Hawaiian Air's new CFO could get over $600,000
PETER INGRAM, the newly appointed chief financial officer of Hawaiian Airlines and its parent company, could receive a total package of more than $600,000 during his first fiscal year at the carrier, according to a filing yesterday with the Securities and Exchange Commission.
Ingram, previously CFO at American Eagle Airlines, also was awarded stock options last Wednesday to purchase 100,000 shares of Hawaiian Holdings Inc.'s common stock. His shares would be fully vested after three years. The company's stock closed yesterday at $3.64, which would value Ingram's initial 100,000 shares at $364,000 if they were vested.
His employment contract grants him two additional blocks of 100,000 options on the first and second anniversaries of his employment.
The 39-year-old Ingram's compensation package includes a base salary of $275,000, a $50,000 signing bonus and a performance bonus of 75 percent of his annual salary. If all the performance targets are reached, he could receive an additional $206,250. The airline also is advancing him $50,000 on his fiscal 2006 incentive compensation and providing him relocation expenses to Hawaii of up to $70,000.
Ingram's contract comes on the heels of a three-year deal reached in August with Mark Dunkerley, who was promoted to chief executive of Hawaiian after the airline emerged from bankruptcy in June. Dunkerley, who retained the president's title, also had held the position of chief operating officer. Dunkerley's annual base pay was boosted by $135,000 to $550,000. He also will get a $1,000-a-month automobile allowance.
If Dunkerley meets targets, he will be eligible to receive an annual bonus ranging from 100 percent to 200 percent of his base pay. Dunkerley already has received options to purchase more than 1 million shares of common stock of the parent company.