Common use of Airline Pass Clause in Contracts

Airline Pass. In the event (A) Executive remains an active full-time employee of the Company continuously from the Effective Date through August 16, 2009 or (B) Executive’s employment with the Company is terminated by the Company other than for Cause or by Executive for Good Reason on or before August 16, 2009, then Executive shall be entitled to receive, upon termination of employment, lifetime airline pass privileges for the personal use of Executive and his spouse or registered domestic partner and dependent children so long as spouses, registered domestic partners and dependent children of employees generally are eligible for non-revenue travel pursuant to the Company’s pass policies (hereinafter, “Eligible Individuals”). Such airline pass privileges (the “Airline Pass”) shall entitle Executive and Eligible Individuals to travel on regularly scheduled domestic and international flights operated by the Company, subject to all charges and fees then applicable to active management employees of the Company and their dependents and pursuant to the Company’s pass policies in effect from time to time, with boarding priority of F-1 or the equivalent thereof for a period of ten (10) years from and after the date such pass is issued and F-1R thereafter. Executive shall be responsible for any personal income tax liability arising from such pass travel. Notwithstanding the foregoing, all benefits under this Section 3.1 shall immediately and permanently cease in the event Executive violates the Company’s pass policies in connection with such travel and/or in the event that Executive is or becomes, at any time thereafter, an employee of any air carrier that competes with the Company (or any of its affiliates).

Appears in 1 contract

Sources: Management Compensation Agreement (Northwest Airlines Corp)

Airline Pass. In the event (A) Executive remains an active full-time employee of the Company continuously from the Effective Date through August 16, 2009 or (B) Subject to Executive’s continued employment with the Company through September 30, 2005 or if Executive’s employment hereunder is terminated by the Company other than for Cause or by Executive for Good Reason on or before August 16prior to such date, 2009, then Executive shall be entitled to receive, receive upon termination of employment, employment lifetime airline pass privileges for the personal use of Executive and his or her spouse or registered domestic partner and dependent children so long as spouses, registered domestic partners and dependent children of employees generally are eligible for non-revenue nonrevenue travel pursuant to the Company’s pass policies (hereinafter, “Eligible Individuals”). Such airline pass privileges (the “Airline Pass”) shall entitle Executive and Eligible Individuals to travel on regularly scheduled Northwest domestic and international flights operated by the Companyflights, subject to all charges and fees then applicable to active management employees of the Company and their dependents and pursuant to the Company’s pass policies in effect from time to time, with boarding priority of (i) F-1 or the equivalent thereof for a period of ten (10) years from and after the date such pass is issued issued, (ii) Y-1/F-2 or the equivalent thereof for the next succeeding ten (10) years, and F-1R thereafter(iii) 2-R or the equivalent thereof after the aggregate twenty-year period described in clauses (i) and (ii) above. Executive shall be responsible for any personal income tax liability arising from such pass travel. Notwithstanding the foregoing, all benefits under this Section 3.1 3 shall immediately and permanently cease in the event Executive violates the Company’s pass policies in connection with such travel and/or in the event that Executive is or becomes, at any time thereafter, an employee of any air carrier that competes with of the Company top five airlines in the United States (or any of its affiliates)other than the Company) ranked by revenue passenger miles.

Appears in 1 contract

Sources: Management Compensation Agreement (Northwest Airlines Corp)

Airline Pass. In the event (A) Executive remains an active full-time employee of the Company continuously from the Effective Date through August 16April 1, 2009 or (B) Executive’s employment with the Company is terminated by the Company other than for Cause or by Executive for Good Reason on or before August 16April 1, 2009, then Executive shall be entitled to receive, upon termination of employment, lifetime airline pass privileges for the personal use of Executive and his spouse or registered domestic partner and dependent children so long as spouses, registered domestic partners and dependent children of employees generally are eligible for non-revenue travel pursuant to the Company’s pass policies (hereinafter, “Eligible Individuals”). Such airline pass privileges (the “Airline Pass”) shall entitle Executive and Eligible Individuals to travel on regularly scheduled domestic and international flights operated by the Company, subject to all charges and fees then applicable to active management employees of the Company and their dependents and pursuant to the Company’s pass policies in effect from time to time, with boarding priority of F-1 or the equivalent thereof for a period of ten (10) years from and after the date such pass is issued and F-1R thereafter. Executive shall be responsible for any personal income tax liability arising from such pass travel. Notwithstanding the foregoing, all benefits under this Section 3.1 shall immediately and permanently cease in the event Executive violates the Company’s pass policies in connection with such travel and/or in the event that Executive is or becomes, at any time thereafter, an employee of any air carrier that competes with the Company (or any of its affiliates).

Appears in 1 contract

Sources: Management Compensation Agreement (Northwest Airlines Corp)