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YRCW > SEC Filings for YRCW > Form 8-K on 11-Jul-2014All Recent SEC Filings

Show all filings for YRC WORLDWIDE INC.



Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Election of Director

On July 8, 2014, the Board of Directors (the "Board") of YRC Worldwide Inc. (the "Company") approved the appointment of William R. Davidson as a director. Pursuant to its director appointment rights as the holder of the Company's Series A Voting Preferred Stock, par value $1.00 per share, the International Brotherhood of Teamsters ("IBT") selected William R. Davidson as one of the IBT director representatives.

The Company and Mr. Davidson will enter into the Company's standard form of indemnification agreement for directors and officers, a copy of which was previously filed as Exhibit 10.5 to the Company's Current Report on Form 8-K filed on March 15, 2007 and is incorporated herein by reference.

The Board of Directors has not yet determined the committees of the Board to which Mr. Davidson will be named.

Mr. Davidson will receive cash and equity compensation under the same Director Compensation Plan (the "Plan") as the other non-employee directors. Pursuant to the Plan, he will receive an annual cash retainer of $75,000, paid quarterly. In addition, Mr. Davidson will receive a grant of restricted stock units equal to $100,000 divided by the 30-day average closing price of our common stock on the grant date ("Annual RSU Grant"), which grant date shall be the first business day following the date of each annual meeting of stockholders, payable in advance for the ensuing Board term. Further, Mr. Davidson will receive an Annual RSU Grant for the 2014-2015 Board term.

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