by Chris Bahn
Posted 4/9/2013 08:18 am
Updated 1 year ago
New USA Truck Inc. CEO John Simone is in line for $460,000 in base salary, plus stock options and incentive bonus opportunities, according to the company's most recent proxy filing with the Securities and Exchange Commission.
Simone's compensation package is among the measures up for a vote at USA Truck's May 8 shareholders meeting. Stockholders will met at 10 a.m. at the company's Van Buren headquarters.
Former USA Truck CEO Cliff Beckham earned $383,201 in compensation for 2012, a total that came strictly from his base salary. Beckham, who resigned as CEO and resumed duties as chief financial officer to make way for Simone on Feb. 13, did not report any stock or incentive compensation last year, according to the filing.
Simone's compensation package will include 75,000 shares of restricted stock, set to vest in 25-percent installments over four years beginning in 2014. He'll receive non-qualified stock options valued at $75,000 annually with an exercise price of $4.83, also set to begin in 2014. Bonus opportunities of 75 percent of Simone’s base salary are also available, in addition to "two special cash bonus opportunities of up to $50,000 each" in 2013.
USA Truck would owe Simone monthly severance of base salary over 12 months if he were terminated without cause.
Beckham was paid an increase of $29,640 from what he made in 2011, even without any stock or incentive payouts.
Other executive salaries — all of which declined from 2011 — listed in the proxy statement for 2012:
- Michael R. Weindel Jr., EVP and COO for SCS and Intermodal, earned $222,085. That total included $1,000 in "other" compensation and no stock or option awards.
- Rodney Mills, VP for Risk Management and General Counsel, earned $226,843, including $1,000 listed as "other" compensation.
- Darron R. Ming, former EVP and CFO, earned $238,632.