HOOKER FURNITURE CORPORATION (NASDAQ:HOFT) 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 29, 2017, the Compensation Committee of the Board of Directors of Hooker Furniture Corporation (the “Company”) amended the annual cash incentives for Paul Toms, the Company’s Chairman and CEO, and George Revington, the Company’s COO, President and COO of Home Meridian, for the Company’s 2018 fiscal year, which ends January 28, 2018. The 2018 fiscal year annual cash incentives were previously disclosed on the Company’s Current Report on Form 8-K filed on April 12, 2017 and remain the same of the Company’s other executive officers. The only aspect being amended for the annual cash incentives for Messrs. Toms and Revington is that these amendments increase the percentages of calendar 2017 base salary that can be earned under the annual incentive program as follows:
|
If the Company Attains: |
||||||||||
|
80% of Target Net Income |
90% of Target Net Income |
50% of Target Net Income |
110% of Target Net Income |
125% or More of Target Net Income |
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|
Paul B. Toms, Jr. |
37.5 |
% |
67.5 |
% |
75.0 |
% |
93.8 |
% |
123.8 |
% |
|
George Revington |
37.5 |
% |
67.5 |
% |
75.0 |
% |
93.8 |
% |
123.8 |
% |
About HOOKER FURNITURE CORPORATION (NASDAQ:HOFT)
Hooker Furniture Corporation is a home furnishings marketing, design and logistics company offering sourcing of residential casegoods and upholstery, as well as domestically-produced leather and fabric-upholstered furniture. The Company operates through three segments: casegoods furniture, upholstered furniture and all other. The Company’s casegoods product categories include accents, home office, dining, bedroom and home entertainment furniture under the Hooker Furniture brand. Its residential upholstered seating companies include Bradington-Young, which is engaged in upscale motion and stationary leather furniture, and Sam Moore Furniture, which is engaged in upscale occasional chairs, settees, sofas and sectional seating with a focus on cover-to-frame customization. It also markets a line of imported leather upholstery under the Hooker Upholstery trade name. All other segment operates under the H Contract and Homeware brands.