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Exhibit 10.18  

 
 

COMMUNITY HEALTH SYSTEMS, INC.
  DIRECTORS' FEES DEFERRAL PLAN    
    

[Adopted as of December 14, 2004]  

Section 1.    Purpose, Participation  

        (a)   Purpose:    The purpose of this Directors' Fees Deferral Plan (the "Plan") is to enable Community Health
Systems, Inc. (the "Corporation") to attract and retain Directors of outstanding ability by providing them with a mechanism to defer and accumulate Director's fees, meaning (1) the
retainer, and (2) fees for attendance at meetings of the Board of Directors of the Corporation (the "Board") and Board committees. 

        (b)   Participation:    This Plan extends to Directors of the Corporation not employed by the Corporation or any
subsidiary. 

Section 2.    Payment of Deferred Amounts  

        (a)   Deferral Election:    At any time prior to the beginning of a calendar year, a Director may elect that all or
any specified portion of the Director's fees to be earned during such calendar year be credited to a Director's Cash Account and/or a Director's Stock Unit Account maintained on such Director's behalf
in lieu of payment (a "Deferral Election"). A Director may also make a Deferral Election during the 30 days following the date on which a Director first becomes eligible to receive Director's
fees, although any Deferral Election made pursuant to this sentence will apply only to all or any specified portion of the Director's fees earned thereafter. Each Deferral Election must be made on a
deferral election form to be provided by the Corporation and must specify (i) the portion of the Director's fees to be deferred, (ii) the Payment Commencement Event (as hereinafter
defined), and (iii) the Payment Method (as hereinafter defined). Each Deferral Election must be submitted to the Secretary of the Corporation in writing, and will be deemed to authorize
deferral to only a Director's Cash Account except to the extent deferral to a Director's Stock Unit Account is expressly specified. 

        (b)   Effect of Deferral Election:    Pursuant to such Deferral Election, the Corporation (i) will not pay the
Director's fees covered thereby and (ii) will make payments in accordance with the Deferral Election and this Section 2. 

        (c)   Payment Commencement Event.    At the time of making the Deferral Election, a Director will designate as a
"Payment Commencement Event" either (1) the Director's separation from service as a Director of the Corporation (or any successor), or (2) the Director's attainment of an age specified
by the Director, provided that such age is not attained prior to the end of the calendar year following the date on which the Deferral Election is made. In addition, (A) a Director who has
elected (2) as a Payment Commencement Event may also elect that, in the event that the Director experiences a separation from service as a Director of the Corporation within one year following
a "Change of Control" (as defined in Section 5(g)), the Payment Commencement Event for payments from a deferral account will be the Director's separation from service as a Director, and
(B) a Director may also elect as a Payment Commencement Event the Director becoming Disabled (as hereinafter defined) if that is earlier than any other Payment Commencement Event elected by the
Director. For purposes of this Plan, "Disabled" means that a Director is unable to engage in any substantial gainful activity because of a medically determinable physical or mental impairment which
can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. 

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        (d)   Payment.    Payment of amounts credited to a Director's Cash Account and Stock Unit Account will be made in
accordance with the Payment Method elected by the Director in his Deferral Election. For purposes of this Plan, "Payment Method" shall mean, with respect to payments of amounts credited to a
Director's Cash Account and Stock Unit Account pursuant to a Deferral Election, either (i) a lump sum payment on the last business day of the calendar quarter in which the Payment Commencement
Event (either as originally designated or as subsequently designated pursuant to Section 2(e)) occurs, or (ii) a number of annual installments (not exceeding 15) specified by the
Director in his Deferral Election commencing on the last business day of the calendar quarter in which the Payment Commencement Event (either as originally designated or as subsequently designated
pursuant to Section 2(e)) occurs and, subject to Section 2(g), continuing to be made on the last business day of that same calendar quarter in each subsequent year. The amount of any
installment payment made with respect to amounts subject to a Deferral Election shall equal the sum of (i) the amount subject to that Deferral Election and credited to the Director's Cash
Account as of the applicable payment date divided by the number of installments remaining to be paid (including the installment with respect to which the determination is being made) (the "Installment
Factor") and (ii) a number of shares of the Corporation's Common Stock, par value $.01 per share (the "Common Stock") equal to the number of Stock Units subject to that Deferral Election and
credited to the Director's Stock Unit Account as of the applicable payment date divided by the Installment Factor. Notwithstanding the foregoing, unless otherwise required pursuant to
Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), the annual installment Payment Method shall not be an option for a Payment Commencement Event arising in connection
with a separation from service following a Change of Control. 

        (e)   Changes in Payment Commencement Event or Payment Method.    A Director may also elect to defer the Payment
Commencement Event to a later Payment Commencement Date specified by the Director or change the Payment Method with respect to amounts subject to a Deferral Election. Such elections (1) will
not be effective for 12 months after the date on which such election is made, (2) must be made not less than 12 months prior to the date of the first scheduled payment of any
amount subject to that Deferral Election, (3) must provide for an additional deferral for a period of not less than 5 years from the date the payment would otherwise have been made
(except with respect to amounts payable upon a Director becoming Disabled or upon the death of the Director), and (4) must be submitted to and approved by the Plan Committee. A Director may
make no more than one election pursuant to this Section 2(e) in any calendar year with respect to amounts subject to any particular Deferral Election. A Director who has elected the annual
installment Payment Method with respect to amounts subject to a Deferral Election may not change the Payment Method with respect to such amounts to a lump sum payment unless such change is permitted
by the regulations promulgated under Section 409A of the Code. 

        (f)    Renewal of Payment Commencement and Payment Method Elections.    Once a Deferral Election, (including
designation of the portion of Director's fees to be deferred, the Payment Commencement Event and the Payment Method) has been made, it will be automatically applied to Director's fees earned in all
subsequent calendar years unless the Director changes or revokes such election prior to the commencement of such calendar year. Each such change or revocation must be submitted to the Secretary of the
Corporation in writing. However, except as provided in Section 2(e), each Deferral Election is irrevocable as to Director's fees earned prior to the calendar year next following any change or
revocation. 

