Time Sharing Agreement



 Exhibit 10.2 
  
 TIME SHARING AGREEMENT 
  
 This Agreement is made, effective as of January 1, 2004 by and between Crane Co., a corporation incorporated under the laws of the State of Delaware, with
principal offices at 100 First Stamford Place, Stamford, Connecticut (“Lessor”), and Eric. C. Fast, an individual, with his residence at Rye, New York (“Lessee”); 
  
 RECITALS 
  
 WHEREAS, Lessor is the owner of that certain civil Aircraft bearing the United States Registration Number N300CR and
Manufacturer’s Serial Number 5092, and of the type Canadair Challenger 601-3A-HB (“Aircraft”); 
  
 WHEREAS, Lessor employs a fully qualified flight crew to operate the Aircraft; and 
  
 WHEREAS, Lessor and Lessee desire to lease said Aircraft and flight crew on a time sharing basis as defined in Section
91.501 (c) (1) of the Federal Aviation Regulations (“FARs”). 
  
 The parties agree as follows: 
  
 1. Lessor agrees to
lease the Aircraft to Lessee pursuant to the provisions of FAR 91.501 (c) (1) and to provide a fully qualified flight crew for all operations pursuant to this Agreement. This Agreement shall commence on the date that it is signed and continue for
one (1) year after said date. Thereafter, this Agreement shall be automatically renewed on a month to month basis, unless sooner terminated by either party as hereinafter provided. Either party may at any time terminate this Agreement upon thirty
(30) days written notice to the other party, delivered personally or by certified mail, return receipt requested, at the address for said other party as set forth above. 
  
 2. Lessee shall pay Lessor for each flight conducted under this Agreement an amount equal to the lesser of: (a) the amount
calculated under Treas. Reg. §1.61-21(g), employing the SIFL rates; or (b) the sum of the following actual expenses of each specific flight as authorized by FAR Part 91.501 (d): 
  

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

  

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

  

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

  

	 	(iv)	Insurance obtained for the specific flight; 

  

	 	(v)	Landing fees, airport taxes and similar assessments including, but not limited to IRC Section 4261 and related excise taxes; 

  

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

  

	 	(vii)	In-flight food and beverages; 

  

	 	(viii)	Passenger ground transportation; 

  

	 	(ix)	Flight planning and weather contract services; and 

  

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

  
 3. Lessor will pay all expenses related to the operation of the Aircraft when incurred, and will provide an invoice and bill
Lessee for the expenses enumerated in paragraph 2 above on the last day of the month in which any flight or flights for the account of Lessee occur. Lessee shall pay Lessor for said expenses within fifteen days of receipt of the invoice and bill
therefore. 
  









 4. Lessee will provide Lessor with requests for flight time and proposed flight schedules as far in
advance of any given flight as possible, and in any case, at least forty-eight hours in advance of Lessee’s planned departure. Requests for flight time shall be in a form, whether written or oral, mutually convenient to, and agreed upon by the
parties. In addition to the proposed schedules and flight times Lessee shall provide at least the following information for each proposed flight at some time prior to scheduled departure as required by the Lessor or Lessor’s flight crew:

  

	 	(a)	proposed departure point; 

  

	 	(b)	destination; 

  

	 	(c)	date and time of flight; 

  

	 	(d)	the number of anticipated passengers; 

  

	 	(e)	the nature and extent of luggage and/or cargo to be carried; 

  

	 	(f)	the date and time of return flight, if any; and 

  

	 	(g)	any other information concerning the proposed flight that may be pertinent or required by Lessor or Lessor’s flight crew. 

  
 5. Lessor shall have final authority over the scheduling of the Aircraft,
provided, however, that Lessor will use its best efforts to accommodate Lessee’s needs and to avoid conflicts in scheduling. 
  
