Document:

EXHIBIT 10.7

 

AMENDMENT NUMBER ONE TO THE

HAVERTY FURNITURE COMPANIES, INC. SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

(As Amended and Restated Effective January 1, 2009)

WHEREAS , Haverty Furniture Companies, Inc. (the "Employer") maintains the Haverty Furniture Companies, Inc. Supplemental Executive Retirement Plan (the "Plan"), as amended and restated effective January I , 2009; and

WHEREAS , Article VII of the Plan provides the Employer with the tight to amend the Plan ; and

WHEREAS, the Employer wishes to amend the Plan in certain respects.

NOW, THEREFORE, in consideration of these recitals, the Employer hereby amends the Plan, effective January 1, 2013, as follows:

 

1.   By amending Section 1.1, "Accrued Benefit," to read as follows:

"Accrued Benefit" mean s a Participant's annual benefit calculated as provided in Appendix A without the Compensation Limitations applied and without excluding the compensation which the Participant elected to defer under any deferred compensation plan maintained by Havertys in the year in which such compensation would have been paid.

 

2.  By replacing each reference to "Prop. Treas. Regulation 1.409A" with a reference to"Treas. Regulation. "

  

3.  By amending Section 2.3(b) to read as follows:

 

(b) has been reduced because the compensation which the Employee has elected to defer under any deferred compensation plan maintained by Havertys is not included in the Retirement Plan's definition of Compensation in the year in which such compensation would have been paid , in which case he or she shall enter the Plan on the date the Employee exceeds the limit referred to above.

4.  By amending the first sentence in Section 4.2 , "Maximum Benefit ," to read as follows: Any provision to the contrary in this SERP notwithstanding , if the total combined annual benefit (based on the life annuity form) initially payable to the Participant at or after Nonnal Retirement Date fi-om this SERP, Social Security, and the Retirement Plan , would otherwise exceed $125,000, the Participant's SERP Benefit will be reduced so that the total combined annual benefit will equal $125,000; provided, however , that such $125,000 total combined annual benefit shall not be deemed to include the portion of the SERP Benefit attributable to compensation that the Participant had elected to defer under any deferred compensation plan maintained by Have11ys and that was excluded from the Retirement Plan's definition of Compensation in the year in which such compensation would have been paid.

 

 

5.  By amending the first sentence of Section 5.1 (a), General Rule, to read as follows: A Participant's SERP Benefit shall be paid on the first day of the second month following the month in which the earliest of the Participant's death or the following distribution dates ("Distribution Events") elected by the Participant in his or her Distribution Election Form occurs:

	
(i)

	
Early Retirement Date,

 

	
(ii)

	
Normal Retirement Date, or

 

	
(iii)

	
Late Retirement Date.

6.  By amending Section 5.l(b), Specified Employee Delay, to read as follows:

Specified Employee Delay. Any provision to the contrary notwithstanding, if a SERP Benefit becomes payable because of a Separation from Service to a Participant who is a Specified Employee at the time of such separation , and at the time of such separation Havertys capital stock is publicly-traded on an established securities market or otherwise, then the commencement of distributions to such Specified Employee hereunder shall be delayed and shall not be paid until the date that is six (6) months after the separation date, and the first payment on such date shall include the initial six (6) months of delayed payments.

 

7.   By replacing the first sentence of Section 5.1(c), Immediate Payment Upon 409A Taxation , with the following two sentences:

 

  Any provision to the contrary notwithstanding , (a) in the event that the Internal Revenue Service ("IRS") prevails in a claim that benefits under the SERP constitute taxable income to a Participant or Eligible Spouse under Section 409A of the Code for any taxable year prior to the taxable year in which such benefits are distributed to him or her, or (b) in the event that legal counsel satisfactory to Havertys and the Participant or Eligible Spouse renders an opinion that the IRS would likely prevail in such a claim, the SERP Benefit, to the extent constituting taxable income required to be included in income as a result of the failure to comply with the requirements of Section 409A of the Code and the related Treasury Regulations, shall be distributed to the Participant or his or her Eligible Spouse in one lump sum within thirty (30) days of such event. The amount of any distribution pursuant to this Section 5.1(c) may not exceed the amount required to be included in income as a result of the failure to comply with the requirements of Section 409A of the Code and the related Treasury Regulations.

