Attached files
| file | filename |
|---|---|
| 10-K - HURCO COMPANIES INC | v207797_10k.htm |
| EX-21 - HURCO COMPANIES INC | v207797_ex21.htm |
| EX-23.1 - HURCO COMPANIES INC | v207797_ex23-1.htm |
| EX-32.1 - HURCO COMPANIES INC | v207797_ex32-1.htm |
| EX-31.2 - HURCO COMPANIES INC | v207797_ex31-2.htm |
| EX-23.2 - HURCO COMPANIES INC | v207797_ex23-2.htm |
| EX-31.1 - HURCO COMPANIES INC | v207797_ex31-1.htm |
| EX-32.2 - HURCO COMPANIES INC | v207797_ex32-2.htm |
Exhibit
10.1
SUMMARY
COMPENSATION SHEET
January
1, 2011
Compensation
of Non-Employee Directors
Annual
Retainer. Non-employee members of the Board of Directors of
Hurco Companies, Inc. (the “Company”) receive a cash retainer of $5,000 per
fiscal quarter.
Committee
Retainers. Committee chairs and audit committee members also
receive the following cash payments:
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|
·
|
Audit
Committee Chair - $5,000 per fiscal
quarter.
|
|
|
·
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All
other Committee Chairs - $2,500 per fiscal
quarter.
|
|
|
·
|
Audit
Committee Members - $2,500 per fiscal
quarter
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Meeting
Fees. Non-employee directors also receive a cash fee of $1,500
for each Board meeting attended.
Reimbursement. The
Company reimburses non-employee directors for travel and other expenses incurred
to attend Board and committee meetings.
Compensation
of Named Executive Officers
Base Salaries. The
executive officers of the Company serve at the discretion of the Board of
Directors. The Compensation Committee of the Board sets or ratifies the annual
base salaries of the Company’s executive officers. The following are
the annual base salary levels as of January 1, 2011 for the Company’s current
Chief Executive Officer, Chief Financial Officer and its other most highly
compensated executive officers (the “Named Executive Officers”) as of January 1,
2011 identified in the proxy statement for the Company’s 2011 annual meeting of
shareholders:
|
Michael
Doar
Chairman,
Chief Executive Officer and President
|
$ | 375,000 | ||
|
John
G. Oblazney
Vice
President, Secretary, Treasurer and Chief
Financial Officer
|
$ | 190,000 | ||
|
John
P. Donlon
Executive
Vice President, Worldwide Sales and Service
|
$ | 200,000 | ||
|
Sonja
K. McClelland
Corporate
Controller and Assistant
Secretary
|
$ | 145,000 | ||
|
Gregory
S. Volovic
Executive
Vice President of Technology and Operations
|
$ | 215,000 |
Employment
Agreements. The Company has entered into employment agreements
with the Chief Executive Officer and the Chief Financial
Officer. These contracts generally provide for salary payments and
other benefits for twelve months if the officer’s employment terminates for a
qualifying event or circumstance other than gross misconduct. The
employment agreements are filed as exhibits to the Company’s Annual Report on
Form 10-K for the fiscal year ended October 31, 2010.
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Bonuses. Each of
the Named Executive Officers may be eligible to receive a discretionary bonus
set or ratified by the Compensation Committee. No discretionary
bonuses were paid to the Named Executive Officers for the fiscal year
2010.
Equity-Based
Awards. The only incentive plan in which the named executive
officers are eligible to participate is the 2008 Plan, which was approved by
shareholders in March 2008. The plan provides for equity-based
incentive awards in the form of stock options, stock appreciation rights settled
in stock, restricted shares, performance shares and performance
units. Under the plan, the Compenation Committee has authority to
determine the officers, directors and key employees who will be granted awards;
determine the form and size of the award; determine the terms and conditions
upon which the awards will be granted; and prescribe the form and terms of award
agreements.
Deferred Compensation
Plan. The Company maintains a nonqualified deferred
compensation plan in which senior managers and other highly compensated
employees are eligible to participate. Eligible participants of the
plan are able to defer between 2% and 50% of base salary and up to 100% of
long-term annual bonus less required and voluntary payroll deductions in a given
plan year. The Board of Directors may declare a discretionary amount
of matching credits for participants deferring compensation, up to a maximum of
6% of compensation. Participants are 100% vested in all deferral and
matching accounts at all times. Amounts deferred under the plan are
credited with earnings at the rate of return generated by mutual fund investment
options elected by the participants that are offered in the Company’s 401(k)
plan.
Medical, Disability and Life
Insurance. The Named Executive Officers participate in
benefits coverage to help manage the financial impact of ill health, disability
and death. All Named Executive Officers are provided a supplemental
disability benefit and the Chief Executive Officer is provided a split-dollar
life insurance benefit.
Retirement
Benefits. The Company sponsors a 401(k) plan in which
full-time employees are eligible to participate. The purpose of the
plan is to provide an incentive for employees to save for their retirement
income needs and to provide additional attraction and retention of
employees. Executive officers participate in the 401(k) plan on the
same basis as other eligible employees.
Perquisites. Perquisites
consist of the use of a company leased vehicle for the Chief Executive Officer
and a car allowance for the Chief Financial Officer.
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