Virgin America Latest and Greatest
03-28-2013, 07:40 AM
#181
Gets Weekends Off
Joined APC: Aug 2011
Posts: 122
Can anyone at Virgin comment about your ESOP? I've seen that 16.7% is reserved for the employees when you go public. Not sure how this works. Is that an even disribution across all employees? Regardless of how long you've been at the company? Do you have to have been on property for and predefined period of time? If you believe in the company is there an option to buy more options of your own?
03-28-2013, 07:49 AM
#182
Gets Weekends Off
Joined APC: Aug 2011
Posts: 122
From the APC site I see that "Each hour above 80/mo paid at 125%". If you work on a day off is it as simple as strait time, if below 80 hours for the month, or 125% if above 80 hours for the month? Is there ever an opportunity to fly for more than 125% pay as an incentive to come to work and cover open lines?
03-28-2013, 10:53 AM
#183
Gets Weekends Off
Joined APC: Dec 2005
Posts: 8,899
Originally Posted by Pirate
Can anyone at Virgin comment about your ESOP? I've seen that 16.7% is reserved for the employees when you go public. Not sure how this works. Is that an even disribution across all employees? Regardless of how long you've been at the company? Do you have to have been on property for and predefined period of time? If you believe in the company is there an option to buy more options of your own?
From the APC site I see that "Each hour above 80/mo paid at 125%". If you work on a day off is it as simple as strait time, if below 80 hours for the month, or 125% if above 80 hours for the month? Is there ever an opportunity to fly for more than 125% pay as an incentive to come to work and cover open lines?
You can put yourself on will-fly status on a day off (***) but they will use reserves before *** because *** get premium pay 125%. Other than that, when VX gets desperate on a certain date(s), they'll send an email out saying if you pickup on (whatever date they specify) then you get premium pay. That will pay 125% on what ever trip you add on those desperate day(s).
03-28-2013, 12:54 PM
#185
Line Holder
Joined APC: Mar 2008
Posts: 69
Originally Posted by ShyGuy
Not sure of the split method, but I believe (so far) it's a even split regardless of how long on property.
And there is no way anyone is getting it in the form of stock shares to be sold at their discretion, despite this being asked over and over and over. The BOD will choose when and at what price to sell the stock, and the pool of proceeds will be split using the magical secret formula.
03-28-2013, 03:11 PM
#186
Gets Weekends Off
Joined APC: Aug 2011
Posts: 122
Originally Posted by ShyGuy
Not sure of the split method, but I believe (so far) it's a even split regardless of how long on property.
Picking up on a day off is straight time. You have to hit 80 hrs first and then you get the 125% premium pay. Suppose I have a 75 hr line, and then pick up a 7.5 hr one day trip. My premium portion (125%) will be for 2.5 hrs. Monthly pay 82.5 + .63 in this case.
You can put yourself on will-fly status on a day off (***) but they will use reserves before *** because *** get premium pay 125%. Other than that, when VX gets desperate on a certain date(s), they'll send an email out saying if you pickup on (whatever date they specify) then you get premium pay. That will pay 125% on what ever trip you add on those desperate day(s).
Picking up on a day off is straight time. You have to hit 80 hrs first and then you get the 125% premium pay. Suppose I have a 75 hr line, and then pick up a 7.5 hr one day trip. My premium portion (125%) will be for 2.5 hrs. Monthly pay 82.5 + .63 in this case.
You can put yourself on will-fly status on a day off (***) but they will use reserves before *** because *** get premium pay 125%. Other than that, when VX gets desperate on a certain date(s), they'll send an email out saying if you pickup on (whatever date they specify) then you get premium pay. That will pay 125% on what ever trip you add on those desperate day(s).
Thanks, SG. Too funny about *** (this is a test!).
03-28-2013, 03:13 PM
#187
Gets Weekends Off
Joined APC: Aug 2011
Posts: 122
Originally Posted by Busdriver320
While no one knows for sure because the exact formula has never been divulged, this is likely not true. As originally announced at an All-Hands Meeting (I was on the call), there would be a sliding scale based on how long you'd been at the company. Specific examples were shown that included longevity, i.e., "Captain that's been at the company 5 years....$xx,xxx".
And there is no way anyone is getting it in the form of stock shares to be sold at their discretion, despite this being asked over and over and over. The BOD will choose when and at what price to sell the stock, and the pool of proceeds will be split using the magical secret formula.
And there is no way anyone is getting it in the form of stock shares to be sold at their discretion, despite this being asked over and over and over. The BOD will choose when and at what price to sell the stock, and the pool of proceeds will be split using the magical secret formula.
03-28-2013, 04:55 PM
#189
Gets Weekends Off
Joined APC: Dec 2005
Posts: 8,899
Originally Posted by Busdriver320
While no one knows for sure because the exact formula has never been divulged, this is likely not true. As originally announced at an All-Hands Meeting (I was on the call), there would be a sliding scale based on how long you'd been at the company. Specific examples were shown that included longevity, i.e., "Captain that's been at the company 5 years....$xx,xxx".
03-28-2013, 07:27 PM
#190
Line Holder
Joined APC: Mar 2008
Posts: 69
Originally Posted by ShyGuy
The same conference call where all 5 aircraft this year were coming and paid for? I wouldn't put too much faith in anything yet on the order of this magnitude (ESOP split).
Thread
Thread Starter
Forum
Replies
Last Post
