Aircraft Use Agreement between ITC^DeltaCom, Inc. and Larry F. Williams (October 27, 2003)
This agreement documents the arrangement between ITC^DeltaCom, Inc. and its CEO, Larry F. Williams, regarding his weekly use of the company's co-owned aircraft for travel between Georgia and Florida, or to a family member's home. The company will cover all related expenses and adjust Williams' compensation to prevent any negative tax impact. The agreement formalizes a prior oral understanding and is acknowledged by both parties.
Exhibit 10.19
October 27, 2003
Mr. Larry F. Williams
Chief Executive Officer
ITC^DeltaCom, Inc.
1791 O. G. Skinner Drive
West Point, GA 31833
Dear Larry:
This letter is submitted pursuant to the discussion that took place during the meeting of the Compensation Committee (the Committee) of the Board of Directors on Tuesday, August 12, 2003.
The consensus of the Committee, as you know, was that the oral agreement (the Agreement) made between you and the company on or about July 24, 2001, pertaining to your use of the companys co-owned aircraft, at the time you were offered and accepted your current position with the company, should be documented in writing.
It was and remains the belief of the Committee that your use of the aircraft contributes to your security and safety and thereby benefits the Company. Confirming prior practice based on this belief and based on the Committees knowledge of the Agreement, the Committee hereby confirms that, consistent with past practice, you, and accompanying family members, are entitled to the weekly use of the aircraft for your transportation between Lagrange, Georgia and your home in Florida or, alternatively, to the home of a family member. The Committee further confirms that such transportation will be provided at company expense and that your compensation will be adjusted to the extent necessary to avoid any adverse tax consequence to you.
Please sign this letter below to acknowledge that this arrangement represents the Agreement made with you on or about July 24, 2001.
ITC^DeltaCom, Inc. Compensation Committee | Acknowledged: | |||||
By: | /s/ Donald W. Burton | /s/ Larry F. Williams | ||||
Don Burton, Chairman | Larry F. Williams |