Come Oct. 12, (2001) the three top executives of US Airways Group Inc. will have 30 days to consider quitting and receiving a total of $45 million in "liquidated damages" and retirement benefits, according to a proxy statement filed with the Securities and Exchange Commission, Monday's Wall Street Journal reported...Chairman Stephen Wolf, Rakesh Gangwal, chief executive, and Lawrence Nagin, general counsel, could elect to receive lump sums from US Airways equal to three times their respective salaries and bonuses, the proxy said. They also stand to receive continued pension, health insurance, travel and fringe benefits for three years (four years for Mr. Wolf).
...According to US Airways' proxy statement, filed Friday, Siegel received a salary of $600,000 and no bonus in 2003, plus other cash compensation of $98,890. He was also given 1.13 million shares of US Airways stock, valued at $8.3 million under Securities and Exchange Commission accounting rules..
Siegel's contract expired on March 31 and he had a 30-day window to exercise his right to stay or leave. He could collect roughly $5 million in severance.
