The board of directors for Lithia Motors Inc., a publicly held dealership group based in Medford, Ore., has approved an employee stock purchase plan, according to a proxy filed with the Securities and Exchange Commission.
The board set aside 250,000 shares of class A common stock for the plan, which is subject to shareholder approval on May 14.
Employees could buy shares through payroll deductions that could not exceed 15 percent of their annual pay. Employees become eligible after working at least 20 hours per week for six consecutive months.
The price would be 85 percent of the fair market value of the stock at the beginning or the end of each calendar year, whichever is lower.
The proxy said Chairman Sidney DeBoer got a $364,800 salary, a $4,689 bonus, $9,711 toward an auto allowance and 401(k) contributions and 3,636 shares of stock options at an exercise price of $1 per share that expire Dec. 31, 2005.
President Dick Helmann received a $273,000 salary, a $1,996 bonus, $7,262 toward an automobile allowance and 401(k) contributions and 3,636 shares of stock options at an exercise price of $1 per share that expire Dec. 31, 2005.