ex10_1.htm


    
      
        

      
Exhibit
      10.1

    


    SUMMARY
      COMPENSATION SHEET

    January
      1, 2008

    


    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:

    


    
      	
               

            	
              ·

            	
              Audit
                Committee Chair - $5,000 per fiscal quarter.


            


    

     

    
      	
               

            	
              ·

            	
              All
                other Committee Chairman - $2,500 per fiscal quarter.
                

            


    

     

    
      	
               

            	
              ·

            	
              Audit
                Committee Members - $2,500 per fiscal quarter


            


    

     

    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
      in attending 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, 2008 for the Company’s current
      Chief Executive Officer, Chief Financial Officer and its two other most highly
      compensated executive officers (the “Named Executive Officers”) identified in
      the proxy statement for the Company’s 2007 annual meeting of
      shareholders:

    


    
      	
              Michael
                Doar

              Chairman
                and Chief Executive Officer 

            	 	$	375,000	 
	
              John
                G. Oblazney

              Secretary,
                Treasurer andChief
                Financial Officer 

            	 	$	185,000	 
	
              James
                D. Fabris

              President
                and Chief Operating Officer 

            	 	$	335,000	 
	
              Sonja
                K. McClelland

              Corporate
                Controller andAssistant
                Secretary

            	 	$	130,000	 


    

    


    Employment
      Agreements.  The Company has entered into employment agreements
      with the Chief Executive Officer, the Chief Financial Officer and the Chief
      Operating 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,
      2007.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Bonuses.  Each
      of
      the Named Executive Officers may be eligible to receive a discretionary bonus
      set or ratified by the Compensation Committee.  On November 15, 2007,
      the Compensation Committee approved the following bonuses for the Named
      Executive Officers for fiscal 2007:

    


    
      	
              Michael
                Doar

              Chairman
                and Chief Executive Officer 

            	 	$	670,000	 
	
              John
                G. Oblazney

              Secretary,
                Treasurer andChief
                Financial Officer 

            	 	$	100,000	 
	
              James
                D. Fabris

              President
                and Chief Operating Officer  

            	 	$	600,000	 
	
              Sonja
                K. McClelland

              Corporate
                Controller andAssistant
                Secretary 

            	 	$	90,000	 


    

    


    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 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 credit 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 and the Chief Operating
      Officer are 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
      offered to the Named Executive Officers include reimbursement of a health club
      membership, personal travel, and use of company leased vehicles.