Common use of Aircraft Allowance Clause in Contracts

Aircraft Allowance. The Company shall provide to Executive the use of a chartered aircraft for the Executive’s discretionary travel in an amount up to the annual aircraft allowance (the “Aircraft Allowance”) described below, in accordance with the terms of this Section 3.3(ii). For the 2010 calendar year, the Executive’s Aircraft Allowance shall be $207,695. For the 2011 calendar year, the Aircraft Allowance shall be no less than $450,000. Upon the Executive’s reasonable prior notice to the Company of his request for the use of a chartered aircraft, the Company shall procure the use of a chartered aircraft through an independent third party charter company. Executive shall be permitted to require that the aircraft supplied by the charter company be an aircraft that is owned or controlled, directly or indirectly, by the Executive. The charter company procured by the Company shall be selected by the Chair of the Compensation Committee in his sole discretion. The Executive shall be entitled to the use of a chartered aircraft pursuant to this Agreement until the Aircraft Allowance for the calendar year has been fully expended, and the parties acknowledge that the Company is not obligated to provide any benefits pursuant to this Section 3.3(ii) in excess of the Aircraft Allowance. The actual amount paid by the Company for each chartered flight will reduce the amount of the Aircraft Allowance for each applicable calendar year. The parties acknowledge that the Company shall not be required to pay in excess of market rates for the lease of the aircraft. If the Executive does not use his full Aircraft Allowance in any applicable calendar year, the unused balance of the Aircraft Allowance shall be forfeited and shall not be carried forward to any future calendar year, nor shall Executive be entitled to any cash payments for the amount of any Aircraft Allowance remaining at the end of the year. Any dispute related to or arising from the Aircraft Allowance, including without limitation disputes regarding any amounts owed by the Company to a charter company related to Executive’s travel, shall be resolved by the Compensation Committee.