=20 ---------------------------------------------------------------------- This article was sent to you by someone who found it on SF Gate. The original article can be found on SFGate.com here: http://www.sfgate.com/cgi-bin/article.cgi?file=3D/news/archive/2002/10/11/f= inancial1907EDT0349.DTL ---------------------------------------------------------------------- Friday, October 11, 2002 (AP) Mechanics ratify four-year extension of pact with Southwest Airlines (10-11) 17:19 PDT DALLAS (AP) -- Mechanics represented by the Teamsters union on Friday ratified a four-year extension of their contract with Southwest Airlines. The mechanics' previous contract ran through August of 2001, but remained in force, which is standard in the airline industry as a safeguard against strikes. The new contract, which is in effect until Aug. 16, 2005, was approved by a 2-to-1 margin. "Our employees have, once again, shown their commitment to the future of Southwest Airlines," said Jim Parker, Southwest Airlines chief executive officer and vice chairman of the board. Southwest Airlines has 1,300 mechanics who are represented by the Teamsters. Federal mediators were called in over the summer to help the airline and its mechanics work toward a new contract. The new deal will give all mechanics stock options at a price of $12.91,= a series of raises and some enhanced benefits. Southwest, based in Dallas, has used stock options effectively in its labor negotiations, offering them instead of higher pay rates. Southwest shares closed at $13 on Friday, up 4.4 percent. On the Net: www.southwest.com =20 ---------------------------------------------------------------------- Copyright 2002 AP