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STLY > SEC Filings for STLY > Form 8-K on 21-Dec-2012All Recent SEC Filings

Show all filings for STANLEY FURNITURE CO INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for STANLEY FURNITURE CO INC.


21-Dec-2012

Change in Directors or Principal Officers


Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On December 19, 2012, the Compensation Committee (the "Committee") of the Company's Board of Directors adopted the Company's 2013 annual incentive compensation program (the "2013 Incentive Plan") which is for corporate officers and key employees who can directly influence the Company's financial results. Under the 2013 Incentive Plan, the Company's executive officers may receive a cash bonus based on the Company's earnings (loss) before interest and taxes ("EBIT"). The bonus would be a percentage of base salary for each executive officer. The target bonus would be paid if the target performance is achieved. A smaller bonus would be paid for performance between a threshold and the target. A larger bonus could be paid (up to a maximum of 200% of the target bonus) for performance in excess of target. No bonus will be paid if the threshold is not met.

The Committee approved a target bonus of 100% of base salary for Glenn Prillaman, President and Chief Executive Officer of the Company, and 80% of base salary for Micah S. Goldstein, Chief Operating and Financial Officer of the Company. The 2013 base salaries of Glenn Prillaman and Micah S. Goldstein will remain the same as in 2012.


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