Document:

EX-10.4

 

EXECUTION COPY

AMENDMENT NO. 1 TO STOCK PURCHASE AGREEMENT

AMENDMENT NO. 1 TO TRANSACTION GUARANTEE AGREEMENT

     THIS AGREEMENT, dated as of April 13, 2007 (this “Agreement”), is among Polar Air
Cargo Worldwide, Inc., a Delaware corporation (the “Company”), DHL Network Operations
(USA), Inc., an Ohio corporation (the “Investor”) and Deutsche Post AG, a corporation
organized under the laws of Germany (the “Guarantor”).

     WHEREAS, the Company, Investor and Guarantor desire to extend the Drop Dead Date and make
other amendments to (i) the Stock Purchase Agreement dated as of November 28, 2006 between the
Company and the Investor (the “Purchase Agreement”) and (ii) the Transaction Guarantee
Agreement dated as of November 28, 2006 made by the Guarantor in favor of the Company (the
“Transaction Guarantee”).

1. DEFINITIONS. Capitalized terms defined in the Purchase Agreement, as amended by this Agreement
(the “Amended Purchase Agreement”), and not otherwise defined herein are used herein with
the meanings so defined. The “Amended Transaction Guarantee” means the Transaction
Guarantee, as amended by this Agreement. References in this Agreement to “Sections” and
“Exhibits”, except as the context otherwise dictates, are references to sections hereof and
exhibits hereto.

2. AMENDMENT OF PURCHASE AGREEMENT. In reliance upon the representation and warranties set forth
in Section 4, the Purchase Agreement is hereby amended as follows:

     2.1. Amendment of Section 7.1.1(b)(i). Section 7.1.1(b)(i) of the Purchase Agreement
is amended to read in its entirety as follows :

(i) if the Closing does not occur on or prior to June 30, 2007 (the “Drop Dead
Date”); provided that the Party seeking to terminate this
Amendment pursuant to this Section 7.1.1(b)(i) shall not be permitted to so
terminate this Amendment if the failure to consummate the Contemplated Transactions
shall have resulted primarily from the breach of obligations under this Amendment or
under any Transaction Document by the Party so seeking to terminate this Amendment;
or

     2.2. Deletion of Section 7.2. Section 7.2 of the Purchase Agreement (including all
references thereto) is deleted in its entirety.

     2.3. Amendment of Section 8.1.1. Section 8.1.1 of the Purchase Agreement is amended
to read in its entirety as follows:

8.1.1. Subject to the limitations set forth in this Section 8, the Company
will indemnify and hold harmless the Investor and its Representatives and Affiliates
(each, an “Investor Indemnified Person”), from, against and in respect of
any and all Liability, loss, damage, obligation, deficiency, costs, Actions,
Governmental
Orders, Encumbrances, bonds, dues, assessments, fines, penalties, Taxes, fees,
expenses or amounts paid in settlement thereof (in each case, including reasonable
attorneys’ and experts, fees and expenses), whether or not involving a Third Party

 

 

Claim (collectively, “Losses”), incurred by the Investor Indemnified Persons
or any of them as a result of, arising out of (i) a breach of any representation or
warranty made by the Company in this Agreement (ii) a breach or violation of any
covenant or agreement made by the Company in this Agreement or (iii) any pre-Closing
Liabilities disclosed in the Company Disclosure Schedule not specifically assumed by
the Company in the Asset Conveyance; provided, however, that any
Losses incurred by the Investor Indemnified Persons or any of them as a result of,
the failure of the Company to make filings with any Governmental Entity in Ukraine
in connection with the Contemplated Transactions shall be excluded from the
provisions hereof.

