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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.
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Last modified: May 25, 2011