Private Aircraft Use Agreement between Sirius XM Radio Inc. and Jennifer C. Witz
Sirius XM Radio Inc. grants Jennifer C. Witz, a full-time employee, the right to use a private aircraft for up to 30 hours per year for personal travel, with a maximum of 90 hours during the agreement term. Unused hours can be carried over, but total use cannot exceed the cap. The value of this benefit will be reported as income on her W-2 per IRS rules. The agreement is effective from January 1, 2024, until she is no longer employed full-time or December 31, 2026, whichever comes first.
Exhibit 10.2
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1221 Avenue of the Americas 35th Floor New York, NY 1020 tel ###-###-#### fax ###-###-#### www.siriusxm.com |
December 14, 2023
Ms. Jennifer C. Witz
Sirius XM Radio Inc.
1221 Avenue of the Americas
35th Floor
New York, New York 10020
Use of Private Aircraft
Dear Jennifer:
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.
Ms. Jennifer C. Witz | 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/ Patrick Donnelly | ||
Patrick Donnelly | |||
Executive Vice President, General | |||
Counsel and Secretary | |||
Agreed: | |
/s/ Jennifer C. Witz | |
Jennifer C. Witz |