AutoNation 2011 Annual Report Download - page 108
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Exhibit 10.23
[AutoNation Letterhead]
January 3, 2012
Mr. Alan McLaren
[Address]
Dear Alan:
This letter confirms the terms and conditions of our offer of employment, subject to the approval of the Board of Directors of AutoNat ion, Inc.
•Position Title: SVP Fixed Operations for AutoNation , Inc.
•Effective Date: January 4, 2012
•Rate of Pay: $20,208.33 payable semi-monthly ($485,000.00 annualized)
•Total Target Pay: $703,250.00
•Reporting to: Mike Maroone, President & COO
•Bonus Eligibility: You will be eligible for the 2012 Corporate bonus plan paid annually. This plan targets 45% of your annual base earnings, and is
based on overall company performance. The performance period is January through December. Future years' bonus eligibility, percentage, and metrics
will be at the level commensurate with your position in effect at that time .
•Equity Plan: Subject to the discretion of the Executive Compensation Subcommittee of the Board of Directors (the "Committee"), you will be eligible to
participate in the Company's Plan, and any equity awarded will be commensurate with the SVP level. Eligibility terms and conditions of the Plan are
subject to change as determined by the Board of Directors and/or the Committee .
Fitness Center Membership: As an SVP, you will have free access to the AutoNation Body Shop exercise facility located on the tenth floor of the
AutoNation Headquarters building.
•Car Allowance: You will be eligible to receive $1,300.00 per month as a car allowance, less taxes and applicable withhold ings.
•Relocation: The Company will provide you with relocation assistance in moving you and your personal property to South Florida subject to your signing
the Company's Relocation Policy Acknowledgment Form . Enclosed for your review is a copy of the Relocation Policy Acknow ledgment Form. You are
eligible for Plan 5 benefits. Your contact for relocation will be Brian Casey. Brian can be reached at [phone number].
•Executive Health Management Plan: You will be eligible to participate in the Executive Health Management Plan. Details of this program are provided
in the enclosed package.
•Vacation Benefit: Associates accrue vacation time on a per pay per iod basis at a rate commensurate with their length of service with the Company. You
will be eligible for 17 days of vacation per year. Future year vacation eligibility will be determined by the Company's policy in effect at that time. Vacation
policy is attached.
•Benefits Eligibility: You will be eligible to participate in AutoNation's group insurance programs effective on the first day of the month coincident with or
following completion of one (1) month of service . Full information about our benefits plan will be provided to you at a later date . Associates planning to
enroll dependents in AutoNation's health