Haverty Furniture Companies, Inc. Performance Restricted Stock Unit Award Notice (2014–2017)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Haverty Furniture Companies, Inc. grants Performance Restricted Stock Units (RSUs) to an employee under its 2004 Long-Term Incentive Plan. The award covers the period from January 1, 2014, to December 31, 2017, with vesting based on the company’s annual net sales targets. Each year, 25% of the RSUs vest if sales goals are met, with full vesting possible after four years. Units vest immediately upon change in control, death, or disability, but are forfeited if the employee leaves for other reasons before vesting. Unvested units do not receive dividends or voting rights.

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EX-10.3 4 hvtex103.htm FORM OF PERFORMANCE RESTRICTED STOCK UNITS hvtex103.htm
EXHIBIT 10.3

 
PERFORMANCE RESTRICTED STOCK UNIT AWARD NOTICE

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 (Performance RSUs).  The general terms of this grant of Performance RSUs are outlined below.

Grant Date:
     January 17, 2014
Performance Period:
     January 1, 2014 – December 31, 2017
Target Number of Performance RSUs:
 
     XXXX
Performance Measure:
     Net Sales
Vesting :
     As Per Performance Schedule

The actual number of Performance RSUs that will vest is based on achieving the level of Net Sales during each of the four years in the Performance Period as follows:

Performance Period
 Consolidated Net Sales
  
Vesting %
  
Vesting Date
2014
> $ XXXX
      25%            
May 8, 2015
2015
> $ XXXX
     25%          
May 8, 2016
2016
> $ XXXX
     25%          
May 8, 2017
2017
> $ XXXX
     25%          
May 8, 2018


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 or disability, unvested awards are forfeited.  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.