        (g)   Death.    A Director may designate a beneficiary (and change such beneficiary, from time to time) for payment
of any balance of the deferral account at the Director's death. Upon a Director's death, any balance in the deferral account (including amounts credited to such account as specified in
Section 3(b) and Section 4(b)) will be paid to the deceased Director's beneficiary in a lump sum at the end of the first calendar quarter which ends at least 30 days after the
Director dies. If no beneficiary 

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has
been designated, the Director's estate will be deemed the beneficiary, and any payments pursuant to this Section 2(g) will be paid in a lump sum at the end of the first calendar quarter
which ends at least 30 days after appointment of the deceased Director's legal representative. 

Section 3.    Credits and Debits to Director's Cash Account  

        (a)   Principal.    The Corporation will create and maintain on its books a Director's Cash Account for each Director
who has made a Deferral Election to such an account under Section 2(a). The Corporation will credit to such account the amount of any Director's fee which would have been paid to the Director
but for such Deferral Election, as of the date the fee would have otherwise been payable. 

        (b)   Interest.    At the end of each calendar quarter, regardless of whether any other credits are then made to the
Director's Cash Account or whether the Director is then a Director, the Corporation will also credit to the Director's Cash Account a sum which is equal to the product of (i) the average daily
balance in the Director's Cash Account for the quarter (without regard to any debits made at the end of such quarter), times (ii) one-fourth of the annual Base Rate (prime rate) for
corporate borrowers quoted by J.P. Morgan Chase (or any successor thereto) of New York as of the first business day of the quarter. 

        (c)   Debits.    At the end of each calendar quarter, the Corporation will make a payment if required under the
payment schedule for such Director's Cash Account and will debit the Director's Cash Account for the amount thereof. Payment with respect to a Director's Cash Account will be in cash only. 

        (d)   Mid-quarter Payments.    If Payment is to be made other than at the end of a calendar quarter,
prior to such payment the Corporation will credit to the Director's Cash Account an amount equal to the product of (i) the average daily balance in the Director's Cash Account for the period
from the beginning of the calendar quarter to the date of payment (without regard to any debits to be made upon such payment), times (ii) a fraction of the annual Base Rate (prime rate) for
corporate borrowers quoted by J. P. Morgan Chase (or any successor thereto) as of the first business day of the quarter, the numerator of which is the number of days in the period described in
clause (i), and the denominator of which is 365. 

Section 4.    Credits and Debits to Director's Stock Unit Account  

        (a)   Stock Units.    The Corporation will create and maintain on its books a Director's Stock Unit Account for each
Director who has made a Deferral Election under Section 2(a) and expressly specifies deferral to such Stock Unit Account. The Corporation will credit to such account the number of Stock Units
equal to the number of shares of Common Stock that could be purchased with the amount of any Director's fee which would have been paid to the Director but for such Deferral Election, as of the date
the fee would have otherwise been payable. The number of Stock Units will be calculated to three decimals by dividing the amount of the Director's fee as to which a Director's Stock Unit Account
Deferral Election was made by the closing price of the Corporation's common stock as reported on the New York Stock Exchange on the date the fee would have otherwise been payable. 

        (b)   Dividends.    As of the date any dividend is paid to holders of shares of Common Stock, each Director's Stock
Unit Account, regardless of whether the Director is then a Director, will be credited with additional Stock Units equal to the number of shares of Common Stock that could have been purchased with the
amount which would have been paid as dividends on that number of shares of Common Stock (including fractions of a share to three decimals) equal to the number of Stock Units attributed to such
Director's Stock Account as of the record date applicable to such dividend. The number of additional Stock Units to be credited will be calculated to three decimals by dividing the amount which would
have been paid as dividends by the closing price of the Corporation's common 

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stock
as reported on the New York Stock Exchange as of the date the dividend would have been paid. In the case of dividends paid in property other than cash, the amount of the dividend shall be deemed
to be the fair market value of the property at the time of the payment of the dividend, as determined in good faith by the Plan Committee. 

        (c)   Debits and Calculation of Payments.    The Corporation will debit the Director's Stock Unit Account for Stock
Units as required under the payment schedule for such Director's Stock Unit Account. Payment with respect to whole Stock Units will be in shares of Common Stock only, at the rate of one shares of
Common Stock per Stock Unit. Until such time as shares of Common Stock have been listed on The New York Stock Exchange for issuance under this Plan, only Treasury shares shall be used for such
payment. With respect to fractional Stock Units, payment will be made in cash only, and calculated by multiplying the fractional number of the Stock Unit to be debited by the closing price of the
Corporation's common stock as reported on the New York Stock Exchange as of the last business day of the week preceding the week of the date the Stock Units are payable. Should payment of shares of
Common Stock be made with respect to Stock Units after the record date, but before the payment date applicable to a dividend paid to holders of shares of Common Stock, the dividend that would
otherwise have been credited as additional Stock Units to a Director's Stock Unit Account in respect of those shares will be paid to the Directors in cash (or other property) at the same time as the
dividend is paid to shareholders generally. 

