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
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| Date of Report (Date of Earliest Event Reported): | | February 10, 2006 |
SMITHWAY MOTOR XPRESS CORP.
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(Exact name of registrant as specified in its charter)
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| Nevada | 000-20793 | 42-1433844 |
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(State or other jurisdiction | _____________
(Commission | ______________
(I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |
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| 2031 Quail Avenue, Fort Dodge, Iowa | | 50501 |
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(Address of principal executive offices) | | ___________
(Zip Code) |
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| Registrant’s telephone number, including area code: | | 515-576-7418 |
Not Applicable
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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:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
2006 BONUS PROGRAM
The Compensation Committee (the "Committee") of the Board of Directors of Smithway Motor Xpress Corp. (the "Company") implemented a bonus program for fiscal 2006 pursuant to which the Company's executive officers are eligible to receive cash bonuses. An amount equal to 50% of each executive officer's targeted bonus amount will be earned based on the Company's achievement of its quarterly net income goals. The other 50% of each executive officer's targeted bonus amount will be earned based on the achievement by each executive officer of highly-specific individual goals; provided, that the Company achieves annual net income equal to at least 85% of its annual net income goal. The component of the bonus based on the Company's net income will be earned and paid quarterly while the component of the bonus based on individual goals will be earned on an annual basis and paid following the completion of fiscal 2006.
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.
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| | | SMITHWAY MOTOR XPRESS CORP. |
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| February 17, 2006 | | By: | | Douglas C. Sandvig
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| | | | | Name: Douglas C. Sandvig |
| | | | | Title: Senior Vice President, Chief Financial Officer, and Treasurer |
