United Airlines Holdings, Inc. Announces Approval of Amended and Restated 2021 Incentive Compensation Plan

Strategic Insights -

At the 2021 Annual Meeting of Stockholders of United Airlines Holdings, Inc. held on May 26, 2021, the Company's stockholders approved several proposals, including the United Airlines Holdings, Inc. Amended and Restated 2021 Incentive Compensation Plan (the "2021 Plan"). The 2021 Plan replaces the United Continental Holdings, Inc. 2017 Incentive Compensation Plan and allows the Company to grant various types of equity-based and equity-related awards to its employees. The plan was approved by the Board of Directors on February 25, 2021, subject to stockholder approval. The 2021 Plan has a pool of 3,600,000 shares of common stock available for issuance, in addition to any remaining shares from the 2017 Plan.

The stockholders also ratified the appointment of Ernst & Young LLP as the independent registered public accounting firm of the Company and its subsidiaries for the fiscal year ending December 31, 2021. Additionally, the Company's stockholders approved, in an advisory and non-binding vote, the compensation of the Company's named executive officers, as presented in the Company's proxy statement.

The stockholders also approved the Company's Tax Benefits Preservation Plan and approved stockholder proposals regarding political spending and a report on climate-related lobbying activities.

Key Takeaways:

  • The Company's stockholders approved the United Airlines Holdings, Inc. Amended and Restated 2021 Incentive Compensation Plan, which replaces the United Continental Holdings, Inc. 2017 Incentive Compensation Plan.
  • The 2021 Plan has a pool of 3,600,000 shares of common stock available for issuance, in addition to any remaining shares from the 2017 Plan.
  • The stockholders ratified the appointment of Ernst & Young LLP as the independent registered public accounting firm of the Company and its subsidiaries for the fiscal year ending December 31, 2021.
  • The Company's stockholders approved, in an advisory and non-binding vote, the compensation of the Company's named executive officers, as presented in the Company's proxy statement.
  • The stockholders approved the Company's Tax Benefits Preservation Plan.
  • The stockholders approved stockholder proposals regarding political spending and a report on climate-related lobbying activities.

Statistics:

  • 128.9 million shares voted for the advisory approval of the Company's named executive officers, with 28.9 million shares voting against.
  • 150.2 million shares voted for the approval of the United Airlines Holdings, Inc. Amended and Restated 2021 Incentive Compensation Plan, with 7.6 million shares voting against.
  • 228.6 million shares voted for the ratification of the appointment of Ernst & Young LLP as the independent registered public accounting firm of the Company and its subsidiaries, with 4 million shares voting against.

Sources:

  • UNITED AIRLINES HOLDINGS, INC. FORM 8-K, UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549, May 28, 2021.
  • UNITED AIRLINES HOLDINGS, INC. Proxy Statement, UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549, April 15, 2021.