Document:

Exhibit 10.2

Letter between Employment Letter between David J. Mickelson, Executive Vice
President, Chief Financial Officer and Chief Operating Officer and Redhook Ale
Brewery, Incorporated.

David J. Mickelson
Executive Vice President, Chief Financial Officer and Chief Operating Officer
Redhook Ale Brewery, Incorporated
14300 NE 145th Street, Suite 210
Woodinville, WA 98072

Dear Dave:
The purpose of this letter is to confirm our understanding about your continued
employment as the Executive Vice President, Chief Financial Officer and Chief
Operating Officer of Redhook Ale Brewery, Incorporated (the "Company").
Your current employment agreement with the Company dated August 1, 2000 expires
on July 31, 2005. We have agreed that the Company will not be entering into new
employment agreements with its executive officers upon the expiration of their
contracts, but that, going forward, all our executive officers will be "at-will"
employees. Our mutual agreement regarding your salary, severance and other
benefits, beginning August 1, 2005, is set forth below.
Compensation and Benefits
-------------------------
You will receive a base salary of $186,000 per year, subject to review and
recommended annual adjustment by the Compensation Committee and approval by the
Board. In addition, you are entitled to participate in all of the Company's
employee benefit programs for which you are eligible.
You will be eligible for a yearly bonus, such bonus to be approved by the Board
on recommendation of the Compensation Committee. We anticipate that 50% of your
bonus will be discretionary, and 50% will be paid upon achieving certain targets
set by the Compensation Committee or the Board initially described in the
"Report of the Redhook Compensation Committee" dated May 24, 2005. For 2005,
your target bonus will be $44,000. You will also be entitled to a monthly car
allowance of $850 per month.

Severance
---------
In the event that your employment with the Company is terminated by the Company
for any reason other than "for cause", you will be entitled to severance equal
to one month of base salary for each year of your service with the Company,
capped at a severance payment equal to 24 months of base salary and to be
reimbursed for your COBRA premiums to maintain the same health benefits provided
to you, then in place, for the term of the severance period paid by the Company,
not to exceed 18 months. For purposes of our agreement to pay severance, "for
cause" means that you have engaged in conduct which, if you were to remain
employed by the Company, would substantially and adversely impair the interests
of the Company, or you have engaged in fraud, dishonesty or self-dealing
relating to or arising out of your employment with the Company, or you have
violated any criminal law relating to your employment or to the Company, or you
repeatedly refuse to obey lawful directions of the Company's Board of Directors.
This severance policy remains subject to revision at any time by the Board of
Directors after six (6) months written notice to you.
Special Bonus.
-------------

     For your efforts in implementing the new joint-venture arrangement with
Craft Brands Alliance and for the positive benefits the Company is seeing from
the Craft Brands arrangement, you will receive a one-time bonus of $40,000, to

                                       8
<PAGE>

be paid on July 31, 2005. You hereby agree that no additional bonuses are owing,
and no bonuses will be paid, under your existing employment agreement which
terminates according to its terms on July 31, 2005.
We appreciate your continued efforts on behalf of Redhook, and look forward to
having you as a member of our team for years to come.
Sincerely,

/s/ David Lord
--------------
David Lord

       Chairman, Compensation Committee

Acknowledged and Agreed:

/s/ David J. Mickelson
----------------------
David J. Mickelson

Date: June 23, 2005
      -------------

                                       9USAirways Letter 06/23/2005

                                                                                                    

                                                                                                    EXHIBIT
10.1

 

                                                                                                    June 23,
2005

Via
Telecopier and First Class Mail

Wexford
Capital LLC

Wexford
Plaza

411 West
Putnam Avenue

Greenwich,
CT 06830

Attention:
President and General Counsel

Telecopier:
(203) 862-7320 and (203) 862-7312

Republic
Airways Holdings, Inc.