 6. Lessor shall be solely responsible for securing maintenance, preventive maintenance and required or otherwise necessary inspections on the Aircraft,
and shall take such requirements into account in scheduling the Aircraft. No period of maintenance, preventative maintenance or inspection shall be delayed or postponed for the purpose of scheduling the Aircraft, unless said maintenance or
inspection can be safely conducted at a later time in compliance with all applicable laws and regulations, and within the sound discretion of the pilot in command. The pilot in command shall have final and complete authority to cancel any flight for
any reason or condition which in his judgement would compromise the safety of the flight. 
  
 7. Lessor shall employ, pay for and provide to Lessee a qualified flight crew for each flight undertaken under this Agreement. 
  

8. In accordance with applicable Federal Aviation Regulations, the qualified flight crew provided by Lessor will exercise all of its duties and
responsibilities in regard to the safety of each flight conducted hereunder. Lessee specifically agrees that the flight crew, in its sole discretion, may terminate any flight, refuse to commence any flight, or take other action which in the
considered judgement of the pilot in command in necessitated by considerations of safety. No such action of the pilot in command shall create or support any liability for loss, injury, damage or delay to Lessee or any other person. The parties
further agree that Lessor shall not be liable for delay or failure to furnish the Aircraft and crew pursuant to this Agreement when such failure is caused by government regulation or authority, mechanical difficulty, war, civil commotion, strikes or
labor disputes, weather conditions, or acts of God. 
  
 9. Lessor
will provide such additional insurance coverage as Lessee shall request or require, provided, however, that the cost of such additional insurance shall be borne by Lessee as set forth in paragraph 2(d) hereof. At all times during the term of this
Lease, Lessor shall cause to be carried and maintained, at Lessor’s cost and expense, physical damage insurance with respect to the Aircraft in the amount set forth below: 
  

			
	Aircraft Physical Damage (No Deductible While In Motion or Not In Motion)	  	$11,000,000

  









 At all times during the term of this Lease, Lessor shall also cause to be carried and maintained, at
Lessor’s cost and expense, third party aircraft liability insurance, passenger legal liability insurance, property damage liability insurance, and medical expense insurance in the amounts set forth below: 
  

				
	Combined Liability Coverage for Bodily Injury and Property Damage Including Passengers - Each Occurrence	  	$	500,000,000
		
	Medical Expense Coverage - Each Person	  	$	25,000

  
 Lessor shall also bear
the cost of paying any deductible amount on any policy of insurance in the event of a claim or loss. 
  
 Any policies of insurance carried in accordance with this Lease: (i) shall name Lessee as an additional insured; and (ii) shall contain a waiver by the
underwriter thereof of any right of subrogation against Lessee; and (iii) shall provide that in respect of the interests of Lessee, such policies of insurance shall not be invalidated by any action or inaction of Lessor or any other person and shall
insure Lessee (subject to the limits of liability and war risk exclusion set forth in such policies) regardless of any breach or any violation of any warranty, declarations or conditions contained in such policies by Lessor or any other person; and
(iv) shall provide that if the insurers cancel insurance for any reason whatsoever, or the same is allowed to lapse for non-payment of premium, or if there is any material change in policy terms and conditions, such a cancellation, lapse or change
shall not be effective as to Lessee. Each liability policy shall be primary without right of contribution from any other insurance which is carried by Lessee or Lessor and shall expressly provide that all of the provisions thereof, except the limits
of liability, shall operate in the same manner as if there were a separate policy covering each insured. 
  
 Lessor shall submit this Lease for approval to the insurance carrier for each policy of insurance on the Aircraft. Lessor shall arrange for a Certificate
of Insurance evidencing appropriate coverage as to the Aircraft and the satisfaction of the requirements set forth above to be given by its insurance carriers to Lessor. 
  
