The regulatory filing noted that Scott Smith is a “greater than 10 percent beneficial owner of the company.” Scott Smith’s term on the board is set to expire at Sonic’s 2023 annual meeting of stockholders, the filing said.
Scott Smith, who Sonic noted has not been named to any committees of the board, will be paid a cash retainer of $85,000, payable in quarterly installments, the filing said.
He will receive a grant of 3,884 restricted shares of Sonic’s Class A common stock, which will vest in full on the first anniversary of the grant date, according to the filing.
Earlier this year, Sonic added Michael Hodge, executive vice president, finance, of Speedway Motorsports, to its board, while longtime board members Vic Doolan and Robert Heller did not seek reelection.
Sonic, of Charlotte, N.C., ranks No. 7 on Automotive News‘ most recent list of the top 150 dealership groups based in the U.S., with retail sales of 103,486 new vehicles in 2021.
