Arcbest Corp 8-K/A, filed Feb 24, 2023
Arcbest Corp (ARCB)
About this 8-K/A
Arcbest Corp filed this 8-K/A on February 24, 2023, reporting on events of January 11, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
June 30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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Amendment No. 1
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ITEM 5.02 – DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On January 18, 2022, ArcBest Corporation (the “Company”) filed a Current Report on Form 8-K (the “Initial Report”) disclosing that Jason Parks, then the assistant corporate controller, would replace Traci L. Sowersby, vice president – controller and chief accounting officer of the Company, and that Mr. Parks would become vice president – controller and chief accounting officer and the principal accounting officer of the Company, effective March 1, 2023. Compensation arrangements for Mr. Parks were not determined as of the filing of the Initial Report.
Effective upon Mr. Parks’ appointment on March 1, 2023, he will receive an increase in base salary and will participate in benefit and compensation plans consistent with the Company’s other management team members, at levels consistent with his position and scope of responsibility. For 2023, Mr. Parks will be eligible to participate in the Company’s short- and long-term cash incentive plans applicable to fiscal 2023, with a target annual cash incentive opportunity of 40% of his base salary payable upon the attainment of certain company-wide performance goals for fiscal 2023, and a target long-term cash incentive opportunity of $115,000 payable upon the attainment of certain company-wide performance goals for the three-year period ended December 31, 2025. In addition, Mr. Parks will be able to participate in the Company’s equity compensation program and will receive an equity grant with a target value of $115,000 (or such other amount as may be determined by the Compensation Committee), with such equity grant to be made when the Compensation Committee approves equity grants for management, which is expected to occur at the Compensation Committee’s regularly scheduled meeting in the second quarter of 2023.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | ARCBEST CORPORATION |
| | | |
| | | (Registrant) |
| | | |
Date: | February 24, 2023 | | /s/ Michael R. Johns |
| Michael R. Johns | ||
| Chief Legal Officer | ||
| and Corporate Secretary | ||