US Airways 2006 Annual Report Download - page 253

(B) deliver lectures, fulfill speaking engagements or teach at educational institutions and (C) invest or trade in stocks, bonds, commodities or other forms of
investment, including real property if the Executive does not "participate" (within the meaning of Treas. Reg. §§1.469-5(f) and 1.469-5T(f)) in such
investments, so long as such activities do not significantly interfere with the performance of the Executive's responsibilities as an employee of the Company in
accordance with this Agreement. The Executive may also participate in any interest or activity which is approved in writing by the Board. At least once each
year during this Agreement, and at any time upon the Board's request, the Executive shall provide a full disclosure to the Corporate Governance Committee of
the Board of his participation in any corporate, civic and charitable activities (including service on corporate or charitable boards of directors or trustees).
Prior to pursuing or accepting any board membership, teaching position or any other activity which will require a significant portion of the Executive's time
(other than those in which he is engaged on the Effective Date), the Executive agrees to discuss such activity with the Human Resources Committee of the
Board.
2.4 No Violation of Other Agreement. By execution of this Agreement, the Executive hereby warrants and represents to the Company that his acceptance
of this employment arrangement and his performance of the duties and responsibilities described hereunder will not cause him to violate the terms and
conditions of any obligation or agreement to which he is a party and will not expose the Company to any liability in connection with any such obligation or
agreement.
ARTICLE III
AT WILL EMPLOYMENT
3.1 At Will Employment. Prior to a Change of Control, this Agreement shall not have a specified Term. The employment relationship between the
Executive and the Company is one of "at-will employment," which provides that either party to the Agreement may terminate the Agreement at any time for
any reason. The parties hereto agree that in the event either desires to terminate the Agreement, the terminating party shall provide the other party written
notice of the termination.
3.2 Automatic Term Provisions Upon Change of Control. As of a Change of Control Date, this Agreement automatically shall become effective for a two
(2) year Term from that date and shall terminate on the close of business on the date two (2) years following the Change of Control Date, unless earlier
terminated by the parties pursuant to the provisions hereof.
ARTICLE IV
COMPENSATION AND BENEFITS
4.1 Base Salary. The Company agrees that the Executive's annual Base Salary is $425,000, which does not include any benefits or perquisites or
reductions. Notwithstanding the
CRELLIN EMPLOYMENT AGREEMENT Page 7