HAVERTY FURNITURE COMPANIES, INC. (NYSE:HVT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 22, 2018, Richard D. Gallagher announced his intention to retire from his position as executive vice president, merchandising, of Haverty Furniture Companies, Inc. ("Havertys" or the "company") to focus on improving his health and spend more time with his family. Gallagher's retirement will be effective as of September 30, 2018. The company issued a press release announcing his retirement and filed a Current Report on Form 8-K on June 28, 2018.
Prior to the grant made on September 19, 2018, Gallagher's restricted and performance grantstotaled 28,615 shares. All of these grants will be forfeited when he is no longer an employee as he has not reached normal retirement age.
Gallagher's Employee Agreement (the "Agreement") was executed on September 19, 2018 and contains:
A confirmation and acknowledgement by Gallagher of his obligations with respect to proprietary and confidential information; and
A two (2)year non-solicitation of suppliers, customers, employees and noninterference and non-disparagement covenant in favor of the Company; and
A two (2)year non-compete covenant in favor of the Company.
As consideration for the Agreement, Gallagher received a grant of 24,962 restricted stock units. These units will vest in approximately equal installments on September 30, 2018, October 1, 2019, and October1, 2020.
The foregoing summary of the stock grant does not purport to be complete and is qualified in its entirety by reference to the full text of the grant which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Restricted Stock Award Agreement dated September 19, 2018.
HAVERTY FURNITURE COMPANIES INC ExhibitEX-10.1 2 hvtex10.htm EXHIBIT 10.1 RESTRICTED STOCK UNIT AWARD AGREEMENT RICHARD D. GALLAGHER Pursuant to the terms and conditions of the Haverty Furniture Companies,…To view the full exhibit click
About HAVERTY FURNITURE COMPANIES, INC. (NYSE:HVT)
Haverty Furniture Companies, Inc. is a specialty retailer of residential furniture and accessories. The Company sells home furnishings in its retail stores and through its Website havertys.com. The Company has over 120 stores in approximately 20 states in the southern and Midwest regions with over 4.4 million square feet retail store space. It offers financing through an internal revolving charge credit plan as well as a third-party finance company. Its retail locations are operated using the Havertys name. It offers mattress product lines, such as Selay, Serta, Stearns and Foster, and Tempur-Pedic. The Company’s customers are college educated women in middle to upper-middle income households.