Aircraft Time Sharing Agreement (2005)Full Document 

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THIS TIME SHARING AGREEMENT (this “Agreement”) is entered into on June 15, 2005 by General Electric Company (“Owner”), a New York corporation, with principal offices at 3135 Easton Turnpike, Fairfield, CT and Dennis D. Dammerman (“Lessee”).


A. Owner is the registered owner of certain civil aircraft bearing the United States Registration Numbers and of the types set forth on Exhibit A to this Agreement (collectively, the “Aircraft” or individually an “Aircraft”).

B. Owner employs fully qualified flight crews to operate the Aircraft; and

C. From time to time, Lessee may desire to lease the Aircraft and flight crews from owner for Lessee’s personal travel at Lessee’s discretion on a time sharing basis as defined in Section 91.501(c)(1) of the Federal Aviation Regulations (“FAR”).

NOW, THEREFORE, Owner and Lessee agree as follows:

1. Subject to the terms and conditions of this Agreement, Owner agrees to lease the Aircraft to Lessee for Lessee’s personal travel at Lessee’s discretion pursuant to the provisions of FAR Section 91.501(c)(1) and to provide a fully qualified flight crew for all operations for flights scheduled in accordance with the terms of this Agreement during the period, commencing on the date of this Agreement and terminating on the earlier of (a) the termination of this Agreement by consent of Owner and Lessee, (b) the date of Lessee’s termination of employment with Owner and (c) the date of Lessee’s death. Owner shall have the right to add or substitute aircraft of similar type, quality, and equipment, and to remove aircraft from the fleet, from time to time during the term of this Agreement. Owner shall send Lessee a revised Exhibit A upon each such change in the Aircraft.

2. Lessee shall pay Owner for each flight conducted under this Agreement the actual expenses of each specific flight as authorized by FAR Section 91.501(d) as in effect from time to time. On the date of this Agreement these expenses include and are limited to:

fuel, oil, lubricants and other additives;

travel expenses of the crew, including food, lodging and ground transportation;

hangar and tie down costs away from the Aircraft’s base of operation;


insurance obtained for the specific flight;

landing fees, airport taxes and similar assessments;
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