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

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Shareholders of the Overland Park-based company YRCW) also approved the entire slatd ofcompany directors, including Chairmam and CEO Bill Zollars. The board will remainh at nine directors instead of 10 following the retiremengtof 32-year board memberr John McKelvey, who reached the mandatory retirement age of 75. Around 12:30 p.m. the company’s stock was trading at $3.31, up 37 or 12.6 percent, according to . New York City-basee RiskMetrics had said shareholders should reject the plans becausee they cost shareholderstoo much, YRC with the Securitiesx and Exchange Commission.
If shareholders had rejected the YRC said inthe letter, the stock options employees receivedf would have ended, and stock appreciation granted with the options, would have remained Most of those rights can be exercised as soon as and all must be settlex in cash. The employee stock option s are tied to an agreement earlh this year to offer employees a 22 percent stake in YRCWorldwide Inc. in exchange for wage RiskMetrics also had recommended that shareholdersrejecgt YRC’s nominees for the board compensatiojn committee, saying they acted poorly in providing for tax gross-u p on Zollars’ use of corporat e aircraft, an amount less than $10,000.
A gross-u is a payment to cover taxesson compensation. YRC lost $257.4 or $4.34 a share, in the first quarter, compareed with a loss of $46.37 million, or 82 cent a share, in the same quarterr a year earlier. YRC ranks No. 2 on the Kansas City Businesd Journal ’s list of area public companies.