Former USA Truck CFO to Receive $630,000 in Separation Agreement

USA Truck Inc. of Van Buren disclosed Tuesday it is paying $630,000 to former executive vice president and chief financial officer Michael Borrows.

In a filing with the U.S. Securities and Exchange Commission, USA Truck said it has entered into a separation agreement with Borrows in which the former CFO “will receive severance pay equal to his current base salary ($300,000 per year) for a period of eighteen months following the separation date, and Mr. Borrows will receive a lump sum payment of $180,000, representing the target amount of short term cash incentive compensation that would have been awarded to and earned by Mr. Borrows under the 2016 Management Bonus Plan.”

The company disclosed May 20 in an SEC filing that Borrows had resigned, effective May 19.

“On behalf of the entire company, we would like to thank Michael for his service,” USA Truck CEO Randy Rogers said in the filing. “We wish him all the best in his future endeavors. The board will commence a process to identify a successor to Mr. Borrows.”

Borrows was hired by USA Truck as CFO in September 2014. Rogers was named CEO of the company in January, replacing Thomas Glaser, who became vice chairman.