        (d)   Adjustment.    If at any time the number of outstanding shares of Common Stock is increased as the result of
any stock dividend, stock split, subdivision or reclassification of shares, the number of Stock Units with which each Director's Stock Unit Account is credited will be increased in the same proportion
as the outstanding number of shares of Common Stock is increased. If the number of outstanding shares of Common Stock is decreased as the result of any combination, reverse stock split or
reclassification of shares, the number of Stock Units with which each Director's Stock Unit Account is credited will be decreased in the same proportion as the outstanding number of shares of Common
Stock is decreased. In the event the Corporation is consolidated with or merged into any other corporation and holders of shares of Common Stock receive shares of the capital stock of the resulting or
surviving corporation, there shall be credited to each Director's Stock Unit Account, in lieu of the extant Stock Units, new Stock Units in an amount equal to the product of the number of shares of
capital stock exchanged for one share of the Corporation's common stock upon such consolidation or merger, and the number of Stock Units with which such account then is credited. If, in such a
consolidation or merger, holders of shares of Common Stock receive any consideration other than shares of the capital stock of the resulting or surviving corporation or its parent corporation, the
Plan Committee will determine any appropriate change in Directors' Stock Unit Accounts. In the event of a recapitalization or other corporate transaction affecting the Common Stock, the Plan Committee
will determine an appropriate change in Directors' Stock Unit Accounts. 

        (e)   Accounting.    Amounts credited to a Director's Cash Account and/or Stock Unit Account in respect of amounts
subject to a particular Deferral Election shall at all times be accounted for separately under this Plan. A change in a particular Deferral Election shall apply to all amounts separately accounted for
with respect to that Deferral Election. Any references herein to "amounts subject to a Deferral Election" shall be deemed to refer to the amounts deferred pursuant to a particular Deferral Election,
amounts credited to a Directors Cash Account and/or Stock Unit Account in respect of those deferrals and any amounts distributed or to be distributed from the Director's Cash Account and/or Stock Unit
Account in respect of those deferrals. 

Section 5.    Unfunded Arrangement  

        Neither this Plan nor any deferral account will be funded; a deferral account and all entries thereto constitute bookkeeping records only and do not relate to any
specific funds or shares of the Corporation. Payments due with respect to balances in a deferral account will be made from the 

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general
assets of the Corporation, and the right of any participant to receive future payments under this Plan's provisions will be an unsecured claim against such assets. 

Section 6.    Administration  

        (a)   Plan Committee.    The Plan will be administered by a Plan Committee, which will be the Compensation Committee
of the Board, or such other committee as may be appointed by the Board, and may include Directors who have elected to participate in the Plan. No member of the Plan Committee will be liable for any
act done or determination made in good faith. 

        (b)   Committee Determination Final.    The construction and interpretation of any provision of the Plan by the Plan
Committee, and a determination by the Plan Committee of the amount of any deferral account, will be final and conclusive. 

        (c)   Amendments.    The Corporation, by action of its Board, reserves the right to terminate, modify or amend this
Plan, effective prospectively as of the first day of any calendar quarter; provided, however, that (i) the Plan will not be subject to termination, modification or amendment with respect to any
balance of a deferral account and rights therein, including the right to future interest pursuant to Section 3(b) and future dividends pursuant to Section 4(b), unless the affected
Director consents and (ii) the Board may delegate to any officer of the Corporation the authority to adopt any amendment to the Plan deemed necessary so that the Plan complies or continues to
comply with all applicable law, including without limitation, complying with Section 409A of the Code, provided that any such amendment does not result in any material cost to the Corporation. 

        (d)   Non-Alienation.    No Director (or estate of a Director) will have power to transfer, assign,
anticipate, mortgage or otherwise encumber any rights or any amounts payable hereunder; nor will any such rights or payments be subject to seizure for the payment of any debts, judgments, alimony, or
separate maintenance, or be transferable by operation of law in the event of bankruptcy, insolvency, or otherwise. 

        (e)   Expenses.    The expenses of administering the Plan will be borne by the Corporation and not be charged against
any deferral account. 

        (f)    Withholding.    The Corporation may deduct from all cash payments any taxes required to be withheld with
respect to such payments. In order to enable the Corporation to meet any applicable federal, state or local withholding tax requirements arising as a result of payments made hereunder in the form of
stock, a Director shall pay the Corporation the amount of tax to be withheld or may elect to satisfy such obligation by having the Corporation withhold shares of Common Stock that otherwise would be
delivered to the Director pursuant to the deferral account payment for which the tax is being withheld, by delivering to the Corporation other shares of Common Stock owned by the Director prior to the
payment date, or by making a payment to the Corporation consisting of a combination of cash and such shares of Common Stock. Such an election shall be made prior to the date to be used to determine
the tax to be withheld. The value of any share of common stock to be withheld by, or delivered to, the Corporation pursuant to this Section 6(f) shall be the closing price of the Corporation's
common stock as reported on the New York Stock Exchange on the date to be used to determine the amount of tax to be withheld. 

        (g)   Change of Control.    A "Change of Control" means the occurrence of any of the following events with respect to
the Corporation: 

        1.     An
acquisition (other than directly from the Corporation) of any voting securities of the Corporation (the "Voting Securities") by any "Person" (as the term person is
used for purposes of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")), immediately after which such Person has "Beneficial Ownership" (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) of more than fifty percent (50%) of the then 

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outstanding
shares of the Corporation's Common Stock, par value $.01 per share (the "Common Stock") or the combined voting power of the Corporation's then outstanding Voting Securities;  provided, however, that in
determining whether a Change in Control has occurred shares of Common Stock or Voting Securities which are acquired in a
"Non-Control Acquisition" ("as hereinafter defined) shall not constitute an acquisition which would cause a Change in Control. A "Non-Control Acquisition" shall mean an
acquisition by (i) an employee benefit plan (or a trust forming a part thereof) maintained by (A) the Corporation or (B) any corporation or other Person the majority of the voting
power, voting equity securities or equity interest of which is owned, directly or indirectly, by the Corporation (for purposes of this definition, a "Related Entity"), (ii) the Corporation or
any Related Entity, or (iii) any Person in connection with a "Non-Control Transaction" (as hereinafter defined); 

