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NOW THEREFORE, the parties hereto mutually agree as follows:

PAY FIRST PILOTS:

1. Section 3 of the Agreement is hereby amended to read as follows:

(a) First pilots shall be paid a minimum base pay payable monthly, at the following rates:

First year --------------------------- $1,600.00 per annum
Second year --------------------------  1,800.00 per annum
Third year ---------------------------  2,000.00 per annum
Fourth year --------------------------  2,200.00 per annum
Fifth year ---------------------------  2,400.00 per annum
Sixth year ---------------------------  2,600.00 per annum
Seventh year -------------------------  2,800.00 per annum
Eighth year and thereafter -----------  3,000.00 per annum

(b) Pilots who have been receiving more than the amounts set forth above at the time this agreement becomes effective shall not have their base pay reduced by the operation of this section.

(c) The computation of a first pilot's pay shall be in accordance with the aggregate amount of time in the service of the Company on first pilot's base pay status and, in addition, all co-pilot time spent in the service of the Company in excess of four years.

(d) Time of reserve pilots with less than four years' service with the Company, while acting as first pilots, shall for the purpose of establishing longevity for base pay purposes, be credited on the basis of the ratio of the hours flown by a reserve pilot as first pilot, to the total hours flown by him during the month, such month or fraction thereof shall be counted in his aggregate length of service as first pilot.

(e) When a first pilot is reduced to co-pilot status all of his time spent as a designated pilot with the Company shall be credited for co-pilot pay computation purposes.

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