AIRLINES

UAL Chairman Turns Down Pay Bonus: Stephen M. Wolf turned down a bonus for 1991 and took home a fraction of what he was paid in 1990, the airline company reported in a proxy statement. The parent company of United Airlines, which lost a record $331.9 million in 1991, also said no cash bonuses will be paid this year to any top officer. Wolf was paid $575,000 in salary last year. In 1990, he received a bonus of $575,000--equal to his salary--and $15 million in stock-appreciation rights. The chairman exercised the rights when he believed he’d be leaving the company as the result of an employee buyout that eventually fizzled. In 1991, Wolf didn’t realize any previously granted stock options. But he was granted new options to acquire 225,000 shares, compared to a total 325,000 granted over the prior three years. Two-thirds of the 1991 grant have an exercise price above market value.