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 forty (40) hours of flight time per year (with unused hours forfeited at the end of each applicable 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. 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. 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. 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. 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 200 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 200 hours per year for three years.
Company Aircraft. In accordance with Section 5(b) of the Employment Agreement, the Parties hereto agree that, until the third anniversary of the Separation Date, Executive shall be entitled to continued personal use of the Company’s existing Falcon 7x aircraft (the “Aircraft”) (registered to JAH Aircraft Holding Trust (the “Trust”)) (in substantially the same manner consistent with past practice, with the Executive having priority access to and use of the Aircraft), at the Company’s sole cost and expense for the first 75 hours in any calendar year (such hour usage to be determined regardless of the number of passengers in the Aircraft during such usage); provided, that (i) during such three-year period the Company shall continue to own or lease the Aircraft and maintain the Aircraft in good working and flying condition, (ii) during the six-month period beginning on the Separation Date, Executive shall pay to Company an amount equal to the value of the use of the Aircraft during such period (determined in accordance with applicable regulations under the Internal Revenue Code) and the Company shall reimburse Executive for the aggregate amounts paid by Executive with respect to such use during such six-month period on the first day of the seventh month following the Separation Date. and (iii) during such three-year period, all such personal use will be subject to compliance with all applicable FAA regulations. For the avoidance of doubt, any travel by Executive on the Aircraft to or from meetings of the board of directors of Parent shall be deemed to be business use at the direction and sole expense of Parent and the Company and shall neither count towards the 75 hours per year allotment described herein nor be subject to reimbursement by Executive. The Parties hereby agree that (i) Executive may exercise his option to purchase (either directly or through a controlled affiliate) the Aircraft as set forth in Section 5(b) of the Employment Agreement at any time up to December 31, 2016, and (ii) pursuant to the Employment Agreement the purchase price for the Aircraft shall be equal to the Aircraft’s tax book value at the time of such exercise, which amount as of December 31, 2016 will be $10,169,763; provided, however, that the tax book value of the Aircraft shall be reduced on a pro rata basis in accordance with the time passed since the prior calculation of tax book value of the Aircraft with respect to an exercise taking place prior to December 31, 2016. If Executive exercises...
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 valued and imputed to Executive as income consistently with established practice in effect immediately prior to the Effective Date, except as otherwise agreed by the Company and Executive in writing.
