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): January 3, 2020
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation)
(Commission File Number) | (IRS Employer Identification No.) | |||
(Address of principal executive offices) | (Zip Code) | |||
(770 ) 418-8200
(Registrant's telephone number, including area code)
None
(Former name or former address, if changed since last report)
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Securities registered pursuant to Section 12(b) of the Act:
Trading | ||||
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Emerging growth company ☐
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously reported by Asbury Automotive Group, Inc. (the “Company”) on its Current Report on Form 8-K filed with the Securities and Exchange Commission on January 2, 2020 (the “Form 8-K”), the Company announced that the Company ended its employment relationship with John Hartman, the Company’s Senior Vice President, Operations, effective as of January 2, 2020. The Company is filing this Amendment No. 1 to the Form 8-K to disclose the material terms of Mr. Hartman’s separation agreement (described below), the terms of which were not yet finalized as of the time of filing of the Form 8-K.
On January 3, 2020, the Company and Mr. Hartman entered into a Separation Agreement and General Release (the “Separation Agreement”), under which Mr. Hartman agreed to a customary release in exchange for severance payments as follows:
(i) | his 2019 base salary of $600,000.00, payable in equal installments over 52 weeks; |
(ii) | a lump sum bonus for 2019, to be paid under such terms and at such time as bonuses are paid to active employees generally under the Company’s Corporate Office Incentive Program; and |
(iii) | a cash bonus in the amount of $222,182.63, payable in equal installments over 52 weeks, as consideration for his continued cooperation and assistance to the Company. |
In addition, Mr. Hartman is entitled to continued health and dental insurance for 12 months under the Separation Agreement. The Separation Agreement contains a release and certain restrictive covenants that are binding upon Mr. Hartman. The foregoing description of the Separation Agreement is not complete and is qualified in its entirety by reference to the Separation Agreement, which the Company intends to file as an exhibit to the Company’s annual report on Form 10-K for the year ended December 31, 2019.
SIGNATURE
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.
ASBURY AUTOMOTIVE GROUP, INC. | |||
Date: January 9, 2020 | By: | /s/ George A Villasana | |
Name: | George A. Villasana | ||
Title: | Senior Vice President, General Counsel & Secretary | ||