        2.     The
individuals who, as of December 14, 2004, are members of the Board (the"Incumbent Board"), cease for any reason to constitute at least a majority of the
members of the Board or, following a Merger (as hereinafter defined) which results in a Parent Corporation (as hereinafter defined), the board of directors of the ultimate Parent Corporation;  provided, however, that if the election, or nomination for election by the Corporation's common stockholders, of any new director was approved by a vote
of at least two-thirds of the Incumbent Board, such new director shall, for purposes of this Plan, be considered a member of the Incumbent Board; provided further,
however, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed office as a result of an actual or threatened solicitation
of proxies or consents by or on behalf of a Person other than the Board (a "Proxy Contest") including by reason of any agreement intended to avoid or settle any Proxy Contest; or 

        3.     The
consummation of: 

        (i)    A
merger, consolidation or reorganization with or into the Corporation or in which securities of the Corporation are issued (a "Merger"), unless such Merger is a
"Non-Control Transaction." A "Non-Control Transaction" shall mean a Merger where: 

        (A)  the
stockholders of the Corporation immediately before such Merger own directly or indirectly immediately following such Merger at least fifty percent (50%) of the
combined voting power of the outstanding voting securities of (x) the corporation resulting from such Merger (the "Surviving Corporation"), if fifty percent (50%) or more of the combined voting
power of the then outstanding voting securities of the Surviving Corporation is not Beneficially Owned, directly or indirectly, by
another Person (a"Parent Corporation"), or (y) if there is one or more than one Parent Corporation, the ultimate Parent Corporation; and 

        (B)  the
individuals who were members of the Incumbent Board immediately prior to the execution of the agreement providing for such Merger constitute at least a majority of
the members of the board of directors of (x) the Surviving Corporation, if there is no Parent Corporation or (y) if there is one or more than one Parent Corporation, the ultimate Parent
Corporation; 

        (ii)   A
complete liquidation or dissolution of the Corporation; or 

        (iii)  The
sale or other disposition of all or substantially all of the assets of the Corporation to any Person (other than a transfer to a Related Entity or under conditions
that would constitute a Non-Control Transaction with the disposition of assets being regarded as a Merger for this purpose or the distribution to the Corporation's stockholders of the
stock of a Related Entity or any other assets). 

        Notwithstanding
the foregoing, a Change in Control shall not be deemed to occur solely because any Person (the "Subject Person") acquired Beneficial Ownership of more than the permitted
amount 

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of
the then outstanding shares of Common Stock or Voting Securities as a result of the acquisition of shares of Common Stock or Voting Securities by the Corporation which, by reducing the number of
shares of Common Stock or Voting Securities then outstanding, increases the proportional number of shares Beneficially Owned by the Subject Persons, provided that if a Change in Control would occur
(but for the operation of this sentence) as a result of the acquisition of shares of Common Stock or Voting Securities by the Corporation, and after such share acquisition by the Corporation, the
Subject Person becomes the Beneficial Owner of any additional shares of Common Stock or Voting Securities which increases the percentage of the then outstanding shares of Common Stock or Voting
Securities Beneficially Owned by the Subject Person, then a Change in Control shall occur. 

        (h)   Stock Unit Status.    Stock Units are not, and do not constitute, shares of Common Stock, and no right as a
holder of shares of Common Stock devolves upon a Director by reason of participation in this Plan. 

        (i)    Savings Provision.    The Corporation intends for the Plan to comply with Section 409A of the Code and
the regulations issued thereunder. If there is ambiguity as to the intent or meaning of any provision of the Plan, such provision shall be interpreted in a manner that complies with
Section 409A and regulations promulgated thereunder. 

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Exhibit 10.1    
    

 
  Sabre Holdings    

 
 

DEFERRED COMPENSATION PLAN    

 
 

ARTICLE I
Purpose

        The
purpose of the Sabre Holdings Deferred Compensation Plan ("the Plan"), as amended as of May 16, 2003, of Sabre Inc. (the "Company") is to provide a select group of key
employees of the Company and designated Subsidiaries on the United States payroll the opportunity to defer receipt of base salary, cash bonuses and certain equity-based compensation to which they may
become entitled for the periods provided herein. This Plan shall be considered an unfunded nonqualified deferred compensation "top hat" plan maintained for "a select group of management or highly
compensated employees," as that phrase is used in Title I of the Employee Retirement Income Security Act of 1974, and shall be construed accordingly. The Plan is intended to replace and supercede The
SABRE Group Deferred Compensation Plan as amended April 29, 1998. 

 
 

ARTICLE II
Definitions

        For
purposes of this Plan, the following terms shall have the following meanings: 

        2.1   "Account" shall have the meaning set forth in Section 4.1. 

        2.2   "Administrator" shall have the meaning set forth in Section 6.1. 

        2.3   "Base Salary" shall mean a Participant's regular base salary for a Plan
Year (and shall exclude Incentive Awards or other incentive compensation) payable by the Company to a Participant, but before reduction of base salary deferred pursuant to this Plan or any other plan
of the Company. 

        2.4   "Beneficiary" shall mean the person or persons designated from time to
time in writing delivered to the Administrator by a Participant to receive payments under this Plan after the death of such Participant or, in the absence of any such designation or in the event that
such designated person or persons shall predecease such Participant, the Participant's estate. A Participant shall designate a Beneficiary on his initial Deferral Election Form and thereafter may
change his Beneficiary designation by filing with the Administrator an Election Change Form that may be obtained from the Administrator. 

        2.5   "Board of Directors" shall mean the Board of Directors of the Company or
a duly authorized committee thereof. 

        2.6   "Cause" shall mean willful misconduct, violation of Company policy,
refusal to perform reasonably assigned duties or any other conduct that the Administrator, in its sole discretion, determines is injurious to the business or reputation of the Company. 

        2.7   "Change in Control" shall have the meaning ascribed to that term in the
LTIP. 

        2.8   "Committee" shall have the meaning set forth in Section 6.1. 

        2.9   "Company" shall mean Sabre Inc., a Delaware corporation, or any
successor thereto, and those designated Subsidiaries whose employees participate in this Plan. 

