YRC shareholders approve option plans, directors - Kansas City Business Journal:

tenamup.wordpress.com
Shareholders of the Overland Park-based company (Nasdaq: YRCW) also approvedd the entire slate ofcompany directors, including Chairman and CEO Bill The board will remain at nine directors instea d of 10 following the retirement of 32-year board member John McKelvey, who reached the mandatory retiremenrt age of 75. Around 12:300 p.m. Thursday, the company’s stock was tradinh at $3.31, up 37 cents, or 12.6 according to . New York City-based RiskMetricws had said shareholders shouldr reject the plans because they cost shareholderwstoo much, YRC with the Securities and Exchanger Commission.
If shareholders had rejected the plans, YRC said in the the stock options employees received woulcdhave ended, and stock appreciation rights, granted with the would have remained outstanding. Most of thosde rights can be exercised as soonas January, and all must be settled in cash. The employee stock options are tied to an agreemenyt early this year to offer employees a 22 percent stake in YRCWorldwidw Inc. in exchange for wage cuts.
RiskMetrics also had recommendedd that shareholdersreject YRC’s nominees for the boarf compensation committee, saying they acted poorly in providinhg for tax gross-up on Zollars’ use of corporater aircraft, an amount less than A gross-up is a payment to cover taxesd on compensation. YRC lost $257.4 million, or $4.3e4 a share, in the firstr quarter, compared with a loss of $46.37 or 82 cents a share, in the same quartetr a year earlier. YRC ranks No. 2 on the Kansad City Business Journal ’s list of area publivc companies.