Attached files
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| EX-99.1 - EXHIBIT 99.1 - HG Holdings, Inc. | exhibit99_1.htm |
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): February 23, 2016
Stanley Furniture Company, Inc.
(Exact name of registrant as specified in its charter)
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| Delaware |
| 0-14938 |
| 54-1272589 |
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| (IRS Employer Identification No.) |
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| 200 North Hamilton Street, No. 200 High Point, North Carolina |
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27260 |
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Registrant’s telephone number, including area code: (336) 884-7700
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(Former name or former address, if changed since last report.)
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:
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| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On February 23, 2016, Stanley Furniture Company, Inc. (the “Company”) issued a press release announcing the 2015 operating results. The press release is furnished as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On February 23, 2016, the Compensation and Benefits Committee (the “Committee”) of the Company’s Board of Directors adopted the Company’s 2016 annual incentive compensation program (the “2016 Incentive Plan”) which is for corporate officers and key employees who can directly influence the Company’s financial results. Under the 2016 Incentive Plan, the Company’s executive officers may receive a cash bonus based on the Company’s net income subject to certain adjustments. The bonus would be a percentage of base salary for each executive officer. A smaller bonus would be paid for performance between a threshold and the plan. The plan bonus would be paid if the plan performance is achieved. A larger bonus could also be paid for performance in excess of plan. No bonus will be paid if the threshold is not met.
The Committee approved a plan bonus of 65% of base salary for Glenn Prillaman, President and Chief Executive Officer of the Company, and 22.8% of base salary for Anita W. Wimmer, Vice President-Finance/Corporate Controller (Principal Financial and Accounting Officer). The Committee approved a maximum bonus of 150% of base salary for Glenn Prillaman and 53% of base salary for Anita Wimmer for performance in excess of plan.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release of the Company dated February 23, 2016, announcing the Company’s 2015 operating results.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
STANLEY FURNITURE COMPANY, INC. Date: February 23, 2016 By: /s/Anita W. Wimmer Anita W. Wimmer Vice President of Finance (Principal Financial and Accounting Officer)
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