SKYWEST,INC. (NASDAQ:SKYW) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously announced, in connection with the completion of the sale of our former wholly-owned subsidiary ExpressJet Airlines,Inc. (“ExpressJet”), as of January22, 2019, Terry M. Vais ceased serving as the Chief Operating Officer of ExpressJet and transitioned into a non-executive operations role with SkyWest,Inc. (“SkyWest”).
Effective February12, 2019, Mr.Vais, who is a named executive officer, retired from SkyWest. In connection with his retirement, Mr.Vais is eligible to receive the following benefits to a severance and release agreement with SkyWest, subject to his execution of a general release of claims in favor of SkyWest and his compliance with certain restrictive covenants for a period of three years following his retirement: (1)$2.4 million, payable in equal installments over a 24 month period following his date of retirement, consisting of two years’ base salary and cash payout of his 2017 and 2018 restricted stock units and performance shares; and (2)paid health insurance coverage for 24 months or until his subsequent approved re-employment.
The foregoing description of Mr.Vais’s severance and release agreement does not purport to be complete and is qualified in its entirety by the full text of the severance and release agreement, which is filed as Exhibit10.1 to this Current Report on Form8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
SKYWEST INC Exhibit
EX-10.1 2 a19-4829_1ex10d1.htm EX-10.1 Exhibit 10.1 SEVERANCE AND RELEASE AGREEMENT This Severance and Release Agreement (Agreement) is made by and between SKYWEST,…
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About SKYWEST,INC. (NASDAQ:SKYW)
Skywest, Inc. is a holding company for approximately two scheduled passenger airline operations and an aircraft leasing company. The Company operates through two segments: SkyWest Airlines and ExpressJet. SkyWest Airlines provides regional jet and turboprop service to airports located in the Midwestern and Western United States. ExpressJet provides regional jet service in the Eastern United States, from airports located in Atlanta, Cleveland, Chicago (O’Hare), Houston, Detroit, Memphis, Newark and Minneapolis, as well as Mexico and Canada. The Company, through its subsidiaries, SkyWest Airlines, Inc. (SkyWest Airlines) and ExpressJet Airlines, Inc. (ExpressJet), offers scheduled passenger service with approximately 3,400 daily departures to destinations in the United States, Canada, Mexico and the Caribbean. Its consolidated fleet consists of a total of approximately 700 aircrafts, including over 360 United fleet, over 230 Delta fleet, over 50 American fleet and over 10 Alaska fleet.