APA BOD accepts proposal!

[gogogadget]

Just heard the APA hotline that said the BOD has accepted a new proposal and has agreed to let the president sign it contingent on APFA and TWU accepting their deal. Mentioned new items of pay and early openers and executive pay incentives as part of the package. Any other details?

 

[FWAAA]

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On 4/24/2003 517 PM gogogadget wrote:

Just heard the APA hotline that said the BOD has accepted a new proposal and has agreed to let the president sign it contingent on APFA and TWU accepting their deal. Mentioned new items of pay and early openers and executive pay incentives as part of the package. Any other details?

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Full text of the Hotline:

This is Captain John Darrah, APA President, with the APA Information Hotline for Thursday, April 24 at around 4:30 PM Central.

UPDATE ON MEETINGS WITH MANAGEMENT, APA BOARD OF DIRECTORS MEETING: This afternoon the APA Board of Directors voted unanimously to approve a resolution entitled “TA Signature Authorization.â€￾ This resolution is authorization for the APA President to accept the agreement contingent upon acceptance by the other unions of their respective agreements. The resolution reads in part as follows:

BE IT RESOLVED, that the APA Board of Directors authorizes the APA President to sign a letter with the Company making the Tentative Agreement effective on May 1, 2003 on satisfaction of the third contingency in the Terms of Bankruptcy Protection Agreement, that is, “agreements or modifications in the salary and benefits of each of the Company’s labor groups and non-union employees (other than APA)â€￾ in the agreed upon amounts.

BE IT FURTHER RESOLVED, that this authorization shall also be expressly contingent on the inclusion of these subsequently agreed upon modifications:


1. The Duration Clause shall be changed to reflect an earlier amendable date and an agreement to reopen and begin negotiation prior to the amendable date; and


2. An incentive compensation plan that aligns the performance criteria of management and labor for additional cash compensation; and


3. The ability to take any one contract item to interest arbitration, on an expedited basis, at APA’s request.


That is the full text of the resolution. I want to emphasize that APA has secured the subsequently agreed upon modifications I just enumerated. Also, once again bear in mind that our agreement is effective contingent upon the TWU and APFA accepting their respective agreements.


As we have additional developments to report, we will update this hotline. Thank you for calling.


This sounds good.