Yellow Corp President gets 30,000 more "restricted stock units"!
BUT WAIT! There's more! Harris also just got a $50K a year raise!
On November 19, 2021, the Board of Directors of Yellow Corporation (the “Company”) promoted Darrel J. Harris to the additional position of Chief Operating Officer, effective immediately. Mr. Harris, age 46, has held the position of President of the Company since April 2021 and joined the Company in November 2020 as an Executive Vice President of Strategic Initiatives. Before joining the Company, Mr. Harris served as Chief Executive Officer of Xpress Global Systems in Chattanooga, Tennessee. Prior to that he worked in sales and operations at some of the largest freight companies, including FedEx Freight.
In connection with his promotion, the base salary of Mr. Harris will be increased from $550,000 to $600,000 per annum and Mr. Harris will receive a one-time equity grant of 30,000 restricted shares of common stock, of which one-third will vest on each of the grant date and the first and second anniversary of such date. In addition, Harris will continue be entitled to participate in the Company’s executive compensation program with a short-term incentive program target potential payout of 100% of his base salary, with a maximum earnings opportunity of 200% of target along with potential long-term incentive opportunities as established by the Compensation Committee of the Board.
There are no arrangements or understandings that exist between Mr. Harris and any other persons pursuant to which he was selected as an officer or his new role. In addition, there are no transactions between Mr. Harris and the Company that would be reportable under Item 404(a) of Regulation S-K.
Mr. Harris is VERY THANKFUL TO YELLOW CORP!
