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If United Airlines and Continental go forth with a merger, the top five executives at UAL will be receiving millions in cash and stock, according to\u00a0The New York Times and\u00a0The Financial Times, citing a blog on Footnoted.org.<\/p>\n
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The site, which examined the company\u2019s regulatory filings, discovered that if a merger had taken place in 2009, the Chairman and Chief Executive of UAL, Glenn Tilton, would have received $9 million in a disbursement triggered by a change in power of the company.<\/p>\n
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The number is almost four times the number listed on the prior year\u2019s proxy filing.<\/p>\n
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As a component of their compensation packages, the executives\u00a0of UAL\u00a0benefit from clauses which set off\u00a0accelerated payouts should there be a change in management. In total, the five top United executives would have been permitted to around 17.6 million last year.<\/p>\n
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Performance- based equity rewards, usually paid out over several years, would be brought forward if more than 50 percent of the company\u2019s shares changed control.<\/p>\n
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