Document:

hvtex101.htm

EXHIBIT 10.1

 

EQUITY AWARD NOTICE

«FIRST_NAME» «MI» «LAST_NAME»

«HOME_SUITE»

«HOME_STREET»

«HOME_CITY», «HOME_PROVINCE» «HOME_POSTAL_CODE»

Pursuant to the terms and conditions of the Haverty Furniture Companies, Inc. 2004 Long-Term Incentive Plan (the “Plan”), on January 27, 2011, you were granted a restricted stock unit award (“RSU”) in the amount of _______________ units.  Each RSU is equivalent to one share of common stock upon vesting.

Subject to your continued employment with the Company, your award will vest over four years in accordance with the following schedule:

25% vest on May 8, 2012

25% vest on May 8, 2013

25% vest on May 8, 2014

25% vest on May 8, 2015

Until vested, the units represented by this award are not entitled to receive cash dividends and do not have the right to vote. The restrictions governing this award will lapse immediately upon a change in control, death or permanent and total disability as defined in Section 2 of the Plan. Units not vested at retirement will be forfeited.  Please consult the 2004 Long-Term Incentive Plan Prospectus for a complete understanding of Havertys’ equity award program.

This is a summary of the award.  The grant agreement and Plan Prospectus are the authorative source for all questions on awards made under the Plan.  You should log in to your account with the Plan Administrator, Solium Shareworks, to review and accept the grant agreement.hvtex102.htm

EXHIBIT 10.2

 

PERFORMANCE ACCELERATED RESTRICTED STOCK UNITS AWARD NOTICE

«FIRST_NAME» «MI» «LAST_NAME»

«HOME_SUITE»

«HOME_STREET»

«HOME_CITY», «HOME_PROVINCE» «HOME_POSTAL_CODE»

Pursuant to the terms and conditions of the Haverty Furniture Companies, Inc. 2004 Long-Term Incentive Plan (the “Plan”), you have been granted a Performance Accelerated Restricted Stock Units (“PARSUs”) award.  The general terms of this award are outlined below.

	
Grant Date:

	
January 27, 2011

	
Number of PARSUs:

	
_____________

	
Vesting:

	
100% on January 27, 2015 (subject to continued employment)

	
Vesting Acceleration:

	
The vesting of these units will be accelerated if the Target Market Price per share (“TMP”) goal set by the Executive Compensation and Employee Benefits Committee of the Havertys Board is achieved.  The TMP is based on the closing stock price of the Company’s Common Stock and must be achieved for 10 consecutive trading days after the Grant Date.  The TMP goal price per share for this grant is $20.00.  Achieving the TMP goal will cause the PARSUs to immediately vest.  These PARSUs shall be paid in shares of the Company.

Until vested, the units represented by this PARSUs award are not entitled to receive cash dividends and do not have the right to vote. The restrictions governing this award will lapse immediately upon a change in control, death or permanent and total disability as defined in Section 2 of the Plan.  Units not vested at retirement will be forfeited.

This is a summary of the PARSUs award.  The grant agreement and Plan Prospectus are the authoritative source for all questions on awards made under the Plan.d10_1.htm

CANCELLATION AGREEMENT

     THIS AGREEMENT is made and entered into as of the 31st day of December, 2010 (the “Cancellation Date”) by and between MCINTOSH STATE BANK (the “Bank”); and JASON PATRICK, a resident of the State of Georgia (the “Executive”).

Recitals:

     The Bank and the Executive are parties to that certain Salary Continuation Agreement dated December 19, 2002, as amended by the First Amendment thereto dated January 9, 2007 (the “Deferred Compensation Agreement”).

     The Bank and the Executive desire to cancel the Deferred Compensation Agreement to improve the capital position of the Bank and to enhance the prospects of the Bank in the face of its current financial challenges.

     The Bank and the Executive acknowledge that the goal of improving the Bank’s financial position is in the best interest of both parties.

