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EXHIBIT 10(ttt)
February 7, 1996
Xx. Xxxxxxx X. Xxxxxx
Chairman
Codina Group, Inc.
Two Alhambra Plaza, PH2
Coral Gables, FL 33134
Dear Xxxxxxx:
This will confirm the following agreement relating to the
deferral of, and payment of, your directors' fees:
1. All directors' fees and retainers payable to you in
connection with your service on the boards of directors (including committees
of such boards) of AMR Corporation ("AMR") and American Airlines, Inc. for the
period beginning on January 1, 1996, and ending on December 31, 1996, shall be
paid to you on a deferred basis as set forth below.
2. Interest shall be accrued on the amounts to be paid
on a deferred basis pursuant to paragraph 1 above, from the date such fees
would otherwise have been paid to the date actually paid, at the prime rate
which The Chase Manhattan Bank (National Association) from time to time charges
in New York for 90-day loans to responsible commercial borrowers, such interest
to be compounded monthly.
3. The total amount to be paid inclusive of the
aggregate amount of interest accrued shall be paid to you in one lump sum on
the first business day of January 2006.
4. AMR's obligation to make payments pursuant to
paragraph 3 hereof shall not be released or modified by reason of your death:
In the event of your death prior to the first business day of January 2006, the
amount deferred and all interest accrued thereon shall be made to Xxxxxxxxx X.
Xxxxxx.
