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ABG > SEC Filings for ABG > Form 8-K on 2-Jun-2014All Recent SEC Filings

Show all filings for ASBURY AUTOMOTIVE GROUP INC

Form 8-K for ASBURY AUTOMOTIVE GROUP INC


2-Jun-2014

Change in Directors or Principal Officers, Financial Statements and E


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On May 29, 2014, the Board of Directors (the "Board") of Asbury Automotive Group, Inc. (the "Company"), upon the recommendation of the Governance and Nominating Committee of the Board, elected Thomas J. Reddin as a Class III member of the Board. Mr. Reddin is presently the managing partner of Red Dog Ventures LLC, a venture capital and advisory firm he founded in 2007. Mr. Reddin's election increases the size of the Board to nine (9) directors. The Board has appointed Mr. Reddin to the Audit Committee and Risk Management Committee.

As a non-management director, Mr. Reddin will receive an annual retainer of $40,000 payable quarterly, $2,000 for each Board meeting attended in person, and $1,000 for each Board meeting attended telephonically. As a member of the Audit Committee, Mr. Reddin will receive $2,000 for each committee meeting attended in person, and $1,500 for each committee meeting attended telephonically. As a member of the Risk Management Committee, Mr. Reddin will receive $2,000 for each committee meeting attended in person, and $1,000 for each committee meeting attended telephonically. Mr. Reddin will be reimbursed for reasonable out-of-pocket expenses incurred for attendance at Board and/or committee meetings. Mr. Reddin also will receive the use of a motor vehicle. In connection with his election to the Board, Mr. Reddin received an award of 735 shares of common stock of the Company that vested immediately upon grant. The grant of the Company's stock to Mr. Reddin represents the pro-rated annual equity portion of his compensation for serving as a member of the Board of the Company.

On June 2, 2014, the Company issued a press release announcing the election of Mr. Reddin to the Board. A copy of the Company's press release is attached hereto as Exhibit 99.1 to this Current Report and incorporated herein by reference.



Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.

The following exhibit is furnished as part of this report.
Exhibit No. Description

99.1 Press Release dated June 2, 2014.


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