AN » Topics » New Plan Benefits 2007 Non-Employee Director Stock Option Plan
This excerpt taken from the AN DEF 14A filed Apr 5, 2007.
2007 Non-Employee Director Stock Option Plan
Name and Position
Robert J. Brown
Rick L. Burdick
William C. Crowley
Non-Employee Director Group
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
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.
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.
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