Orbitz 2009 Annual Report Download - page 117

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22. Subsequent Events
On January 6, 2009, Steven D. Barnhart resigned as President and Chief Executive Officer of the
Company. In connection with his resignation and pursuant to the terms of his employment agreement with the
Company, we will incur total expenses of $2 million in the first quarter of 2009 relating to severance benefits
and other termination-related costs, all of which will be cash expenditures. The majority of these cash
payments will be made in equal amounts over a twenty-four month period from his resignation date, but will
be delayed until July 7, 2009, as required by applicable tax law.
In addition, we estimate that we will record $2 million of additional equity-based compensation expense
in the first quarter of 2009 related to the accelerated vesting of certain equity-based awards held by him, as
provided for in the award agreements related to these equity-based awards. These awards will vest on his last
day of employment with the Company, or April 6, 2009.
117
ORBITZ WORLDWIDE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)