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Yellow | From YRC'S SEC filing

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Signing and Retention Bonus for Mr. Pierson. Prior to joining the Company, Mr. Pierson was an executive at A&M and had been working with the Company since early 2009. He was knowledgeable about the Company’s finances and operations and, as part of the A&M team, was instrumental in the Company’s financial restructuring. Mr. Pierson had also developed a relationship with, and was respected by, our various stakeholders, including our lenders. As a result, the New Board felt that recruiting him to our executive team was important to our long-term success and our ability to increase stakeholder value. Therefore, as part of his compensation package, the New Board agreed to pay Mr. Pierson a signing bonus of $640,000 upon execution of his employment agreement and to place an additional $560,000 retention bonus in escrow. Pursuant to the terms of the escrow arrangement, $268,000 of the retention bonus will be released on December 31, 2012, $209,000 of the retention bonus will be released December 31, 2013, and the remaining amount of the retention bonus will be released on December 31, 2014, provided that Mr. Pierson has not been terminated for “cause” and has not terminated his employment without “good reason” prior to such payment dates. If Mr. Pierson is terminated without “cause”, resigns for “good reason”, or dies or becomes disabled or upon the bankruptcy of the Company, he will receive the remaining amounts in escrow. The New Compensation Committee believed these bonus opportunities were appropriate to encourage him to join our team, considering his compensation package at his former employer.
 
On February 20, 2012, Mr. Welch received a grant of 72,436 shares of restricted Common Stock of the Company, which will vest 100% on the one year anniversary of the date of grant. This award represents the maximum award for which Mr. Welch was eligible under his employment agreement. In deciding to make this award, the New Compensation Committee noted that the Company achieved its adjusted EBITDA target for the second half of 2011. The New Compensation Committee did not exercise its discretion to reduce the award because meaningful improvement had been made in the on-time delivery percentage of YRC Freight and in the Company’s overall safety record based upon the metrics established by the New Compensation Committee. In addition, the Company’s regional carriers maintained their on-time delivery percentages. The New Compensation Committee was also satisfied with the condition of employee engagement and morale demonstrated by the baseline survey.
 
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Lamar Agreement

On November 8, 2010, the Company entered into a one-year letter agreement with John A. Lamar pursuant to which he acted as our Chief Restructuring Officer. As Chief Restructuring Officer, Mr. Lamar reported directly to the Old Board and was responsible for, among other things, overseeing strategy, operations and restructuring efforts in our effort to achieve short- and long-term viability and business recovery. In exchange for these services and in addition to fees received as a director, Mr. Lamar received $80,000 per month, plus reimbursement of travel and other business expenses, and was eligible for a $500,000 success fee if we successfully completed our financial restructuring. Mr. Lamar resigned as Chief Restructuring Officer immediately following the closing of our financial restructuring on July 22, 2011. In connection with his resignation, we paid Mr. Lamar $838,667, comprised of a $500,000 success fee and $338,667 in monthly fees that we were contractually obligated to pay Mr. Lamar for the remainder of the term of his one-year letter agreement with the Company.
 
Funny how there's always lots of money for executives. Maybe it's because the compensation committee is composed of other executives, it's a "you scratch my back and I'll scratch yours" situation. Shameful.
 
Wonder which baseline survey they read.I know my.morale is low and I know the rest of us at 511 aren't too satisfied.ecspecially with the loss of 35 single bid runs.down to 80.and a huge B board and team runs if you want them...who did we **** off?
 
really.well us teamsters.are people who really know what their doing.to bad we're not getting top dollar.
 
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