Gifford's friends will fly for free

Bank of America's retiring chairman, Chad Gifford, won't be lonely as he hops from coast to coast aboard a private jet paid for by the bank: He'll also get to invite his friends.

Gifford can invite as many passengers on his flight as the seating permits, Bank of America said in a regulatory filing yesterday. If he wants, he even can dispatch the jet to fly his friends around without him.

Gifford, the former FleetBoston Financial Corp. chief executive, negotiated an exit package following Fleet's $48 billion acquisition by Bank of America Corp. that includes 120 hours on the jet per year.

He also gets up to an $8.6 million bonus for his work as chairman, $16.3 million in severance from the previous merger of Fleet and BankBoston Corp., and $3.1 million a year for life.

And, as the jet deal shows, Gifford values the extras. He negotiated the option to buy tickets for 15 Red Sox games and the right to a car and driver when attending Bank of America events.

A Bank of America spokeswoman referred questions about Gifford's retirement package to the company filings. Gifford is scheduled to retire at the end of this month.

SASHA TALCOTT