The nations largest auto dealership group this week awarded substantial stock options to its five top executives.
The options allow the executives of AutoNation Inc. -- including CEO Mike Jackson and COO Mike Maroone -- to buy the companys common stock at $9.92 a share. Over the past year, AutoNation stock has traded between $9.64 and $14.80. The options expire March 2, 2019.
According to company filings with the Securities and Exchange Commission:
Jackson has options for 265,648 shares.
Maroone has options for 212,608 shares.
CFO Michael Short and Executive Vice President Jonathan Ferrando have options for 159,752 shares each.
Kevin Westfall, senior vice president of sales, has options for 15,968 shares.
A stock option confers the right to buy or sell specific securities at a stated price within a prescribed time.
This weeks AutoNation awards were the first of four equal installments that the companys board of directors approved for the executive team last month, according to federal filings. The next awards are scheduled for June, September and December.
Separately, AutoNation said, Westfall got restricted stock grants that will vest over four years starting in June.
Jackson, Maroone, Short and Ferrando also will get bonuses tied to AutoNations financial performance. The company said the incentives will be paid on a sliding scale based on AutoNations operating income.