Exhibit 10.1


 


SUMMARY COMPENSATION SHEET 


January 1, 2013


 


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 and restricted shares equivalent in value to $25,000 which vest one year from the date of grant.


 


Committee Retainers.
Committee chairs and audit committee members also receive the following cash payments:


 


		·	Presiding
                                                                                                              Independent Director
                                                                                                              - $2,500 per fiscal
                                                                                                              quarter



 


		·	Audit
                                                                                                              Committee Chair
                                                                                                              - $2,500 per fiscal
                                                                                                              quarter.



 


		·	Compensation
                                                                                                              Committee Chair
                                                                                                              - $1,250 per fiscal
                                                                                                              quarter.



 


		·	Audit
                                                                                                              Committee Members
                                                                                                              - $1,250 per fiscal
                                                                                                              quarter.



 


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, 2012 for the Company’s current Chief Executive Officer, Chief Financial Officer and its three other
most highly compensated executive officers (the “Named Executive Officers”) as of January 1, 2013 identified in the
proxy statement for the Company’s 2013 annual meeting of shareholders:


 


	Michael Doar 
Chairman, Chief Executive Officer and 
President	 	$	410,000	 
	John G. Oblazney 
Vice President, Secretary, Treasurer and 
Chief Financial Officer	 	$	210,000	 
	John P. Donlon 
Executive Vice President, Worldwide Sales and Service	 	$	216,000	 
	Sonja K. McClelland 
Corporate Controller and
 Assistant Secretary	 	$	170,000	 
	Gregory S. Volovic 
Executive Vice President of Technology and Operations	 	$	250,000	 



  


Employment Agreements.
The Company has entered into employment agreements with each of its Named Executive Officers. The employment agreements are
filed as exhibits to the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2012.


 



    	 



    	 



    

 


Bonuses. Each
of the Named Executive Officers may be eligible to receive a discretionary bonus set or ratified by the Compensation Committee.


 


Equity-Based Awards.
The only equity based 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 Compensation
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.