The Company may also require such other action or agreement by the Participants as may from time to time be necessary to comply with applicable securities laws. The Company shall not be required to issue any shares of Common Stock under the Plan until such tax withholding obligations and other obligations are satisfied. Copyright - The Company may issue certificates for shares with such legends and subject to such restrictions on transfer and stop-transfer instructions as counsel for the Company deems necessary or desirable for compliance by the Company with federal, state and foreign securities laws.
Jay Inslee didn't make that a hard and fast requirement of the handout. Layoff notices have gone out to more employees in just the last few weeks. Now the state is poised to strike back. Two bills in the state legislature would claw back part of the tax break or eliminate it completely if the company continues to pare jobs. Noel Frame, one of the bills' sponsors, told me this week.
Laying off workers despite billions in tax breaks, she said, "has been so blatant in its disrespect for the will and intent of why we give tax incentives, the outrage is bipartisan. The outrage comes partially from Boeing's habit of forcing its workers to shoulder the pain of management's inability to compete more effectively with Airbus, its European chief rival in the airliner business. Last December, the company blamed that competition for a sharp slowdown in orders for its X airliner, a mainstay of Washington state production lines, which it said would mean a hit to the workforce.
Chairman and CEO Dennis Muilenburg crowed that those initiatives signified Boeing's determination to "meet our commitment to provide competitive returns to our shareholders. Don't expect Boeing to take the threat of cuts in its tax subsidies lying down. He cited "significant competitive pressure on every order" and said that job reductions have occurred only "when absolutely necessary. Many of Washington's lost jobs, according to the Society of Professional Engineering Employees in Aerospace, have gone to South Carolina, Oklahoma, Missouri or Alabama, states where the company faces more tolerant employment regulations or has agreed to more explicit employment mandates, or both.
There's little mystery to why Boeing was able to extract a lavish no-strings-attached handout from Washington. The company is the state's biggest corporate employer and the source of thousands of high-paying professional jobs.
South Carolina comes in second. But that only heightened the need for Washington to be smarter. Even beyond the scale of the subsidy, Washington was especially indulgent toward Boeing. The measures under consideration at the Olympia statehouse aim to rectify that failure.
As part of the agreement between Boeing and IAM to keep the production of the new Max in Renton, Everett workers will have to ratify a four year contract extension. The vote is […]. Want to support MyEverettNews. Click the button below to donate any amount. November 30, 1 Comment.
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