Hooker Furniture Corporation 2011 Executive Salary and Cash Incentive Compensation Summary
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Summary
Hooker Furniture Corporation has set the 2011 fiscal year base salaries and annual cash incentive plans for its named executive officers. The agreement lists each executive's base salary and outlines a cash incentive program based on the company's or division's pre-tax income, with additional adjustments for individual performance as determined by the Compensation Committee. The incentives are calculated as a percentage of pre-tax income above certain thresholds, with possible increases or decreases based on personal performance goals. This summary covers compensation terms for six key executives for the fiscal year ending January 30, 2011.
EX-10.1 2 ex10-1.htm ex10-1.htm
Exhibit 10.1
SUMMARY OF FISCAL 2011 SALARY AND ANNUAL CASH INCENTIVE COMPENSATION
FOR NAMED EXECUTIVE OFFICERS
The base salary for each named executive officer of Hooker Furniture Corporation (the “Company”) for the 2010 calendar year will be:
| Base Salary | ||||
| Paul B. Toms, Jr., Chairman, President and CEO | $ | 309,325 | ||
| E. Larry Ryder, EVP – Finance and Admin., and CFO | 274,562 | |||
| Alan D. Cole, President and CEO – Upholstery | 300,000 | |||
| Bruce R. Cohenour, EVP – Marketing | 252,000 | ¹ | ||
| Raymond T. Harm, SVP – Sales | 222,780 | |||
| Michael P. Spece, SVP – Merchandising and Design | 215,000 | |||
| ¹ - Effective December 1, 2009 | ||||
The annual cash incentive for each named executive officer for the Company’s 2011 fiscal year, which ends January 30, 2011, has two components:
| · | A base incentive, which is based on income before income taxes (and before the executive bonus accruals) of the Company or one of its divisions based on the Company’s audited year-end financial statements for fiscal 2011; |
| · | Plus or minus an individual performance factor based on the executive’s performance with respect to individual performance goals, determined at the Compensation Committee’s discretion, which is expressed as a percentage of the executive’s base incentive. |
The annual cash incentives for the Company’s named executive officers for the 2011 fiscal year are as follows:
| Named Executive Officer | Base Annual Cash Incentive | Individual Performance Factor |
| Paul B. Toms, Jr. | 0.75% of the Company’s consolidated pre-tax income in excess of a specified threshold amount | Plus or minus 25.0% |
| E. Larry Ryder | 0.65% of the Company’s consolidated pre-tax income in excess of a specified threshold amount | Plus or minus 12.5% |
| Alan D. Cole | 5.0% of pretax operating income for the Company’s Sam Moore upholstered furniture division; plus 4.0% of operating income for the Company’s Bradington-Young upholstered furniture division | Plus or minus 12.5% |
| Bruce R. Cohenour | 0.60% of the pre-tax income of the Company’s wood and metal furniture division in excess of a specified threshold amount | Plus or minus 12.5% |
| Raymond T. Harm | 0.50% of the pre-tax income of the Company’s wood and metal furniture division in excess of a specified threshold amount | Plus or minus 12.5% |
| Michael P. Spece | 0.50% of the pre-tax income of the Company’s wood and metal furniture division in excess of a specified threshold amount | Plus or minus 12.5% |