8909
Purdue Road, Suite 300

Indianapolis,
IN 46268

Attention:
Chief Executive Officer

Telecopier:
(317) 484-6060

Re:
Investment Agreement Notices

Gentlemen:

Reference
is made to that certain Investment Agreement, dated March 15, 2005 (the
“Investment Agreement”), among US Airways Group, Inc. (the “Company”), US
Airways, Inc. (“US Airways”), Wexford Capital LLC, on its own behalf and on
behalf of its affiliated funds and managed accounts (collectively “Wexford”),
and Republic Airways Holdings, Inc. (“Republic”, and together with Wexford, the
“Investor”). Capitalized terms used herein without definition shall have the
meanings ascribed to them in the Investment Agreement.

The
Company hereby notifies the Investor that it does not intend to exercise its
option under Section 2.01 of the Investment Agreement to require the Investor to
purchase the New Common Stock. The Investor is hereby relieved of any obligation
it may have to purchase the New Common Stock pursuant to the terms of the
Investment Agreement. 

Pursuant
to Section 2.02 and Exhibit A-1 of the Investment Agreement, the Company and US
Airways hereby notify Investor that they wish to exercise the Slots Option. The
closing of the purchase by the Investor and license back to US Airways of the
Slots shall occur on or before July 31, 2005 (the “Closing Date”).

Pursuant
to Section 6.03 of the Investment Agreement, the Investor is required to
complete the Republic Aircraft Transaction (subject to applicable conditions
thereto and the terms and conditions of Exhibit B to the Investment Agreement)
if the Company and/or US Airways exercise and complete the Slots Option. Thus,
US Airways shall sell the ten (10) Currently Owned Aircraft to the Investor on
the Closing Date. 

In
addition, the Company has arranged for 100% lease financing to have been made
available to Republic with respect to the three (3) EMB Committed Aircraft. So
long as Republic finds the terms of such lease financing reasonably acceptable
in accordance with Exhibit B to the Investment Agreement, then Republic shall
also acquire the EMB Committed Aircraft on the Closing Date. Concurrently
therewith, the Investor shall lease the Currently Owned Aircraft and the EMB
Committed Aircraft to US Airways in accordance with the terms of Exhibit B of
the Investment Agreement and pursuant to an operating lease to be prepared by
counsel for US Airways.

Further,
US Airways shall assign, and Republic shall assume, the leases for the fifteen
(15) Leased Aircraft in accordance with the terms of Exhibit B of the Investment
Agreement. The Leased Aircraft shall be transitioned to Republic beginning sixty
(60) days after Republic’s acquisition of the Currently Owned
Aircraft.

Finally,
in the event the Investor acquires the Owned Aircraft and Leased Aircraft, the
Investor is required to purchase, free and clear of all liens, a flight
simulator and a cabin door trainer (together with all licenses and agreements
related to the operation thereof) in accordance with the terms of Exhibit B of
the Investment Agreement. 

This
notice is without prejudice to any other right or remedy of the Company under
the Investment Agreement, each of which is reserved in its
entirety.

                                            Sincerely,

                                             US AIRWAYS GROUP,
INC.

                                        

                                        /s/
Ronald E. Stanley

                                              Name:
Ronald E. Stanley

                                              Title:
EVP-Finance & CFO

                                              US AIRWAYS,
INC.

                                                               

                                                                 /s/
Ronald E. Stanley

                                                                       Name:
Ronald E. Stanley

                                               Title:
EVP - Finance & CFO

1EXHIBIT 4.7

 

THIS IS AN ENGLISH TRANSLATION OF THE ORIGINAL FRENCH DOCUMENT.

