Choice Hotels International, Inc. CEO Personal Aircraft Use Agreement (May 24, 2022)
This agreement grants Pat Pacious, while serving as President and CEO of Choice Hotels International, Inc., the right to use the company's corporate aircraft for personal purposes for up to 45 flight hours per year, at the company's expense. The benefit is subject to aircraft availability and company policy. Pat Pacious is responsible for any related taxable income and will not receive tax reimbursements. If the company no longer owns or leases an aircraft, the agreement ends immediately, and discontinuation of this benefit does not allow for resignation for "Good Reason."
Exhibit 10.2
May 24, 2022
Dear Pat,
This letter memorializes the agreement by Choice Hotels International, Inc. (Choice) to provide you with the right to use, at Choices expense, Choices then-current corporate aircraft (if any) for personal use for up to forty-five (45) flight hours per calendar year during such time that you are serving as the President and Chief Executive Officer of Choice, subject to aircraft availability, and consistent with Choices Aircraft Use Policy. You will be solely responsible for any taxable income recognizable by you in connection with the personal use of corporate aircraft and will not be entitled to any tax gross up payments or other reimbursement from Choice in connection therewith.
You acknowledge and agree that Choice is under no obligation to continue its ownership of a corporate aircraft and if Choice no longer owns or leases a corporate aircraft, this letter will be terminated immediately with no further obligations hereunder. You further acknowledge and agree that if this benefit is discontinued, it will not give rise to your ability to terminate your employment for Good Reason under any agreement between you and Choice.
Please confirm your acceptance of the foregoing by providing your signature below and returning a fully executed copy of this letter.
Sincerely, |
/s/ Patrick Cimerola |
Patrick Cimerola |
Chief Human Resources Officer |
Acknowledged and Agreed |
/s/ Patrick Pacious |
Patrick Pacious |