Survey: Management Bonuses
THE SURVEY IS NOW CLOSED
In its Plan of Reorganization (POR), United has included a lavish bonus program for distribution of equity upon exit from bankruptcy for 400 unnamed members of management.
The Management Equity Incentive Plan (MEIP) (.pdf), as set out in the Settlement with the Creditors Committee, comprises 8% of the total equity distributed amongst all creditors, including Flight Attendants and other employees.
Summary of Management Bonuses
- Grant up to 8% of shares in the new United Airlines to 400 members of current management upon exit from bankruptcy.
- Grant provided only in restricted stock or stock options.
- Vest shares and options based on the following schedule 20% after six months, 20% after twelve months, 20% after two years, 20% after three years, and 20% after four years.
- Time vesting only requirement, no performance conditions mandated.
On the January 6th Boston Legal ABC TV show, James Spader said, "all it takes for evil to succeed is for good people to say 'it's a business'." I almost jumped out of my chair. How many applications does that one phrase have in our current circumstances???
I for one am so disgusted with the management at UAL I cannot even think about it for long or I will get ill from anger. I love the work I do, I love my flying partners and I have much compassion for the unwitting victims of the "more seats is better in economy" gurus at WHQ (namely, the passengers who endure 14 hours in a seat built for not-to-scale mannequins), but I deeply regret working under the current management of this company. I deeply regret it...it is my biggest failure to date.
Thanks for your continuing efforts on our behalf.-San Francisco Flight Attendant
