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 29, 2020
(Exact name of registrant as specified in its charter)
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(Commission File Number) | (IRS Employer Identification No.) | |||
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(770 ) 418-8200
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None
(Former name or former address, if changed since last report)
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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.
Asbury Automotive Group, Inc.’s (the “Company”) has announced that Daniel Clara, age 40, has been appointed to serve as Senior Vice President, Operations of the Company, effective January 29, 2020. Mr. Clara joined the Company in 2002 and has held many positions with the Company including Vice President of Market Operations, Managing Market Director, General Manager, General Sales Manager, Used Car Manager, New Car Sales Manager, F&I Manager and Client Advisor. Mr. Clara received his bachelor’s degree in International Business from Northwood University.
In connection with his appointment as Senior Vice President, Operations, Mr. Clara’s annual base salary will be increased to $600,000, and he will become eligible for a target annual cash bonus under the Company’s annual cash incentive plan equal to 75% of his base salary. Any payout to Mr. Clara under the Company’s annual cash incentive plan will be based on the achievement of certain Company objectives established by the Compensation & Human Resources Committee of the Board of Directors of the Company. During the Company’s normal and customary equity grant cycle, Mr. Clara will be granted an equity award valued at $500,000, comprised of 60% performance share units and 40% restricted share units, which will vest ratably over a three year period.
In addition, Mr. Clara will enter into the Company’s standard indemnification agreement. The indemnification agreement will be identical in all material respects to the Company’s form of Indemnification Agreement, filed with the SEC on April 30, 2010 as Exhibit 10.7 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2010.
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 30, 2020 | By: | /s/ George A Villasana | |
Name: | George A. Villasana | ||
Title: | Senior Vice President, General Counsel & Secretary | ||