Northwest Airlines to Award Executives
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Northwest Airlines Corp (NWAC.NAS) Friday announced its plans to award a stake of up to 4.9% to its 400 directors and officers after it emerges from bankruptcy protection by the end of June.
The stake, which would be given in the form of restricted stock and stock options, could be valued at about $382 million, based on the company's estimated $7.8 billion value.
Northwest Airlines disclosed that 60% of the equity to be given to its executives, or $232 million, would be restricted stock, and the rest would be in the form of stock options.
Both the restricted stock and stock options would vest over a period of four years and will only have value if the management team is successful in achieving the business plan and Northwest Airlines's stock price appreciates, the company added.
(newratings)
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