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Exhibit
10.43
August 4,
2004
Mr. Curt
Sawyer
70 Grove Creek
Place
Memphis, TN
38117
Dear Curt:
I am very pleased to
offer you the position of Senior Vice President and Chief Financial
Officer for Midwest Airlines, reporting to me. As we
discussed, the pertinent details of your offer are as
follows:
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A base salary of $16,667 per month
($200,000 annualized).
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Participation in the company’s
Annual Incentive Plan (AIP) as determined by the Board of Directors
of Midwest Air Group at its annual compensation meeting in February
of each year. The AIP target bonus is 50% of the midpoint of
the salary range for this position. The award is based upon
several performance factors and total company performance, prorated
for the number of months worked during the year.
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In recognition of the financial
uncertainties affecting the industry, and to reinforce our
commitment to having you join our team, we are offering you the
following schedule of minimum guaranteed AIP payouts for your first
three years of employment.
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First Year
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$75,000
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75% of target
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$37,500 payable within 30 days of
hire
$37,500 payable in February
2005
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Second Year
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$50,000
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50% of target
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Payable in February 2006
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Third Year
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$25,000
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25% of target
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Payable in February 2007
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An award of 20,000 stock options at
a strike price determined by the market price on your date of hire.
Going forward, you will be eligible to participate in the
Management Stock Option Plan [or relevant plan(s) as may be
implemented], as determined and awarded on an annual basis by the
Board of Directors.
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Relocation assistance as described
in the enclosed packet to include movement of household goods,
temporary living and assistance in the sale of your home. If
you sell your house on your own, we will reimburse you for realtor
fees. Or, if you prefer, we can provide a third party
relocation firm to purchase your house based on the average of two
appraisals.
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