exhibit 10. 48 time sharing agreement this time sharing agreement ( the “ agreement ” ), is made and entered into this 13th day of february, 2018, by and between american express travel related services company, inc., ( “ aetrsc ” ), and stephen j. squeri ( “ user ” ). witnesseth : whereas, aetrsc, a wholly - owned subsidiary of american express company ( “ american express ” ), owns and operates the aircraft ( collectively, the “ aircraft ” ) listed on schedule a with flight crew for use by employees and non - employee directors of american express and its subsidiaries in accordance with part 91 of the federal aviation regulations and american express ’ policy regarding the use of corporate aircraft ( the “ aircraft policy ” ) ; and whereas, pursuant to american express ’ security policy, user, as chief executive officer of american express is required, to the maximum extent practicable, to use the aircraft for all aircraft travel purposes, including, without limitation, for personal travel ; and whereas, pursuant to the aircraft policy and american express ’ security policy, aetrsc provides use of the aircraft to user for certain personal travel ( which, under the rules and interpretations of the securities and exchange commission ( the “ sec ” ), includes, among other travel, use of the aircraft for attendance at meetings of non - profit institutions and companies other than american express on whose board user may serve as a director or trustee, as the case may be ), and no charge, assessment or fee has been made to user for such flights ( “ non - reimbursable personal flights ” ) ; and whereas, american express has adopted a policy limiting non - reimbursable personal flights by user to those flights with an aggregate value of approximately $ 200, 000 per year ( the “ personal use limitation ” ), as such flights and amount are determined under the rules and interpretations of the sec ; and whereas, aetrsc has the right and lawful authority to enter into time sharing agreements, as provided in § 91. 501 of the federal aviation regulations ( “ fars ” ) ; and whereas, in order to comply with the personal use limitation, user may desire to lease, from time to time, the aircraft, with flight crew, from aetrsc for user ’ s personal travel at user ’ s discretion in accordance with the aircraft policy on a time sharing basis in accordance with § 91. 501 of the fars ; and whereas, aetr