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EXHIBIT 10.15
February 19, 1998
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 in 1998:
1. All directors' 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, 1998, through December 31, 1998, will be deferred and paid to you in
accordance with the following:
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.
3. On or before January 31, 2008, all the Stock Equivalent Units will
be converted to cash and paid to you by multiplying the number of Stock
Equivalent Units as of December 31, 2007, by the arithmetic mean of the high and
low of AMR stock ("fair market value") during the immediately preceding calendar
month.
4. AMR's obligation to make payments pursuant to paragraph 3 hereof
will not be released or modified by reason of your death. In such event, 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.
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If the foregoing is satisfactory to you, please indicate by signing and
returning the enclosed copy of this letter.
Very truly yours,
Xxxxxxx X. XxxXxxx
Corporate Secretary
Accepted and agreed:
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Xxxxxxx X. Xxxxxx
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Date
