Asbury Automotive Group, Inc. (NYSE:ABG) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Asbury Automotive Group, Inc. (NYSE:ABG) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 9.01

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

On October 17, 2017, Asbury Automotive Group, Inc. (the “Company”) adopted the Asbury Automotive Group, Inc. Deferred Compensation Plan (the “Plan”), an unfunded deferred compensation plan. to the Plan, certain employees of the Company, including the Company’s executive officers (“Plan Participants”), may elect to defer the receipt of a portion of their compensation.

Any amounts deferred under the Plan will be credited to the Plan Participant’s account and treated as invested in investments selected by the Plan Participant from those made available from time to time under the Plan. Each account will be adjusted for any gains or losses attributable to the investments selected by the Plan Participant and each Plan Participant will be 50% vested in his or her deferred compensation and any deemed earnings thereon. The Company will not make any matching or discretionary contributions under the Plan.

Under the Plan, the Company will be obligated to make payment at a future date of the deferred compensation credited to the Plan Participant’s bookkeeping account, adjusted for any gains or losses attributable to the investments selected by the Plan Participant. Distributions under the Plan will be made according to a Plan Participant’s elections and the provisions of the Plan. The deferred compensation obligations will be general unsecured obligations of the Company.

The Plan is intended to conform with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and will be administered by the Company’s Investment Committee.

The foregoing description of the Plan is qualified in its entirety by reference to the full text of the Plan document, a copy of which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits.

The following exhibits are furnished as part of this report.

ASBURY AUTOMOTIVE GROUP INC ExhibitEX-10.1 2 exhibit101deferredcompensa.htm EXHIBIT 10.1 Exhibit EXHIBIT 10.1Asbury Automotive Deferred Compensation PlanJANUARY 1,…To view the full exhibit click here
About Asbury Automotive Group, Inc. (NYSE:ABG)
Asbury Automotive Group, Inc. is an automotive retailer in the United States. The Company offers a range of automotive products and services, including new vehicles; used vehicles; parts and service, including vehicle repair and maintenance services, replacement parts, and collision repair services, and finance and insurance, including arranging vehicle financing through third parties and aftermarket products, such as extended service contracts, guaranteed asset protection (GAP) insurance, prepaid maintenance, and credit life and disability insurance. The Company owns and operates approximately 100 new vehicle franchises, representing over 30 brands of automobiles at over 80 dealership locations, and over 20 collision centers in the United States. The Company’s brand names included Nalley Automotive Group, Courtesy Autogroup, Coggin Automotive Group, Crown Automotive Company, David McDavid Auto Group, North Point Auto Group, Gray-Daniels Auto Family and Plaza Motor Company.