We will post his employment agreement, in full, when it is filed with the SEC -- but here is his first United Airlines parent company SEC Form 4 Securities Ownership Report:
. . . .Each restricted stock unit represents the economic equivalent of one share of UAL common stock, and may be settled in cash or common stock [40,000 shares] upon vesting at the sole discretion of the Human Resources Subcommittee of the UAL Board of Directors. . . . The restricted stock units vest in three equal annual installments beginning on March 30, 2011. . . .
No, this is not an April Fools' post. UAL is trading around $20 per share, so this is about $800,000, made available essentially on his first day of work -- should he work out. That is, if he remains at the company (and other matters covered in his to be filed employment agreement are satisfied), these shares will all eventually vest. Wow. That is in addition to his salary, bonus, retirement benefits, health care and life insurance, and assorted other perks.
[Aside: I do wonder what -- if anything -- he knew about Vietnam.]
No comments:
Post a Comment