November 29, 2005 Mr. Armando M. Codina Chairman Codina Group, Inc. 355 Alhambra Circle, Suite 900 Coral Gables, FL 33134 Dear Armando: This will confirm the following agreement relating to the deferral of your director’s fees in 2006.
Exhibit 10.29
November 29, 2005
Xx. Xxxxxxx X. Xxxxxx
Chairman
Codina Group, Inc.
000 Xxxxxxxx Xxxxxx, Xxxxx 000
Xxxxx Xxxxxx, XX 00000
Chairman
Codina Group, Inc.
000 Xxxxxxxx Xxxxxx, Xxxxx 000
Xxxxx Xxxxxx, XX 00000
Dear Xxxxxxx:
This will confirm the following agreement relating to the deferral of your director’s fees in 2006.
1. All director’s fees and retainers (“Fees”) payable to you in connection with your service
on the boards of directors (including committees of such boards) of AMR Corporation and American
Airlines, Inc. for the period January 1, 2006 through December 31, 2006, will be deferred and paid
to you in accordance with this letter agreement.
2. Fees will be converted to Stock Equivalent Units in accordance with the Directors’ Stock
Equivalent Purchase Plan, a copy of which is attached hereto as Exhibit A (the “Plan”).
3. On January 29, 2016, the Stock Equivalent Units accrued in 2006 pursuant to this agreement
will be converted to cash and paid to you by multiplying the number of such Stock Equivalent Units
as of December 31, 2015, by the arithmetic mean of the high and low of AMR stock (“fair market
value”) during December 2015.
4. In the event of your death, the number of Stock Equivalent Units as of your date of death
will be multiplied by the fair market value of AMR stock during the calendar month immediately
preceding your death, and the amount paid to Xxxxxxxxx Xxxxxx. The payment contemplated by this
paragraph 4 will be made on the 30th business day following the date of your death.
If the foregoing is satisfactory to you, please indicate by signing one of the originals (two
are enclosed) and returning it to me.
Very truly yours,
Xxxxxxx X. XxxXxxx
Corporate Secretary
Corporate Secretary
Accepted and agreed:
/s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx |
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12/07/2005
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