Employee Stock Ownership Plan
Your company participates in an Employee Stock Ownership Plan (ESOP) through the parent company, Carter Myers Automotive. This does not imply an employment relationship between the parent company and you, but allows you to participate in the overall growth of the parent company.
Our Stock Bonus Plan is a profit sharing retirement plan that requires no investment in cash by you. Contributions to the plan are paid by your company from any profits earned by the company through your dedicated work.
The Stock Bonus Plan is to enable associates of our company to share in the growth and prosperity of our parent company and to provide them with an opportunity to accumulate capital for their future economic security. Currently, our Stock Bonus Plan owns 26% of our parent company.
CMA-Stock-Bonus-Plan-Summary-Plan-Description-2021.
ESOP Beneficiary Designation Form
ESOP Communications Committee
To better serve our associates, CMA has an ESOP Communications Committee comprised of your team members. Our goal is to implement the vision of Employee Ownership through Communication and Education.
If you have any questions about ESOP, please contact your team’s representative.
ESOP/401(k) Committee elections were recently held for 16 of our dealerships. Congratulations to the winners! They each will serve a two-year term:
CMA’s Colonial Subaru – Scylar McCarter – smccarter@colonial.cmacars.com
CMA’s Colonial Kia – Logan Hodnett – lhodnett@colonial.cmacars.com
CMA’s Colonial Honda – Faith Dalton – fdalton@colonial.cmacars.com
CMA’s Colonial Hyundai – Brian McCaffity – bmccaffity@colonial.cmacars.com
CMA’s Colonial Chevrolet – Tammy Banning – tbanning@colonial.cmacars.com
CMA’s Williamsburg Ford – Rodney Diehl – rdiehl@williamsburg.cmacars.com
CMA’s Volvo Cars of Charlottesville – Tina Hopkins – thopkins@volvocarscville.com
CMA’s Colonial Auto Center – Jeremy Cotten – jcotten@cville.cmacars.com
CMA’s Valley CDJR – Zach Hackett – zhackett@valley.cmacars.com
CMA’s Valley Nissan – Catherine Getz – cgetz@valley.cmacars.com
CMA’s Valley Subaru – Lucas Hald – lhald@valley.cmacars.com
CMA’s Valley VW – Ray Hatcher – rhatcher@valley.cmacars.com
CMA’s Valley Honda – Carlton Melton – cmelton@valley.cmacars.com
CMA’s Subaru of Winchester – Kyle Hoffmaster – khoffmaster@winchester.cmacars.com
CMA’s Honda of Winchester – Lori Deahl – ldeahl@winchester.cmacars.com
CMA’s Hyundai of Winchester – Jeff Garber – jgarber@winchester.cmacars.com
CMA’s Toyota/ Chevrolet of Martinsburg – Breanna Kesecker – bkesecker@martinsburg.cmacars.com
CMA’s CDJR of Martinsburg – Scott Larrick – slarrick@martinsburg.cmacars.com
CMA’s Honda of Lynchburg – Ali Moss – amoss@lynchburg.cmacars.com
CMA’s Hyundai of Lynchburg – Ryan Serro – rserro@lynchburg.cmacars.com
CMA’s CDJR of Lynchburg – Matt Slay – mslay@lynchburg.cmacars.com
CMA’s Rocky Mount Toyota – Amanda Simpson – asimpson@rockymount.cmacars.com
CMA Plan Administrator
Melanie Gibson
mgibson@cmacars.com
ESOP FAQs
Q: What is an ESOP (Employee Stock Ownership Plan)?
A) An ESOP is a defined contribution employee benefit plan that allows employees to become owners of stock in the company they work for.
Q: When am I eligible to participate in the ESOP?
A) You will be eligible to participate in the Plan from and after the Entry Date (each quarter: January 1, April 1, July 1 and October 1) coinciding with or next following the date on which you have completed six consecutive months of Service, provided you have attained age 18.
Q: When will I receive my first stock statement?
A) You will receive your first stock statement in April of the first year you were:
- Employed by April 1st of the current Plan year
- Have worked 1,000 hours during the current Plan year
- Employed on the last day of the current Plan year (December 31st)
- 18 years of age
If you were hired after April 1st, worked 1,000 hours, were employed on the last day of the year and are 18 years of age, you will receive vesting for the current Plan year but will not receive your first stock statement until your 2nd year of employment.
Q: How do I know the value of my account?
A) As soon as administratively feasible after the end of each Plan Year, each participating Employee will receive a statement showing the total number of shares allocated to your Company Stock Account and the dollar value of your Company Stock Account. The statement will also indicate the value of your Other Investments Account, if applicable.
Q: What is Vesting?
A) Vesting refers to the percentage of your Account that is yours and cannot be forfeited. It takes six years to be 100% vested. The years of vesting are:
Years of Service % of Account Vested
Less than Two Years 0%
Two Years 20%
Three Years 40%
Four Years 60%
Five Years 80%
Six Years 100%
Q: How long will I be eligible to share in the allocation of employer contributions and forfeitures?
A) Unless your employment terminates during the Plan Year because of death, disability or retirement, you will continue to share in the allocation of Contributions and Forfeitures only for each Plan Year during which you complete 1,000 or more Hours of Service, provided you are still employed by the Company at the end of the Plan Year.