Damron Auto Parts, Inc. - Page 5

                                        - 5 -                                         
                                   Payment for    Total     Petitioner’s              
          Year   Salary    Bonus  Past Services  Compensation Gross Profits           
          1993  $480,000  $387,073   $482,927     $1,350,000    $3,779,338            
          1994   961,500   520,648    354,966      1,837,114     4,693,741            
          1995 1,000,000   496,386    406,160     1,902,546     5,080,865             
          During the years in issue, Mr. Damron was not a participant in              
          any pension, profit-sharing, or executive compensation plan.                
               In 1998, pursuant to his sale of petitioner’s stock to LKQ,            
          Mr. Damron became vice president (Southeast Region) of LKQ.  In             
          addition, he remained president of petitioner.  Mr. Damron earned           
          about $500,000 per year, which included base compensation of                
          $250,000 per year and additional compensation dependent on                  
          revenue generated in the region.  He also received incentive                
          compensation based upon “corporate and regional financial and               
          operating objectives”.  The Southeast Region generated about                
          $90,000,000 annually.  As an LKQ employee, Mr. Damron was                   
          entitled to 30 days of vacation every year.                                 
          IV.  Other Corporations                                                     
               During the years in issue, Mr. Damron was the sole                     
          shareholder of the following nine corporations:  Damron                     
          Management Corporation; Damron Used Auto Parts Stores, Inc.;                
          Yuppie Euro, Inc.; Damron Service, Inc.; Damron Land Holdings,              
          Inc.; Damron Trucking, Inc.; Damron Parts Replacement Corp.;                
          Damron Used Auto Parts of Gainesville, Inc.; and Damron Auto                
          Parts of Georgia, Inc.  He rendered 10 percent of his services to           
          these corporations but did not receive salary from them.                    

Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  Next

Last modified: May 25, 2011