agreement. 
 2. Amendments. The 767 Agreement is hereby amended, modified and/or confirmed as follows: 
 I.     ADDITIONAL AIRCRAFT 
 ABX may take ownership and delivery of up to twelve
(12) additional B767-200 aircraft from Delta Airlines, Inc. (“Delta”) and desires Contractor to perform Cargo Modification on all such additional aircraft that ABX inducts for Cargo Modification. 
 II.    WITHHELD AIRCRAFT 
 Contractor and ABX agree and recognize that the twelve (12) additional aircraft (“Withheld Aircraft”) are currently assets of Delta, which has recently filed for 

  

 1 

 
Chapter Eleven protection under U.S. Bankruptcy Code. For the sale of the Withheld Aircraft to be consummated and for ABX to properly take ownership and
delivery of the Withheld Aircraft, the court reviewing Delta’s bankruptcy petition must approve and allow the sale of all the Withheld Aircraft to ABX. If the reviewing court approves the sale of all the Withheld Aircraft to ABX and ABX takes
delivery from Delta of all the Withheld Aircraft, then the Withheld Aircraft will then become “Additional Aircraft” hereunder and will be subject to the terms and conditions below. If the court reviewing Delta’s Chapter Eleven
petition rejects or disallows all or part of the purchase by, or delivery to, ABX of the Withheld Aircraft or ABX is otherwise unable to take delivery of all or part of the Withheld Aircraft from Delta, then such Withheld Aircraft will not be
considered Additional Aircraft and neither party hereunder will owe the other party any damages, direct or otherwise, and the obligations and rights of Contractor and ABX hereunder will be null and void. 
 III.    DELIVERY OBLIGATIONS 
 Provided ABX takes delivery from Delta of the Withheld Aircraft as described in paragraph II above, this Amendment will serve as ABX’s commitment to Contractor to Deliver the Additional Aircraft to Contractor for
Cargo Modification in accordance with the schedule in paragraph VII below. If ABX takes delivery from Delta of all Withheld Aircraft, then ABX is obligated to Deliver no fewer than six (6) Additional Aircraft to Contractor for Cargo
Modification. Additional Aircraft will be subject to Cargo Modification by Contractor under the terms and conditions of the 767 Agreement, as amended from time to time, and the terms and conditions hereunder. On no less than nine (9) months
written notice to Contractor, ABX reserves the right to cancel any Cargo Modification for any of the Additional Aircraft, provided that in no event shall ABX Deliver fewer than six (6) Additional Aircraft to Contractor for Cargo Modification.
Should ABX cancel Cargo Modification for an Additional Aircraft pursuant to the previous sentence on less than twelve (12) months written notice to Contractor, ABX will pay Contractor the sum of Two Million ($2,000,000.00) US
Dollars as full and final consideration to Contractor for such cancellation. If ABX gives Contractor at least twelve (12) months written notice to Contractor of its cancellation of Cargo Modification Services for an Additional Aircraft, there
will be no cancellation fee and Contractor cannot claim or collect any damages or fees from ABX for such cancellation. In lieu of paying the sum of Two 

  

 2 

 
Million ($2,000,000.00) US Dollars as full and final consideration to Contractor for cancellation of such Cargo Modification on less than twelve
(12) months written notice, ABX, in its sole discretion, may pay Contractor the sum of Three Million Eight Hundred Thousand ($3,800,000) US Dollars, which will be a deposit for Contractor’s performance of a Cargo Modification on a future
ABX Boeing 767 aircraft and such deposit amount will cover the cost in full for such cancellation and for the cost of the Basic Cargo Modification Kit, which kit will include those parts identified in IAI Master Document List (MDL) Number
TR-368-00-00-94100 and aircraft applicability IAI document TR-368-00-00-91716. Should ABX choose to make such deposit, ABX will provide Contractor no less than five (5) months written notice in advance of when ABX desires such Cargo
Modification to be performed and the parties will mutually agree on the dates for Delivery and ReDelivery for such aircraft. ABX will have through May 24, 2015 to use such deposit. If Contractor is willing and able to provide the Cargo
Modification associated with such deposit in accordance with the terms agreed on by the Parties, then the deposit will be non-refundable. 
 IV.    CARGO MODIFICATION SPECIFICATIONS 
 Exhibit 2.1 of the 767 Agreement, which concerns GECAS’s
767 Passenger to Special Freighter Conversion Specification, and the definition of Specification under the 767 Agreement, are amended to include the following: 
  

	 	 •
	 	 Crew and supernumeraries shall be able to access the main deck cargo compartment in flight or on the ground provided emergency equipment is available;

  

	 	 •
	 	 Weight upgrades from 258,000 lbs Maximum Zero Fuel Weight (“MZFW”) to 261,000 lbs; 

  

	 	 •
	 	 261,000 lbs MZFW to 266,000 lbs MZFW; and 

  

	 	 •
	 	 The most current and applicable configuration for Cargo Modification is reflected in the latest IDL (Installation Drawing List). 

