The sky’s the limit…
While it’s always nice to see a company put a plan in place for handing over the keys to the corporate jet, the one that Huntsman Corp. (HUN) disclosed yesterday in this 8-K kind of defeats the purpose.
Under the company’s new “aircraft use policy”, virtually anyone — OK, not the janitors — can score a ride in the corporate jet as long as they’re willing to pay for it. Huntsman’s Chairman, Jon Huntsman, gets a slightly better deal: he has up to $250K to spend on personal use of the corporate jet. But his son, CEO Peter Huntsman gets carte blanche. Under the policy, Peter’s ability to use the corporate jet for personal travel is “unlimited”.
Since the company just went public earlier this year and didn’t disclose personal use of the corporate jet in its S-1, it’s hard to know how much investors can be expected to shell out for this perk. But judging by the wording alone, it seems as if the sky’s the limit.
UPDATE: As soon as I posted this, a reader reminded me that I forgot to mention the accompanying gross-up payments that also come along with the deal, which makes this “policy” more like a gift with a big fat bow on it.