SAN FRANCISCO (Dow Jones) - UAL Corp., parent company of United Airlines , is considering paying Chief Executive Glenn Tilton $15 million in stock after the carrier emerges from bankruptcy, according to a media report Wednesday.

The proposal is part of UAL's latest offer to creditors and unions as the airline seeks to emerge from three years of bankruptcy, said Bloomberg News, citing a consultant's review of the stock proposal.

UAL's restructuring plan, submitted in September, faces a bankruptcy court confirmation hearing set for Jan. 18 .

According to Bloomberg, under the plan, the company's top eight executives would receive, over a period of four years, restricted stock and options valued at $24 million, giving them a 3.3% stake. In all, a total of 11% percent of the company's new shares would be reserved for 400 top executives at United. Creditors objected to a previous plan to award 15% of the company to executives.

Tilton's take would amount to 1.1% of UAL's shares during the four years, according to the document cited by the news service.

Bloomberg quoted UAL spokeswoman Jean Medina as writing in an e-mail that "the dollar value of these grants is theoretical, and by no means guaranteed. It depends upon performance of United's stock. It's in everyone's interests for management to have this component of compensation tied to the future of United's stock price."

United's unions have objected to the new plan, calling it unfair.

"The members find it gross and disgusting that United executives are going to benefit from the workers' sacrifices," said Joe Tiberi, spokesman for the International Association of Machinists, according to Bloomberg. The union represents the airline's baggage handlers and customer service agents.

During the past year, UAL has been busy shedding costs. It won court approval to terminate the pension plans of thousands of its former employees, handing over responsibility for billions of dollars in retirement benefits to the federal Pension Benefit Guarantee Corporation.

The company's creditors approved its reorganization plan in late December. With bankruptcy court confirmation, the airline could emerge from bankruptcy as early as February. (END) Dow Jones Newswires 01-11-06 2033ET Copyright (c) 2006 Dow Jones & Company, Inc.