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AutoNation, Inc. (NYSE:AN) Files An 8-K Abandonment of Directors or Assertive Officers; Election of Directors; Appointment of Assertive Officers; Compensatory Arrangements of Assertive Officers
Item 5.02 Abandonment of Directors or Assertive Officers; Election of Directors; Appointment of Assertive Officers; Compensatory Arrangements of Assertive Officers.
On January 3, 2019, Donna Parlapiano, Executive Vice President, Franchise Network, Mergers & Acquisitions and Corporate Real Estate of AutoNation, Inc. (the “Company”), provided apprehension to the Company that she has adopted to retire from the Company, able as of January 3, 2019 (the “Separation Date”).
Also on January 3, 2019, the Company and Ms. Parlapiano entered into a Separation Acceding and General Absolution of All Claims (the “Separation Agreement”) in adjustment to, amid added things, set alternating the able date of her retirement from the Company, extend assertive akin covenants, and set alternating the afterward allowances that will be provided to her by the Company, accountable to her non-revocation of a absolution of claims and acquiescence with assertive akin covenants:
a acquittal in the bulk of $2,562,750, payable in 54 semi-monthly installments, and
a severance acquittal according to the amount of bloom allowance coverage, grossed up for taxes, for an 18-month period.
In addition, admitting the acceding of any applicative disinterestedness plan or accolade agreement, the Company agreed to amusement Ms. Parlapiano as “retirement” acceptable with account to outstanding disinterestedness awards captivated by her as of the Separation Date. The Separation Acceding additionally extends her non-competition and non-solicitation covenants through the date that is 27 months afterward the Separation Date. The Separation Acceding is filed as Display 10.1 to this address and is congenital herein by reference. The above arbitrary of the Separation Acceding is able in its absoluteness by advertence to such agreement.
On January 7, 2019, the Company appear that Lance E. Iserman, Executive Vice President and Chief Operating Officer of the Company, and Thomas M. Conophy, Executive Vice President and Chief Technology Officer of the Company, will be abrogation the Company, able as of January 7, 2019.
Item 7.01 Regulation FD Disclosure.
On January 7, 2019, the Company issued a columnist absolution announcement a amount abridgement plan and the abandonment of Ms. Parlapiano and Messrs. Iserman and Conophy. A archetype of the columnist absolution is furnished as Display 99.1 to this Current Address on Form 8-K.
The advice furnished to this Item 7.01, including Display 99.1, shall not be accounted “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as adapted (the “Exchange Act”), or contrarily accountable to the liabilities beneath that Section and shall not be accounted to be congenital by advertence into any filing of the Company beneath the Securities Act of 1933, as amended, or the Exchange Act, except as shall be especially set alternating by specific advertence in such filing.
Item 9.01 Financial Statements and Exhibits.
99.1Press Absolution of AutoNation, Inc. anachronous January 7, 2019.
AUTONATION, INC. Exhibit
EX-10.1 2 jan19ex101.htm EXHIBIT 10.1 Display Display 10.1SEPARATION AGREEMENTAND GENERAL RELEASE OF ALL CLAIMSThis Separation Acceding and General Absolution of All Claims (the “Agreement”) is entered into and able as of January 3,…
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About AutoNation, Inc. (NYSE:AN)
AutoNation, Inc. is an automotive banker in the United States. The Company offers a ambit of automotive articles and services, including new vehicles, acclimated vehicles, genitalia and service, which includes automotive adjustment and aliment services, as able-bodied as broad genitalia and blow businesses, and automotive accounts and allowance products, including agent account and added aegis products, as able-bodied as the alignment of costs for agent purchases through third-party accounts sources. It operates through three segments, including Domestic, Import and Premium Luxury. Its Domestic articulation consists of retail automotive franchises that advertise new cartage bogus by General Motors, Ford and FCA US. The Import articulation consists of retail automotive franchises that advertise new cartage bogus primarily by Toyota, Honda and Nissan. The Premium Luxury articulation consists of retail automotive franchises that advertise new cartage bogus by Mercedes-Benz, BMW, Audi and Lexus.
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