Summary Sheet of Executive Cash Compensation



 Exhibit 10.4 

SUMMARY SHEET OF EXECUTIVE CASH COMPENSATION 

Except as indicated below, the following table sets forth annual base salaries provided to the Company’s principal executive officer, principal financial
officer and other named executive officers in 2016 and as adopted for 2017 by the Company’s Compensation Committee (the “Committee”) on March 22, 2017. 

 

									
	 Named Executive Officers
	  	2016 Base
Salary	 	  	2017 Base
Salary	 
	 Karl G. Glassman, President and CEO
	  	$	1,100,000	 	  	$	1,175,000	 
	 Matthew C. Flanigan, EVP and CFO
	  	$	523,000	 	  	$	550,000	 
	 Perry E. Davis, EVP, President – Residential Products & Industrial Products1
	  	$	425,000	 	  	$	500,000	 
	 J. Mitchell Dolloff, EVP, President – Specialized Products & Furniture Products2
	  	$	425,000	 	  	$	500,000	 
	 Jack D. Crusa, SVP –
Operations3
	  	$	380,000	 	  	$	380,000	 
	 David S. Haffner, Former Board Chair and
CEO4
	  	$	1,130,000	 	  	$	1,130,000	 

  

	1 	As previously reported, Mr. Davis’ 2016 base salary rate was increased from $385,000 to $425,000 on November 13, 2016. 


	2 	Mr. Dolloff’s base salaries are included in this disclosure because he is expected to be included as a named executive officer in the Company’s proxy statement for the 2017 Annual Shareholders Meeting.
Mr. Dolloff’s 2016 base salary rate was increased from $335,000 to $425,000 on November 13, 2016. 


	3 	As previously reported, Mr. Crusa notified the Company that his retirement date is expected to be December 31, 2017. As determined in January 2017, as part of Mr. Crusa’s retirement transition, he
will continue to receive his current annual base salary until April 2, 2017 when such rate will be reduced to $190,000. His salary rate is expected to be further reduced to $152,000 on July 9, 2017. 


	4 	As previously reported, Mr. Haffner served as the Company’s Board Chair and Chief Executive Officer through December 31, 2015. Pursuant to Mr. Haffner’s former employment agreement with the
Company, he is entitled to continue to receive his annual base salary (at the rate of $1,130,000) for all of 2016 and on a prorated basis through the 2017 Annual Shareholders Meeting, which is scheduled to be held in May. 


Except as noted below, the named executive officers are eligible to receive an annual cash incentive under the Company’s 2014 Key Officers Incentive Plan
(filed March 25, 2014 as Appendix A to the Company’s Proxy Statement) (the “KOIP”) in accordance with the 2017 KOIP Award Formula (filed March 27, 2017 as Exhibit 10.1 to the Company’s Form 8-K). Each executive’s cash award is calculated by multiplying his annual base salary at the end of the KOIP plan year by his Target Percentage, then applying the award formula adopted by the Committee for that
year. The Target Percentages in 2016, and as adopted for 2017 by the Committee on March 22, 2017, for the principal executive officer, principal financial officer, and other named executive officers are shown in the following table. 

 

									
	 Named Executive Officers
	  	2016 KOIP
Target
Percentage	 	 	2017 KOIP
Target
Percentage	 
	 Karl G. Glassman, President and CEO
	  	 	115	% 	 	 	120	% 
	 Matthew C. Flanigan, EVP and CFO
	  	 	80	% 	 	 	80	% 
	 Perry E. Davis, EVP, President – Residential Products & Industrial Products
	  	 	60	% 	 	 	80	% 
	 J. Mitchell Dolloff, EVP, President – Specialized Products & Furniture Products1
	  	 	60	% 	 	 	80	% 
	 Jack D. Crusa, SVP –
Operations2
	  	 	60	% 	 	 	N/A	 
	 David S. Haffner, Former Board Chair and
CEO3
	  	 	115	% 	 	 	115	% 

  

	1 	Mr. Dolloff’s Target Percentages are included in this disclosure because he is expected to be included as a named executive officer in the Company’s definitive proxy statement for its 2017 Annual
Shareholders Meeting. His 2016 Target Percentage was increased from 50% to 60% on November 13, 2016. 









