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AN » Topics » New Plan Benefits 2007 Non-Employee Director Stock Option Plan

This excerpt taken from the AN DEF 14A filed Apr 5, 2007.
New Plan Benefits
2007 Non-Employee Director Stock Option Plan
 
         
Name and Position
  Number of Units(1)  
 
Robert J. Brown
    20,000  
Rick L. Burdick
    20,000  
William C. Crowley
    20,000  
Kim C. Goodman(2)
    70,000  
Robert R. Grusky(3)
    23,384  
Carlos A. Migoya(3)
    23,384  
Non-Employee Director Group
    176,768  
 
 
(1) Represents the aggregate number of vested, nonqualified options that will be granted to the non-employee directors and nominees for director on the date of the Annual Meeting under the 2007 Director Option Plan approved by the Board on February 5, 2007 and subject to stockholder approval. The options will be


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granted with a per share exercise price equal to the “fair market value” (as defined by the 2007 Director Option Plan) of a share of Company common stock on the date of grant.
 
(2) Consists of: (i) 50,000 stock options automatically granted to new directors upon initial appointment to our Board and (ii) 20,000 stock options automatically granted annually to each of our directors.
 
(3) Each of Messrs. Grusky and Migoya were entitled to receive an initial grant of 50,000 stock options in connection with their appointment to the Board under the terms of our 1995 Amended and Restated Non-Employee Director Stock Option Plan. However, only 93,233 shares remained available for grant under the plan. Accordingly, in accordance with the proration provision set forth in the plan, Messrs. Grusky and Migoya each were automatically granted options to purchase 46,616 shares. Accordingly, in addition to their automatic grant of 20,000 stock options, each of Messrs. Grusky and Migoya will be entitled to receive 3,384 stock options to make up for the shortfall in their initial grants as described above.
 
 
Your Board of Directors unanimously recommends a vote FOR approval of
the AutoNation, Inc. 2007 Non-Employee Director Stock Option Plan, Item No. 3. Proxies solicited by
your Board will be so voted unless stockholders specify a different choice.


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