Summary of Compensation Arrangements with Named Executive Officers of J.B. Hunt Transport Services, Inc.
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Summary
J.B. Hunt Transport Services, Inc. has set new base salaries for its top executives, including the President and CEO, CFO, Chairman, and other senior officers, effective immediately. In addition to their base pay, these executives are eligible for a performance-based bonus tied to the company’s 2013 earnings per share, which could range from zero to 170% of their salary. The company will also reimburse up to $10,000 for legal, tax, and estate planning services and provide approximately $6,000 in 401(k) matching contributions for each executive in 2013.
EX-10.3 2 ex10-3.htm EXHIBIT 10.3 ex10-3.htm
Exhibit 10.3
SUMMARY OF COMPENSATION ARRANGEMENTS WITH NAMED EXECUTIVE OFFICERS
On October 25, 2012, the Executive Compensation Committee of J.B. Hunt Transport Services, Inc. (the “Company”) recommended and independent members of the Board of Directors approved the following base salaries for Kirk Thompson and John N. Roberts, III. On October 24, 2012, the Executive Compensation Committee of the Company approved the following base salaries for David Mee, Craig Harper and Terry Matthews. All base salaries were effective immediately. The Executive Compensation Committee of the Company approved the following other compensation amounts (effective January 1, 2013), excluding awards that may be made under our Management Incentive Plan, as indicated:
| Named Executive Officer | Base Salary | Bonus ($) | All Other Compensation ($) | |||||||||
| John N. Roberts, III | ||||||||||||
| President and CEO | $635,000 | (1) | (2), (3) | |||||||||
| David Mee | ||||||||||||
| EVP, Finance/Administration and CFO | $395,000 | (1) | (2), (3) | |||||||||
| Kirk Thompson | ||||||||||||
| Chairman of the Board | $500,000 | (1) | (2), (3) | |||||||||
| Terry Matthews | ||||||||||||
| EVP, President of Intermodal | $400,000 | (1) | (2), (3) | |||||||||
| Craig Harper | ||||||||||||
| EVP, Operations and COO | $375,000 | (1) | (2), (3) | |||||||||
| (1) | The Company has a performance-based bonus program that is related to the Company’s earnings per share (EPS) for calendar year 2013. According to the 2013 EPS bonus plan, each of the Company’s named executive officers may earn a bonus ranging from zero to 170% of his annual base salary. Based on the Company’s current expectations for 2013 EPS, each named executive officer can be projected to earn a bonus equal to between zero and 35% of his base salary. |
| (2) | The Company will reimburse each named executive officer up to $10,000 for actual expenses incurred for legal, tax and estate plan preparation services. |
| (3) | The Company has a 401(k) retirement plan that includes matching contributions on behalf of each of the named executive officers. The plan is expected to pay each named executive officer approximately $6,000 during 2013. |
