UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): February 26, 2007

LKQ CORPORATION

(Exact name of registrant as specified in its charter)

 

 

Registrant’s telephone number, including area code   (312) 621-1950

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o                                    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o                                    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o                                    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o                                    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Item 5.02(e).                     DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

On February 26, 2007, the Compensation Committee of our Board of Directors adopted 2007 bonus programs for our executive officers. The potential bonus of each executive officer is equal to the executive officer’s 2007 base salary (as of January 1, 2007) multiplied by a certain percentage. For each of our corporate named executive officers (Joseph M. Holsten and Mark T. Spears), the percentage varies based on a range of our earnings per share for the year ending December 31, 2007. For each of our regional named executive officers (Leonard A. Damron, Steven H. Jones, and H. Bradley Willen), the percentage is determined by two factors: achievement of certain pretax income targets of such executive officer’s region or regions (which is weighted between 75% and 80%) and our earnings per share for the year ending December 31, 2007 (which is weighted between 20% and 25%). A copy of the form of the 2007 bonus program for our corporate executive officers is attached as Exhibit 99.1 to this Current Report and is incorporated herein by reference. A copy of the form of the 2007 bonus program for our regional executive officers is attached as Exhibit 99.2 to this Current Report and is incorporated herein by reference.

Item 9.01.   FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

Exhibit Number		Description of Exhibit
99.1		Form of LKQ Corporation Executive Officer 2007 Bonus Program (Corporate).
99.2		Form of LKQ Corporation Executive Officer 2007 Bonus Program (Regional).

 

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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.

		LKQ Corporation
Date: February 27, 2007		By:		/s/ VICTOR M. CASINI
				Victor M. Casini
				Vice President and General Counsel

 

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