Air Canada has entered into employment agreements with its President and Chief Executive Officer, Mr. Brewer which provides, among other things, for a pension credit of five years of pensionable service upon completion of five years service and a severance amount equal to two years of his annual base salary plus the right to early retirement with the five years pension credit in the event that he is involuntarily terminated for any reason other than just cause, disability or retirement. In early 2008, Air Canada’s Board of Directors reviewed Mr. Brewer’s employment agreement with a view to retaining Mr. Brewer’s services. The Board of Directors reinforced the agreement’s retention measures by granting an additional year of pension credits for each complete year worked after his 2007 employment anniversary date, up to a maximum of five additional years of pension credits and provided for a further five years of pension credits upon Mr. Brewer reaching ten years of Air Canada service and age fifty five.