SWIFT TRANSPORTATION COMPANY (NYSE:SWFT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
On February 28, 2017, the Compensation Committee of the Board of Directors of Swift Transportation Company (the “Company”) approved a new compensation package for Virginia Henkels, the Company’s Executive Vice President, Chief Financial Officer and Treasurer. The new compensation package was recommended by the Company’s compensation consultant, Pearl Meyer and Partners, LLC. For 2017, Ms. Henkels will receive an annual base salary of $400,000. In addition, Ms. Henkels will receive (1) a short-term annual cash incentive bonus with a target award equal to 75% of Ms. Henkel’s annual base salary, subject to the Company’s achievement of specified levels of financial performance, and (2) a long-term equity incentive award with a target goal equal to 150% of Ms. Henkel’s annual base salary. The long-term equity incentive award will be comprised of three components: (i) stock options; (ii) time-based restricted stock units; and (iii) performance units. The vesting of the performance units is subject to the Company achieving specified levels of financial performance.