        2.10 "Deferral Election" shall mean a Participant's election pursuant to
Section 3.1 to have a specified percentage or dollar amount of his Eligible Base Salary or Incentive Award deferred pursuant to this Plan. 

 

        2.11 "Deferral Election Form" shall mean the form that a Participant submits
to the Administrator on which the Participant documents his Deferral Election. 

        2.12 "Deferral Period" shall mean the period of deferral of a Participant's
Deferred Compensation as provided in Section 3.2. 

        2.13 "Deferred Amount" shall mean as of any date the sum of all of a
Participant's Deferred Compensation plus all gains or losses attributable thereto as of such date as reflected in the Account of such Participant, as provided herein. 

        2.14 "Deferred Compensation" shall mean that portion of a Participant's
Eligible Base Salary or Incentive Award, the payment of which the Participant has elected to defer under this Plan. 

        2.15 "Discretionary Transaction" shall have the meaning set forth in
Rule 16b-3 promulgated under the Exchange Act. 

        2.16 "Effective Date" shall mean October 14, 1997, the date as of
which the Plan was adopted by the Board of Directors. 

        2.17 "Election Change Form" shall mean the form that a Participant submits to
the Administrator on which the Participant documents his election to change his Pay-Out Schedule. 

        2.18 "Election Date" shall mean the date by which a Participant must make a
Deferral Election pursuant to Sections 3.5 and 3.6. 

        2.19 "Eligible Base Salary" shall mean for any Participant, the portion of
the Participant's Base Salary that exceeds the dollar limit in effect at the time of Election Date under § 401(a)(17) of the Internal Revenue Code of 1986, as amended (the "Code"). 

        2.20 "Eligible Employee" shall mean a select group of management and/or
highly compensated individuals employed by the Company or designated Subsidiaries on or after the Effective Date and who are designated from time to time by the Board of Directors to be eligible for
participation in the Plan. 

        2.21 "Exchange Act" means the Securities Exchange Act of 1934, as amended. 

        2.22 "Incentive Award" shall mean a payment, award or other benefit to which
a Participant may become entitled pursuant to any incentive, commission, profit-sharing, bonus or other plan sponsored by the Company (including, but not limited to awards made pursuant to the LTIP)
and which the Administrator shall from time to time determine is eligible for deferral pursuant to this Plan. 

        2.23 "Insider" shall mean any Participant who is subject to Section 16
of the Exchange Act. 

        2.24 "Investment Choices" shall mean the investment vehicles made available
by the Administrator from time to time in which Participants' Deferred Compensation will be deemed to be invested pursuant to Section 4.2. 

        2.25 "LTIP" shall mean the Sabre Holdings Corporation 1996
Long-Term Incentive Plan, as amended from time to time. 

        2.26 "Participant" shall mean any Eligible Employee who makes a Deferral
Election pursuant to Section 3.1. 

        2.27 "Pay-Out Schedule" shall mean, with respect to a
Participant's Deferred Amount, the designated method of payment of such Deferred Amount following the end of the Deferral Period, as selected by a Participant pursuant to Section 3.1. 

        2.28 "Plan" shall mean the Sabre Holdings Deferred Compensation Plan, as
amended as of May 16, 2003. 

2

 

        2.29 "Plan Year" shall mean from January 1, 2004 through
December 31, 2004, and thereafter each January 1 through December 31 of the next succeeding years. 

        2.30 "Subsidiary" shall mean a corporation (other than Sabre Inc. or
Sabre Holdings Corporation) in an unbroken chain of corporations beginning with Sabre Inc, or Sabre Holdings Corporation if each of the corporations (other than the last corporation in the unbroken
chain) owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in the chain. 

        2.31 "Substantial Hardship" shall mean an unanticipated emergency that is
caused by events outside of the control of the Participant (or in the event of the Participant's death, his Beneficiary) that would result in severe financial hardship to the Participant if early
withdrawal were not permitted (or in the event of the Participant's death, his Beneficiary), as determined in the sole discretion of the Administrator. 

 
 

ARTICLE III
Deferral of Awards

        3.1   Deferral Election. Each Eligible Employee may elect to have the payment of a specified percentage or specified dollar
amount of Eligible Base Salary or Incentive Award deferred pursuant to this Plan; provided, however,
that the minimum amount of Deferred Compensation with respect to Eligible Base Salary and each type of Incentive Award with respect to which a Deferral Election may be made shall each be at least five
thousand dollars ($5,000) for any Plan Year. Each Deferral Election shall be made on a Deferral Election Form to be provided by the Administrator and shall specify the dollar amount or percentage of
either Eligible Base Salary or Incentive Award to be deferred. The Deferral Election Form shall also specify the Deferral Period, the Investment Choices, if it is the Participant's initial Deferral
Election Form, the Pay-Out Schedule (in accordance with Section 3.3) and a Beneficiary designation. Participants must make a separate Deferral Election on or before the applicable
Election Date as specified in Section 3.5 or Section 3.6 (i) for each Plan Year in respect of Eligible Base Salary to be earned and (ii) for each Incentive Award in the
manner designated by the Administrator to be eligible for deferral. 

        3.2   Deferral Period. The Deferral Period with respect to a Participant's Deferred Compensation is the
period which shall commence on the date the Deferred Compensation would otherwise have been paid to the Participant and shall end on the March 1 of the next calendar year following the earlier
of the date of the Participant's termination of employment with the Company for any reason, or the fixed date elected by the Participant and set forth in his Deferral Election Form. For the purposes
of this Plan, it shall not be considered a termination of employment when a Participant is: (i) granted a military leave of absence by the Company; (ii) granted an approved personal
leave of absence by the Company, provided, however, that the Administrator may from time to time
determine that certain leaves of absence pursuant to this Section 3.2(ii) constitute a termination of employment for purposes of this Plan; (iii) on short-term
disability leave; (iv) transferred to any other subsidiary of the Company; or (v) determined by the Administrator to not have been terminated. 

