Airplane. Aircraft to be used shall be limited to pressurized aircraft of the type normally used in scheduled commercial passenger flights by major airlines.
Airplane. During the Employment Period, in addition to the other compensation payable under Paragraph 4 of the Agreement, the Executive shall be eligible to use the Company’s aircraft, without reimbursement for up to one hundred and twenty (120) hours of personal use in each calendar year. In the event that the Executive exceeds one hundred and twenty (120) hours of personal use in the applicable calendar year, the Executive shall reimburse the Company for such personal use in accordance with the applicable Company policy regarding airplane usage and the Executive’s Aircraft Time Sharing Agreement with the Company, dated as of August 23, 2011.
Airplane. 1. Individual Guaranty dated December 20, 2000 by Xxxx X. Xxxxxxxx in favor of General Electric Capital Corporation in connection with a Promissory Note in the amount of $6,475,000 by Corporate Flight Services, LLC.
Airplane. The Employer agrees to reimburse any employee who is authorized and required to use a private airplane in his/her work for the state at the rate of fifty one cents ($0.510) , per mile.
Airplane. The Company agrees that Xxxxx, at his sole option, may purchase that certain airplane owned by the Company (the "Airplane") for the appraised value of the Airplane as determined by an appraiser selected by the Company and reasonably satisfactory to Xxxxx (the "Appraiser"). The Appraiser shall determine the retail fair market value of the Airplane and the Company shall pay the cost of the Appraiser. Following receipt of the Appraiser's determination of retail fair market of the Airplane, Xxxxx shall elect with five business days at whether he shall purchase the Airplane and shall notify the Company in writing of such determination. If Xxxxx elects to purchase the Airplane, he shall pay the purchase price equal to the appraised value in cash or with shares of Common Stock valued at $1.50 per share. The closing of the purchase and sale of the Airplane shall take place two business days after Xxxxx' election. At such closing, the Company will transfer all of its right, title and interest in the Airplane to Xxxxx for payment of the purchase price in stock or cash; provided, however, if Xxxxx has elected to sell the Yard Truck to the Company as set forth below, then Xxxxx shall transfer the Yard Truck to the Company for its appraised value as determined below and the balance of the purchase price for the Airplane shall be paid in cash or shares of Common Stock as set forth above. If Xxxxx does not agree to purchase the Airplane for its appraised value as set forth above, then the Company may sell the Airplane for a price equal to or greater than the appraised value of the Airplane. If the Company desires to sell the Airplane for a price less than the appraised value of the Airplane, then the Company shall notify Xxxxx of the proposed price and Xxxxx shall have the option of purchasing the Airplane for such proposed price on the terms set forth above, i.e. cash or shares of Common Stock valued at $1.50 per share. Xxxxx shall have two business days to elect to purchase the Airplane for such proposed price and if Xxxxx does not elect to purchase the Airplane for such proposed price, then the Company may sell the Airplane for the price offered to Xxxxx or higher. If Xxxxx elects to purchase the Airplane for such proposed price, then the closing of the purchase and sale of the Airplane shall take place within three business days of such election. The Company agrees to use its best efforts to obtain the appraisal of the Airplane promptly after the execution of this Ag...
Airplane. During the Term of Employment, in addition to the other compensation payable under Paragraph 4 of the Employment Agreement, the Executive shall be eligible to use the Company’s aircraft for up to 200 hours of personal use in each calendar year, provided that (i) the Company shall pay for the first 100 hours of use during any calendar year, and (ii) the Executive shall reimburse the Company for personal use in excess of such first 100 hours (up to the 200 hour limit) at two times the actual fuel cost for the airplane in accordance with that certain Aircraft Time Sharing Agreement by and between the Executive and Discovery Communications, LLC (as amended from time to time; and any references in such agreement to the Prior Agreement shall hereby be considered references to this Agreement). If the Company requests that a family member or guest accompany the Executive on a business trip such use shall not be considered personal use, and to the extent the Company imputes income to the Executive for such family member or guest travel, the Company may, consistent with company policy, pay the Executive a lump sum “gross-up” payment sufficient to make the Executive whole for the amount of federal, state and local income and payroll taxes due on such imputed income as well as the federal, state and local income and payroll taxes with respect to such gross-up payment.
Airplane. The Executive agrees to execute and deliver an Aircraft Time Sharing Agreement with the Company and the Parent regarding use of an aircraft owned by any Company Entity, as may be in effect from time to time. During the Employment Period, subject to having executed an Aircraft Time Sharing Agreement, in addition to the other compensation payable under this Agreement, the Executive shall be eligible to use such aircraft, without reimbursement to the Company Entity, for up to fifty (50) hours of personal use in each calendar year. In the event that the Executive exceeds this amount of personal use in the applicable calendar year, the Executive shall reimburse the applicable Company Entity for such personal use in accordance with the applicable policy regarding airplane usage and the Executive’s Aircraft Time Sharing Agreement with the Parent and the Company.
Airplane. The Airplane will be contributed to a newly-formed limited liability company (the "SMLLC") in exchange for all of the membership interests therein and the membership interests will be distributed to Seller in the form of a dividend by the Company at or immediately prior to the Closing, at which time Seller (or in Seller's sole discretion the SMLLC) shall assume, xxx xxx Xxxpany shall be released from (or shall make other arrangements reasonably satisfactory to Buyer with respect to), the indebtedness of the Company secured by or otherwise related to the Airplane. Seller shall be solely responsible for Seller's income tax obligation with respect to such dividend. The Acquired Companies shall be solely responsible for the income Tax consequences, if any, to the Acquired Companies of the distribution of the SMLLC membership interests to Seller and the related assumption by Seller of the related indebtedness, all of which shall be deemed to constitute Taxes with respect to a taxable period ending on or prior to the Closing Date. Any transfer, documentary, sales, use, stamp, registration and other such Taxes, and all conveyance fees, recording charges and other fees and charges (including any penalties and interest) incurred in connection with the contribution of the Airplane to the SMLLC or the distribution of the SMLLC membership interests shall be borne by Seller.
Airplane. At the Closing, Freeport shall cause title to the Airplane to be transferred to the Process Agent, free and clear of all Liens, and shall cooperate with Buyer to maintain the U.S. registration of the Airplane in connection with such transfer.
Airplane. During the Term of Employment, in addition to the other compensation payable under Paragraph 4 of the Employment Agreement, the Executive shall be eligible to use the Company’s aircraft for up to 250 hours of personal use in each calendar year, provided that (i) the Company shall pay for the first 125 hours of use during any calendar year, and (ii) the Executive shall reimburse the Company for personal use in excess of such first 125 hours (up to the 250 hour limit) at two times the actual fuel cost for the airplane in accordance with that certain Aircraft Time Sharing Agreement by and between the Executive and Discovery Communications, LLC (as amended from time to time; and any references in such agreement to the Prior Agreement shall hereby be considered references to this Agreement). Executive shall have the right to permit his spouse to travel separate and apart from Executive, provided such travel is to join the Executive at a location where he has travelled for business purposes, which spousal travel shall be considered personal use. If the Company requests that a family member or guest accompany the Executive on a business trip such use shall not be considered personal use, and to the extent the Company imputes income to the Executive for such requested family member or guest travel, the Company may, consistent with company policy, pay the Executive a lump sum “gross-up” payment sufficient to make the Executive whole for the amount of federal, state and local income and payroll taxes due on such imputed income as well as the federal, state and local income and payroll taxes with respect to such gross- up payment.
