This wasn't a 2% increase
Looking over the 8K statement that is a matter of public record (filed with the SEC) this was found. I guess when you are at the top you can vote yourself anything you want. Thanks for looking out for the rest of us RickyOD:
On July 19, 2006 the Company' s Compensation Committee of the Board of Directors approved and on July 20, 2006 the Company's Board of Directors approved a 10 percent increase in the annual base salary of Richard D. O'Dell, President of Saia, Inc., to $364,000 effective retroactive to July 1, 2006. The Compensation Committee and the Board also approved an additional 15 percent increase in the annual base salary of Mr. O'Dell to $419,000 effective January 1, 2007.
On July 19, 2006 the Company's Compensation Committee of the Board of Directors approved a severance benefit for James J. Bellinghausen, Vice President of Finance and Chief Financial Officer of Saia, Inc. The severance benefit is equal to one and one-half times Mr. Bellinghausen's annual base salary plus a pro rata payout of his annual bonus at his target level based the actual portion of the fiscal year elapsed prior to his termination. Based on an anticipated termination date of December 31, 2006, the total severance benefit is estimated to be $428,491. In addition, the Compensation Committee also extended the exercise period for Mr. Bellinghausen's vested stock options under the SCS Transportation, Inc. 2002 Substitute Stock Option Plan to two and one half months after his termination date.
