Contract
Exhibit 10.5
AMR
Corporation
July 15, 2008
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Re: Employment
Agreement Extension
Dear
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You, AMR Corporation and American
Airlines, Inc. are parties (the “Parties”) to an Employment Agreement dated as
of March 29, 2006 (the “Employment Agreement”). The Parties have agreed to
extend the term of the Employment Agreement and to make other conforming changes
as described in this letter.
The Employment Agreement is amended as
follows:
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1.
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In
Section 2 of the Employment Agreement, the words “third anniversary” are
replaced with the words “sixth
anniversary”.
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2.
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The
third and fourth sentences of Section 3(b)(iv) are deleted and replaced
with the following: “The Executive shall be provided with one
and one/third additional years of age and service credit for each year
worked during the first three years of the Employment Period (for up to a
maximum of 3.9 years of additional age and service credit) for all
purposes of American’s Supplemental Executive Retirement Program (the
“SERP”), all with the effect that the Executive shall be deemed to have
served continuously with American since August 1985. The
additional age and service credit under the SERP shall not be provided if
the Executive’s employment is terminated by American for Cause or by the
Executive without Good Reason during the first three years of the
Employment Period.”
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Except as expressly amended by this
letter, the Employment Agreement shall continue in full force and effect in
accordance with its terms.
If you agree that this letter sets
forth our understanding with regard to the extension of the term of the
Employment Agreement, please sign this letter where indicated
below.
AMR CORPORATION
By:_/s/ ▇▇▇▇▇▇ ▇.
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AMERICAN
AIRLINES, INC.
By:_/s/ ▇▇▇▇▇▇ ▇.
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Agreed to
and Accepted:
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__________________________ Dated:
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