In a filing with the Securities and Exchange Commission, United Airlines outlined the terms of Smisek's departure from the company.

Here's what Smisek will get:

• A lump sum cash separation payment of $4.875 million.
• 60,746 shares of United Airlines (UAL) common stock.
• An annual performance bonus prorated to the date of separation.
• Long-term performance bonus.
• The title to his current company car.
• Flight benefits for life.
• Free parking for life at predesignated parking locations.
• Company health benefits until he is eligible for medicare.
• United will help Smisek find a new job through outplacement services.

Here's what United will no longer pay for:
• Gym membership.
• Accounting services.
• Legal services.
• Disability insurance.

According to the clawback clause, Smisek must repay or return the $4.875 million separation payment, his prorated annual bonus, 60,746 shares of United stock, and outplacement services if he:

1. Is convicted of or pleads guilty or no contest to any felony or ...
2. Is convicted of or pleads guilty or no contest to any crime of "moral turpitude," or ...
3. Failed to cooperate with the company on legal proceeding or investigations stemming from events while Smisek was employed by United.

If the clawback clause is triggered, Smisek will have no more than 10 days after the receipt of a written request to repay or return the above benefits.

In addition, Smisek also signed a two-year noncompete, as well as a confidentiality agreement.