Summary of Compensation for Named Executive Officers – Hooker Furniture Corporation (2006)
This document outlines the 2006 salary and bonus structure for the named executive officers of Hooker Furniture Corporation. It lists the annual salaries for each executive and explains that the Compensation Committee has set a bonus program for fiscal year 2006. Under this program, each executive may receive a bonus based on a percentage of the company's pre-tax earnings that exceed a specified threshold. The agreement details the compensation framework but does not specify individual bonus amounts.
Exhibit 10.1(c)
Form 10-K for the Fiscal Year Ended November 30, 2005
SUMMARY OF COMPENSATION FOR NAMED EXECUTIVE OFFICERS
| Name and Principal Position | 2006 Salary | ||
| Paul B. Toms, Jr., Chairman and Chief Executive Officer | $ | 288,768 | |
| Douglas C. Williams, President and Chief Operating Officer | 279,456 | ||
| E. Larry Ryder, Executive Vice President – Finance and Administration | 232,872 | ||
| Michael P. Spece, Executive Vice President – Merchandising and Design | 232,872 | ||
| C. Scott Young, President and Chief Executive Officer – Bradington-Young, LLC | 251,505 | ||
For fiscal year 2006, the Compensation Committee of the Board of Directors of Hooker Furniture Corporation approved the bonus potential for each executive officer of the Company and the specific performance goal under the Company’s annual bonus program. Each executive officer’s bonus potential for fiscal 2006 will be equal to a specified percentage of the amount by which the Company’s pre-tax earnings for fiscal 2006 exceed a specified threshold amount.
