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Exhibit 10.1
[ORBITZ LETTERHEAD]
June 30, 2008
William
C. Cobb
c/o Orbitz Worldwide, Inc.
500 West Madison Street, Suite 1000
Chicago, Illinois 60661
Dear
Bill,
Congratulations. At its June 19
meeting, the Board of Directors (the “ Board ”)
of Orbitz Worldwide, Inc. (the “ Company ”)
appointed you to the Board, subject to your acceptance of the
appointment. Your appointment will be effective as of the date of
your acceptance of this letter (the “ Effective Date
”).
This letter summarizes the
compensation you will receive for your service on the Board.
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1. |
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Our non-employee directors are eligible to receive an annual
retainer fee (currently $75,000, or $18,750 per quarter). |
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2. |
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You will receive a $100,000 equity grant, effective as of the
Effective Date. Equity grants to the Company’s non-employee
directors are made in the form of deferred restricted stock units
(“ DSUs ”) under the Orbitz Worldwide, Inc.
Non-Employee Directors Deferred Compensation Plan (the “
Non-Employee Directors Deferred Compensation Plan ”).
The actual number of DSUs that will be granted to you will be
calculated based on the &ldquo |
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