Summary by Futu AI
On February 21, 2024, American Airlines Group Inc. announced that its Chief Financial Officer, Mr. Devon May, has entered into a Restrictive Covenants Agreement and a Severance Agreement with the company. The agreements include post-employment restrictions such as non-competition for 18 months and non-solicitation for 24 months after the termination of his employment, regardless of whether severance is received. In the event of a termination without cause or resignation for good reason, Mr. May will be entitled to a severance package that includes 18 months of base salary, 1.5 times the annual target cash incentive, COBRA premium payments for up to 18 months, and continued vesting of outstanding equity awards for 18 months. Additionally, there is a provision for acceleration of equity awards if a termination occurs within two years following a change in control of the company. The report was officially signed by Priya R. Aiyar, Executive Vice President and Chief Legal Officer of American Airlines Group Inc., on February 26, 2024.
