SEC Contract Filing

Filing Date: 2021-02-26

Document Content:
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<TYPE>EX-10.31.1
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<FILENAME>pnc-12312020xex10311.htm
<DESCRIPTION>EX-10.31.1
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<DIV><FONT size="1" style="font-size:1pt;color:white">Exhibit 10.31.1 TIME SHARING AGREEMENT This Time Sharing Agreement (the &#8220;Agreement&#8221;) is entered into as of November 15, 2017 by and between The PNC Financial Services Group, Inc., a Pennsylvania corporation, with offices at The Tower at PNC Plaza, 300 Fifth Avenue, Pittsburgh, PA 15222-2401 (&#8220;Lessor&#8221;), and William S. Demchak, with a business address of The Tower at PNC Plaza, 300 Fifth Avenue, Pittsburgh, PA 15222-2401 (&#8220;Lessee&#8221;). RECITALS WHEREAS, Lessor is the owner and operator of certain aircraft, a list of which is attached as Schedule A hereto (hereinafter referred to individually and collectively as the &#8220;PNC Aircraft&#8221;); WHEREAS, Lessor employs a fully qualified flight crew to operate the PNC Aircraft; and WHEREAS, Lessor and Lessee desire to lease said PNC Aircraft with flight crew on a non- exclusive time-sharing basis as defined in Section 91.501(c)(1) of the Federal Aviation Regulations (&#8220;FAR&#8221;); The parties agree as follows: 1. Lessor agrees to lease the PNC Aircraft to Lessee pursuant to the provisions of FAR 91.501(c)(1) and to provide a fully qualified flight crew for all operations. This Agreement shall commence on the date hereof (the &#8220;Effective Date&#8221;), and continue for the remaining portion of the Calendar Year (&#8220;Calendar Year&#8221; being defined as the period beginning January 1st of each year and ending December 31st of the same year). Thereafter, this Agreement shall automatically renew on January 1st of each subsequent Calendar Year, unless and until terminated pursuant to the terms of this Agreement. Except as otherwise provided in Section 9, either party may at any time terminate this Agreement upon thirty (30) days written notice to the other party. 2. Lessee shall pay Lessor the incremental cost of each flight conducted under this Agreement, including the cost of any &#8220;deadhead&#8221; flights made for Lessee, calculated in accordance with Lessor&#8217;s Aviation Policy and Aviation Procedures. Such cost shall in no event exceed the sum of the following expenses authorized by FAR Part 91.501(d): (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 PNC Aircraft&#8217;s base of operation; (d) Insurance obtained for the specific flight; </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> Page 2 of 7 Time Sharing Agreement Between The PNC Financial Services Group, Inc. and William S. Demchak (e) Landing fees, airport taxes, and similar assessments; (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 percent of the expenses listed in 2.(a) above. 3. Lessor will pay all expenses related to the operation of the PNC Aircraft when incurred, and will provide an invoice to Lessee for the expenses enumerated in paragraph 2 above within ten business days of 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 thirty (30) calendar days of receipt of the invoice therefore. Lessee shall include with each payment any federal transportation excise tax due with respect to such payment, and Lessor shall be responsible for collecting, reporting and remitting such tax to the U.S. Internal Revenue Service. 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 twenty-four (24) hours in advance of Lessee&#8217;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&#8217;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 </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> Page 3 of 7 Time Sharing Agreement Between The PNC Financial Services Group, Inc. and William S. Demchak (g) any other information concerning the proposed flight that may be pertinent or required by Lessor or Lessor&#8217;s flight crew. 5. Lessor shall have final authority over the scheduling of the PNC Aircraft; provided, that Lessor will use its best efforts to accommodate Lessee&#8217;s needs and to avoid conflicts in scheduling, consistent with the Lessor&#8217;s use of the PNC Aircraft in connection with its business operations. Lessor shall have no obligation under this