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America’s Car-Mart To Pay Retired CEO $1.1M Bonus

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America’s Car-Mart Inc. of Bentonville will pay Hank Henderson $1.1 million as a “special retirement bonus” for the company’s longtime CEO who stepped down in December.

Henderson announced in August that he would retire in December after 30 years with the company. Jeff Williams, previously Car-Mart’s CFO, replaced Henderson as CEO.

Car-Mart also said it would pay Henderson $2,000 a month for the next two years to work as a consultant. Henderson will remain a member of Car-Mart’s board of directors.

Henderson, as a member of the board, will receive $40,000 annually as a non-employee director but will not receive stock options that non-employee directors normally receive. As long as he remains a director or consultant, Henderson’s current stock options will continue to vest and he will remain on the company’s health insurance plan.

Car-Mart also announced it had named a new director to the board. Joshua Welch, 53, replaced Eddie Hight, a longtime director who resigned from the board in November.

Welch is the founder and managing partner of Vicuna Capital I LP, an investment management company in Stonington, Connecticut.

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