UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 

 
FORM 8-K

CURRENT REPORT
 
PURSUANT TO SECTION 13 OR 15(d) OF
 
THE SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported): January 11, 2012
 

 
HOOKER FURNITURE CORPORATION
(Exact name of registrant as specified in its charter)
 
Virginia 000-25349 54-0251350
(State or other jurisdiction of  (Commission (I.R.S. Employer
incorporation or organization)     File No.) Identification No.)
     
440 East Commonwealth Boulevard,    
Martinsville, Virginia 24112 (276) 632-0459
(Address of principal executive offices) (Zip Code)     (Registrant’s telephone number,
     including area code)
                                                                                                                              
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 

 
 
Item 5.02.  Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
 
On January 11, 2012, the Compensation Committee of the Board of Directors of Hooker Furniture Corporation (the “Company”) approved annual base salaries and annual cash incentives for the Company’s executive officers.
 
The base salary for each executive officer for the 2012 calendar year will be:
 
   
Base Salary
 
Paul B. Toms, Jr., Chairman and CEO
  $ 360,000  
Alan D. Cole, President
    325,000  
Paul A. Huckfeldt, VP – Finance and Acctg., and CFO
    190,000  
Arthur G. Raymond, Jr., SVP – Casegoods Operations
    275,000  
Michael W. Delgatti, Jr., President – Hooker Upholstery
    250,000  
 
The annual cash incentive for each executive officer for the Company’s 2013 fiscal year, which ends February 3, 2013, will be paid if the Company attains 70% or more of its budgeted fiscal 2013 consolidated net income target, as approved by the Board of Directors.  Each executive officer is eligible to receive a percentage of his calendar 2012 base salary, with no cash bonus paid if the Company fails to reach at least 70% of the budgeted consolidated net income target and a maximum cash bonus paid if the Company reaches 150% or more of target consolidated net income.  The annual cash incentive potential, expressed as a percentage of annual base salary, for each of the executive officers is as follows:
 
   
If the Company Attains:
 
   
70% of Target Net Income
   
85% of Target Net Income
   
100% of Target Net Income
   
125% of Target Net Income
   
150% or More of Target Net Income
 
Paul B. Toms, Jr., Chairman and CEO
    25 %     38 %     50 %     67 %     84 %
Alan D. Cole, President
    25 %     38 %     50 %     67 %     84 %
Paul A. Huckfeldt, VP – Finance and Acctg., and CFO
    20 %     30 %     40 %     53 %     67 %
Arthur G. Raymond, Jr., SVP - Casegoods Operations
    18 %     26 %     35 %     47 %     58 %
Michael W. Delgatti, Jr., President – Hooker Upholstery
    18 %     26 %     35 %     47 %     58 %
 
 
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Signature
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
HOOKER FURNITURE CORPORATION
 
       
Date: January 12, 2012
By:
/s/ Paul A. Huckfeldt  
   
Paul A. Huckfeldt
 
   
Vice President - Finance and Accounting
 
    Chief Financial Officer  
 
 
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