10.1(c) - Summary of Compensation for Named Executive Officers
Form 10-K for the Fiscal Year Ended February 3, 2008
SUMMARY OF FISCAL 2009 SALARY AND BONUS
FOR NAMED EXECUTIVE OFFICERS
Name and Principal Position | Fiscal 2009 Monthly Salary | Fiscal 2009 Base Bonus Percentage (1) |
Paul B. Toms, Jr., Chairman, Chief Executive Officer and President | $25,777 | 0.75% |
E. Larry Ryder, Executive Vice President – Finance and Administration | 22,880 | 0.65 |
Alan D. Cole, Executive Vice President – Upholstery | 22,880 | (2) |
Michael P. Spece, Executive Vice President – Merchandising and Design | 20,800 | 0.60 |
Raymond T. Harm, Senior Vice President – Sales | 18,565 | 0.50 |
C. Scott Young, Senior Vice President – Merchandising and Product Development,Bradington-Young, LLC | 16,667 | 0.65 |
Henry P. Long, Jr., Senior Vice President – Merchandising and Design | 16,630 | 0.50 |
(1) | Each executive, other than Mr. Cole, will receive a bonus equal to (i) his base bonus percentage multiplied by the amount by which the Company’s pre-tax income (excluding executive bonuses) exceeds a specified threshold (ii) adjusted by an individual performance factor determined by the Compensation Committee of the Board of Directors. The potential individual performance adjustment is equal to plus or minus 25% of base bonus for Mr. Toms, and plus or minus 12.5% of base bonus for all other executive officers. |
(2) | Mr. Cole’s bonus opportunity ranges from 20% to 40% of his annual base salary as determined by the Chief Executive Officer or the Compensation Committee, at the Committee’s discretion. |