 

8.  By amending the first sentence of Section 5.2(b) to read as follows:

  In order to select any fom1 of payment other than the life annuity (for a Participant who is not married on his or her benefit commencement date) or a joint and 50% survivor annuity (for a Participant who is married on his or her benefit commencement date) under this Section 5.2, a Participant must file a Distribution Election Fonn.

 

9.   Except as amended by this Amendment Number One, the Plan as in effect immediately prior to the date of this Amendment shall remain in full force and effect.

  

IN WITNESS WHEREOF , the Employer has caused this Amendment Number One to be executed and attested on its  behalf by its duly authorized officers this the 15th day of October, 2013.

	 	 	
HAVERTY FURNITURE COMPANIES, INC.

	 	 	 
	 	
By:

	 /s/ Allan J. DeNiro
	 	 	
Allan J. DeNiro

	 	 	
Senior Vice President and

Chief People Officer

	 	 	 

	
ATTEST:

	 	 	 	 
	
By:

	 /s/ Belinda J. Clements	 	 
	 	
Belinda J. Clements

Assistant Corporate Secretary

	 	 

 

 

 

 

 

 

 

 

  

SECOND AMENDMENT

TO THE

HAVERTY FURNITURE COMPANIES, INC.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

THIS AMENDMENT to the Haverty Furniture Companies, Inc. Supplemental Executive Retirement Plan (as amended and restated January 1, 2009) (the "Plan") is adopted by Haverty Furniture Companies, Inc. (the "Company"), effective as of the dates indicated below.

W I T N E S S E T H:

WHEREAS, the Company maintains the Plan as such Plan is currently in effect; and

WHEREAS, Section 7.1 of the Plan authorizes the Company, through its Board of Directors, to amend the Plan at any time;

WHEREAS, the Board wishes to freeze the Plan as of December 31, 2015 so that all benefits for existing participants under the Plan as of December 31, 2015 will be calculated under the terms of the Plan using the participant's service and compensation as of December 31, 2015, and no participant will accrue benefits under the Plan after December 31, 2015.

NOW, THEREFORE, BE IT RESOLVED that the Plan is amended as follows:

***********

1.

Effective as of December 31, 2015, the second paragraph of the introduction (or preamble) is amended in its entirety to read as follows:

"The SERP was amended and restated, effective January 1, 2009, to comply with Internal Revenue Code Section 409A with respect to benefits earned under the Plan, and to de-link the SERP from the Haverty Furniture Companies, Inc. Retirement Plan.  The SERP is further amended as of December 31, 2015 so that all benefits for existing participants under the SERP as of December 31, 2015 will be calculated using the participant's service and compensation as of December 31, 2015.  Participants will not accrue benefits under this SERP after December 31, 2015, although Participants will continue to accrue vesting service after December 31, 2015."

2.

The definition of "Accrued Benefit" in Section 1.1 is amended by adding the following sentence to the end of the paragraph:

"Effective December 31, 2015, the Accrued Benefit for Participants eligible for the SERP as of December 31, 2015 will be calculated using the Participant's Years of Service and Compensation (as defined in Appendix A) as of December 31, 2015.  No Participant will accrue benefits under this SERP after December 31, 2015 (although, for avoidance of doubt, Participants will continue to accrue vesting service after December 31, 2015)."

3.

The definition of "Hours of Service" in Section 1.16 is amended by adding the following sentence to the end of that section:

"No Participant will be credited with an Hour of Service after December 31, 2015 except for purposes of determining vesting service under Article III."

4.

The definition of "Hypothetical Retirement Benefit" in Section 1.17 is amended by adding the following sentence to the end of that paragraph:

"Effective December 31, 2015, the Hypothetical Retirement Benefit for Participants eligible for the SERP as of December 31, 2015 will be calculated using the Participant's Years of Service and Compensation (as defined in Appendix A) as of December 31, 2015.  No Participant will accrue benefits under this SERP after December 31, 2015 (although, for avoidance of doubt, Participants will continue to accrue vesting service after December 31, 2015)."

5.

The definition of "Year of Service" in Section 1.33 is amended by adding the following sentence to the end of that paragraph:

"No Participant will be credited with a Year of Service after December 31, 2015 except for purposes of determining vesting service under Article III."

6.

Article II shall be amended by adding the following sentence to the end:

"No new Employee will be eligible to participate in the SERP after December 31, 2015.  Employees who were existing Participants in the SERP as of December 31, 2015 will be entitled to a frozen benefit as of December 31, 2015 pursuant to the terms of this SERP."

7.

Article III shall be amended by adding the following sentence

"For avoidance of doubt, Participants will continue to accrue vesting service after December 31, 2015."

