Top executives at American Airlines are slated to receive another package of stock bonuses in 2010, under a compensation deal approved this week by the airline’s board.
The stock bonus plan, detailed in a filing with the Securities and Exchange Commission Tuesday, is based on how the airline performs from 2007 through 2009. It pays out in 2010 based on several factors, including the performance of the airline’s stock and how it compares to other major carriers. If valued at Monday’s prices, and paid out at the maximum level, the bonus would be worth $4.8 million for Gerard Arpey, American’s chief executive.
AMR hasn't disclosed how many managers are covered by the bonus plan. Union officials have said bonuses paid earlier this year covered about 800 managers.
Executive, payout*
Gerard Arpey, CEO, $4.8 million
Tom Horton, CFO, $2.6 million
Dan Garton, executive vice president, $2.6 million
Gary Kennedy, general counsel, $1.5 million
Bob Reding, senior vice president, $1.5 million
* In company stock, if plan pays out at the maximum level, valued at Tuesday’s closing price.
story here
The stock bonus plan, detailed in a filing with the Securities and Exchange Commission Tuesday, is based on how the airline performs from 2007 through 2009. It pays out in 2010 based on several factors, including the performance of the airline’s stock and how it compares to other major carriers. If valued at Monday’s prices, and paid out at the maximum level, the bonus would be worth $4.8 million for Gerard Arpey, American’s chief executive.
AMR hasn't disclosed how many managers are covered by the bonus plan. Union officials have said bonuses paid earlier this year covered about 800 managers.
Executive, payout*
Gerard Arpey, CEO, $4.8 million
Tom Horton, CFO, $2.6 million
Dan Garton, executive vice president, $2.6 million
Gary Kennedy, general counsel, $1.5 million
Bob Reding, senior vice president, $1.5 million
* In company stock, if plan pays out at the maximum level, valued at Tuesday’s closing price.
story here