Grandfathered Flight Benefits

Grandfathered Flight Benefits. A Grandfathered Officer's accrued but unused "Annual Travel Limit" (which was limited, as of January 1, 2008, to a maximum of $100,000 for an Executive Vice President and to a maximum of $50,000 for a Senior Vice President) and "Annual Gross Up Limit" as determined pursuant to prior employment agreements of the Officer and as reflected on the records of the Company as of the Effective Date (which amounts represent or are less than (1) the Officer's balances as of December 31, 2004 that were... earned and vested as of such date, plus (2) additions to such balances for the period from January 1, 2005 through December 31, 2007 (the right to which were earned and vested as of December 31, 2004), reduced by (3) the portion of such balances used by the Officer on or before the Effective Date), which the Company believes are "grandfathered" under Section 409A of the Code. Grandfathered Flight Benefits shall not include any portion of the annual Flight Benefits provided to the Officer for a calendar year beginning after December 31, 2007, and shall be reduced when and to the extent used by the Officer pursuant to the terms of Section 4 View More