Haverty Furniture Companies, Inc. Performance Contingent Restricted Stock Units Award Notice (2014)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Haverty Furniture Companies, Inc. grants Performance Restricted Stock Units (PRSUs) to the recipient under its 2004 Long-Term Incentive Plan. The number of shares earned depends on the company's EBITDA performance from January 1 to December 31, 2014, with vesting on February 28, 2017. Units vest early in the event of a change in control, death, or disability. Unvested units are forfeited if the recipient leaves the company, except in cases of retirement, where vesting occurs as scheduled. The award does not grant voting rights or dividends until vested.

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EX-10.2 3 hvtex102.htm FORM OF CONTINGENT RESTRICTED STOCK UNITS AWARD NOTICE hvtex102.htm
EXHIBIT 10.2
 
PERFORMANCE CONTINGENT RESTRICTED STOCK UNITS AWARD


<Name>
<Address>

Pursuant to the terms and conditions of the Haverty Furniture Companies, Inc. 2004 Long-Term Incentive Plan (the “Plan”), you have been granted Performance Restricted Stock Units (PRSUs).  The general terms of this grant of PRSUs are outlined below.

Grant Date:
     January 17, 2014
Performance Period:
     January 1, -  December 31, 2014
Target Number of PRSUs:
      XXXX
Performance Measure:
     EBITDA
Vesting Date :
     February 28, 2017

The actual number of PRSUs that become vested is based on achieving the level of EBITDA during the Performance Period as noted below:
 
Performance Level*
   EBITDA
  
% Target Shares Earned
  
Outstanding
    $ XXXX
     160%  
Target
    $ XXXX
     100%  
Threshold
    $ XXXX
       60%  
Below Threshold
< $ XXXX
        0%  

*
Straight-line interpolation will apply to performance levels between the ones shown.

Each Performance RSU is equivalent to one share of common stock upon vesting.

Until vested, the units represented by this award are not entitled to receive cash dividends and do not have the right to vote. This award will vest immediately upon a change in control, death or disability as defined in Section 2 of the Plan.  If you leave Havertys, other than in the case of death, disability or retirement, unvested awards are forfeited.  Except as the Compensation Committee may at any time otherwise provide in their sole discretion or as required to comply with applicable law, units not vested at retirement will vest on the Vesting Date as outlined in the grant agreement. Please consult the 2004 Long-Term Incentive Plan Prospectus for a complete understanding of Havertys’ equity award program.

This is a summary of the award.  The grant agreement and Plan Prospectus are the authoritative source for all questions on awards made under the Plan.