 

MEMORANDUM 
OF UNDERSTANDING

 

BETWEEN:

 

HAVAS, a stock company with share capital of 171,552,757 Euros, registered in the Commercial and Corporate Register of Nanterre under the number 335 480 265, headquartered at 2, allée de Longchamps, 92281 Suresnes Cedex, represented by Mr. Richard Colker, Chairman and Chief Executive Officer,

 

(hereafter “HAVAS”)

 

THE PARTY OF THE FIRST PART,

 

 

 

AND :

 

Mr. ALAIN DE POUZILHAC, born on June 11, 1945 at Sète (34), of French nationality, domiciled at 21 rue de Miromesnil (75008) Paris,

 

(hereafter “MR. DE POUZILHAC”)

 

THE PARTY OF THE SECOND PART,

 

 

(HAVAS and MR. DE POUZILHAC are collectively hereafter the “Parties”).

 

1

 

 

 

WHEREAS :

 

Having joined the Havas group on February 2, 1976, Mr. de Pouzilhac most recently exercised the functions of Chairman of the Board of Directors and Chief Executive Officer of Havas.

 

In this role, he led the turnaround of the Havas group and thus contributed in large part to the positive net income recorded in 2004, this favorable trend confirmed by the results forecasted for the first half of 2005.

 

At the Annual Shareholders’ Meeting of Havas held on June 9, 2005, a change in the composition of the Board of Directors of the Company was decided. It was in this context that, at the Board meeting of June 21, 2005, it was decided to remove Mr. de Pouzilhac from his functions as Chairman of the Board of Directors and Chief Executive Officer of Havas.

 

At the same time, the members of the Board present at such meeting unanimously adopted certain resolutions aimed at delineating the financial terms relating to Mr. de Pouzilhac’s departure, at ensuring the execution of a European non-competition agreement for a duration of 36 months and at organizing the terms of an agreement for Mr. de Pouzilhac to provide advice and assistance to the newly appointed Chief Executive Officer, all in the corporate interest of the Havas group.

 

The Board also noted that pursuant to the terms of his employment contract dated January 1, 2002 with Euro RSCG New York, Inc. (formerly MVBMS EURO RSCG Inc.), Mr. de Pouzilhac would receive within 30 days of the termination of this contract a severance payment in the amount of 1,800,000 U.S. dollars.

 

It is in this context of the removal of Mr. de Pouzilhac that the Parties have formalized by the present document the resolutions of the Board of Directors of June 21, 2005.

 

IT HAS HEREBY BEEN AGREED AS FOLLOWS:

 

ARTICLE 1: Indemnity Payment

 

	
            1.1
 	
            Havas shall pay Mr. de Pouzilhac a one-time lump-sum final indemnity payment of 3,000,000 Euros.
 

 

	
            1.2
 	
            This amount is paid to him as compensation for any and all emotional, occupational or professional damage resulting from the conditions, circumstances and consequences of the termination of his functions as Chairman of the Board of Directors and Chief Executive Officer of Havas, and in particular in compensation for the loss of remuneration under the 2004-2006 Long Term Incentive Plan. The Board of Directors has also taken into consideration his age, his thirty years of service within the Group, his services rendered and the performance of the Group.
 

 

 

2

 

 

 

 

	
            1.3
 	
            The Parties agree that the social charges and/or the General Social Contribution and the Social Debt Repayment Contribution taxes applicable to the abovementioned payment shall be withheld by Havas and paid to the appropriate social and/or tax agencies on Mr. de Pouzilhac’s account, in accordance with the provisions of articles 80.12 of the General Tax Code and L 242-1 of the Social Security Code. HAVAS thus this day pays to Mr. de Pouzilhac, who acknowledges receipt subject to deposit, the net amount of 2,763,302.67 Euros.
 

 

ARTICLE 2 : Contractual Termination Payment  

 

Havas guarantees the payment this day by its subsidiary Euro RSCG New York, Inc. of the USD 1,800,000 severance payment due to Mr. de Pouzilhac under his employment contract dated January 1, 2002.

 

ARTICLE 3 : Stock Options

 

	
            3.1
 	
            It is expressly agreed that Mr. Alain de Pouzilhac shall be able to exercise the share subscription options that were allocated to him between 1997 and 2002, in accordance with the rules and conditions of such option plans.
 

