Deferred Compensation Agreement between AMR Corporation and Armando M. Codina

Contract Categories: Human Resources › Compensation Agreements
Summary

This agreement between AMR Corporation and Armando M. Codina outlines the deferral of Mr. Codina's director fees for 2006. Instead of receiving fees during that year, Mr. Codina's compensation will be converted into Stock Equivalent Units under the company's Directors’ Stock Equivalent Purchase Plan. These units will be paid out in cash in January 2016, based on the average market value of AMR stock in December 2015. If Mr. Codina passes away before payment, the value will be calculated as of the month before his death and paid to his beneficiary.

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EX-10.29 5 d33303exv10w29.htm DEFERRED COMPENSATION AGREEMENT - ARMANDO M. CODINA exv10w29  

Exhibit 10.29
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.
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 Margarita Codina. 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,
Charles D. MarLett
Corporate Secretary
Accepted and agreed:
     
/s/ Armando M. Codina
 
    
Armando M. Codina
    
 
    
12/07/2005
 
    
Date