Amendment No. 1 to Employment Agreement between AutoNation, Inc. and Michael J. Jackson
This amendment updates the employment agreement between AutoNation, Inc. and Michael J. Jackson, its Chairman and CEO. The change allows Mr. Jackson to use the company's corporate aircraft for personal travel for up to 70 hours per year, with the value of this benefit included as taxable income according to IRS rules and company policy. Both parties have agreed to this amendment by signing the letter.
Exhibit 10.15
March 25, 2005
Mr. Michael J. Jackson
Chairman & Chief Executive Officer
AutoNation, Inc.
110 S.E. 6th Street
Fort Lauderdale, Florida 33301
RE: | Amendment No. 1 to that Certain Employment Agreement dated as of December 30, 2004 |
Dear Mike:
Reference is hereby made to that certain Employment Agreement, dated as of December 30, 2004 (the “Employment Agreement”), between AutoNation, Inc. (the “Company”) and you. By means of this letter agreement, the Company wishes to confirm your agreement to amend the Employment Agreement by replacing clause (iii) of Paragraph 1(e) thereof in its entirety with the following:
“(iii) use of the Company’s corporate aircraft for personal travel for up to 70 hours per year (provided that the value of such travel will be included in the Executive’s annual income subject to tax in accordance with the applicable regulations of the Internal Revenue Service and Company policy)”
Please confirm your agreement to amend the Employment Agreement as set forth above by signing this letter agreement as indicated below.
AUTONATION, INC.
/s/ Edward S. Lampert
| Edward S. Lampert |
Chair, Compensation Committee
Agreed and Confirmed:
/s/ Michael J. Jackson
Michael J. Jackson
