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Yellow | $400k for Wicks to sign non-compete

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imported_Elwood

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From Item 5.02 in today's 8-k:

Summary of YRC WORLDWIDE INC - Yahoo! Finance

The Company has entered into a Non-Competition, Non-Solicitation, Non-Disparagement and Confidentiality Agreement (the "Agreement") with Timothy
A. Wicks, its President and Chief Operating Officer...

In exchange, the Company paid Mr. Wicks $400,000 on January 6, 2010. In addition, the Company agreed to pay Mr. Wicks [more money]
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Unbelievable.
 
I am dumbfounded (LOL), a corporate executive needs to be compensated to be ethical. :biglaugh: That is a real shock?!?!?! What I find truly offensive is that we are making this payment WHILE he is still employed by YRC.:duh:
I would be curious as to why $400,000.00 is appropriate incentive to do what we do everyday for our base wages!
 
Hey Bill, this is Tim. Just wanted to give you the heads up. A competitor of ours called me today. Wondered if I'd be interested in a job.

Wow Tim!!! Figured that would happen, but you know how we are around here. We weren't smart enough to write that into the contract you just signed a little while ago. Tell you what, why don't we give you an extra $400,000 to not do something we should have prepared for you to do when we wrote your contract.

Cool!!!

--------------------------------

Hi Honey..... It's Tim. Good thing you looked at my contract when you were bored. Bill bought it. Just gave me another $400,000 to sign a supplemental contract. Keep looking for loopholes, the company might be broke soon.


Disclaimer... The above content is not based on any actual conversations this poster is aware of. Any resemblance to living, breathing, humans is purely coincidental.
 
vwaggs said:
Disclaimer... The above content is not based on any actual conversations this poster is aware of. Any resemblance to living, breathing, humans is purely coincidental.
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Ya right! How much did Tims Ol lady cut you in V for proof reading, and does Mrs Waggs know you were spending time over there? :Poke:
 
It is things like this that make me not feel sorry for the company. We the workers take a pay cut and then they turn around and pay someone 400k. Im sure all of the board members that are getting the ax will be compensated very well.
 
I feel while the exes keep pulling this ::shit:: it makes the people who are trying really hard (giving up wages and pension) to keep this company running look like fools.
 
Who is the bigger pieces of garbage...them for giving it, or him for taking it. I'm sure whatever company he would go to work for would rise up and crush whats left of us. What a joke...Serenity now! Serenity now! Serenity now! Serenity now! Serenity now! Serenity now! Serenity now! Serenity now! Serenity now! Serenity now! Serenity now! Serenity now! Serenity now! Serenity now! Serenity now!
 
anybody that got a stub today helped pay that creep, including ME! that is NOT what the giveback was for. hey,jr., you gonna let this go on?
 
knightryda said:
anybody that got a stub today helped pay that creep, including ME! that is NOT what the giveback was for. hey,jr., you gonna let this go on?
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Read the MOU's. The Ibt already said they would allow employee retension bonuses. I would think that falls under this. :nutkick:
 
Wouldn't ya just love to be standing behind these greedmonsters when they come before the lord , I want to hear their explanation .yeah the'll be trippen all over their fat toungs .A man with out a conscience is a man with out the Lord.
 
Pursuant to the Agreement, Mr. Wicks agreed that for one year following his termination of employment (the “Restricted Period”) not to compete with the business of the Company or do any of the following:
cause, solicit, induce or encourage any employees, consultants or contractors of the Company to leave their respective employment or service with the Company;

solicit the employment of, or hire, employ or otherwise engage any employee of the Company; provided that it will not be a violation for an employer that Mr. Wicks works for or for a firm in which he maintains an interest to have hired an employee of the Company without his knowledge or participation;
•
cause, induce, or encourage any actual or prospective client, customer, supplier or licensor of the Company (including any existing or former customers of the Company) to terminate or modify any actual or prospective business relationship with the Company; and
•
develop or foster a business relationship with any actual or prospective client, customer, supplier or licensor to cause, induce, or encourage such individual to become a client, customer, supplier, or licensor of any business in which he is engaged that is competitive with the Company’s business.
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YRC Company presidents don't last too long..you know like-in the event he should lose his job
 
In addition, the Company agreed to pay Mr. Wicks the following amounts if the following objectives are met:
•
First Incentive Payment. The Company agreed to pay Mr. Wicks $200,000 on April 1, 2010 if Mr. Wicks is still employed by the Company on that date and the Company achieves certain specified operational and selling, general and administrative operating expense run rate

improvements on an annual basis during the measurement period beginning on September 1, 2009 and ending on March 31, 2010.
•
Second Incentive Payment. The Company agreed to pay Mr. Wicks $200,000 on July 1, 2010 if Mr. Wicks is still employed by the Company on that date and the Company has increased its sales and marketing productivity by a specified percentage during the measurement period beginning on November 1, 2009 and ending on June 30, 2010.

In determining if the above objectives are met, the Company will calculate the measures consistent with past practice, and the Compensation Committee of the Board of Directors of the Company (or the full Board) will interpret, review and approve whether the objectives have been met on a reasonable basis of its choosing.
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Give the man some slack..he has to produce or he's gone with the board-members and whoever else gets booted


Fidelity Investments: Research: Stocks
 
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