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Southwest Ramp Workers Approve Two-Year Contract Extension with Stock Options.
Knight Ridder/Tribune Business News, December, 2002
By Eric Torbenson, The Dallas Morning News Knight Ridder/Tribune Business News
Dec. 7--Southwest Airlines airport ramp workers Friday approved a two-year contract extension that includes employee stock options, a perk the Dallas-based carrier might not be able to offer in the future.
The 6,000 ramp workers were the only major Southwest employee group without the stock options, said Gary Shults, president of Transport Workers Union Local 555. The extension means contract terms cannot be changed until June 30, 2008.
Each employee will receive between 200 and 700 options depending on how long they've worked at Southwest. The options' grant price will be set by how Southwest's stock traded either Thursday or Friday, Mr. Shults said. The...
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