 10. Lessee warrants that: 
  
 (a) It will use the Aircraft for and on account of its own business only, and will not use the Aircraft for the purpose of providing
transportation of passengers or cargo in air commerce for compensation or hire; 
  
 (b) it shall refrain from incurring any mechanics or other lien in connection with inspection, preventative maintenance, maintenance or
storage of the Aircraft, whether permissible or impermissible under this Agreement, nor shall there be any attempt by any party hereto to convey, mortgage, assign, lease or any way alienate the Aircraft or create any kind of lien or security
interest involving the Aircraft or do anything or take any action that might mature into such a lien; and 
  
 (c) during the term of this Agreement, it will abide by and conform to all such laws, governmental and airport orders, rules and
regulations, as shall from time to time be in effect relating in any way to the operation and use of the Aircraft by a timesharing Lessee. 
  
 11. For purposes of this Agreement, the permanent base of operation of the Aircraft shall be Westchester County Airport, Interlaken, Hanger V, 154 Airport
Road, White Plains, New York, 10554. 
  
 12. Neither this
Agreement nor any party’s interest herein shall be assignable to any other party whatsoever. This Agreement shall inure to the benefit of and be binding upon the parties hereto, their heirs, representatives and successors. 
  









 13. TRUTH IN LEASING STATEMENT 
  
 THE AIRCRAFT, A Canadair Challenger 601-3A-HB, MANUFACTURER’S SERIAL NO. 5092, CURRENTLY REGISTERED WITH
THE FEDERAL AVIATION ADMINISTRATION AS N300CR, HAS BEEN MAINTAINED AND INSPECTED UNDER FAR PART 91 DURING THE 12 MONTH PERIOD PRECEDING THE DATE OF THIS LEASE. 
  
 THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED UNDER FAR PART 91 FOR OPERATIONS TO BE CONDUCTED UNDER THIS LEASE. DURING THE
DURATION OF THIS LEASE, Crane Co., 100 First Stamford Place, Stamford, Connecticut, IS CONSIDERED RESPONSIBLE FOR OPERATIONAL CONTROL OF THE AIRCRAFT UNDER THIS LEASE. 
  
 AN EXPLANATION OF FACTORS BEARING ON OPERATIONAL CONTROL AND PERTINENT FEDERAL AVIATION REGULATIONS CAN BE OBTAINED FROM THE
NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE. 
  
 THE
“INSTRUCTIONS FOR COMPLIANCE WITH TRUTH IN LEASING REQUIREMENTS” ATTACHED HERETO ARE INCORPORATED HEREIN BY REFERENCE. 
  
 I, THE UNDERSIGNED Augustus I. duPont, AS VICE PRESIDENT, SECRETARY & GENERAL COUNSEL OF Crane Co., CERTIFY THAT Crane Co. IS RESPONSIBLE FOR
OPERATIONAL CONTROL OF THE AIRCRAFT AND THAT IT UNDERSTANDS ITS RESPONSIBILITIES FOR COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS. 
  
 IN WITNESS WHEREOF, the parties have executed this Agreement. 
  

					
	Crane Co., Lessor	 	 	 	 
			
	 By /s/ Augustus I. duPont
	 	 	 	December 30, 2003 12:00 noon
	 Augustus I. duPont, V.P.
	 	 	 	Date and Time of Execution
			
	/s/ E.C. Fast	 	 	 	December 30, 2003 12:00 noon
	E.C. Fast, Lessee	 	 	 	Date and Time of Execution

  
 INSTRUCTIONS FOR COMPLIANCE WITH
“TRUTH IN LEASING” REQUIREMENTS 
  

	 	1.	Mail a copy of the lease to the following address via certified mail, return receipt requested, immediately upon execution of the lease (14 C.F.R. 91.23 requires that the copy be
sent within twenty-four hours after it is signed): 

  
 Federal Aviation Administration 
 Aircraft Registration Branch 
 ATTN: Technical Section 
 P.O. Box 25724 
 Oklahoma City, Oklahoma 73125 
  

	 	2.	Telephone the nearest Flight Standards District Office at least forty-eight hours prior to the first flight under this lease. 

  

	 	3.	Carry a copy of the lease in the aircraft at all times.