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USA Truck CEO Paid $1.4M in Total Compensation in 2014

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John Simone, the CEO and president of USA Truck Inc. of Van Buren, received nearly $1.4 million in salary and bonuses in 2014, according to the company’s proxy filing with the Securities & Exchange Commission.

Simone, 53, earned slightly more than $1 million in 2013, which was his first full year at USA Truck. Simone took an indefinite leave of absence April 6 for a “serious medical condition” that required immediate treatment.

USA Truck officials have not released the nature of Simone’s illness or treatment or when he is expected to return to duties at the company.

The company named Thomas Glaser, a member of the board of directors, as interim COO in Simone’s absence. Simone’s departure came after USA Truck reported annual income of $6 million in 2014, its first profitable year since 2008.

Simone’s salary increased to $460,008 in 2014 from $402,507 in 2013. His stock and options awards dropped from nearly $570,000 in 2013 to $138,012 in 2014. But Simone received an incentive plan bonus of $575,010 and a retention plan bonus of $216,000.

USA Truck’s other named executives saw significant pay bumps in 2014, but in a couple of cases it was because their 2013 salaries were prorated after they joined the company in the summer of 2013. Jeffrey Lester, executive vice president of risk management and safety, received $669,322 in salary and bonuses, more than five times his 2013 compensation of $132,328.

Lester joined the company in August 2013 and received prorated salary of $106,330. His 2014 salary was $266,339 and he received $259,992 in incentive plan bonus, $64,998 in retention plan bonus and $77,993 in stock.

Russell Overla, the executive vice president of truckload operations who joined the firm in June 2013, received total compensation of $583,415 in 2014 compared to $172,631 the previous year. Overla received a full-year salary of $233,654 and bonuses totaling 262,250 and $67,511 in stock.

Michael Weindel Jr., the executive vice president of SCS, saw his compensation jump from $237,503 to $553,385. The boost came primarily from $215,004 in incentive plan bonus and $54,751 in retention plan bonus.

Separately, Weindel received $63,374 through stock options he exercised in 2014.

Michael Borrows, who was named CFO at the end of September 2014, received $57,542 of his annualized salary of $225,000 and total compensation of $182,435. Borrows received $44,993 in stock, $75,000 in incentive plan bonus and $4,900 in retention plan bonus.

Former CFO Cliff Beckham, who resigned last year but served as a consultant through September, received total compensation of $345,610, about $4,000 less than his full-year compensation in 2013. Beckham received $270,610 in salary and was allowed to keep a $75,000 retention plan bonus when he stepped down; he was also paid $25,000 for his consultant work in September.

Beckham also realized $38,020 in through excerised stock options.

The company’s shareholders’ meeting is scheduled for 10 a.m. May 10 in Van Buren. Three members of the board of directors will be up for re-election through 2018: Gary Enzor, Vadim Perelman and Glaser.

Perelman and Glaser were appointed to the board in May 2014 at the behest of United Shareholders for the Benefit of USAK. Perelman is the managing partner and chief investment officer of Baker Street Capital of Los Angeles, one of the two groups that formed the united group.

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