Attached files
EXHIBIT
10.17
Compensation
Arrangements for Stoney M. Stubbs, Jr.
January
1, 2009
The
following is a summary of the compensation arrangement effective January 1,
2009, for Stoney M. Stubbs Jr. in his capacity as Chairman, President and Chief
Executive Officer of the Company.
Annual Base Salary.
$408,770
Annual and Long-Term Incentive
Compensation Plans. Participation in the Company’s Incentive Bonus Plan,
the 2005 Stock Incentive Plan and the 2005 Executive Bonus and Restricted Stock
Plan.
Benefit Plans and Other
Arrangements. Mr. Stubbs is eligible to participate in the Company’s
broad-based programs including health, disability and life insurance programs,
the Frozen Food Express Industries, Inc. 401 (k) Savings Plan, and the FFE
Transportation Services, Inc. 401(k) Wrap Plan. He was also eligible
to participate in the Key Employee Supplemental Medical Plan.
Change in Control Agreements.
Mr. Stubbs and the Company entered into a Change in Control Agreement which
entitles executive officers severance benefits in the event of a “change in
control” of the Company during the term of his employment.
Perquisites. Mr. Stubbs
is eligible to participate in certain programs offered by the Company, including
automobile mileage reimbursement for business purposes plus a $500 per month
automobile allowance and a Christmas bonus equal to one week’s annual base
salary.