     2.4. Amendment of Section 8.2.2. Section 8.2.2 of the Purchase Agreement is amended
to read in its entirety as follows:

8.2.2. Monetary Limitations. The Investor will have no obligation to
indemnify the Company Indemnified Persons pursuant to Section 8.2.1 in
respect of Losses arising from the breach of, or inaccuracy in, any representation
or warranty described therein unless and until the aggregate amount of all such
Losses incurred or suffered by the Company Indemnified Persons exceeds two million
dollars ($2,000,000) (at which point the Investor will indemnify the Company
Indemnified Persons for all such Losses above such amount), and the Investor’s
aggregate Liability in respect of claims for indemnification pursuant to Section
8.2.1 will not exceed the lesser of (i) twenty-five million dollars
($25,000,000) or (ii) the aggregate amount paid by the Investor for the Investor
Shares for any and all breaches of the representations, warranties or covenants by
or of the Investor in the Agreement; provided, however, that
foregoing limitations will not apply to claims for indemnification for fraud or
pursuant to Section 8.2.1 in respect of breaches of, or inaccuracies in,
representations and warranties set forth in Section 4.1 (Organization),
Section 4.2 (Power and Authority), Section 4.3 (Noncontravention)
and Section 4.6 (No Brokers) which awards for claims in respect thereof
shall not exceed the aggregate amount paid by the Investor for the Investor Shares.

3. AMENDMENT OF TRANSACTION GUARANTEE. In reliance upon the representation and warranties set
forth in Section 4, the Transaction Guarantee is amended as follows:

     3.1. Amendment of Definitions. The definition of Purchase Agreement in the
Transaction Guarantee is amended to read in its entirety as follows:

“Purchase Agreement” means the Stock Purchase Agreement dated as of November
28, 2006 between the Company and DHL Network Operations (USA), Inc., an Ohio
corporation, as may be amended, supplemented or otherwise modified from time to time.

4. REPRESENTATIONS AND WARRANTIES. Each party to this Agreement hereby represents and warrants,
severally with respect to such Party, that:

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	 	(a)	 	such party is a corporation duly organized, validly existing and in good
standing under the laws of the state or country of its organization;
	 
	 	(b)	 	the execution, delivery and performance by such party of this Agreement and the
Amended Purchase Agreement or Amended Transaction Guarantee, as the case may be, are
within its corporate powers, have been duly authorized by all necessary corporate
action, and do not contravene (i) its certificate of incorporation or by-laws (or in
the case of the Guarantor, its registered articles of association) or (ii) any
Applicable Law or any contractual restriction binding on or affecting it; and
	 
	 	(c)	 	this Agreement has been duly executed and delivered by such party and each of
this Agreement and the Amended Purchase Agreement or Amended Transaction Guarantee, as
the case may be, constitutes the legal, valid and binding obligation of such party,
enforceable against it in accordance with its terms.

5. GENERAL. Each of this Agreement and the Amended Transaction Guarantee is a Transaction
Document, and the Amended Purchase Agreement and the Amended Transaction Guarantee are each
confirmed as being in full force and effect. The execution, delivery and effectiveness of this
Agreement shall not, except as expressly provided herein, operate as a waiver or amendment of any
right, power or remedy of the Company, Investor or Guarantor under the Purchase Agreement, Amended
Purchase Agreement or any Transaction Document, nor constitute a waiver or amendment of any other
provision of the Purchase Agreement, Amended Purchase Agreement or any Transaction Document or for
any other purpose, except as expressly set forth herein. This Agreement, the Amended Purchase
Agreement, the Amended Transaction Guarantee and the other Transaction Documents, other documents,
instruments and certificates referred to herein or therein constitute the entire understanding of
the parties with respect to the subject matter hereof and thereof (other than relating to the
Aircraft Leases) and supersede all prior and current understandings and agreements, whether written
or oral, with respect to such subject matter. The headings in this Agreement are for convenience
of reference only and shall not alter, limit or otherwise affect the meaning hereof. This
Agreement may be executed in any number of counterparts, which together shall constitute one
instrument, and shall bind and inure to the benefit of the parties and their respective successors
and permitted assigns. This Agreement shall be governed by and construed in accordance with the
laws of The State of New York.

