Amendment to Executive Compensation Letter Agreement between Orbitz Worldwide and Chris Orton
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Summary
This agreement amends the compensation terms for Chris Orton following his promotion to President of Orbitz.com & Cheaptickets.com. Effective August 1, 2011, his base salary increases to $340,000, his bonus target rises to 75%, and he receives a $75,000 restricted stock unit (RSU) grant. The RSUs vest in equal installments over four years, contingent on continued employment. The agreement is signed by both Chris Orton and Orbitz Worldwide's CEO, Barney Harford.
EX-10.71 3 q411exhibit1071.htm EXHIBIT 10.71 EXECUTIVE AGREEMENT Q411 Exhibit 10.71
Exhibit 10.71
AMENDMENT TO LETTER AGREEMENT
August 11, 2011
Chris Orton
[personal address]
Dear Chris,
Congratulations on your promotion to President, Orbitz.com & Cheaptickets.com. In acknowledgement of this expanded role and your critical contributions to Orbitz Worldwide, I am pleased to inform you that the following changes will be made to you current compensation, effective August 1, 2011.
Current | New | |||||
Base Salary | $ | 309,000 | $ | 340,000 | ||
Bonus Target % | 60 | % | 75 | % | ||
Target Total Cash | $ | 494,400 | $ | 595,000 | ||
Promotional RSU Grant | $75,000* | |||||
Thank you for all of the hard work and commitment you have shown to Orbitz Worldwide since joining us. I wish you continued success in your new role.
With best wishes,
/s/ Barney Harford |
Barney Harford |
CEO |
Understood and accepted:
/s/ Chris Orton | 8/15/11 | |
Chris Orton | Date | |
cc: Kathy Dellplain
* Subject to the terms and conditions of the award agreement and your continued employment, 25% of the RSUs will vest on each of the first, second, third and fourth anniversary dates of the grant date, August 9, 2011.
