Company Aircraft. You shall be eligible to use Company aircraft for business travel, subject to the availability of the aircraft.
Company Aircraft. The term “
Company Aircraft. During the Employment Term, in addition to business use appropriate and necessary to carrying out the Company’s business, Executive shall be entitled to personal use of the Company’s aircraft and any tax gross-ups and/or other personal benefits associated with such personal usage in accordance with and as set forth in any Company aircraft usage policy, as may be amended from time to time by the Board in its reasonable and good faith discretion.
Company Aircraft. To the extent the Company owns or leases on a full-time basis an aircraft for business use, Employee is entitled to reasonable personal use of aircraft that is leased, owned or maintained by the Company; provided, that such use does not interfere with bona-fide business of the Company. For purposes of this Section, reasonable use shall include up to twenty (20) hours of flight time per year, with any unused hours in one year being available for use in a later year. The charge for such personal use shall be accounted for consistently with past practices of the Company. Employee shall not be entitled to any remuneration for unused hours hereunder upon termination of employment or otherwise.
Company Aircraft. During the term of your employment, you may use the Company’s aircraft for business reasons in accordance with the Company’s policies applying to the key executives of the Company. You agree to reimburse the Company for any personal use of the Company’s aircraft.
Company Aircraft. The limited use of Company aircraft (or aircraft operated by any successor in interest to the Company) as provided herein shall continue throughout the Severance Period and shall continue thereafter until such time as Xxxxx has reached age 75. Xxxxx may elect to receive a lump sum cash payment equal to the present value of said benefit.
Company Aircraft. The Company shall make available to Executive a Company-owned or leased private aircraft for business-related travel and, when such aircraft is available, for personal use. The use by Executive of any Company aircraft shall at all times be subject to Company policies and procedures and to the availability of such aircraft. Executive shall generally have first priority among Company employees for business usage of Company aircraft. Executive’s use of Company aircraft for personal use shall be charged to Executive at the Company’s operating cost, except as otherwise agreed by the Company and Executive in writing; provided, however, the Company shall provide Executive up to $500,000 as a credit for personal use of aircraft during the first twelve (12) months of this Agreement, which shall be imputed to Executive as income in accordance with the Standard Industry Fare Level formula amount applicable under Treasury Regulation Section 1.61-21(g)(5).
Company Aircraft. For a period of four (4) years following the Retirement-Transition Date, Xxxxxx Xxxx will be permitted to use (at no cost to Xxxxxx Xxxx, other than any income tax obligations as set forth below) the Company’s owned or leased aircraft for personal travel for up to sixty (60) hours per year (determined based on the anniversary of the Retirement-Transition Date), provided that the request for use of the aircraft is made reasonably in advance and subject to the Company’s reasonable discretion based on the Company’s anticipated aircraft needs. Up to fifteen (15) unused hours per year (determined based on the anniversary of the Retirement-Transition Date) may be rolled over to the next year; provided that all hours must be used prior to the expiration of the four-year anniversary of the Retirement-Transition Date. For the avoidance of doubt, under no circumstances may Xxxxxx Xxxx use the Company’s owned or leased aircraft for personal travel more than seventy-five (75) hours in any year (determined based on the anniversary of the Retirement-Transition Date). Xxxxxx Xxxx’x use of the Company’s owned or leased aircraft will be subject to reasonable rules of use adopted by the Company from time to time during such period generally applicable to the Company’s executive officers. If during such four-year period the Company no longer owns or leases any aircraft, Xxxxxx Xxxx’x rights, and the Company’s obligations, under this paragraph will terminate without any further consideration being paid to Xxxxxx Xxxx. Xxxxxx Xxxx will not be charged for the air travel benefits provided to him pursuant to this paragraph, but Xxxxxx Xxxx hereby agrees and understands that such benefits may be taxable to him and that any such taxes will be his personal obligation.
Company Aircraft. Executive shall be entitled to personal use of the Company's private airplane for up to 100 hours per year plus up to $35,000 per year in airplane related expenses, (pilots lodging, meals and other incidental expenses related to operation of the airplane) as part of his compensation, and such compensation shall include additional amounts to approximate the federal and any state income taxes applicable to such additional compensation. If Company does not have available a Company-owned or leased private airplane, then Executive may in the alternative, charter on the same compensation terms herein discussed, a private airplane substantially similar to the type of plane primarily used by the Company for up to the aggregate number of hours of private use per year when combined with actual use of Company-owned or leased airplane during such year, equivalent to the costs of 100 hours of such personal use at the preferential use rate offered to the Company by a private airplane transportation provider for the corporate lease of such airplanes. If personal use of a Company-owned or leased private airplane by Executive exceeds 100 hours per year or when combined with Executive's use of a chartered airplane, aggregate use exceeds the cost of 100 hours of such use per year at the Company's preferential use rate, then Executive shall reimburse the Company for the incremental cost of such excess use.
Company Aircraft. Company requires Executive to use Company aircraft for personal or family use, whenever possible. Such use is important for the safety of Executive and so that Executive may remain in communications with other Company officials as necessary. Executive may use Company aircraft or charter aircraft for such uses without further reimbursement to Company. Upon Executive's termination of employment for any reason, Executive shall be entitled to use at his discretion and without cost to Executive, an aircraft, comparable in size and quality to the aircraft he is using as of this date, for 150 hours a year for three years. Upon Executive's termination of employment for any reason after a Change in Control (as defined in the 1994 LTIP), Executive shall have the option to buy any one Company aircraft at its then book value on the Company's books. If he exercises this option, Company shall reimburse him for the operating costs of the aircraft for up to 150 hours per year for three years.
