Company: ORLY
Filing Date: 2025-03-14
Form Type: PRE 14A
Source: 0000898173-25-000013
Chunk: 7

Company: O REILLY AUTOMOTIVE INC
Filing Date: 2025-03-14
Form: PRE 14A
Chunk 7
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 the outstanding awards under such plans. Specifically, the number of shares that remain available for issuance pursuant to such plans, as well as the per-person annual award limits set forth in such plans, will increase by a multiple of 15; the number of shares subject to outstanding awards under such plans will increase by a multiple of 15; and the exercise price per share of stock options granted under such plans will be divided by 15. Future issuances of shares of common stock could have a dilutive effect on the shareholdings of current shareholders. In addition, the availability of additional shares of common stock for issuance could, under certain circumstances, discourage or make more difficult any efforts to obtain control of O’Reilly. We do not believe, however, that the Share Increase Proposal or the Stock Split would have an anti-takeover effect, and we have not proposed the increase in the authorized number of shares of common stock with the intention of using the additional shares for anti-takeover purposes. The Board reserves the right, notwithstanding shareholder approval of the Share Increase Proposal and without further action by the shareholders, to elect not to proceed with the Share Increase Proposal if, at any time prior to filing the amendment and restatement of our Charter, the Board determines that it is no longer advisable and in the best interests of O’Reilly and its shareholders to proceed with the Stock Split. The Board of Directors recommends a vote FOR Proposal 3.

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| 2025 PROXY STATEMENT | O’REILLY AUTOMOTIVE, INC.  |  17 |

PROPOSAL 4 – RATIFICATION OF SELECTION OF INDEPENDENT AUDITORS

The Audit Committee is directly responsible for the appointment, compensation, retention, evaluation, and oversight of the Company’s independent registered public accounting firm retained to audit the Company’s financial statements. As part of this responsibility, the Audit Committee considers the firm’s independence, qualifications, performance, and whether the independent registered public accounting firm should be rotated, as well as the impact of such a rotation. The Audit Committee is also involved in the selection and approval of the Lead Audit Partner who, in compliance with Sarbanes-Oxley requirements, rotates every five years. The last Lead Audit Partner rotation occurred in 2020. Pursuant to these requirements, the Company will have a new Lead Audit Partner in 2025. At the Annual Meeting of Shareholders held on May 16, 2024, the Company’s shareholders ratified the selection of