100% agree with this. Moreover, all officers and board members should be required to reimburse the corporation for any stock-price related incentive compensation they received in the last several years. Between 2010 and 2019, SWA spent two out of every three dollars in free cash flow on share repurchases. Between, 2015 and 2019, the portion devoted to buybacks and dividends increased to 88% of free cash flow. Some of that money could have been used to build up a rainy-day fund that could have allowed SWA to better weather the lows of the notoriously cyclical airline industry. Apple, for example, while still repurchasing shares has managed to build a cash position of more than $200 billion. Social Capital CEO Chamath Palihapitiya explains, "When you do things like buybacks and dividends, what you are essentially saying is, you are throwing your hands up in the air and declaring to the world: 'I do not know what to do with this money.”’ He further argues that repurchases and dividend payouts, which he says tend to benefit C-suite executives and other insiders, have left many companies flat-footed, where they may be ill-prepared to deal with a once-in-century pandemic.

Since 2014, Gary Kelly, has received $75.3 million in stock-based compensation. Now, however, GK is floating concessions and furloughs for his SWA "cohearts" while touting a paltry 10% cut to his base salary. How about GK puts his money where his mouth is and begin the attempt to keep the SWA "family" together by returning the $75.3 million to the corporation, eliminating any current and future stock-based incentive compensation, and cutting his total pay package by 90%? And, while he's at it, how about he puts himself on a line employee standard United Healthcare benefit plan?

On a related note, I absolutely do not agree with concessions. As many have pointed out, employee concessions will not prevent a furlough regardless of how much good will or financial relief GK or SWAPA might directly state or imply voting for concessions will generate. History has borne out that GK's assurances carry nearly zero weight and history has borne out that SWAPA, to put it nicely, drops the ball and more often than not, takes the corporate bait.

The only thing concessions will do is increase the number of years that will be required to wrestle back what we gave up and provide a BK judge (if it ever came to that) with a lower starting position to further hack away at our pay, benefits, and work rules. How long did it take the legacies to get back to their pre-9/11 levels? How many BK's and furloughs did concessions prevent post-9/11? Furloughs will not be prevented via concessions. Concessions will not save the company. History has borne that out.