Schedule of Terms for Employment Continuity Agreements with Executive Officers of Bassett Furniture Industries, Inc.

Summary

This document outlines the key terms of employment continuity agreements between Bassett Furniture Industries, Inc. and four executive officers. It specifies the severance pay multipliers, severance periods, and outplacement service terms that apply if there is a change in control of the company. Each executive's agreement includes a set severance period and a limit on outplacement service costs, with details varying by individual. The agreements are designed to provide financial and career transition support to these executives in the event of a company change in control.

EX-10.M 4 ex_329216.htm EXHIBIT 10M HTML Editor

Exhibit 10M

 

BASSETT FURNITURE INDUSTRIES, INCORPORATED

SCHEDULE OF TERMS FOR

EMPLOYMENT CONTINUITY AGREEMENTS

WITH CERTAIN EXECUTIVE OFFICERS

 

 

Executive

 

Date of Agreement

 

Change in

Control

Severance

Multiplier

 

Severance

Period

 

Outplacement

Services

Period and

 Cost Limit

Robert H. Spilman, Jr.

 

January 22, 2009

 

2

 

18 mos.

 

6 mos.

               

$15,000

John E. Bassett III

 

January 22, 2009

 

1

 

12 mos.

 

3 mos.

               

$7,500

J. Michael Daniel

 

January 24, 2014

 

1

 

12 mos.

 

3 mos.

               

$7,500

Bruce R. Cohenour

 

January 24, 2014

 

1

 

12 mos.

 

3 mos.

               

$7,500