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TIME SHARING AGREEMENT

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TIME SHARING AGREEMENT | Document Parties: ALBERTO-CULVER CO | Eighteen, LLC You are currently viewing:
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ALBERTO-CULVER CO | Eighteen, LLC

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Title: TIME SHARING AGREEMENT
Date: 11/28/2007
Industry: Personal and Household Prods.     Sector: Consumer/Non-Cyclical

TIME SHARING AGREEMENT, Parties: alberto-culver co , eighteen  llc
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EXHIBIT 10 (s)

TIME SHARING AGREEMENT

Dated the 21 st day of August 2007

between

Eighteen, LLC,

as Lessor,

and

Alberto-Culver USA, Inc., as Time Sharing Lessee,

as Lessee,

concerning one Gulfstream Aerospace G-IV-SP aircraft bearing

U.S. registration number N18AC and manufacturer’s serial number 1344.

* * *

INSTRUCTIONS FOR COMPLIANCE WITH

“TRUTH IN LEASING” REQUIREMENTS UNDER FAR § 91.23

Within 24 hours of execution of this Time Sharing Agreement:

Mail a copy of the executed document to the

following address via certified mail, return receipt requested:

Federal Aviation Administration

Aircraft Registration Branch

ATTN: Technical Section

P.O. Box 25724

Oklahoma City, Oklahoma 73125

At least 48 hours prior to the first flight to be conducted under this Agreement:

deliver a completed Schedule A containing the departure airport and proposed

time of departure of said first flight by facsimile to the FAA Flight Standards

District Office located nearest the departure airport.

Carry a copy of this Time Sharing Agreement in the aircraft at all times.

* * *

 


This Time Sharing Agreement (this “Agreement”) is made, effective the 21 st day of August 2007 (the “Effective Date”), by and between Eighteen, LLC (“Lessor”) and Alberto-Culver USA, Inc. (“Lessee”).

RECITALS:

WHEREAS , Lessor is the owner of that certain Gulfstream Aerospace G-IV-SP civil aircraft bearing manufacturer’s serial number 1344 and the United States Registration Number N18AC;

WHEREAS , Lessor employs a fully qualified flight crew, consisting of a pilot in command and second in command, to operate the Aircraft;

WHEREAS , Lessor operates the Aircraft within the scope of and incidental to its own business; and

WHEREAS , Lessor and Lessee desire to lease said Aircraft and flight crew, from time to time, on a time sharing basis as authorized in Section 91.501(b)(6) of the Federal Aviation Regulations (“FAR”) and defined in Section 91.501 (c) (1) of the FAR.

NOW, THEREFORE , in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the parties agree as follows:

1. Term . The Term of this Agreement shall commence on the Effective Date and shall continue for a period of twelve (12) months (the “Initial Term”).

2. Renewal . This Agreement shall be automatically renewed for successive twelve (12) month terms unless terminated in writing by either of the parties as provided in Section 3.

3. Termination . This Agreement may be terminated, with or without cause, by either party upon thirty (30) days written notice to the other party.

4. Aircraft Lease . From time to time during the Term, Lessee may request that Lessor lease the Aircraft with crew to Lessee on a timesharing basis for business purposes of the Lessee. Lessor agrees to use reasonable efforts to accommodate such requests, but it shall have no obligation to lease the Aircraft to Lessee if the Aircraft is needed for the business of Lessor or is otherwise unavailable.

5. Lease Term . The term of each lease period under this Agreement shall begin upon the commencement of the flight or series of flights requested by Lessee and shall end upon the conclusion of such flight or series of flights.

6. Applicable Regulations . The parties agree that for all flights under this Agreement, the Aircraft shall be operated under the pertinent provisions of Subpart F of Part 91 of the FAR. If any provision of this Agreement is determined to be inconsistent with any of the requirements of those regulations, it shall be deemed amended in any respect necessary to bring it into compliance with such requirements.

7.1 Flight Expenses . Lessee shall reimburse Lessor for each flight, or series of flights, conducted under this Agreement. Such reimbursement shall be the lesser of:

7.1.1 the most reasonably comparable first class ticket price per passenger of the Lessee for such flight as reasonably determined by the Lessee, or

7.1.2 all of the actual expenses of each specific flight, or series of flights, as are authorized by Section 91.501 (d) of the FAR. These expenses include and are limited to:

 

  (a) Fuel, oil, lubricants, and other additives;

 

  (b) Travel expenses of the crew, including food, lodging and ground transportation;

 

  (c) Hangar and tie down costs away from the Aircraft’s base of operation;

 


  (d) Insurance obtained for the specific flight;

 

  (e) Landing fees, airport taxes and similar assessment;

 

  (f) Customs, foreign permit, and similar fees directly related to the flight;

 

  (g) In-flight food and beverages;

 

  (h) Passenger ground transportation;

 

  (i) Flight planning and weather contract services; and

 

  (j) An additional charge equal to 100% of the expenses listed in subparagraph (a) of this paragraph.

8. Federal Excise Tax . In addition to Lessor’s expenses listed in paragraph 7.1 herein, for each flight under this Agreement, Lessee shall pay to Lessor the amount of the federal excise tax imposed by IRC Section 4261.

9. Invoices . Lessor will pay all expenses related to the operation of the Aircraft when incurred, and will provide an invoice in sufficient detail to Lessee in accordance with paragraphs 7 and 8 herein, which invoice shall include a list of passengers, the dates and times of the flights, departure points, intermediate stops, destinations and any other information reasonably required by Lessee by the 5 th business day of each month for all flights for Lessee that occurred during the preceding calendar month. Lessee shall pay Lessor for said expenses and excise taxes within twenty days of receipt of such invoice. Lessee shall have the right during normal business hours to inspect the books and records of Lessor pertaining to all flights made pursuant to this Agreement.

10. Flight Information . Lessee will provide Lessor with any information reasonably required by Lessor with respect to any proposed flight pursuant to this Agreement.

11. Scheduling of Aircraft . Lessor shall have final authority over the scheduling of the Aircraft; provided, however,


 
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