UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): March 8, 2010

 

Rush Enterprises, Inc.

(Exact name of registrant as specified in its charter)

 

Texas

(State or other jurisdiction

of incorporation)

 

0-20797

(Commission File Number)

 

74-1733016

(IRS Employer Identification No.)

 

555 IH-35 South, Suite 500

New Braunfels, Texas

(Address of principal executive offices)

 

78130

(Zip Code)

 

Registrant’s telephone number, including area code: (830) 626-5200

 

Not Applicable

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 5.02                                            Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

(e)                                  On March 8, 2010, the Board of Directors of Rush Enterprises, Inc., (the “Company”), upon the recommendation of the Compensation Committee, approved the following compensation payments to the Company’s named executive officers:

 

Cash Bonus Payments

 

After a review of competitive market data and the Company’s operating results for the 2009 fiscal year, the Compensation Committee approved the following cash bonus payments:

 

Name / Title

 

Cash
Bonus

 

 

 

 

 

W. M. “Rusty” Rush
President, Chief Executive Officer and Director

 

$

409,000

 

 

 

 

 

W. Marvin Rush
Chairman and Director

 

$

307,000

 

 

 

 

 

Martin A. Naegelin, Jr.
Executive Vice President

 

$

122,500

 

 

 

 

 

Daryl J. Gorup
Senior Vice President – Dealership Operations

 

$

99,000

 

 

 

 

 

Steven L. Keller
Vice President – Chief Financial Officer and Treasurer

 

$

80,000

 

 

The cash bonuses will be paid on March 15, 2010.

 

Stock Option Grants

 

The Compensation Committee approved the following stock options exercisable for the Company’s Class A common stock (the “Stock Options”):

 

Name / Title

 

Options

 

 

 

 

 

W. M. “Rusty” Rush
President, Chief Executive Officer and Director

 

75,000

 

 

 

 

 

W. Marvin Rush
Chairman and Director

 

60,000

 

 

 

 

 

Martin A. Naegelin, Jr.
Executive Vice President

 

30,000

 

 

 

 

 

Daryl J. Gorup
Senior Vice President – Dealership Operations

 

21,450

 

 

 

 

 

Steven L. Keller
Vice President – Chief Financial Officer and Treasurer

 

18,000

 

 

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The Stock Options will be granted under the Rush Enterprises, Inc. 2007 Long-Term Incentive Plan (the “Plan”) on March 15, 2010 (the “Grant Date”).  The Stock Options will have an exercise price equal to the closing sale price of the Company’s Class A common stock on the Grant Date and will vest in three equal annual installments beginning on the third anniversary of the Grant Date.

 

Restricted Stock Awards

 

The Compensation Committee approved the following restricted stock awards of the Company’s Class A common stock (the “Restricted Stock Awards”):

 

Name / Title

 

Number of
Shares to
be
Awarded

 

 

 

 

 

W. M. “Rusty” Rush
President, Chief Executive Officer and Director

 

15,000

 

 

 

 

 

W. Marvin Rush
Chairman and Director

 

12,000

 

 

 

 

 

Martin A. Naegelin, Jr.
Executive Vice President

 

6,000

 

 

 

 

 

Daryl J. Gorup
Senior Vice President – Dealership Operations

 

4,290

 

 

 

 

 

Steven L. Keller
Vice President – Chief Financial Officer and Treasurer

 

3,600

 

 

The Restricted Stock Awards will be granted under the Plan on the Grant Date.  The Restricted Stock Award will vest in three equal annual installments beginning on the first anniversary of the Grant Date.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

RUSH ENTERPRISES, INC.

 

 

 

By:

/s/ Steven L. Keller

 

 

Steven L. Keller

 

 

Vice President and Chief Financial Officer

 

 

Dated: March 10, 2010

 

 

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