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| FBN > SEC Filings for FBN > Form 8-K on 28-Jun-2012 | All Recent SEC Filings |
28-Jun-2012
Change in Directors or Principal Officers, Financial Statement
(e) On June 22, 2012, the Human Resources Committee (the "Committee") of the Board of Directors of Furniture Brands International, Inc. (the "Company") approved a new incentive plan, the Drive For Results Incentive Plan (the "Plan"), to provide a means to encourage key employees to remain employed with the Company and to reward the achievement of individual strategic and financial performance objectives for each individual's business unit or area of responsibility. Participants in the Plan consist of executives and certain other key employees (other than Ralph P. Scozzafava, the Company's Chief Executive Officer), including the following named executive officers: Vance C. Johnston, Raymond J. Johnson and Edward D. Teplitz.
The Plan provides each participant the opportunity to receive a cash award ranging from 33% to 100% of the participant's short-term incentive target under the Company's Short-Term Incentive Plan for the July 1, 2012 to December 29, 2012 performance period (the "2012 Performance Period") and for the Company's full 2013 fiscal year performance period (the "2013 Performance Period"). The awards will be paid after the end of each performance period subject to the participant remaining employed by the Company on the payment date and the participant's achievement of his or her individual performance objectives up to an amount equal to the target award. The payout may be reduced in whole or in part by the Committee even if the individual performance objectives are achieved.
The following table sets forth the target awards, or maximum payouts, which may be paid under the Plan to the Company's named executive officers for the 2012 Performance Period and the 2013 Performance Period:
Name 2012 Performance Period 2013 Performance Period Vance C. Johnston $ 81,250 $ 162,500 Raymond J. Johnson 103,750 207,500 Edward D. Teplitz 41,200 82,400 |
The above description is qualified in its entirety by reference to the Plan, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
(d) Exhibits.
Exhibit No. Description
10.1 2012-2013 Furniture Brands Drive For Results Incentive Plan.
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