 V.    AIRCRAFT LANDING GEAR AND MTOW UPGRADES 
 The parties acknowledge that ABX has purchased from a third-party eleven (11) ship-sets of heavy main landing gear as of the date of this Amendment and ABX, at its sole 

  

 3 

 
option, may purchase three (3) or more heavy main landing gear ship-sets. Heavy main landing gear ship-sets purchased by ABX from a third-party shall be
shipped by ABX by sea to Contractor in accordance with the 767 Agreement. 
 Should ABX in its sole discretion decide to purchase any heavy
main landing gear ship-sets from Contractor, ABX will inform Contractor of the same in writing and Contractor will be responsible for locating and providing such heavy main landing gear and ABX will be responsible for the purchase of the heavy main
landing gear provided by Contractor, with a cap on such costs to ABX at One Million One Hundred and Ninety-Six Thousand US Dollars ($1,196,000.00) per heavy main landing gear ship-set. 
 VI.    MTOW WEIGHT UPGRADES 
 Contractor will provide weight
upgrades for the Additional Aircraft as described in the above Specification changes at Maximum Takeoff Weight (“MTOW”) to 351,000 lbs. by October 25, 2006 (due to the pre-line 86 configuration of the Additional Aircraft) for all
Additional Aircraft that are scheduled for ReDelivery on or before October 25, 2006. If Contractor does not provide the 351,000lbs MTOW for any or all of the applicable Additional Aircraft by such date, except as a result of Excusable Delay,
Contractor will pay ABX Liquidated Damages in accordance with Sections 15.3 & 15.4 of the 767 Agreement, as escalated in accordance thereof, for a total of one (1) Additional Aircraft for each day of delay that any of the Additional
Aircraft ReDelivered on or before October 25, 2006 fail to meet all requirements for 351,000lbs MTOW. Each and every Additional Aircraft scheduled to be ReDelivered after October 25, 2006 that does not attain at least 351,000 lbs MTOW as
of its scheduled date of ReDelivery will accrue Liquidated Damages in accordance with Sections 15.3 & 15.4 of the 767 Agreement. Nothing in this paragraph is meant to limit any or all rights ABX may have to Liquidated Damages under the 767
Agreement or under any other agreement with Contractor, except as related to failure to ReDeliver an Additional Aircraft with 351,000lbs MTOW as described above. 
  

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 VII.    INDUCTION AND TURNTIME SCHEDULE 
 The Turn Time / Schedule for such Additional Aircraft will be as follows: 
  

															
	 Aircraft
Serial
Number*
	  	Aircraft
Induction
Date	  	Redelivery
Date	  	 Conversion
 Line
	  	Mod Days	  	Maintenance
Days **	  	Holidays	  	Total
Turn
Time
	22216	  	 10/19/2005
	  	 02/21/2006
	  	 IAI 1
	  	115	  	8	  	2	  	125
	22213	  	 01/15/2006
	  	 05/25/2006
	  	 IAI 1
	  	115	  	8	  	7	  	130
	22221	  	 03/1/2006
	  	 07/09/2006
	  	 IAI 2
	  	115	  	8	  	7	  	130
	22217	  	 7/10/2006
	  	 11/17/2006
	  	 IAI 2
	  	115	  	8	  	7	  	130
	22222	  	 09/04/2006
	  	 01/14/2007
	  	 VEM 1
	  	115	  	8	  	9	  	132
	22223	  	 11/12/2006
	  	 03/16/2007
	  	 IAI 1
	  	115	  	8	  	1	  	124
	22225	  	 11/19/2006
	  	 03/23/2007
	  	 IAI 2
	  	115	  	8	  	1	  	124
	22227	  	 01/15/2007
	  	 05/29/2007
	  	 VEM 1
	  	115	  	8	  	11	  	134
	22224	  	 05/30/2007
	  	 10/03/2007
	  	 VEM 1
	  	115	  	8	  	3	  	126
	22215	  	 10/04/2007
	  	 02/17/2008
	  	 VEM 1
	  	115	  	8	  	13	  	136
	22226	  	 02/18/2008
	  	 06/25/2008
	  	 VEM 1
	  	115	  	8	  	5	  	128
	22218	  	 06/26/2008
	  	 10/31/2008
	  	 VEM 1
	  	115	  	8	  	4	  	127

  

	 *
	 Except for Additional Aircraft serial numbers, 22213, 22221, Additional Aircraft serial numbers are subject to change on no less than thirty (30) days
notice prior to Delivery. 

  

	 **
	 Whether or not to retain Contractor or VEM for performance of Heavy Maintenance will be at ABX’s sole discretion. 

 If the ReDelivery of any Additional Aircraft is delayed due to an Excusable Delay, the reminder of the Additional Aircraft Redelivery dates above will be
delayed accordingly to allow for such Excusable Delay. 
 If Contractor ReDelivers any Additional Aircraft prior to its scheduled date of
ReDelivery as shown above, Contractor will have a credit for such unused turntime days. Contractor, without penalty, may use such turntime credit for Additional Aircraft in the same conversion line at the same conversion facility, but cannot carry
them from different conversion lines or between conversion facilities (i.e., between Contractor’s Tel Aviv facility and VEM). One such turntime credit, if any, is fully used, Liquidated Damages may be accrued against Contractor in accordance
with the 767 Agreement. 
  

