Smisek's pay package includes a $4.9 million severance component, $1.7 million as part of United's annual incentive program, and $29.4 million in equity-based awards. Additionally, Smisek is set to receive the following perks from United:
- Smisek will receive lifetime flight privileges and parking benefits at United's hub airports in Houston and Chicago;
- Smisek will continue to get life insurance coverage and he and his dependents will continue to receive health insurance coverage until he qualifies for Medicare; and
- Smisek will get to keep his company car which he received while serving as CEO.
Ultimately, United's board could force a clawback of up to $10,1 million of Smisek's severance payment. Upon Smisek's resignation from United, Oscar Munoz took over as CEO. Should corporations still continue to reward questionable executive behavior with such lavish severance package awards?