Use of Private Aircraft
Exhibit 10.2
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0000 Xxxxxx xx xxx Xxxxxxxx 00xx Xxxxx Xxx Xxxx, XX 1020 tel 000 000 0000 fax 000 000 0000 xxx.xxxxxxxx.xxx |
December 14, 2023
Xx. Xxxxxxxx X. Xxxx
Sirius XM Radio Inc.
0000 Xxxxxx xx xxx Xxxxxxxx
35th Floor
Use of Private Aircraft
Dear Xxxxxxxx:
This letter (this “Agreement”) sets forth our agreement with respect to your use of a private aircraft (the “Aircraft”) arranged by Sirius XM Radio Inc. (“Sirius XM”) during the Term (as defined below).
1. Use of the Aircraft. During the Term, you may use up to 30 hours per year worth of flight time (the “Annual Allotment”) on the Aircraft for personal use, which shall include travel to and from your homes (“Personal Flight Time”). The Annual Allotment for any partial year during the Term shall be reduced on a pro rata basis. Sirius XM will not have any obligation to pay you for any unused Annual Allotment. Any unused Annual Allotment with respect to any year may be carried over to any subsequent year; provided that you may not use more than 90 hours of Personal Flight Time during the Term or, in the event the Term ends prior to December 31, 2026, the aggregate number of hours of Personal Flight Time pro rated for such shorter Term.
2. IRS Reporting. The fair market value of Personal Flight Time will be reflected as income on your W-2 in accordance with applicable IRS regulations based on the Standard Industry Fare Level formula (SIFL) pursuant to 26 C.F.R. §1.61-21(g) or a comparable successor provision.
3. Term. The term of this Agreement (the “Term”) will commence on January 1, 2024 and will expire on the earliest of (i) the date that you cease to be employed as a full-time employee of Sirius XM under the terms of the Employment Agreement, dated as of December 13, 2023, between you and Sirius XM and (ii) December 31, 2026.
| Xx. Xxxxxxxx X. Xxxx | 2 | December 14, 2023 |
4. Governing Law. This Agreement will be governed by, and will be construed and enforced in accordance with, the laws of the State of New York.
5. Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes any and all previous written or oral representations, promises, agreements or understandings of whatever nature between the parties with respect to the subject matter. This Agreement may not be altered or amended except by an agreement in writing signed by both parties. This Agreement may be signed in counterparts.
If you are in agreement with the foregoing, please execute the enclosed copy of this letter.
| Very truly yours, | |||
| Sirius XM Radio Inc. | |||
| By: | /s/ Xxxxxxx Xxxxxxxx | ||
| Xxxxxxx Xxxxxxxx | |||
| Executive Vice President, General | |||
| Counsel and Secretary | |||
| Agreed: | |
| /s/ Xxxxxxxx X. Xxxx | |
| Xxxxxxxx X. Xxxx |