8.

Section 4.1 (titled "SERP Benefit") is amended by adding the following sentence to the end of that paragraph:

"Further, in no event shall a Participant's SERP Benefit include Hours of Service and Compensation (as defined in Appendix A) after December 31, 2015."

9.

The definition of "Hypothetical Retirement Benefit" in Section 1.1 of Appendix A is amended by adding the following sentence to the end of that paragraph:

"Effective December 31, 2015, the Hypothetical Retirement Benefit for Participants eligible for the SERP as of December 31, 2015 will be calculated using the Participant's Years of Service and Compensation (as defined in Appendix A) as of December 31, 2015.  No Participant will accrue benefits under this SERP after December 31, 2015 (although, for avoidance of doubt, Participants will continue to accrue vesting service after December 31, 2015)."

10.

The definition of "Average Annual Compensation" in Section 1.3 of Appendix A is amended by adding the following sentence to the end of that paragraph:

"Compensation after December 31, 2015 will not be taken into account for purposes of calculating the Average Annual Compensation."

11.

The definition of "Compensation" in Section 1.4 of Appendix A is amended by adding the following sentence to the end of that section:

"Further, Compensation does not include any payments made by the employer to the Participant after December 31, 2015."

12.

The definition of "Participant's Cumulative Permitted Disparity Limit" in Section 1.7 of Appendix A is amended by adding the following sentence at the end of the existing first sentence:

"Effective December 31, 2015, years of service after December 31, 2015 will not be taken into account for purposes of calculating the Participant's Cumulative Permitted Disparity Limit."

13.

Section 2.1 of Appendix A (titled "General") is amended by adding the following sentence at the end of that section:

"Effective December 31, 2015, the Hypothetical Retirement Benefit for Participants eligible for the SERP as of December 31, 2015 will be calculated using the Participant's Years of Service and Compensation as of December 31, 2015.  No Participant will accrue benefits under this SERP after December 31, 2015 (although, for avoidance of doubt, Participants will continue to accrue vesting service after December 31, 2015)."

14.

Pursuant to Section 4.5 of the Plan and the resolutions of the Executive Committee of the Board of Directors of Haverty Furniture Companies, Inc. dated January 27, 2009, where Janet E. Taylor, Vice President and General Counsel, was named as a Participant in the SERP, a new Appendix B is added to the Plan to describe the benefit payable to Janet E. Taylor as follows:

"Appendix B

Special Benefit to Janet E. Taylor, Vice President and General Counsel

Pursuant to Section 4.5 of the Plan, Janet E. Taylor, Vice President and General Counsel of Haverty Furniture Companies, Inc., shall be an eligible Participant entitled to receive a Special Benefit upon her termination of employment with the Company.  Notwithstanding anything to the contrary, Janet Taylor shall be entitled to receive a frozen SERP Benefit calculated as of December 31, 2015.  Such SERP Benefit was calculated as of December 31, 2014 in the form of a life annuity as $819.76 per month.  This benefit will be adjusted as appropriate pursuant to the terms of the SERP using her Years of Service and Compensation through December 31, 2015 and disregarding the reduction described in Section 3.6 of Appendix A for less than ten (10) years of participation in the Retirement Plan.  All payments shall be paid, and other forms of the SERP Benefit shall be calculated, pursuant to the terms of the SERP."

***********

This Amendment shall be effective as of the dates indicated above.  Except as amended herein, the Plan shall continue in full force and effect.

IN WITNESS WHEREOF, the Employer has caused this Amendment Number One to be executed and attested on its behalf by its duly authorized officers this 4th day of March, 2016.

	 	 	
HAVERTY FURNITURE COMPANIES, INC.

	 	 	 
	 	
By:

	 /s/ Clarence H. Smith
	 	 	
Clarence H. Smith

	 	 	
Chairman of the Board, President and

Chief Executive Officer

	 	 	 

	
ATTEST:

	 	 	 	 
	
By:

	 /s/ Jenny H. Parker	 	 
	 	
Jenny H. Parker

Senior Vice President, Finance,

Secretary and TreasurerExhibit 10.01

 

General Release and Waiver of Claims

 

