AMC paid its former chairman $468,460 in 1985.

Financially ailing American Motors made the payment to W. Paul Tippett as part of his agreement to leave the fourth-largest U.S. auto firm, the company said. The compensation package, disclosed in AMC’s proxy statement sent to shareholders in advance of its annual meeting, also said that Tippett would be paid 50% of his monthly base salary at the time of his termination for the rest of his life. AMC is controlled by the Renault of France.