Deferred Compensation Agreement between AMR Corporation and Philip J. Purcell (2008 Director Fees)

Contract Categories: Human Resources › Compensation Agreements
Summary

This agreement between AMR Corporation and Philip J. Purcell outlines the deferral of Mr. Purcell's director fees for 2008. Instead of receiving fees and retainers during the year, Mr. Purcell will have these amounts converted into Stock Equivalent Units under the company's Directors' Stock Equivalent Purchase Plan. Payment will be made in cash, based on the value of AMR stock, after Mr. Purcell ceases to serve as a director. In the event of his death, payment will be made to Anne Purcell. The agreement specifies that payment timing cannot be accelerated.

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EX-10.53 8 exhibit10w53.htm DEFERRED COMPENSATION AGREEMENT - PHILLIP J. PURCELL exhibit10w53.htm
                                    Exhibit 10.53
December 4,  2007




Mr. Philip J. Purcell
227 West Monroe Street
Suite 5045
Chicago, IL 60606

Dear Phil:

This will confirm the following agreement relating to the deferral of your director's fees in 2008.

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, 2008 through December 31, 2008, 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 the 30th business day after the date when you cease to be a Director of AMR Corporation and any affiliates, and cease rendering services, the Stock Equivalent Units accrued in 2008 pursuant to the Plan will be converted to cash and paid to you in a lump sum by multiplying the number of such Stock Equivalent Units by the arithmetic mean of the high and the low of AMR stock (“fair market value”) during the month when you ceased to be a Director of AMR Corporation and any affiliates, and cease rendering services.  Payment cannot be accelerated.
 
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 Anne Purcell.  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,

/s/ Kenneth W. Wimberly


Kenneth W. Wimberly
Corporate Secretary


Accepted and agreed:




__/s/ Philip J. Purcell_____________
Philip J. Purcell


__12/14/2007___________________
Date