SWIFT TRANSPORTATION COMPANY (NASDAQ: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 December 22, 2016, the Compensation Committee of the Board of Directors of Swift Transportation Company (the “Company”) approved a new compensation package for Richard Stocking, the Company’s President and Chief Executive Officer. The new compensation package, which is effective for fiscal year 2017, was recommended by the Company’s compensation consultant, Pearl Meyer and Partners, LLC. In light of the expanded duties being assumed by Mr. Stocking in his capacity as Chief Executive Officer, Mr. Stocking will receive an annual base salary of $650,000. In addition, Mr. Stocking will receive (1) a short-term annual cash incentive award with a maximum target equal to 50% of Mr. Stocking’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 award equal to 250% of Mr. Stocking’s annual base salary. The long-term equity incentive award will be comprised of three components consisting of stock options, time-based restricted stock units and performance units. The vesting of the performance units is subject to the Company achieving specified levels of financial performance.