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