        3.3   Pay-Out Schedule. Each of the Deferral Elections made by a Participant shall specify
a Pay-Out Schedule with respect to such Participant's Deferred Compensation, which shall be either: (i) a lump-sum pay-out or (ii) a
pay-out in annual installments (not in excess of ten), which payments shall commence as soon as administratively possible after March 1 of the next calendar year following the date
specified by the Participant in the Pay-Out Schedule or as soon as administratively possible after March 1 of the next calendar year following the Participant's termination of
employment, whichever event occurs earlier; provided that the amount of each installment payable pursuant to clause (ii) shall equal the balance
of the Participant's Account at the close of business at the end of February occurring immediately prior to the payment of the installment divided by the number of installments remaining to 

3

 

be
paid. If a Pay-Out Schedule is not chosen by a Participant, he shall be deemed to have elected a lump-sum pay-out. There may be different Pay-Out
Schedules elected depending on the reason for the Participant's termination of employment. Each Participant may elect to change his Pay-Out Schedule by completing an Election Change Form
that will be available from the Administrator and submitting it to the Administrator or his designated representative; provided,  however, such change of
Pay-Out Schedule shall be effective only if such completed Election Change Form is submitted by the Participant at
least one year prior to the date of the previously elected date of payment. However, a change of a Pay-Out Schedule with respect to any Deferral Election can be made by the Participant
only twice after the initial specification of the applicable Pay-Out Schedule. Notwithstanding the foregoing provisions of this Section 3.3 and the payment schedule set forth in any
Pay-Out Schedule, no payment to an Insider with respect to the portion of his Account attributable to an Investment Choice relating to or based upon any equity security (within the meaning
of Rule 16b-3 promulgated under the Exchange Act) of the Company shall be made sooner than six months after (i) if the payment would not constitute a Discretionary
Transaction, the date of an acquisition of equity securities of the Company by such Participant which is not exempt pursuant to Section 16(b) of the Exchange Act and the rules promulgated
thereunder, or (ii) if the payment would constitute a Discretionary Transaction, the date of an acquisition of equity securities of the Company which is a Discretionary Transaction. 

        3.4   Irrevocability. A Deferral Election, once made, shall be irrevocable;  provided, however,
 that (i) upon a Participant's Substantial Hardship, the Participant may elect
to cease any further deferrals pursuant to any Deferral Election with respect to which there are any amounts remaining to be deferred; and (ii) in the event of a Participant's termination of
employment for any reason, no further deferrals will be made pursuant to this Plan. Amounts deferred pursuant to a Deferral Election prior to a Participant's election pursuant to clause (i)
above or prior to his termination of employment will continue to be governed by the terms of this Plan. 

        3.5   Eligible Base Salary Election Date. A Deferral Election in respect of Eligible Base Salary must
be made during the applicable enrollment period. The applicable enrollment period is determined by the Administrator and may change as deemed necessary by the Administrator. In the case of an employee
who becomes an Eligible Employee for the first time, the Election Date shall be no later than thirty (30) days after such employee receives notice that he has become an Eligible Employee, and
any Deferral Election in respect of a that Plan Year shall apply only to Eligible Base Salary to be earned by the Participant after the Election Date and before January 1 of the next succeeding
Plan Year. 

        3.6   Incentive Award Election Date. For a Deferral Election in respect of an Incentive Award, the
Election Date shall be: (i) in the event that the Incentive Award is based upon a performance period of no longer than one Plan Year, made during the applicable enrollment period as determined
by the Administrator; (ii) in the event that an Incentive Award is based upon a performance period that exceeds one Plan Year, made no later than the enrollment period immediately preceding the
last Plan Year of the performance period; or (iii) such other dates as the Administrator may from time to time determine; and provided,  further, that
in the case of an employee who becomes an Eligible Employee for the first time subsequent to the dates specified in clause (i) or
(ii), the Election Date in respect of an Incentive Award shall be the date thirty (30) days after such employee receives notice that he has become an Eligible Employee but only if such date is
not within twelve months of the expiration of the relevant performance period. 

 
 

ARTICLE IV
Treatment of Deferred Amounts

        4.1   Memorandum Account. The Company shall establish on its books a memorandum account (the "Account")
for each Participant who has Deferred Compensation under this Plan. As promptly as practicable (but in no event more than thirty (30) days) following the date on which any Deferred 

4

 

Compensation
would otherwise be payable to a Participant, the amount of such Deferred Compensation shall be reflected in such Participant's Account. 

        4.2   Investment of Deferred Compensation. A Participant's Deferred Compensation shall be deemed to be
invested among the Investment Choices as selected by the Participant at the time a Deferral Election is made. Participants' Accounts shall be adjusted daily to reflect the performance of the
Investment Choices of each Participant, so that, to the greatest extent practicable, the value of a Participant's Account shall be determined as if the Deferred Amount were actually invested among the
Investment Choices as directed by such Participant. Notwithstanding the foregoing, on December 31 of any calendar year during the term of the Plan, the portion of a Participant's Account
scheduled to be paid after March 1 of the next calendar year, shall no longer be deemed invested among the Investment Choices; provided, however, that the portion of a Participant's Account to
be paid after March 1 of the next calendar year will increase from December 31 to March 1 using an interest rate as determined by the Administrator. Any payment scheduled to be
made under the Plan shall reduce the amounts allocated among the Investment Choices on a pro rata basis. Participants may, on a monthly basis or such other period as determined by the Administrator,
by Plan Year, elect to change the manner in which their Accounts are deemed invested among the Investment Choices as to then existing Deferred Amounts by completing the Election Change Form and
submitting it to the Administrator or his designated representative. Any such change will become effective as soon as practicable after the Election Change Form is received by the Administrator or his
designated representative. 