[The remainder of this page is intentionally left blank.]

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     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first written above.

	 	 	 	 	 
	 	POLAR AIR CARGO WORLDWIDE, INC.

 	 
	 	By:  	/s/ John W. Dietrich
 	 
	 	 	Name:  	John W. Dietrich 	 
	 	 	Title:  	Executive Vice President and Chief Operating Officer 	 
	 
	 	DHL NETWORK OPERATIONS (USA), INC.

 	 
	 	By:  	/s/ John Olin
 	 
	 	 	Name:  	John Olin 	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 	DEUTSCHE POST AG

 	 
	 	By:  	/s/
Bernd Boecken /s/ Anton Hauck
 	 
	 	 	Name:  	Bernd Boecken  Anton Hauck 	 
	 	 	Title:  	Authorized Signatory 	 
	 

[Signature Page to Agreement]EX-10.1

 

AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT

BETWEEN WESTWOOD ONE, INC. AND PAUL GREGREY

     The following, upon execution by the parties hereto shall constitute Amendment No. 2, dated
May 4, 2007 (this “Amendment 2”), by and between Westwood One, Inc. (the “Company”)
and Paul Gregrey (“Employee”), to the Employment Agreement between the Company and Employee
effective as of May 1, 2003, as amended by Amendment No. 1, dated January 3, 2006 (the
“Agreement”). Capitalized terms used but not defined herein have the meaning set forth in
the Agreement. The parties hereto agree that the terms of the Agreement are hereby modified as set
forth herein. In the event of a conflict between the terms of the Agreement and the terms of this
Amendment 2, the terms of this Amendment 2 shall prevail.

     1. Section 7 (Termination of Employment) of the Agreement shall be amended by deleting Section
7(c) and replacing it with the following as Sections 7(c) and 7(d):

(c) In the event of any termination of employment pursuant to Section 7(a) or 7(b),
Employee (or Employee’s estate, as the case may be) shall be entitled to receive (i)
the Base Salary herein provided prorated to the date of such termination, (ii)
Employee’s present entitlement, if any, under the Company’s employee benefit plans
and programs and (iii) no other compensation.

(d) Termination without Cause. The Company may terminate Employee’s
employment hereunder during the Term effective at any time upon prior written notice
to Employee. In the event that the Company terminates Employee’s employment other
than pursuant to Section 7(a) or Section 7(b) hereunder, Employee shall receive (i)
Employee’s Base Salary until the end of the Term, paid in equal payments over the
remainder of the term on a schedule that mirrors the Company’s then effective
payroll practices and (ii) any discretionary bonus earned by Employee but not yet
paid by the Company as of the date of termination.

     2. Except as expressly modified in this Amendment 2, for good and valuable consideration
provided herein, all other terms and conditions of the Agreement are hereby ratified and reaffirmed
and will remain in full force and effect. This Amendment 2 shall have no binding effect until
execution hereof by two (2) corporate officers of the Company and Employee.

     3. The effective date of this Amendment 2 shall be May 4, 2007.

[Signature page follows]

 

 

IN WITNESS WHEREOF, this Amendment 2 is executed as of the date first set forth above.

	 	 	 	 	 	 	 
	WESTWOOD ONE, INC.	 	 	 	EMPLOYEE
	 
	 	 	 	 	 	 
	By:

	 	/s/ David Hillman
	 	 	 	/s/ Paul Gregrey
	 

	 	 
	 	 	 	 
	Name: David Hillman	 	 	 	Paul Gregrey
	Title: EVP, Business Affairs and GC	 	 	 	 
	 
	 	 	 	 	 	 
	By:

	 	/s/ Peter Kosann	 	 	 	 
	 

	 	 	 	 	 	 
	Name: Peter Kosann	 	 	 	 
	Title: President and CEO

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