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 VIII.    FACILITIES 
 Pricing for Contractor’s performance of Basic Cargo Modification for the Additional Aircraft will be on a sliding scale as set forth in the table below. 
  

				
	 Number of Additional Aircraft Converted
	  	Price For Each Converted
Additional Aircraft
	 1-6
	  	$	8,835,000.00
	 7-8
	  	$	8,718,000.00
	 9-10
	  	$	8,618,000.00
	 11-12
	  	$	8,468,000.00

 Contractor and ABX acknowledge that IAI’s Subcontractor Varig Engineering and Maintenance
facility (“VEM”) meets ABX’s approval; accordingly, six (6) of the Additional Aircraft will be modified at VEM, with any remaining Additional Aircraft to be modified at Contractor’s facility in Tel Aviv, Israel. 

IX.    PRICING 
  

	 	 •
	 	 Contractor’s time and material labor rate for all applicable additional work, routine/non-routines and Heavy Maintenance (C-16 or other heavy maintenance)
(collectively, additional work, routine/non-routines and Heavy Maintenance, C-16 or other heavy maintenance, will be “Heavy Maintenance”) will be Forty Nine Dollars and Fifty Cents ($49.50) per labor hour when Heavy Maintenance is
performed at Contractor’s Tel Aviv facility. The applicable labor rate for Heavy Maintenance performed at VEM will be Forty-Three Dollars and Fifty Cents ($43.50) per labor hour when performed by VEM at its Porto Alegre facility. The preceding
VEM pricing is not applicable when VEM performs such work at its Rio de Janeiro facility. For the purposes of the provision of Heavy Maintenance hereunder, VEM’s Rio de Janeiro facility is a third party 

  

 6 

	 	 
maintenance provider. The per labor hour charge for the performance of such Heavy Maintenance by VEM at its Rio de Janeiro facility will be separately
negotiated between VEM and ABX; 

  

	 	 •
	 	 The initial price for the Heavy Maintenance Package, including Cleaning/Dinatrol, in accordance with the specification provided to Contractor by ABX on
July 11, 2005, the terms of which are incorporated by reference, is Nine Hundred and Twelve Thousand Four Hundred and Ninety-Seven US Dollars ($912,497.00). This pricing is subject to further review and adjustment by the parties until
November 30th, 2005. Notwithstanding anything to the contrary, ABX is not obligated to award Contractor or VEM Heavy Maintenance work. Should. ABX choose to award such Heavy Maintenance work to VEM, Contractor and/or any third party, ABX may in
its sole discretion divide such work between maintenance providers as ABX chooses, provided that the Heavy Maintenance is performed separately from the conversion process and does not adversely affect the Delivery dates of the Additional Aircraft
into conversion; 

  

	 	 •
	 	 All the above prices are in 2005 US Dollars and subject to escalation in accordance with the terms of the 767 Agreement; 

  

	 	 •
	 	 The escalation of the pricing for the Additional Aircraft set out in Exhibit 7.1, except the Basic Cargo Modification pricing, will be lowered to two percent
(2%) per year for labor and maintenance from the effective date of this Amendment until December 31, 2008; 

  

	 	 •
	 	 Contractor will charge ABX Thirty-Three Thousand Seven Hundred and Eighty US Dollars ($33,780.00) to increase the MZFW from 258,000 lbs. to 261,000 lbs per
Additional Aircraft; 

  

 7 

	 	 •
	 	 Contractor will charge ABX One Hundred and Forty-Five Thousand US Dollars ($145,000.00) to increase the MZFW from 261,000 lbs. to 266,000 lbs per Additional
Aircraft; and 

  

	 	 •
	 	 Pricing for 261,000 lbs. to 266,000 lbs MZFW will be the same per pound rate as pricing per pound rate for 258,000 lbs. to 261,000 lbs MZFW, provided Contractor
is awarded twelve (12) aircraft for Cargo Modification. The lower price per pound rate will begin and continue in effect for any and all aircraft acquired by ABX after the first twelve (12) aircraft contemplated in this Amendment and will
continue in effect thereafter unless modified in a signed writing between the Parties. 

 X.    MISCELLANEOUS 
 Capitalized terms not otherwise defined herein
will have the same meaning as used in the 767 Agreement. 
 Any term or condition of the 767 Agreement not amended, modified or replaced by
this Amendment will remain in full force and effect and is incorporated by reference as if fully restated herein. In the event there is a conflict between the 767 Agreement and this Amendment, this Amendment will control. 
 (SIGNATURE BLOCK ON THE FOLLOWING PAGE) 
  

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 This Amendment has been signed by duly authorized agents of Contractor and ABX is effective as of the
last date signed below. 
  

					
	 Israel Aircraft Industries Ltd.
 Bedek Aviation Group
 Aircraft Division
	 		 	 ABX Air, Inc.

			
	   	 		 	   
	 Name
	 		 	 Name

			
	   	 		 	   
	 Title
	 		 	 Title

			
	   	 		 	   
	 Date
	 		 	 Date

  

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