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Title: |
Agreement |
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Date: |
2001 |
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Size: |
Preview shows 3KB of 19KB total |
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Price: |
$34 |
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ID: |
#314059 |
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AGREEMENT
THIS AGREEMENT ("Agreement") is made as of the 22nd day of February,
2001, in Atlanta, Georgia.
THE PARTIES to it are THE HOME DEPOT, INC., a Delaware corporation, and
its subsidiaries and affiliates ("Home Depot"), and BERNARD MARCUS, a resident
of the State of Georgia ("Mr. Marcus").
THE BACKGROUND of this Agreement is as follows:
(A) Mr. Marcus is one of the original founders of Home Depot and
the current Co-Chairman of the Board.
(B) On August 19, 1999, the Board of Directors of Home Depot
unanimously adopted a resolution under which Mr. Marcus will receive certain
benefits pertaining to the use of an aircraft and the provision of security
services from Home Depot for the rest of his life.
(C) This Agreement sets forth the benefits the Board of Directors
of Home Depot has directed Home Depot to provide Mr. Marcus and the terms upon
which those benefits will be available to Mr. Marcus. This Agreement includes
certain other provisions to which Home Depot and Mr. Marcus have agreed.
THE TERMS of this Agreement are as follows:
1. TERM. Unless otherwise expressly provided herein, the term of
this Agreement shall be the life of Mr. Marcus; and this Agreement shall
continue in full force and effect until Mr. Marcus's death.
2. PURCHASE OF AIRCRAFT; LEASES; PILOT AND MANAGEMENT SERVICES.
The parties have agreed that Home Depot will sell, and Mr. Marcus (or his
designee(s)) will purchase, one of the Home Depot aircraft (1994 Falcon 900
aircraft, tail #N707WB). Home Depot will provide, or will have provided, pilot
and management services for the aircraft and Mr. Marcus (or his designee(s)).
Mr. Marcus (or his designee(s)) will dry-lease the aircraft to Home Depot on a
non-exclusive basis. A separate purchase and sale agreement, lease[s], and/or
pilot services agreement[s], as appropriate, with all related documentation, are
being entered into by the parties with respect to this transaction. Key
provisions of these agreements will include:
- The purchase price for the aircraft will be the current fair
market value of the aircraft.
- Home Depot will lease the aircraft from Mr. Marcus (or his
designee(s)) at a fair market rental rate based on 1% of the
purchase price per month, with
{PAGE} 2
certain costs passed through on a shared basis, subject to a
minimum required rent equal to 50% usage by Home Depot.
- Home Depot will pay applicable sales/use taxes attributable to
its usage of the aircraft.
- Home Depot will reimburse Mr. Marcus (or his designee(s)) for
ad valorem taxes paid for the aircraft based upon Home Depot's
percentage of use of the aircraft, subject to a minimum
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