Top UAL executives received ‘golden parachutes.’
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In a letter to shareholders, directors of UAL Inc., parent of United Airlines, said they awarded the special contracts to Richard Ferris, chairman and chief executive, and seven other officials because of “potentially disturbing circumstances arising from the possibility of change in control” of the company. UAL has been the subject of takeover rumors since March. The lucrative employment contracts give the UAL executives the right to receive their present salaries until April 30, 1992, or retirement pay, if that is earlier.
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