 

	
            3.2
 	
            In accordance with the decision of the Board of Directors of the Company of June 21, 2005, it is expressly agreed that Mr. Alain de Pouzilhac shall be able to exercise, beginning from the date of the signature of the present document, without regard to the vesting period (exercisability or availability), without regard to the exercise period and without regard to employment at the date of exercise, the total number of share subscription options that were allocated to him by Havas under the option plans dated July 4, 2003, May 26, 2004 and December 1, 2004, i.e.:
 

 

	
            Allocation Date
 	
            Number of Exercisable Options*
 	
            Exercise Price (€)*
 	
            Options Expiration Date 
 
	
            July 13, 2004
 	
            219,414
 	
            3.67
 	
            July 4, 2013
 
	
            May 26, 2004
 	
            329,532
 	
            4.06
 	
            May 26, 2014
 
	
            December 1, 2004
 	
            700,000
 	
            4.17
 	
            December 1, 2011
 

 

* before readjustment in connection with the distribution of dividends decided on by the Ordinary General Shareholders’ Meeting of June 9, 2005

 

Mr. de Pouzilhac shall also be able to dispose of immediately, without any required holding period, the total number of shares issued upon the exercise of these options. Havas shall waive any restrictions on transfer of the shares.

 

	
            3.3
 	
            In accordance with the unanimous decision of its Board of Directors of June 21, 2005, Havas irrevocably promises to issue for the benefit of Mr. de Pouzilhac, at the next Board of Directors meeting and in any case whatever the circumstances 
 

 

 

3

 

 

by December 31, 2005 at the latest, 300,000 Havas share subscription options valid for 7 years.

 

It is noted that these options correspond to the last remaining tranche of options due to Mr. de Pouzilhac in respect of his waiver of benefits under his executive pension plan (régime de retraite chapeau).

 

Havas irrevocably promises that these options shall be exercisable by Mr. de Pouzilhac from the date of their issuance, without any vesting period (exercisability or availability), without regard to the exercise period and without regard to employment at the date of exercise. Havas also promises that Mr. de Pouzilhac shall be able to dispose of the total number of shares issued upon exercise of these options, without any required holding period, any restrictions on transfer being waived.

 

	
            ARTICLE 4: Non-Competition   
 

 

	
            4.1
 	
            Upon the condition that Havas complies entirely with its undertakings set out above, upon which Mr. De Pouzilhac relies in making this undertaking, Mr. de Pouzilhac agrees to abide by the non-competition and non-solicitation agreement submitted to him by Havas, which is annexed to the present memorandum.
 

 

	
            4.2
 	
            In accordance with article 1.5 of such non-competition agreement, he shall receive a non-competition payment in an aggregate gross amount of 3,392,000 Euros. This  non-competition payment shall be paid in 12 gross quarterly payments of 282,666.66 Euros, subject to deduction of the applicable social charges and contributions.
 

 

	
            4.3
 	
            As this non-competition undertaking will cover a period of 36 months, commencing on June 23, 2005, the first installment of the non-competition payment will be paid on July 31, 2005 at the latest, and the last installment on April 30, 2008, with intervening installments payable July 31, October 31, January 31 and April 30 of each year.
 

 

	
            4.4
 	
            By express agreement between the Parties, the failure to pay when due an installment of the non-competition payment shall release Mr. de Pouzilhac, after a 30-day period of non-payment following the giving of formal notice, from the non-competition and non-solicitation covenant discussed above. Havas shall in such case pay to Mr. de Pouzilhac, on his first demand, a final lump-sum indemnity in an amount equal to the aggregate amount of the non-competition payment stipulated above that remains unpaid at that date.
 

