Amendment to 2012 Incentive Compensation Plan by HG Holdings, Inc.
This amendment updates the 2012 Incentive Compensation Plan for HG Holdings, Inc. (formerly Stanley Furniture Company, Inc.), effective December 29, 2020. The main change increases the number of company shares reserved for issuance under the plan to 500,000, plus any shares from restricted stock awards that are later forfeited. All other terms of the original plan remain unchanged. The amendment is authorized and executed by the company's Principal Financial and Accounting Officer.
Exhibit 10.1
AMENDMENT
TO 2012 INCENTIVE COMPENSATION PLAN
THIS AMENDMENT to the Stanley Furniture Company, Inc. (now HG Holdings, Inc.) 2012 Incentive Compensation Plan, effective as of April 18, 2012 (the “Plan”), shall be effective as of December 29, 2020.
WHEREAS, the Board of Directors of HG Holdings, Inc. has the power to amend the Plan and now wishes to do so;
NOW, THEREFORE, the Plan is hereby amended as follows:
1. The Section 4(a) of the Plan is hereby amended in its entirety as follows:
(a) Reserve. Subject to Section 18 of the Plan, there shall be reserved for issuance under the Plan an aggregate sum of (i) five hundred thousand (500,000) shares of Company Stock, which shall be authorized but unissued shares, plus (ii) any shares of Company Stock subject to outstanding restricted stock awards under the Plan as of December 29, 2020 that are subsequently forfeited.
2. In all other respects not amended, the Plan is hereby ratified and confirmed.
IN WITNESS WHEREOF, this Amendment has been executed as of the effective date set forth above.
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| HG HOLDINGS, INC. |
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| By: | /s/ Bradley G. Garner |
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| Name: | Bradley G. Garner |
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| Title: | Principal Financial and Accounting Officer |
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