Common use of Travel Privileges Clause in Contracts

Travel Privileges. Upon termination of the Executive’s employment for any reason, voluntary or involuntary, with or without Cause, the Company shall provide the Executive for a period 36 months following the effective date of the termination of the Executive’s employment a Universal Air Travel Plan, Inc. (UATP) card in the amount of $10,000 annually that the Executive, his spouse and his dependents can use for travel. The Executive shall be responsible for any applicable tax withholding associated with such benefit. The Company will provide the UATP card to the Executive within 30 days of the termination of the Executive’s employment and thereafter on each of the first and second anniversaries of such date.

Travel Privileges. Upon termination of the Executive’s employment for any reason, voluntary or involuntary, with or without Cause, the Company shall provide the Executive for a period 36 months following the effective date of the termination of the Executive’s employment during his lifetime with a Universal Air Travel Plan, Inc. (UATP) card in the amount of $10,000 15,000 annually that the Executive, his spouse and his dependents can use for travel. The Executive shall be responsible for any applicable tax withholding associated with such benefit. The Company will provide the UATP card to the Executive within 30 days of the termination of the Executive’s employment and thereafter each year on each the anniversary of such date during the lifetime of the first and second anniversaries of such dateExecutive.