 

	
            4.5
 	
            By express agreement between the Parties, the twelve-month non-competition clause referred to in article 13, “ Non-competition ”, of the Amended and Restated Employment Agreement between Mr. de Pouzilhac and EURO RSCG New-York, Inc., dated January 1, 2002, shall be merged with the present non-competition provisions.
 

 

 

4

 

 

 

ARTICLE 5 : Advice and Assistance

 

	
            5.1
 	
            In order to facilitate, for the benefit of Havas and of the Group, the transition in general management of Havas, Mr. de Pouzilhac shall, on the express demand of Havas, provide advice and assistance, commencing on June 23, 2005 and terminating on December 31, 2005, to Mr. Richard Colker or his successor in the position of Chief Executive Officer.
 

 

This assistance shall include the communication by Mr. de Pouzilhac, insofar as he possesses at this date, all of the information requested by his successor concerning operations, administration, and the history of the company’s relations with third parties. At the request of Havas, Mr. de Pouzilhac shall also use his best efforts to participate in all attempts to maintain and solidify Havas’ relations with its personnel and with its clients, in particular Peugeot and Darty.

 

ARTICLE 6 : Waiver of Proceedings and Actions

 

	
            6.1
 	
            Havas declares that it waives unreservedly all proceedings and/or actions, civil or otherwise, with respect to Mr. de Pouzilhac, in particular relating to the performance and the termination of his corporate functions, and more generally, to any possible relations therewith in law or in fact. Havas vouches for the waiver by its subsidiaries, according to the same terms, of all proceedings and/or actions with respect to Mr. de Pouzilhac.
 

 

	
            6.2
 	
            In consideration of the concessions extended by Havas, Mr. de Pouzilhac confirms that Havas has fulfilled all of its obligations to him, with respect to both the performance and the termination of his corporate functions.
 

 

	
            6.3.1
 	
            Conditioned on Havas’ respect of the undertakings contained in the present memorandum, Mr. de Pouzilhac definitively and irrevocably waives with respect to Havas and/or its subsidiaries all actions, claims and assertions, of whatever nature, relating to the performance and the termination of his corporate functions, and more generally, to any relations in law or in fact that he may have with Havas.
 

 

	
            6.4
 	
            The Parties agree that the present Memorandum is drafted in accordance with the provisions of article 2044 and subsequent articles of the Civil Code, in particular with article 2052, and that it shall have as between the Parties final and binding authority, and shall not be challenged on the basis of error of law or fraud.
 

 

 

5

 

 

 

ARTICLE 7 : Confidential Information  

 

Mr. de Pouzilhac promises to keep confidential and not to use to the detriment of Havas the confidential and strategic information of which he has gained knowledge in the course of or in the exercise of his corporate functions at Havas.

 

ARTICLE 8 : Miscellaneous

 

	
            8.1
 	
            This document evidences the resignation of Mr. de Pouzilhac, commencing on this day, from the entirety of the corporate positions that he holds in the other companies of the Havas Group, with the exception of his role as member of the Board of Directors of Havas.
 

 

	
            8.2
 	
            To the extent necessary and appropriate, Mr. de Pouzilhac promises to deliver a letter of resignation from these corporate functions within 15 days of the signature of this document.
 

 

	
            8.3
 	
            At that time, Mr. de Pouzilhac also promises to sign the necessary corporate documents relating to the period of his exercise of the aforementioned functions.
 

 

 

 

 

Signed at Suresnes,

	
            on June 28,
 	
            2005,
 

 

in two original copies of six pages, each of the Parties receiving one original copy.

 

 

	
             
  	
            _______________________
  	
            _____________________________
  
	
             
  	
            For Havas S.A*
  	
            Mr. Alain de Pouzilhac*
  
	
             
 	
            Mr. Richard Colker
 	
             
 
	
             
 	
            Chairman and Chief Executive Officer
 	
             
 

 

 

Before the signature, write by hand “read and approved, fit for settlement, waiver and abandonment of any and all proceeding or action” 

 

 

 

 

6

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