Northwest CEO May Get Millions Of Dollars In Stock
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Northwest Airlines Chief Executive Doug Steenland could get millions of dollars worth of restricted stock and stock options in the airline when it emerges from bankruptcy, according to a court document.
Northwest, which has been operating under bankruptcy protection since September 2005, has said it expects to be valued at about USD$7.8 billion when it emerges from Chapter 11 by the end of June.
Based on information from company filings, Northwest shares could be priced at about USD$27.
Steenland is expected to receive 729,091 shares of restricted stock as well as options on 486,061 shares, according to the court filing on Friday.
The restricted stock and stock option awards will vest over a four-year period, the company said in the document.
(Reuters)
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