doh
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Kenn didn't know about the STIP?
- Thread starter doh
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slowtation capt
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Yall know the contract witch we signed ain't worth the paper its was wrote on! We are a Flexjet family and yall are trying to destroy our flexjet family. If we don't ge t no bonus it's the way we do it at flexjet because we are a flexjet family witch I have been a part of for 19 years. I don't want yall to ruin my very good chance to get my Gulfstream 650 type rating and leave the Flexjet family. I plan on doing this by showing the flexjet family that I can be as loud as a blue tic hound on the scent of one of them criminal coons. This will show that I'm willing to kiss KR's ass like a Fresh ********************ed fox in a forest fire would do when she's in heat. And with my Christian i know that Jesus hates the teamsters!
Well said! Straight to the point! They have no answers!
He'll tell the Options pilots that he was going to give their 401k back but was forced to use that money to pay Flexjet's bonus.
GlorifiedCabbie
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Didn't we have a fuel bonus at Options, where if we saved enough fuel , we could each make $5000.? So we saved fuel so we could make the bonus. BUT then we didn't get the $5000 bonus but those same fuel burns were used to become the new benchmark for future fuel bonuses. Now our fuel bonuses are 250/500 per quarter depending on the new benchmark. Not everyone is making the 250/quarter let alone the $500 one.
jetwash
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He took the Flex bonus and used it to hire the union busting law firm so they can tell you how good you have it working for Kenn.
doh
Jump seat shrink
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GlorifiedCabbie
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Uncle's announcement said he was working on a new bonus system in place of the STIP. One of the ways he was going to help the Flex pilots avoid taxes was by issuing "phantom stock". It might be hard for the Flex pilots to comprehend because it is common in executive compensation packages. Obviously he thinks the Flex pilots are fools and don't deserve his respect.
Fresh Air
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From Wikipedia, re phantom stock
Phantom stock is a contractual agreement between a corporation and recipients of phantom shares that bestow upon the grantee the right to a cash payment at a designated time or in association with a designated event in the future, which payment is to be in an amount tied to the market value of an equivalent number of shares of the corporation's stock.Thus, the amount of the payout will increase as the stock price rises, and decrease if the stock falls, but without the recipient (grantee) actually receiving any stock. Like other forms of stock-based compensation plans, phantom stock broadly serves to align the interests of recipients and shareholders, incent contribution to share value, and encourage the retention or continued participation of contributors.
Phantom stock can, but usually does not, pay dividends. When the grant is initially made or the phantom shares vest, there is no tax impact. When the payout is made, however, it is taxed as ordinary income to the grantee and is deductible to the employer. Generally, phantom plans require the grantee to become vested, either through seniority or meeting a performance target.
Sure sounds like an imaginary carrot to dangle in front of the employees. "If you all work really, reeeeeally hard, fly broken airplanes, never call in sick, etc., etc., and if Kenn doesn't spend all the company's money buying stuff from his other businesses like he did with Options, then the company's stock might go up and you will get a payout at some time in the future unless you leave the company. Oh, and it will still be taxable as ordinary income just as if I paid you your bonus today but didn't want to."
What a deal!
Phantom stock is a contractual agreement between a corporation and recipients of phantom shares that bestow upon the grantee the right to a cash payment at a designated time or in association with a designated event in the future, which payment is to be in an amount tied to the market value of an equivalent number of shares of the corporation's stock.Thus, the amount of the payout will increase as the stock price rises, and decrease if the stock falls, but without the recipient (grantee) actually receiving any stock. Like other forms of stock-based compensation plans, phantom stock broadly serves to align the interests of recipients and shareholders, incent contribution to share value, and encourage the retention or continued participation of contributors.
Phantom stock can, but usually does not, pay dividends. When the grant is initially made or the phantom shares vest, there is no tax impact. When the payout is made, however, it is taxed as ordinary income to the grantee and is deductible to the employer. Generally, phantom plans require the grantee to become vested, either through seniority or meeting a performance target.
Sure sounds like an imaginary carrot to dangle in front of the employees. "If you all work really, reeeeeally hard, fly broken airplanes, never call in sick, etc., etc., and if Kenn doesn't spend all the company's money buying stuff from his other businesses like he did with Options, then the company's stock might go up and you will get a payout at some time in the future unless you leave the company. Oh, and it will still be taxable as ordinary income just as if I paid you your bonus today but didn't want to."
What a deal!
BlueNose
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And you'll be paid in Quatloos. Any FO pilot can name that tune in one note.
BlueNose
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phantom ˈfan(t)əm/
noun; plural: phantoms
1. a ghost. "a phantom who haunts lonely roads"
synonyms: ghost, apparition, spirit, specter, wraith;
2. a figment of the imagination. "he tried to clear the phantoms from his head and grasp reality"
synonyms: delusion, hallucination, illusion, chimera, vision, mirage
3. (modifier noun) denoting a financial arrangement or transaction that has been invented for fraudulent purposes but that does not really exist.
"he diverted an estimated $1,500,000 into phantom bank accounts"
The stock scheme falls under definition 3, and any gains you expect from it will come under definition 2, just like the supplemental pay in the FO pilots' contract.
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doverboy42
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Don't worry, next week volunteers will start discussing the STIP so I'm sure it'll work out great. It's going to be committee thing, those are always so successful at FJ.
Get those cards in!
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