In exchange for the severance benefits
to be provided to me under the Employment Agreement between me and Neuralstem, Inc. (the “Company”), originally entered
into on January 1, 1997 and then subsequently amended on November 1, 2005, January 1, 2008, July 25, 2012 and March 1, 2015 (collectively,
the original agreement and all the amendments thereto shall be referred to as the “Employment Agreement”). In connection
with my resignation from the positions of President, CEO and in House Counsel, the Company and I have negotiated an amendment to
the terms of the Employment agreement, modifying the single, immediately due $1 million payment and other certain severance terms
as more fully described on Exhibit A hereto (“Severance”). As a condition to the Severance, I
agree that this General Release and Waiver of Claims (the “Release of Claims”) shall be in complete and final settlement
of any and all causes of action, rights and claims, whether known or unknown, accrued or unaccrued, contingent or otherwise, that
I have had in the past, now have, or might now have, in any way related to, connected with or arising out of my employment or its
termination, under the Employment Agreement, or pursuant to Title VII of the Civil Rights Act of 1964, the Americans with Disabilities
Act, the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act, the Worker Adjustment and
Retraining Notification Act, the Employee Retirement Income Security Act, the wage and hour, wage payment and fair employment practices
laws and statutes of any applicable state, including any statues regarding anti-discrimination (each as amended from time to time),
and/or any other federal, state or local law, regulation or other requirement (collectively, the “ Claims ”),
I hereby release and forever discharge the Company, its affiliates and all of their respective past, present and future directors,
shareholders, officers, members, managers, general and limited partners, employees, employee benefit plans, administrators, trustees,
agents, representatives, successors and assigns, and all others connected with any of them, both individually and in their official
capacities, from, and I hereby waive, any and all such Claims. This release shall not apply to (a) any claims that arise after
I sign this Release of Claims, including my right to enforce the terms of this Release of Claims or my right to receive the Severance;
(b) any claims that may not be waived pursuant to applicable law; (c) any right to indemnification that I may have under
the certificate of incorporation or by-laws of the Company, and any Indemnification Agreement between me and the Company or any
insurance policies maintained by the Company; or (d) any right to receive any vested benefits under the terms of any employee
benefit plans and my award agreements thereunder.

 

Nothing contained in this Release of Claims
shall be construed to prohibit me from filing a charge with or participating in any investigation or proceeding conducted by the
federal Equal Employment Opportunity Commission or a comparable state or local agency, provided, however, that I hereby agree to
waive my right to recover monetary damages or other individual relief in any charge, complaint or lawsuit filed by me or by anyone
else on my behalf.

 

In signing this Release of Claims, I acknowledge
my understanding that I may consider the terms of this Release of Claims for up to twenty-one (21) days from the date I receive
it and that I may not sign this Release of Claims until after the date my employment with the Company terminates. I also acknowledge
that I am hereby advised by the Company to seek the advice of an attorney prior to signing this Release of Claims; that I have
had sufficient time to consider this Release of Claims and to consult with an attorney, if I wished to do so, or to consult with
any other person of my choosing before signing; and that I am signing this Release of Claims voluntarily and with a full understanding
of its terms.

 

     

     

    

 

I further acknowledge that, in signing
this Release of Claims, I have not relied on any promises or representations, express or implied, that are not set forth expressly
in the Release of Claims. I understand that I may revoke this Release of Claims at any time within seven (7) days of the date
of my signing by written notice to the Chairman of the Company’s Board of Directors and that this Release of Claims will
take effect only upon the expiration of such seven-day revocation period and only if I have not timely revoked it.

  

 

Intending to be legally bound, I have signed this Release of
Claims as of the date written below.

 

 

Signature                                                              

 

Name                     I.
Richard Garr                      

 

Date Signed                                                        

 

 

NEURALSTEM,
INC.

 

By:                                                                       

 

Name:                   Karl
Johe                              

 

Title:                    Chairman
of the Board        

 

Date signed                                                       

 

     

     

    

 

EXHIBIT A

Severance Terms

 

		n	Mr. Garr will continue to receive a monthly payment equivalent to his monthly salary at the time of his resignation through
March 1 2017.

		n	Mr. Garr will receive lump sums of $177,000 on (i) June 1, 2016 (subject to deductions contained below), (ii) January 1, 2017
and (iii) March 1, 2017.

		n	Mr. Garr will continue to receive healthcare benefits until March 1, 2017.

		n	Mr. Garr will retain a laptop computer and desktop computer owned by Neuralstem, Inc. the value of which shall be deducted
from the lump sum to be received on June 1, 2016.

		n	Mr. Garr will have such amounts previously advanced to him during January of 2016 shall be deducted from the lump sum to be
received on June 1, 2016.

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