Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 26, 2020, SkyWest, Inc. ("SkyWest") announced that Michael B.
Thompson, Chief Operating Officer of SkyWest Airlines, Inc., has retired
effective October 26, 2020. In connection with his retirement, Mr. Thompson is
eligible to receive the following benefits pursuant to a severance and release
agreement with SkyWest, subject to his execution of a general release of claims
in favor of SkyWest and his compliance with certain restrictive covenants
following his retirement: (1) approximately $1.95 million, payable in equal
installments over a 24 month period following his date of retirement, consisting
of two years' base salary, cash payout of his 2020 annual bonus pursuant to
previously established performance targets and cash payout of his 2018 and 2019
restricted stock units and performance shares; and (2) paid health insurance
coverage for 24 months or until his subsequent approved re-employment.
The foregoing description of Mr. Thompson's severance and release agreement does
not purport to be complete and is qualified in its entirety by the full text of
the severance and release agreement, which is filed as Exhibit 10.1 to this
Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number Title of Document
10.1 Severance and Release Agreement, dated as of October 26, 2020, by
and between SkyWest, Inc. and Michael B. Thompson.
104 Cover Page Interactive Data File (formatted in Inline XBRL and
contained in Exhibit 101)
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