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Quotes & Info
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| USAK > SEC Filings for USAK > Form 8-K on 15-Aug-2012 | All Recent SEC Filings |
15-Aug-2012
Other Events
On August 6, 2012, the Board of Directors of USA Truck, Inc. elected Mr. Robert
A. Peiser to the position of Vice Chairman of the Board in order to better
utilize his broad-based executive, director and management experience,
particularly with companies in need of improved financial and operational
performance. In connection with his election, the Board approved a compensation
package for the Vice Chairman of the Board consisting of an annual retainer of
$80,000, with 50% of that amount payable in cash and 50% payable in restricted
shares of the Company's Common Stock. The cash portion shall be payable in
quarterly installments of $10,000. The equity portion shall be granted upon
election and thereafter annually at the annual meeting of stockholders and shall
equal $40,000 divided by the average stock price during the prior four fiscal
quarters. All shares granted shall vest on the date of the next annual meeting
of stockholders.
Therefore, upon election, Mr. Peiser was awarded 4,910 shares of restricted stock, based upon the average closing market price of the Company's Common Stock for the four quarters ended June 30, 2012. The shares will vest at the 2013 Annual Meeting of Stockholders, subject to certain acceleration and forfeiture provisions.
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