Form10-K for the Fiscal Year Ended February 1, 2009 SUMMARYOF DIRECTOR COMPENSATION HookerFurniture Corporation

 

 

For calendar year 2009, non-employee directors will receive the following cash compensation:

 

 

 

 

 

In addition, directors are reimbursed for reasonable expenses incurred in connection with attending board and committee meetings or performing their duties as directors.

 

Non-employee directors also receive an annual grant of restricted stock under the Company’s 2005 Stock Incentive Plan. The number of shares of restricted stock awarded to each non-employee director is determined by dividing fifty percent of the total annual fees payable to that director by the fair market value of the Company’s Common Stock on the award date (the average of the high and low market price of the stock on the day prior to the grant date), and rounding to the nearest whole share. The restricted stock will become fully vested, and the restrictions applicable to the restricted stock will lapse, on the third anniversary of the grant date, or if earlier, when the director dies or is disabled, the Annual Shareholders Meeting following the director’s attainment of age 75, or a change in control of the Company.

 

On January 15, 2009, each non-employee director of the Company received an award of restricted shares of Company Common Stock as set forth in the table below: