Southwest Pilots Ratify New Contract

Southwest Airlines Co.’s pilots have ratified a 10-year contract that freezes their pay for the first five years, the airline said Friday.

Just over two-thirds of the pilots who voted approved the contract, which was reached in November.

Under the agreement, pilot pay will stay the same for the next five years, with guaranteed increases of 3 percent a year in three of the last five years of the agreement.

The pilots also will get options to acquire up to approximately 1.4 million shares of the company’s stock in each year of the 10-year agreement, based on current market prices.