By Wailin Wong | Glenn
Tilton, chief executive of United Airlines parent UAL Corp., received
$3.9 million in total compensation last year, more than double the $1.7
million he received in 2008, according to the Chicago-based company’s
proxy filing with the U.S. Securities and Exchange Commission.

The increase in compensation stemmed almost entirely from grants of
restricted stock and stock options. Tilton’s salary was unchanged from
2008 at $850,000, and he did not collect a bonus. The proxy statement
said the human resources subcommittee of UAL’s board decided in March
2009 not to award salary increases to senior officers because of
various factors, including the company’s performance and industry
conditions.

According to the proxy, Tilton received 400,000 stock options worth
$1.5 million and 275,000 restricted stock units worth $1.3 million. He
did not receive any compensation in these categories in 2008. These
stock awards were given out under a general grant program approved in
March 2009, the first such grant since February 2006, the company said.

The proxy also said the stock awards vest in three equal, annual installments beginning in April 2010.