- Current report filing (8-K)
June 14 2010 - 5:03PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June
11, 2010
Lithia Motors, Inc.
(Exact Name of Registrant as specified in its charter)
Oregon
(State or other jurisdiction of incorporation)
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0-21789
(Commission File Number)
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93 - 0572810
(IRS Employer Identification No.)
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360 E. Jackson Street
Medford, Oregon 97501
(Address of Principal Executive Office)
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Registrant's telephone number including area code
541-776-6868
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
(b),(e).
The Company has entered into a Separation, Consulting and Release Agreement with
Jeffrey B. DeBoer, its Chief Financial Officer, dated June 4, 2010. Under
federal law, Mr. DeBoer had until June 11th within which to revoke the agreement
which he did not elect to do. Pursuant to the agreement, Mr. DeBoer will resign
his current position no later than October 31, 2010 but will continue to serve
the Company as a part-time consultant for a two year period following his
resignation. The agreement provides that Mr. DeBoer will receive a severance
payment of $690,000 upon resignation and will receive a consulting fee of $5,000
per month during the consulting period, and certain other benefits provided in the
agreement.
In
announcing his pending departure, Mr. DeBoer stated that he had accomplished the
goals he set when he joined the company in 1997 and the Company restructuring that
started in 2008 is now largely completed. He is ready for the next challenging
career opportunity.
Under
his leadership, the Company has developed a strong finance and accounting team
and has identified an internal candidate expected to be
promoted following Mr. DeBoers departure.
A full
copy of the agreement is attached as
Exhibit 99.1
hereto.
Item 9.01 Financial Statements and Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 14, 2010
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By:
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LITHIA MOTORS, INC.
(Registrant)
/s/ Kenneth E. Roberts
Kenneth E. Roberts
Assistant Secretary
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