. . . . . . . . . . . . . . . approximately five years based on historical grant levels and potentially longer due to our share repurchase program. . The Administrator may grant cash-based awards under the Plan to participants. We welcome Jamere and Seong, and we look forward to celebrating the enormous contributions of Bill and Bill. How long will it last? . . . . . . . . . . . . . . . The Compensation Committee also receives input from the independent consultant regarding Chief Executive Officer compensation. . . On operating expenses, our team particularly our store operations and commercial teams continue to manage our expenses during these times well. . . . The Compensation Committee establishes the compensation level for the Chief. If a quorum is not present at the scheduled time of the Annual Meeting, we may adjourn the Meeting, without notice other than announcement at the Meeting, until a quorum is present or represented. To support and encourage stock ownership by our executives, AutoZone also established a non- qualified stock purchase plan. Unless otherwise established by the Board or in any charter of the Committee, a majority of the Committee shall constitute a quorum and the acts of a majority of the members present at any meeting at which a quorum is present, and acts approved in writing by all members of the Committee in lieu of a meeting, shall be deemed the acts of the Committee. . Glassdoor will not work properly unless browser cookie support is enabled. . Can I jump in on that as well, and I just want to remind everybody to go back to the ‘08, ‘09 period of time and when miles driven dipped during that period of time, the correlation between miles driven and our sales performance was -- and the industry sales performance was broken. . . Without giving effect to recently hired executives who are permitted 5 years to comply with stock ownership guidelines, the average EC multiple of base compensation is 27 and all EC members are in compliance with stock ownership requirements. Check out the latest AutoZone Jobs & Careers. We don’t need their locations. . data, analyses and perspectives on market trends and annually prepares information to assist the Compensation Committee in its consideration of such recommendations. . . Inventory per location was $683,000 versus $674,000 last year and $685,000 last quarter. . . . . . [Operator Instructions] First question in the queue is from Michael Lasser with UBS. . . . . Mr. Calbert also previously worked as a certified public accountant and consultant with Arthur Andersen Worldwide from 1985 to 1994, where his primary focus was the retail and consumer industry. . . The EICP was designed to be a performance-based compensation plan. . . One, we invested in our AutoZoners. . . . . . . . . or any other transferee specifically approved by the Administrator after taking into account any state, federal, local or foreign tax and securities laws applicable to transferable Awards. AutoZone's management conducts periodic assessments of the compensation plans and programs that apply throughout the Company, including those plans and programs in which our executives participate. . . . . . . . . . . . . . . . These stores have been opened five this quarter and now numbering 44 in total substantially increased local market availability. . . . You would see some weather patterns as we always do. . . . . . 3.2 Stock Distributed. . . . . . . Finance & IT . . . . So if sales are — continue to be strong, we’re going to continue to invest back into that. . . . On the retail side of the business, everybody was looking for geographic expansion and we could all take reasonably the same size boxes and over time turn them into our standard prototypes. . . . . . . . . The, Compensation Committee may waive the guidelines for any other executive at its. . . . . . . . . . . . . We remain passionate about Living our Pledge and Values to earn our customers' trust and business every day. . Item 1A.Risk Factors . . . . While online purchasing is a smaller business for us, the traffic to the website is a tremendous marketing tool for our in-store business. . . During the 2020 fiscal year, the Compensation Committee held six meetings. Average AutoZone hourly pay ranges from approximately $10.53 per hour for Supervisor to $15.39 per hour for Management Trainee. . . Yes. . . . Got it. . . . . We are very happy to report that our domestic same-store sales in August, while down some from May through July, were still up a remarkable 16.5%. . . . Actual (as adjusted). . . Such personal characteristics are integrity and accountability, informed judgment, financial literacy, mature confidence, high performance standards, and passion. . . First, we continue to expand our inventory availability initiative. . . . . . } . . . We don’t know what lies ahead of us for this new fiscal year, but we feel we are much more prepared today for uncertainty than we were at the start of this pandemic. We believe our strategy and approach to — approaching the market will win over time. Unvested stock awards are shares under the Executive Stock Purchase Plan, which vest upon involuntary termination not for cause, disability, or death. . . Our net income was $740 million and our EPS was $30.93 a share, 36.9% above last year. Okay. We also launched our new www.autozone.com website, which is more intuitive and brings the store experience and our website closer together for a better overall customer experience. . William T. Giles. Good morning. . . . . Similar to the U.S., Brazil faced immense challenges with COVID-19 and stay-at-home mandates. . . . . Such contributions are included under the appropriate "Salary" and. . . For more information about our stock-based plans, including the Executive Stock Purchase Plan, see Grants of Plan-Based Awards Table on. . . . We expect to gradually restart our buyback program during the first