Frozen Food Express Industries 2010 Executive Compensation Arrangements

Summary

Frozen Food Express Industries, Inc.'s Board of Directors decided that no cash bonuses would be paid to its Named Executive Officers for 2010, as performance criteria were not met. Instead, under a new three-year succession plan and following a compensation study, the Board awarded long-term and promotion-based restricted stock grants to certain executives. These stock awards are subject to a three-year vesting period and are granted under the company's Amended and Restated 2005 Stock Incentive Plan.

EX-10.21 3 exh10_21.htm COMPENSATION ARRANGEMENTS exh10_21.htm

EXHIBIT 10.21

Compensation Arrangements

The Registrant’s Board of Directors determined that the performance of the organization in 2010 did not meet the criteria established by the Frozen Food Express Industries, Inc. Amended 2005 Executive Cash Bonus Plan; therefore no cash bonuses would be paid to the Named Executive Officers, as indicated in the table below. The Company implemented a three-year succession plan which included a compensation study completed by Pricewaterhouse Coopers, LLC under which the Board of Directors determined a Long-Term Incentive Grant (“LTI”) and a Promotion Grant would be awarded in restricted stock under the Frozen Food Express Industries, Inc. Amended and Restated 2005 Stock Incentive Plan subject to three-year vesting to the Named Executive Officers, as indicated in the table below.

Executive Name and Position	Cash Bonus		Restricted Stock Bonus		LTI Restricted Stock Grant (in shares)	Promotion Restricted Stock Grant (in shares)
Stoney M. Stubbs, Jr., Chief Executive Officer	$	-	$	-	-	-
S. Russell Stubbs, President	$	-	$	125,216	24,100	17,500
John Hickerson, Executive Vice President and Chief Operating Officer	$	-	$	86,838	16,750	12,100
John McManama, Senior Vice President and Chief Financial Officer	$	-	$	58,695	11,300	8,200