Former UAL chief received triple salary, bonus

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CHICAGO, March 27 (Reuters) - James Goodwin, UAL Corp.'s (UAL) chief
executive until he was ousted by angry unions late last year, received a
severance package equal to three times his bonus and salary in addition to
office space and secretarial support for five years.
According to the United Airlines parent company's proxy statement for the
annual meeting to be held May 16 in Chicago, Goodwin's stock options
continue to vest under normal vesting schedules in the option agreements.
Other stock awards vested immediately when he stepped down.

The proxy, filed with the U.S. Securities and Exchange Commission on
Wednesday, lists his 2001 stock option grant at 309,600 shares exercisable
at $37.47 and expiring in 2011. Goodwin's salary in 2001 was $739,615 and
his bonus was $742,192, according to the proxy.


Goodwin resigned under pressure in October after he told employees in a
letter that the company might perish unless it stopped financial losses in
the wake of the Sept. 11 attacks.

Goodwin's successor, John Creighton Jr., received no salary or bonus for his
employment but was given a stock option grant of 400,000 shares of common
stock at an exercise price of $14.48 per share, which vest monthly in six
equal installments starting Nov. 28, 2001, one month after he was hired.
Those options also expire in 2011.

Creighton's options represented 12.6 percent of total options granted to
employees in the fiscal year.


©2002 Reuters Limited.

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