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SEC Filings

DEF 14A
PENSKE AUTOMOTIVE GROUP, INC. filed this Form DEF 14A on 03/16/2017
Entire Document
 

Table of Contents

(6)
Represents $27,600 for an automobile allowance, matching funds under our U.S. 401(k) plan, company-sponsored life insurance, company-sponsored lunch program, personal use of sporting event tickets, dividends on unvested restricted stock awards, and a tax allowance of $5,334.

(7)
Consists of dividends on unvested restricted stock and a tax allowance of $438.

(8)
Represents an automobile allowance, company-sponsored life insurance, matching funds under our U.S. 401(k) plan, company-sponsored lunch program, payments for a country club membership (though this membership is used for personal and business purposes), personal use of sporting event tickets, $28,808 in dividends on unvested restricted stock and a tax allowance of $3,188.

Grants of Plan-Based Awards in 2016

 

Estimated Future Payouts under Equity
Incentive Plan Awards




All other Awards:
Number of Shares




Grant Date Fair
Value of Stock


Name and Principal Position



Grant Date

Threshold ($)

Target ($)

Maximum ($)

of Stock

Awards ($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Roger S. Penske

  2/23/16   2,500,000   5,000,000   $ 7,500,000     $ 5,000,000  

Chief Executive Officer

  2/23/16         77,633   2,803,327  

    

                                     

Robert H. Kurnick, Jr.

  2/23/16   500,000   1,000,000   $ 1,500,000     1,000,000  

President

  2/23/16         15,527   560,680  

    

                                     

J.D. Carlson

  2/23/16         5,000   180,550  

Executive Vice President &

                         

Chief Financial Officer

                         

    

                                     

Bud Denker

  2/23/16         5,000   180,550  

Executive Vice President —

                         

Human Resources

                         

    

                                     

Shane M. Spradlin

  2/23/16         7,500   270,825  

Executive Vice President,

                         

General Counsel & Secretary

                         

This table reflects two years of awards for Messrs. Penske and Kurnick: the 2015 awards attained that were paid in the form of restricted stock in 2016, and the awards relating to 2016 that were paid in 2017.

Narrative Discussion of Summary Compensation Table and Plan Based Awards

The amounts set forth in the two preceding tables reflect payments and awards to our named executive officers based on the principles and descriptions discussed under "CD&A."

Mr. Penske's Performance Based Award.    Our compensation committee established 2016 performance targets for a performance based award for Mr. Penske in February 2016. The award established a threshold payout of $2.5 million (50% of target), a target payout of $5.0 million (100% of target) and a maximum potential payout of $7.5 million (150% of target) to be paid in shares of restricted stock to be granted in 2017. Mr. Penske achieved 70.8% of the performance metrics noted above relating to this award, which entitled him to approximately $4.5 million in shares of restricted stock granted in February 2017, as more fully discussed above in "CD&A — Chief Executive Officer Compensation." Mr. Penske did not receive an annual cash bonus because he received this restricted stock grant in lieu of a cash bonus.

Mr. Kurnick's Performance Based Award.    In February 2016, the committee established a similar performance based award for Mr. Kurnick with respect to 2016, with a threshold payout of $500,000 (50% of target), a target payout of $1.0 million (100% of target) and a maximum potential payout of $1.5 million (150% of target) to be paid in shares of restricted stock to be granted in 2017. Mr. Kurnick achieved 70.8% of the performance metrics noted above relating to this award, which entitled him to approximately

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