	2 	As previously reported, Mr. Crusa notified the Company that his retirement date is expected to be December 31, 2017. As determined in January 2017, as part of Mr. Crusa’s retirement transition, he
will participate in the Company’s Key Management Incentive Compensation Plan (the “KMICP”), which is a cash bonus plan for non-executive officers. The KMICP award formula for Mr. Crusa
was adopted on March 22, 2017 and included performance objectives based on Return on Capital Employed (70% relative weight) and Free Cash Flow (30% relative weight). It will be calculated by multiplying his weighted average annual base salary
for 2017 by his target percentage of 60%, then applying the award formula. 


	3 	As previously reported, Mr. Haffner served as the Company’s Board Chair and Chief Executive Officer through December 31, 2015. Pursuant to Mr. Haffner’s former employment agreement with the
Company, he received an annual incentive payment with a Target Percentage of 115% for all of 2016, and will continue to receive a payment for 2017 on a prorated basis through the 2017 Annual Shareholders Meeting, which is scheduled to be held in
May. Mr. Haffner’s 2016 (and prorated 2017) annual incentive are calculated in the same manner as a Corporate Participant under the 2016 and 2017 KOIP Award Formulas (based on Return on Capital Employed (ROCE) (60% relative weight); Cash
Flow (20% relative weight); and IPGs (20% relative weight)); however, since Mr. Haffner did not have IPGs in 2016 or 2017, as discussed below, his incentive award is based 70% on ROCE and 30% on Cash Flow for these years. 


Individual Performance Goals. As previously reported, except as noted below, on February 20, 2017, the Committee adopted Individual
Performance Goals (the “IPGs”) for our named executive officers. Except as noted below, the 2017 KOIP Award Formula recognizes that 20% of each executive’s cash award in 2017 under our KOIP will be based on the achievement of
the IPGs. The IPGs for our named executive officers in 2017 are, and for 2016 were: 
  

					
	 Named Executive Officers
	  	 2016 IPGs
	    	 2017 IPGs

	 Karl G. Glassman
President and CEO
	  	Strategic planning, growth initiatives and succession planning	    	Strategic planning and succession planning
			
	 Matthew C. Flanigan
EVP and CFO
	  	Strategic planning, credit facility renewal, information technology and internal audit improvements	    	Strategic planning, information technology improvements, succession planning and efficiency initiatives
			
	 Perry E. Davis
EVP, President – Residential
Products & Industrial
Products
	  	Growth of targeted businesses and supply chain initiatives	    	Growth initiatives and succession planning
			
	 J. Mitchell Dolloff
EVP, President – Specialized Products
& Furniture Products1
	  	Growth initiatives and succession planning	    	Strategic planning, succession planning and efficiency initiatives
			
	 Jack D. Crusa
SVP
–Operations2
	  	Production improvements for targeted businesses, purchasing initiatives and succession planning	    	None assigned
			
	 David S. Haffner
Former Board Chair and
CEO3
	  	None assigned	    	None assigned

  

	1 	Mr. Dolloff’s IPGs are being disclosed because he is expected to be included as a named executive officer in the Company’s proxy statement for the 2017 Annual Shareholders Meeting. 


  
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	2 	Mr. Crusa notified the Company that his retirement date is expected to be December 31, 2017. As determined in January 2017, as part of Mr. Crusa’s retirement transition, he will participate in the
KMICP, which is a cash bonus plan for non-executive officers. As such, he did not receive IPGs for 2017. The KMICP award formula for Mr. Crusa was adopted on March 22, 2017 and included performance
objectives based on Return on Capital Employed (70% relative weight) and Free Cash Flow (30% relative weight). It will be calculated by multiplying his weighted average annual base salary for 2017 by his target percentage of 60%, then applying the
award formula. 


	3 	Mr. Haffner served as the Company’s Board Chair and Chief Executive Officer through December 31, 2015. He was not employed by the Company after this date. As such, he did not receive IPGs for 2016 or
2017. 

 The achievement of the IPGs is measured by the following schedule. 

Individual Performance Goals Payout Schedule 

(1-5 scale) 
  

					
	 Achievement
	  	Payout	 
	 1 – Did not achieve goal
	  	 	0	% 
	 2 – Partially achieved goal
	  	 	50	% 
	 3 – Substantially achieved goal
	  	 	75	% 
	 4 – Fully achieved goal
	  	 	100	% 
	 5 – Significantly exceeded goal
	  	 	up to 150	% 


  
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