zollars contract runs out in december and will be finished just like this pos company .only differance is he will still be rich and we will be out of work
Hey Long I read that his contract is until Dec 2010.
Another year of this fool. Of coarse I can't vouch for this document either.
Table of Contents
EXECUTIVE AGREEMENT
The Company has entered into an employment agreement with Mr. Zollars, which is described below.
William D. Zollars Employment Agreement. On January 25, 2006, the Company entered into an Employment Agreement with Mr. Zollars that contains the
following terms and conditions:
a five-year term commencing January 1,2006, and ending on December 31, 2010; with automatic extensions for additional one-year periods unless
the Company or Mr. Zollars provides specified prior termination notice;
a base salary that is reviewed annually, with current base salary equal to $1,040,000;
participation in the Company's Annual Incentive Bonus Program with a current target level of 150% of base salary;
participation in the Company's LTIPwith a target level of 300% of base salary;
a grant on January 26, 2006 of32,330 restricted shares of the Company's common stock, with full vesting and removal of the restrictions contingent
upon the Company having positive net income for the five-year period ending December 31, 20 I0 and Mr. Zollars not having terminated his
employment without "good reason" on or before December 31, 20 I0;
an additional potential grant between January 1,2009 and March 31, 2009, having a value of up to $1.5 million in shares of the Company's common
stock, with the number of shares granted determined by comparing the Company's NOPAT growth and ROC for 2006, 2007 and 2008 against the
NOPAT growth and ROC of the companies in the S&P MidCap 400 Index similar to the LTIP; the perfognance measures were weighted 30% on
NOPAT growth and 70% on ROC, each year of performance is equally we~hted, performance at the 50 percentile would have resulted in a 100%
payout, with proportionate payouts for performance above or below the 50 percentile; Mr. Zollars did not receive any shares because the average
payout percentage for the three-year period did not equal or exceed 50%;
retention of a fully vested, supplemental retirement benefit, payable as a lump sum rather than in installments during retirement, and the lump sum
payment equal to the difference between the net present values ofthe benefits that Me. Zollars would have received under the Company's pension
plan if the benefit would have commenced as of his nor.mal retirement date (as defined under the pension plan) and would have been paid in a single
life annuity over the longer of his life or his spouse's life, using his actual years of service (which effective July 1,2008 was frozen at 11 years) plus
16 years and the benefit Mr. Zollars would have received if the Tax Code did not limit his compensation; and
severance benefits in the event of Mr. Zollars' termination "without cause" or resignation for "good reason" or following a "change of control" (as
those terms are defined in the agreement, with "change of control" having the same definition as that in Mr. Zollars' executive severance agreement
described in Potential Payments upon Termination or Change of Control) as follows: a separation payment in the amount of twice (except in the case
of a termination of Mr. Zollars' employment after or in connection with a change of control, in which case the amount shall be three times)
Mr. Zollars' annual rate of
32
Source: YRC WORLDWIDE INC. DEF 14A. April 01. 2009
Table of Contents
compensation, including target annual incentive, at the time oftennination or resignation, plus annual incentive earned for the year oftennination
based on actual achievement of predetermined criteria and paid at the same time annual incentives are paid to similarly situated employees; payment
of vested supplemental retirement benefits; immediate vesting of all outstanding stock options and equity-based awards (except for LTIP awards in a
non-change of control termination, which will continue to vest); and health and welfare benefit plan continuation for 24 months.
33
•
Source: YRC WORLD'NIDE INC, DEF 14A, April 01,2009
