United Airlines 2009 Annual Report Download - page 158
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Paul R. Lovejoy
Attachment - A
Separation Agreement - Term Sheet
Name / Employee ID Paul R. Lovejoy
Date of Birth / Age January 30, 1955 / 54
Date of Employment June 19, 2003
Separation Date October 31, 2009
Years of Service 6yrs. , 3mos.
Separation Pay Period 12 months - 11/1/2009 – 10/31/2010
Separation Pay and Benefits:
Separation Pay (Severance Multiple times base pay and AIP at target)
12 x ($41,365 + $26,887) =$819,024 (paid semimonthly on the regular
payroll cycle during Separation Pay Period)
Medical/Dental Insurance
Eligible for participation at active employee rate through Separation Pay
Period. Eligible for 18 months of COBRA after term of Agreement.
Life Insurance-Company Paid Variable Universal Life
Company paid through Separation Pay Period and eligible to convert to
private policy subsequent to 10/31/2010.
Disability Insurance No longer eligible after Severance Date
Executive Outplacement
United will provide executive outplacement consulting support, accordance
with standard terms of outplacement agreement For a Senior Vice President
Accrued Rights/Non-Severance:
Vacation Pay
Lump sum payment for the balance of 2009 unused vacation and 2010
vacation accrual of 133.33 hours.
Unused Personal Holidays Forfeited
Long Term Incentive Compensation
Pursuant to terms of 2006 Management Employee Incentive Plan (MEIP
grants made from 2006 to 2008):
Forfeit all unvested stock options and unvested restricted stock shares for all
future tranches. Three months from Severance Date to exercise vested stock
options.
Pursuant to terms of Incentive Compensation Plan (ICP grants made in
2009): Immediate forfeiture of all unvested cash, stock options and restricted
stock units (RSUs).
Short Term Incentive Compensation Not eligible for 2009 Award under the Annual Incentive Plan
401(k)
No longer eligible for participation after Separation Date.
Will receive payment for the “cash match” in early 2010 for 2009 eligible
earnings that are in excess of IRS contribution limits.
7