Business Context and Reporting Period
This Form 8-K filing by Asbury Automotive Group, Inc. (ABG) reports a corporate governance event dated July 24, 2019, with the report filed on July 29, 2019. The filing addresses the termination of the company's Deferred Compensation Plan.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial data disclosed relates to specific executive compensation account balances under the terminated plan as of July 23, 2019:
- Jed M. Milstein (SVP & CHRO): $106,734.29
- Sean D. Goodman (SVP & CFO): $78,909.81
Material Changes
The Board of Directors irrevocably terminated the Asbury Automotive Group, Inc. Deferred Compensation Plan, effective December 31, 2019. Key changes include:
- No new deferrals will be credited for compensation earned after the termination date.
- The plan will continue to operate in the ordinary course until the final payout.
- All participants will receive a single lump-sum payout of their full account balance.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, or general risk commentary. The payout timing is governed by Section 409A of the Internal Revenue Code, requiring the Final Payment Date to be selected by the Company between 12 and 24 months after the date the Company takes all necessary action to terminate and liquidate the Plan. The Company does not make matching or discretionary contributions under the Plan.
Investor Verification Checklist
- Verify the exact date the Company takes action to liquidate the Plan to determine the 12-24 month payout window.
- Confirm if the termination of the deferred compensation plan impacts future executive retention or compensation structures.
- Review subsequent filings for the announcement of the specific Final Payment Date.