        4.3   Assets. Except as set forth in Section 7.2, the Plan and the crediting of Accounts
hereunder shall not constitute a trust and shall be merely for the purpose of recording an unfunded, unsecured contractual obligation of the Company. A Participant shall have no rights against the
Company under this Plan other than as an unsecured creditor. In order to satisfy its obligations hereunder, the Company may, but is not required to, make, or cause the trustee of the trust referred to
in Article VII to make, actual investments in the Investment Choices. 

        4.4   Reports. Until the entire Deferred Amount in a Participant's Account shall have been paid in
full, the Company will furnish to the Participant a report, at least annually, setting forth transactions in and the status of such Account. 

 
 

ARTICLE V
Payment of Deferred Amounts

        5.1   Form of Payment. All payments of Deferred Amounts under this Plan shall be made in cash. 

        5.2   Payment of Deferred Amount. Except as provided in Section 5.3 or 5.4, the Deferred Amount
in a Participant's Account attributable to any Deferral Election shall be paid or commence to be paid to such Participant only in accordance with the applicable Pay-Out Schedule. 

        5.3   Acceleration of Payments in the Event of Substantial Hardship. Notwithstanding any other
provision of this Plan to the contrary, upon a Participant's Substantial Hardship (or in the event of a Participant's death, his Beneficiary's Substantial Hardship), and with the consent of the
Administrator, a Participant (or in the event of the Participant's death, his Beneficiary) may withdraw such portion of his Deferred Amount without a penalty charge as the Administrator determines is
necessary to satisfy the Participant's financial emergency (or in the event of the Participant's death, his Beneficiary's financial emergency). 

        5.4   Immediate Payment of Deferred Compensation. Notwithstanding anything in the Plan to the contrary,
a Participant may, upon 30 days' prior written notice to the Administrator, elect to receive all or a portion of the Deferred Amount in his Account, in which case the Administrator shall
promptly after such 30-day period pay to such Participant 90% of the Deferred Amount so elected, and the remaining 10% thereof shall be canceled and the Company shall have no further
obligation with 

5

 

respect
thereto. If the Participant elects an immediate pay-out pursuant to this Section 5.4, the Participant may not participate in this Plan for a period of two years thereafter.
The Participant is not eligible to participate in this Plan again if the Participant elects a withdrawal pursuant to this Section 5.4 more than once. 

 
 

ARTICLE VI
Administration

        6.1   Plan Administrator. From time to time a committee (the "Committee") will be appointed by the
Board of Directors to be the administrator of the Plan (the "Administrator"). If the Board of Directors does not name the Committee, the executives in charge of the finance, human resources, and the
legal departments of the Company or their designees are the Administrator of this Plan and shall have all of the powers and duties of the Committee. The Administrator may designate one or more
individuals, committees or other entities to carry out any of its responsibilities under this Plan. The members of the Committee may be removed by the Board of Directors, with or without cause, and
the Board of Directors shall have the power to fill any vacancy that may occur. 

        6.2   General Powers and Responsibilities of the Administrator. The Administrator shall have full
authority to construe and interpret the terms and provisions of this Plan, to adopt, alter and repeal such administrative rules, guidelines and practices governing this Plan and perform all acts,
including the delegation of its administrative responsibilities, as it shall, from time to time, deem advisable, and to otherwise supervise the administration of this Plan. The Administrator may
correct any defect, supply any omission or reconcile any inconsistency in this Plan, or in any election hereunder, in the manner and to the extent it shall deem necessary to carry this Plan into
effect. Any decision, interpretation or other action made or taken in good faith by or at the direction of the Administrator in connection with this Plan shall be within the absolute discretion of the
Administrator and shall be final, binding and conclusive on the Company and all employees and Participants and their respective Beneficiaries, heirs, executors, administrators, successors and assigns.
With the prior written consent of the Administrator, which may be given in his sole discretion, a Participant may increase his Account by the amount of his account balance in the American
Airlines, Inc. Executive Deferral Program, which amount shall thereafter be deemed to be invested pursuant to Section 4.2 of this Plan. A Participant who is also the Administrator, a
member of a committee that is the Administrator or a person to whom the Administrator has delegated responsibility pursuant to this Section 6.2 shall not participate in any decision involving a
request made by him or relating in any way to his rights, duties, and obligations as a Participant (unless such decision relates to all Participants generally and in a similar manner). 

        6.3   Liability. No member of the Board of Directors of the Company, nor the Administrator nor an
employee or agent of any Company or any of its subsidiaries, shall be liable for any act or action hereunder, whether of omission or commission, by any other member or employee or by any agent to whom
duties in connection with the administration of this Plan have been delegated, or, except in circumstances involving his bad faith, gross negligence or fraud, for anything done or omitted to be done
by himself. The Company or the Administrator may consult with legal counsel, who may be counsel for the Company or other counsel, with respect to its or his obligations or duties hereunder, or with
respect to any action or proceeding or any question of law, and shall not be liable with respect to any action taken or omitted by it in good faith pursuant to the advice of such counsel. 

        6.4   Indemnification of Employees. The Company hereby indemnifies the Administrator and each employee
to whom responsibilities are delegated under this Plan against any and all liabilities and expenses, including attorney's fees, actually and reasonably incurred by them in connection with any
threatened, pending or completed legal action or judicial or administrative proceeding to which they may be a party, or may be threatened to be made a party, by reason of membership on such committee
or due to a delegation of responsibilities, except with regard to any matters as to which they shall be adjudged in such action to have acted in bad faith and in a manner which they believed not to be
in or 

6

 

opposed
to the best interests of the Plan and, with respect to any criminal action, suit or proceeding, had reasonable cause to believe their conduct was unlawful. In addition, the Company may provide
appropriate insurance coverage for any employee or member of any committee appointed by the Administrator or each such other individual indemnified pursuant to this Section 6.4 who is not
otherwise appropriately insured. 

