2009 Executive Compensation Summary
UAL 2009 Security and Exchange Commission 10K
(Annual Report) Filing - Submitted April 20, 2010
United's 2009 Full Proxy Statement 
2009 Summary Compensation Table
Name and
Principal Position
(1) |
Year |
Salary
($) |
Bonus
($)(1) |
Stock Awards
($)(2) |
Option Awards
($)(3) |
Non-Equity Incentive Plan Compensation
($)4 |
All Other
Compensation
($)(5) |
Total |
Glenn F. Tilton*
Chairman, President & Chief Executive Officer |
2009
2008
2007 |
$850,000
$850,000
$850,000 |
0 |
$1,336,500
0
0 |
$1,472,040
0
|
0
$695,640
$422,425 |
$205,504
$157,057
$155,968 |
$3,864,044
$1,702,697
$1,428,393 |
Mikells, Kathryn
Executive Vice President & Chief Financial Officer |
2009
2008
|
$556,250
$362,500 |
0 |
$301,320
$497,700 |
$342,249
$458,500 |
0
$325,000 |
$69,359
$40,452 |
$1,269,178
$1,684,152 |
Peter D. McDonald
Executive Vice President & Chief Administrative Officer |
2009
2008 |
$768,072
$754,292 |
0
0 |
$301,320
0 |
$342,249
0 |
0
$450,000 |
$1,566,910
$2,989,048 |
$2,978,551
$4,193,340 |
Tague, John
Executive Vice President & President of United Airlines |
2009
2008
2007 |
$701,019
$641,404
$566,082
|
0 |
$476,280
$93,860
0 |
$542,815
$251,720
0 |
0
$450,000
$237,540
|
$89,439
$65,951
$60,402 |
$1,809,553
$1,502,935
$864,024 |
Atkinson, Graham
Executive Vice President & President Mileage Plus |
2009 |
$522,504 |
0 |
$125,388 |
$142,420 |
0 |
$84,636 |
$874,948 |
(1) This table provides information regarding the Company’s principal executive officer (Mr. Tilton), principal financial officer (Ms. Mikells) and the three other most highly compensated executive officers in 2009, as determined in accordance with the applicable SEC disclosure rules. The table also provides information for 2008 and 2007 if the executive officer was included in the Summary Compensation Table for those years.
(2) Amounts disclosed in the Stock Awards column for 2009 relate to grants of RSUs made under the ICP. With respect to each RSU grant, the amounts disclosed reflect the full grant-date fair value in accordance with FASB ASC 718, Compensation—Stock Compensation (formerly FASB Statement No. 123R). Grant-date fair value of the RSU awards was determined by multiplying the number of RSUs awarded by the closing price of the Company’s common stock on the date of grant. Prior years have also been restated to reflect grant-date fair value of restricted stock awards made during those years.
(3) Amounts disclosed in the Option Awards column relate to grants of stock options made under the ICP. With respect to each stock option grant, the amounts disclosed reflect the full grant-date fair value in accordance with ASC 718. Grant-date fair value was determined using a generally accepted option valuation methodology referred to as the Black-Scholes Option Pricing Model. The assumptions used in calculating the grant-date fair value of each stock option award are disclosed in footnotes to the Company’s financial statements that are set forth in the Company’s 2009 Annual Report on Form 10-K. Prior years have also been restated to reflect grant-date fair value of awards made during those years.
(4) See following table titled “Explanation of All Other Compensation Disclosure” for details regarding amounts disclosed in the All Other Compensation column for 2009.
Explanation of All Other Compensation Disclosure
Name and
Principal
Position |
Year |
Insurance
Premiums
Paid by Registrant (1) |
401K
Company
Contributions |
401k Excess Cash (2) |
Perquisites
(3) |
Tax Gross-Up
(4) |
Total |
Glenn F. Tilton*
Chairman, President &
Chief Executive Officer |
2009 |
$16,180 |
$17,150 |
$91,045 |
$71,316 |
$9,813 |
$205,504 |
Mikells, Kathryn
Executive Vice President & Chief Financial Officer |
2009 |
$1,689 |
$15,925 |
$41,356 |
N/A |
$10,389 |
$69,359 |
Peter D. McDonald
Executive Vice President & Chief Administrative Officer |
2009 |
$10,699 |
$19,600 |
$77,846 |
$37,039 |
$1,421,726 |
$1,566,910 |
Tague, John
Executive Vice President &
President of United Airlines |
2009 |
$3,423 |
$15,925 |
$58,891 |
N/A |
$11,200 |
$89,439 |
Atkinson, Graham
Executive Vice President &
President Mileage Plus |
2009 |
$7,307 |
$18,375 |
$44,907 |
N/A |
$14,047 |
$84,636 |
(1) Represents the payment of supplemental insurance premiums on the named executive officers’ behalf.
(2) Represents the payment of Company direct and matching contributions that would have been made to the Company’s 401(k) plan on behalf of the named executive officer in the absence of contribution limits imposed under the Internal Revenue Code.
(3) Represents perquisites and other personal benefits received if the total value for that individual equals or exceeds $10,000. In each case, this column includes air travel on United Airlines and United Express carriers and reimbursement for financial management advisory services (in an amount of $34,000 for Mr. Tilton). Mr. Tilton was also provided with the use of a Company car and driver. The incremental cost to the Company relating to Mr. Tilton’s personal use of the Company car and driver in 2009 was $35,367, which represents the cost of fuel as well as a driver related to Mr. Tilton’s non-business use of the Company car. Mr. McDonald was also provided with reimbursement for club membership dues and a car allowance.
(4) Represents taxes paid on behalf of all named executive officers with regards to air travel on United Airlines and United Express flights and, with respect to Mr. McDonald, taxes paid on his behalf for legal expenses and the final disbursement of funds from his secular trust, which occurred on February 1, 2009.
Return to Executive Compensation Home Page
top of page