LIMITATION ON CERTAIN EMPLOYEE COMPENSATION.

SEC. 104. LIMITATION ON CERTAIN EMPLOYEE COMPENSATION. (a) In General.—The President may only issue a Federal credit instrument under section 101(a)(l) to an air carrier after the air carrier enters into a legally binding agreement with the President that, during the 2-year period beginning September 11, 2001, and ending September 11, 2003, no officer or employee of the air carrier whose total compensation exceeded $300,000 in calendar year 2000 (other than an employee whose compensation is determined through an existing collective bargaining agreement entered into prior to September 11, 2001)— (1) will receive from the air carrier total compensation which exceeds, during any 12 consecutive months of such 2year period, the total compensation received by the officer or employee from the air carrier in calendar year 2000; and (2) will receive from the air carrier severance pay or other benefits upon termination of employment with the air carrier which exceeds twice the maximum total compensation received by the officer or employee from the air carrier in calendar year 2000. (b) Total Compensation Defined.—In this section, the term “total compensation” includes salary, bonuses, awards of stock, and other financial benefits provided by an air carrier to an officer or employee of the air carrier.