 
 

ARTICLE VII
Funding

        7.1   Funding. Benefits hereunder shall constitute an unfunded general obligation of the Company, but
the Company may create reserves, funds and/or provide for amounts to be held in trust on the Company's behalf, whether or not in connection with, in anticipation of, or following, an actual or
anticipated change in control of the Company. Payment of benefits may be made by the Company, such a trust, or through a service or benefit provider to the Company or such a trust. Any trust that may
be established pursuant to this Section 7.1 shall be trusteed by a banking or trust institution with recognized experience in serving as such a trustee, pursuant to documentation recommended by
outside counsel to the Company, and funded so as to enable the trust to pay the benefits contemplated under this Plan, as determined by an independent compensation consultant selected by the Board of
Directors. 

        7.2   Springing Rabbi Trust Upon Change in Control. Simultaneously with and following the occurrence of
a Change in Control, the Company shall fully fund the benefits provided in this Plan in a so-called "Rabbi Trust" by contributing to the trust cash in an amount such that the amount of
cash in the trust at any time shall as closely as possible equal the then aggregate amount of all of the Accounts. The trust so established shall be (i) with a nationally recognized banking
institution with experience in serving as trustee for such matters, (ii) pursuant to such documentation as recommended by outside counsel to the Company, and (iii) funded so as to enable
the trust to pay the benefits contemplated under this Plan as may be determined by the Company's independent financial consultant. 

        7.3   Creditor Status. A Participant or Beneficiary shall be a general creditor of the Company with
respect to the payment of any benefit under this Plan, unless such benefits are provided under a contract of insurance or an annuity contract that has been delivered to the Participant, in which case
the Participant or the Beneficiary shall look to the insurance carrier or annuity provider for payment, and not to the Company. The Company's obligation for such benefit shall be discharged by the
purchase and delivery of such annuity or insurance contract. 

 
 

ARTICLE VIII
Miscellaneous

        8.1   Participants' Rights. A Participant, at all times, shall have an immediate one hundred percent
(100%) vested interest in his Account. 

        8.2   Amendment or Termination. Notwithstanding any other provision of this Plan, the Company by action
of the Board of Directors or its designated representative, or the Administrator may at any time, and from time to time, amend, in whole or in part, any or all of the provisions of this Plan, or
suspend or terminate it entirely; provided, however, that any such amendment, suspension or termination
may not, without a Participant's consent, adversely affect any Deferred Amount credited to his Account prior to such amendment, suspension or
termination. The proviso in the preceding sentence shall not be construed to prohibit the Company from changing or eliminating any or all of the then available Investment Choices,  provided that if all
Investment Choices are eliminated, any remaining Deferred Amounts shall be credited with at least a reasonable rate of interest as
determined by the Administrator from time to time. Notwithstanding the foregoing, upon any termination of this Plan, the 

7

 

Company
may in its sole discretion accelerate the payment of all Deferred Amounts credited as of the date of termination of this Plan. This Plan shall remain in effect until terminated pursuant to
this Section 8.2. 

        8.3   Withholding. To the extent required by the laws in effect when compensation is deferred and when
amounts are distributed from a Participant's Account, the Company shall withhold from Participants' compensation, or from amounts payable hereunder, any federal, state or local taxes required by law
to be withheld. 

        8.4   No Obligation. Neither this Plan nor any elections hereunder shall create any obligation on the
Company to continue any existing incentive compensation plans or policies or to establish or continue any other programs, plans or policies of any kind. Neither this Plan nor any election made
pursuant to this Plan shall give any Participant or other employee the right to receive benefits not specifically provided for by the Plan, nor any right with respect to continuance of employment by
the Company, nor shall there be a limitation in any way on the right of the Company to terminate an employee's employment at any time. 

        8.5   No Assignment. Except by will or the laws of descent and distribution, no right or interest in
any Account or Deferred Amount under this Plan may be assigned, transferred, pledged or hypothecated, and no right or interest of any Participant in any Account hereunder or to any Deferred Amount
shall be subject to any lien, pledge, encumbrance, charge, garnishment, execution, alienation, obligation or liability of such Participant, whether voluntary or involuntary, including, but not limited
to, any liability that is for alimony or other payments for the support of a spouse or former spouse, or for any other relative of a Participant. 

        8.6   Facility of Payment. Any amounts payable hereunder to any person who is under legal disability or
who, in the judgment of the Administrator, is unable to manage his financial affairs, may be paid to the legal representative of such person or may be applied for the benefit of such person in any
manner that the Company may select. Any such payment shall be deemed to be payment for such person's Account, and shall be a complete discharge of all liability of the Company with respect to the
amount so paid. 

        8.7   Applicable Law. This Plan and the obligations of the Company hereunder shall be subject to all
applicable federal and state laws, rules and regulations and to such approvals by any governmental or regulatory agency as may from time to time be required. 

        8.8   Governing Law. This Plan and actions taken in connection herewith shall be governed and construed
in accordance with the laws of the State of Texas (regardless of the law that might otherwise govern under applicable Texas principles of conflict of laws). Any provision of this Plan prohibited by
the law of any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition without invalidating the remaining provisions hereof. 

        8.9   Construction. Wherever any words are used in this Plan in the masculine gender they shall be
construed as though they were also used in the feminine gender in all cases where they would so apply, and wherever any words are used herein in the singular form they shall be construed as though
they were also used in the plural form in all cases where they would so apply. The titles to sections of this Plan are intended solely as a convenience and shall not be used as an aid in construction
of any provisions thereof. 

8

QuickLinks

Exhibit 10.1

Sabre Holdings

DEFERRED COMPENSATION PLAN

ARTICLE I Purpose

ARTICLE II Definitions

ARTICLE III Deferral of Awards

ARTICLE IV Treatment of Deferred Amounts

ARTICLE V Payment of Deferred Amounts

ARTICLE VI Administration

ARTICLE VII Funding

ARTICLE VIII Miscellaneous

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