'06 compensation for United's Tilton: $40 million

Chris Walsh, Rocky Mountain News

Published March 27, 2007 at midnight

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United Airlines CEO Glenn Tilton received a compensation package last year worth an estimated $40 million in salary, stock awards and perks such as a car and driver, according to documents filed with federal regulators.

Tilton, who navigated the company through a contentious three-year bankruptcy, received $687,083 salary in 2006, a proxy statement filed Monday shows.

Most of his compensation - roughly $38 million - came in the form of stock options and awards, which vest over a four-year period and could be worth more or less depending on the share price at the time they are exercised.

Tilton also received $839,028 in nonequity incentive plan compensation and $210,959 in free travel, reimbursement for financial services and other perks.

Chicago-based United also said Monday its employee incentive plan paid $104 million in 2006. Employees also received $11 million in profit sharing for 2006 and $1.1 billion in stock and cash when the carrier exited bankruptcy. Still, workers took steep pay and benefit cuts as United worked its way through bankruptcy.

walshc@RockyMountainNews.com or 303-954-2744.

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