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Key executives at Knight-Swift Transportation Holdings are expected to receive far less equity incentives under a new plan approved last week.
The compensation committee for Knight-Swift’s board of directors approved restricted stock awards and performance-based stock units for five individuals, per securities deposit dated Friday.
However, unlike in recent years, when many individuals were eligible to receive millions of shares, the amounts awarded were a fraction of the potential payouts awarded from 2020 to 2022.
This time, Board Vice Chairman Gary Knight and General Counsel and Secretary Todd Carlson are eligible for less than 14,000 shares, while Jackson is eligible for up to 60,532 units.
The restricted shares comprise 40% of the equity awards and will vest in three installments in 2025, 2026 and 2027.
Performance-based stock units make up the balance of equity awards and can be from 0% to 200% of the amount. They will be delivered on or around January 31, 2027 and could also be multiplied by a factor of 75% to 125% based on the status of other peers in truck, less than truck, rail and logistics.
From 2020 to 2022, such equity awards ranged from 600,000 units to 3.5 million. During this period for Jackson, the committee approved a restricted stock unit award of 1.3 million and 1.4 million awards, which vest over periods of three years each.
In 2018 and 2019, the committee approved individual awards ranging from just over 13,000 stock units to more than 91,000.