Summary by Futu AI
On July 11, 2024, American Airlines Group Inc. and its subsidiary American Airlines, Inc. entered into a Separation Agreement with Vasu Raja, the company's former Chief Commercial Officer. The agreement outlines severance benefits for Raja, including the continuation of his base salary through January 31, 2025, a lump sum payment of $968,750, and certain travel privileges, contingent upon his adherence to non-competition and non-solicitation covenants. The agreement follows Raja's termination of employment on June 30, 2024. The severance package is detailed in the agreement, which includes provisions for confidentiality, non-competition, and non-solicitation that extend through the severance period. Additionally, the agreement includes a clause for repayment and forfeiture of benefits should Raja breach the agreement's terms. The agreement also specifies that Raja will cooperate with the company post-termination and reaffirms his obligations to maintain confidentiality regarding proprietary information.