AutoNation, Inc. (NYSE:AN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
– General Counsel, Corporate Development and Human Resources and
Corporate Secretary of AutoNation, Inc. (the Company), provided
notice to our Chairman and Chief Executive Officer that he will
retire from the Company, effective as of March 31, 2017. The
Companys Board of Directors appointed C. Coleman Edmunds, Senior
Vice President, Deputy General Counsel and Assistant Secretary of
the Company, to serve as acting General Counsel and Corporate
Secretary of the Company, effective as of April 1, 2017.
a Retirement Agreement and General Release of All Claims (the
Retirement Agreement) in order to, among other things, set forth
the effective date of his retirement from his current positions
and from the Company, extend certain restrictive covenants, and
set forth the following retirement benefits that will be provided
to him by the Company, subject to his re-execution and
non-revocation of a release of claims:
|
a retirement payment in the amount of $2,250,000, payable
in 36 semi-monthly installments; |
|
a pro-rated annual bonus in respect of 2017, based on the
Companys actual performance and payable at the same time bonuses are paid to other executives of the Company; |
|
continuation of health and welfare benefits for a period of
12 months at the same cost to Mr. Ferrando as is currently provided (with such changes as may be imposed on the other Company officers from time to time); and |
|
vesting of outstanding unvested stock options and an
extended exercisability period for all such unvested stock options for a period of three years after Mr. Ferrandos retirement date. |
and non-solicitation covenants through the third anniversary of
his retirement date. In consideration for such covenants, the
Company will pay him $1,500,000 over a 3-year period in 72
semi-monthly installments.
and is incorporated herein by reference. The foregoing summary of
the Retirement Agreement is qualified in its entirety by
reference to such agreement.
|
10.1
|
Retirement Agreement and General Release of All Claims,
dated March 7, 2017, by and between AutoNation, Inc. and Jonathan P. Ferrando. |
About AutoNation, Inc. (NYSE:AN)
AutoNation, 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, which includes automotive repair and maintenance services, as well as wholesale parts and collision businesses, and automotive finance and insurance products, including vehicle service and other protection products, as well as the arranging of financing for vehicle purchases through third-party finance sources. It operates through three segments, including Domestic, Import and Premium Luxury. Its Domestic segment consists of retail automotive franchises that sell new vehicles manufactured by General Motors, Ford and FCA US. The Import segment consists of retail automotive franchises that sell new vehicles manufactured primarily by Toyota, Honda and Nissan. The Premium Luxury segment consists of retail automotive franchises that sell new vehicles manufactured by Mercedes-Benz, BMW, Audi and Lexus. AutoNation, Inc. (NYSE:AN) Recent Trading Information
AutoNation, Inc. (NYSE:AN) closed its last trading session down -0.07 at 45.26 with 1,358,491 shares trading hands.
