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HOFT > SEC Filings for HOFT > Form 8-K on 27-Jan-2014All Recent SEC Filings

Show all filings for HOOKER FURNITURE CORP | Request a Trial to NEW EDGAR Online Pro

Form 8-K for HOOKER FURNITURE CORP


27-Jan-2014

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 January 22, 2014, the Compensation Committee of the Board of Directors of Hooker Furniture Corporation ("Hooker" or the "Company") approved an annual base salary and annual cash incentive for Michael W. Delgatti, Jr.

On December 11, 2013, the Company's Board of Directors announced that effective February 2, 2014, at the end of the Company's current fiscal year, Michael W. Delgatti, Jr. will become President of Hooker Furniture Corporation, concurrent with the retirement of Hooker's current President, Alan D. Cole.

Mr. Delgatti, age 59, is currently serving as the President of Hooker Upholstery and the Executive Vice President of Sales for the Company.

In connection with his promotion to President of Hooker Furniture Corporation, the Compensation Committee set Mr. Delgatti's annual base salary for the 2014 calendar year at $300,000, an increase from $265,000 for 2013.

In addition, the Compensation Committee approved an annual cash incentive for Mr. Delgatti for the Company's 2015 fiscal year, which will end February 1, 2015. Mr. Delgatti will be entitled to receive a payment, expressed as a percentage of his calendar 2014 base salary, if the Company attains 70% or more of its budgeted fiscal 2015 consolidated net income target, as approved by the Board of Directors. No cash bonus will be paid if the Company fails to reach at least 70% of the budgeted net income target and a maximum cash bonus will be paid if the Company reaches 150% or more of target net income. Mr. Delgatti's annual cash incentive potential for fiscal 2015, expressed as a percentage of his calendar 2014 base salary, is set forth in the table below:

                                                  If the Company Attains:
                             70% of         85% of        100% of        125% of        150% of
                           Target Net     Target Net     Target Net     Target Net     Target Net
                             Income         Income         Income         Income         Income
Michael W. Delgatti, Jr.     22.5%          33.8%           45%           59.9%          75.2%


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