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This excerpt taken from the AN DEF 14A filed Mar 23, 2009. Director
Compensation
Each of our non-employee directors receives the following annual
fees for service on our Board:
Additionally, our AutoNation, Inc. 2007 Non-Employee Director
Stock Option Plan (the “2007 Non-Employee Director
Plan”) provides for an initial grant of stock options to
purchase 50,000 shares of our stock immediately upon the
appointment of a non-employee director to our Board. The 2007
Non-Employee Director Plan also provides for an annual grant of
options to purchase 20,000 shares of our common stock at
the beginning of each fiscal year to each non-employee director
serving on the Board at such date. Unless otherwise provided,
all options granted under the 2007 Non-Employee Director Plan
are fully vested and immediately exercisable. Under the 2007
Non-Employee Director Plan, each grant of options to a
non-employee director remains exercisable for a term of ten
years from the grant date so long as the director remains a
member of the Board. The options are exercisable at a price per
share equal to the closing price per share of our stock on the
NYSE on the date immediately prior to the grant date.
In accordance with the terms of the 2007 Non-Employee Director
Plan, on January 2, 2008, Messrs. Brown (a former
director), Burdick, Crowley, Grusky and Migoya and
Ms. Goodman were each automatically granted an option to
purchase 20,000 shares of our common stock at an exercise
price equal to $15.66 per share, the closing price per share of
Company common stock on December 31, 2007. In connection
with his appointment to the Board, on July 30, 2008,
Mr. Edelson was automatically granted an option to purchase
50,000 shares of our common stock at an exercise price per
share of $10.43, the closing price per share of Company common
stock on July 29, 2008. The table below sets forth
compensation paid to our non-employee directors during fiscal
2008.
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