quarter. . . . . . Annual cash compensation consists of base salary and annual cash incentives. . . . But yes, we did provide — we did find opportunities for us to lower select categories like commodities where we’re really not adding a lot of service. . This maintains our stated philosophy of delivering competitive total rewards at or above the market median through our performance-based variable compensation. . . . . . . . In the fourth quarter, we extended these emergency time-off benefits to our store managers and distribution center advisors, each of whom have been on the frontline, supporting and leading their teams through this extraordinary season. . . . . . . . . . D. Bryan Jordan, 58, has been a director since 2013. This decision, which was made in a couple of days, was aligned with our values. At the Administrator's discretion, cash based awards may be settled in shares. . . . . . . . . The 2020 incentive awards for each NEO were based on the following performance: . . . . . . No executive officer of the Company served on the compensation committee or board of any company that employed any member of the Compensation Committee or Board. . Our target for FY21 is to double the pace and open approximately 50 stores. . . . . . . . . . . . Frankly, our focus isn’t on what happens this new quarter. . . . The Board also considered the fact that Mr. Brooks is a member of the board of directors of Southwest Airlines. . The table below illustrates how AutoZone's compensation program weights the base salary and "at-risk" components of its NEOs' fiscal 2020 target total compensation. . . Can I change my vote after I submit my proxy? Each store carries an extensive product line for cars, sport utility vehicles, vans and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories and non-automotive products. . . . . The Administrator may, in its discretion, accept cash or check, shares of our common stock that meet specified conditions, a "market sell order" or such other consideration as it deems suitable in order to satisfy tax withholding, exercise price and purchase price obligations arising in connection with awards granted under the Plan. Your vote for your shares will be cast as you indicate on your proxy card. Following the Effective Date, no further grants will be made under the Prior Plan. . When factoring in bonuses and additional compensation, a Delivery Driver at AutoZone can expect to make an average annual salary of $20,992 . . . . . 3.1 Number of Shares. . . . . . . . . . . . . All full-time officers at the level of vice president and above are eligible to participate in two executive long- term disability plans, until age 65. Fortunately, we know of no AutoZoners that were significantly impacted as a result of that hurricane or the one that happened a week and a half ago. . . . The Compensation Committee, as described in the EICP, may (but is not required to) disregard the effect of one-time charges and extraordinary events such as asset write-downs, litigation judgments or settlements, changes in tax laws, accounting principles or other laws or provisions affecting reported results, accruals for reorganization or restructuring, and any other extraordinary non-recurring items, acquisitions or divestitures and any foreign exchange gains or losses on the calculation of performance. Gross margin for the quarter was 53.1% of sales, down 31 basis points versus last year’s fourth quarter on a 16-week basis. . Internal promotional grants are prorated based on the time elapsed since the officer received a regular annual grant of stock options or restricted stock. . . . The number or value of shares of any stock payment will be determined by the Administrator and may be subject to the achievement of performance criteria or other specific criteria determined by the Administrator. . So, again, our standpoint is, look, our margin is in a really healthy place right now and we have got great opportunities for us to lower cost through lower acquisition opportunities and so we have -- on a category-by-category basis, we feel really good about where our margin is. . They’re still going to work every day. During fiscal 2020, we also continued to make significant investments in technology, ecommerce, digital, and benefits. . . . . . The Audit Committee considers the services listed above to be compatible with maintaining Ernst & Young LLP's independence. . . googletag.cmd = googletag.cmd || []; . . . . . . . Our historic financial performance was a direct result of our AutoZoners embodying our FY20 operating theme: "40 Years of WOW! . . . . . . . . Mark A. Finestone (6). I appreciate that. So the hurricane — this was not a massive hurricane except for the people that were directly impacted. . . . . . A non-employee director may elect to receive a fixed portion of the Annual Retainer plus any Additional Fees in the form of cash, paid in quarterly installments (the "Cash Election"), with the remainder of the Annual Retainer paid in the form of Restricted Stock Units. . . . I wish we could provide you with more clarity on our expectations on business trends for our upcoming first quarter and the new fiscal year. . . . Starting on gross margins, Bill, I think, something you guys have talked about in the last 12 months has been a focus on direct sourcing and kind of growing that initiative. . . . The non-management members of our Board regularly meet in executive sessions in conjunction with each regularly scheduled Board meeting. . . . He was directly involved with several KKR portfolio companies until his retirement in January 2014, and served as a consultant to KKR from his retirement until June 2015. . . . Our sales were much higher than we could have forecasted at the beginning of the fiscal year and they sustained higher levels than we would have predicted on our last call in May.

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