This excerpt taken from the YRCW DEF 14A filed Mar 27, 2007.
Executive Compensatory Agreements
The Company has entered into employment agreements with certain of its executives, including two of the Companys named executive officers, Messrs. Zollars and Staley. Those employment agreements are described below.
William D. Zollars Employment Agreement. On January 25, 2006, the Company entered into an Employment Agreement with William D. Zollars, its Chairman, President and Chief Executive Officer, that contains the following essential terms and conditions:
James D. Staley Employment Agreement. In October 2003, Roadway LLC, a wholly owned subsidiary of the Company, entered into an employment agreement with James D. Staley, then President and Chief Executive Officer of Roadway. The employment agreement became effective as of the effective date of the Companys acquisition of Roadway (i.e., December 11, 2003). Mr. Staleys employment agreement has been subsequently assigned to YRC Regional Transportation, where Mr. Staley is currently President. Pursuant to his employment agreement, Mr. Staley served as President and Chief Executive Officer of Roadway LLC, and in connection with the Companys acquisition of USF Corporation, Mr. Staley serves as President of YRC Regional Transportation. Mr. Staley waived the right to receive any payment under the severance agreement between himself and Roadway. He further agreed that his change of control agreement with Roadway terminated, and as a result of that termination, he was entitled to the payment of a bonus. The five-year employment agreement provides Mr. Staley with:
In addition, in exchange for Mr. Staleys entering into a covenant not to compete with the Company and its subsidiaries, Mr. Staley received a $1 million restricted stock grant in 2004, additional restricted stock grants of $500,000 in each of 2005, 2006 and 2007, and he will receive a final $500,000 restricted stock grant in 2008.
Mr. Staleys agreement contains provisions for severance benefits, which are described in Potential Payments upon Termination or Change of Control. Other agreements and Company policies with respect to severance and change of control are discussed in Potential Payments upon Termination or Change of Control above.