America’s Car-Mart execs get modest raises in 2015
by June 23, 2015 4:52 pm 321 views
The used car business is good these days, but not good enough to secure cash performance-based bonuses for America’s Car-Mart’s top two executives. CEO Hank Henderson and chief financial officer Jeff Williams did each recently sign a new five-year contract which included a 3.37% annual cost-of-living raise over last year’s base salary.
Henderson earned total compensation of $501,796 last year, of which he chose to defer $229,985 under the company’s nonqualified deferred compensation plan. His base salary of $451,169, was increased to $466,400 for this year, a gain of 3.37%, according to the company’s Proxy filing with the Securities and Exchange Commission on Tuesday (June 23).
Outside of salary, Henderson’s compensation last year included $50,627 in other benefits: 401k matching contribution: $2,146; automobile: $7,750; country club dues: $2,691; health reimbursements: $32,549; Christmas bonus: $1,020; and insurance premiums: $4,471
Under the terms of the new contract out to 2020 Henderson will be entitled to earn an annual incentive bonus that will be based upon the company reaching its projected fully diluted GAAP earnings per share for each fiscal year. Henderson’s targeted bonus potential is $60,000, $70,000, $80,000, $90,000 and $100,000 for fiscal years 2016, 2017, 2018, 2019 and 2020, respectively.
The last time Henderson earned a cash performance bonus was 2013. Henderson does earn deferred stock options and bonuses paid in stock which totaled $1.84 million as of April 30, 2015, according to the Proxy filing.
Jeff Williams as chief financial officer earned total compensation of $384,715 last year. His base salary of $355,296 was recently raised to $367,290 for this year according to the terms of his new five-year contract.
Williams’ non-salary benefits totaled $29,419 last year. The majority of that was $15,126 for reimbursement of expenses on health insurance, use of an automobile was $3,850 and club dues totaled $3,594. Matching 401k contributions added $3,594; insurance premiums totaled $4,471 and $590 was paid in the form of a Christmas bonus.
Deferred stock compensation for Williams last year totaled about $726,000 and included option awards and stock awards through April 30, 2015.
Also in the Proxy filing, the company announced its shareholder meeting for Aug. 5 at its corporate offices in Bentonville. At that time shareholders will elect a slate of 7 directors to a one-year term. Names on the ballot are Daniel J. Englander, John David Simmons, Kenny Gunderman, Cameron Smith, Hank Henderson, Jeff Williams and Eddie Hight.
The company will also seek approve an amended stock incentive plan with new performance goals as well amend its 2007 Stock Option Plan and approve the new executive compensation plans recently signed by Henderson and Williams.