Lithia Motors Files 8-K

Ticker: LAD · Form: 8-K · Filed: 2024-05-03T00:00:00.000Z

Sentiment: neutral

Topics: 8-K, regulatory-filing

Related Tickers: LAD

TL;DR

LAD filed an 8-K, standard procedure, no major news.

AI Summary

Lithia Motors, Inc. filed an 8-K on May 3, 2024, to report other events and financial statements. The filing does not contain specific details about new material events or financial figures beyond the standard reporting requirements.

Why It Matters

This 8-K filing indicates Lithia Motors is fulfilling its regulatory reporting obligations with the SEC, which is standard practice for publicly traded companies.

Risk Assessment

Risk Level: low — The filing is a routine 8-K for reporting purposes and does not disclose any new material risks or events.

Key Players & Entities

FAQ

What is the purpose of this 8-K filing for Lithia Motors, Inc.?

This 8-K filing is for reporting 'Other Events' and 'Financial Statements and Exhibits' as of May 3, 2024.

What is Lithia Motors, Inc.'s state of incorporation?

Lithia Motors, Inc. is incorporated in Oregon.

What is the principal executive office address for Lithia Motors, Inc.?

The principal executive office is located at 150 N. Bartlett Street, Medford, Oregon 97501.

What is the SEC file number for Lithia Motors, Inc.?

The SEC file number for Lithia Motors, Inc. is 001-14733.

What is the IRS Employer Identification Number for Lithia Motors, Inc.?

The IRS Employer Identification Number for Lithia Motors, Inc. is 93-0572810.

Filing Stats: 581 words · 2 min read · ~2 pages · Grade level 12 · Accepted 2024-05-03 17:19:23

Filing Documents

01 Other Events

Item 8.01 Other Events Over the past several months, Lithia Motors, Inc. (the "Company") received valuable feedback from shareholders, proxy advisory firms and its consultants regarding its compensation design. As requested by our shareholders, the Company has replaced the profitability metric from net income to earnings per share ("EPS") in the 2024 performance share units ("PSUs") granted in January of this year. With this adjustment the Company's long-term incentive plan more closely aligns with the Company's stated EPS based strategic goal and incentivizes a more flexible deployment of capital to most effectively create value for its shareholders. As discussed in its proxy statement for the 2024 Annual Meeting of Shareholders, filed March 12, 2024, the Company redesigned its long-term incentive plan in 2023 to move from a one-year to a three-year performance period, added a TSR modifier, and all metrics are relative to peers. This change, which occurs approximately four months into a thirty-six month performance period, is limited to replacing net income with EPS. This results in no incremental accounting or compensation charge, is not intended to increase payouts, and the Compensation Committee, as always, retains negative discretion.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). *Certain confidential and immaterial terms redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K. SIGNATURE 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. Dated: May 3, 2024 LITHIA MOTORS, INC. By: /s/ Tina Miller Tina Miller Senior Vice President and Chief Financial Officer

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