Floor Price Agreement Does Not Apply to All Employees

An arbitrator ruled that a union agreement with Dyncorp Aerospace Technology did not require the company to pay out employees who were not both vested and had received a payout during the specified contractual term at a collectively bargained floor price. Dyncorp had agreed on a floor price for its shares of $27 per share, which was $3 above what was actually paid out to the employees not meeting these conditions (In the matter of Dyncorp Aerospace Technology IUEW, AFL-CIO Local 770, Nicholas, Arb., FMCS No. 001001-13805-06, 8/7/01).