     For and in consideration of the recitals set forth above and the mutual agreements set forth below, the parties hereto agree as follows:

Statement of Agreement

1.     Cancellation of Deferred Compensation Agreement.  This Agreement extinguishes the Deferred Compensation Agreement and all of the Executive’s rights thereunder effective as of the Cancellation Date.  The cancellation is made pursuant to Section 7.2 of the Deferred Compensation Agreement; provided however, the Executive further acknowledges and agrees that Section 7.2 is hereby amended, effective immediately prior to the Cancellation Date, to eliminate any obligation of the Bank to distribute to the Executive or any other party any benefit obligations accrued under the Deferred Compensation Agreement as of the effective date of termination (or at any time thereafter).

2.      Further Acknowledgements.  The Executive acknowledges that the Bank shall have obligations to the Executive or any other party under the terms of the Deferred Compensation Agreement which survive its cancellation.  The Executive further acknowledges that the Executive has had an opportunity to review documents, consult with counsel and make inquiries of Bank representatives prior to entering into this Agreement and is entering into this Agreement of the Executive’s own free will.

3.     Governing Laws.  This Agreement shall be construed, administered and enforced according to the laws of the State of Georgia, to the extent not preempted by federal law.

4.     Successors.  This Agreement shall be binding upon and inure to the benefit of the heirs, legal representatives, successors and permitted assigns of the parties.

5.     Entire Agreement.  This Agreement expresses the entire understanding and agreement of the parties with respect to the subject matter.  As of the Cancellation Date, the Deferred Compensation Agreement shall become null and void.

6.     Specific Performance.  In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the party or parties who are thereby aggrieved shall have the right to specific performance and injunction in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative.

  

  

  

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed on the 31st day of January, 2011, effective December 31, 2010.

MCINTOSH STATE BANK

By: /s/ Jesse M. Roberts, Jr.___________________

Title:  Senior Vice President__________________

EXECUTIVE:

/s/ Jason Patrick____________________________

       Jason Patrickd10_2.htm

CANCELLATION AGREEMENT

     THIS AGREEMENT is made and entered into as of the 31st day of December, 2010 (the “Cancellation Date”) by and between MCINTOSH STATE BANK (the “Bank”); and WILLIAM K. MALONE, a resident of the State of Georgia (the “Executive”).

 

Recitals:

     The Bank and the Executive are parties to that certain Salary Continuation Agreement dated December 8, 1985, as amended by the First Amendment thereto dated October 1, 1999, the Second Amendment thereto dated October 1, 2001, the Third Amendment thereto dated January 9, 2007 and the Fourth Amendment thereto dated November 30, 2008 (the “Deferred Compensation Agreement”).

     The Bank and the Executive desire to cancel the Deferred Compensation Agreement to improve the capital position of the Bank and to enhance the prospects of the Bank in the face of its current financial challenges.

     The Bank and the Executive acknowledge that the goal of improving the Bank’s financial position is in the best interest of both parties.

     For and in consideration of the recitals set forth above and the mutual agreements set forth below, the parties hereto agree as follows:

Statement of Agreement

	
1.  

	
  Final Payment.  The Bank and Executive agree that a payment in the amount 

of $4,000.00 will be paid in the month of January 2011.

2.     Cancellation of Deferred Compensation Agreement.  This Agreement extinguishes the Deferred Compensation Agreement and all of the Executive’s rights thereunder effective as of the Cancellation Date.  The cancellation is made pursuant to Section 7.2 of the Deferred Compensation Agreement; provided however, the Executive further acknowledges and agrees that Section 7.2 is hereby amended, effective immediately prior to the Cancellation Date, to eliminate any obligation of the Bank to distribute to the Executive or any other party any benefit obligations accrued under the Deferred Compensation Agreement as of the effective date of termination (or at any time thereafter).

3.      Further Acknowledgements.  The Executive acknowledges that the Bank shall have obligations to the Executive or any other party under the terms of the Deferred Compensation Agreement which survive its cancellation.  The Executive further acknowledges that the Executive has had an opportunity to review documents, consult with counsel and make inquiries of Bank representatives prior to entering into this Agreement and is entering into this Agreement of the Executive’s own free will.

4.     Governing Laws.  This Agreement shall be construed, administered and enforced according to the laws of the State of Georgia, to the extent not preempted by federal law.

5.     Successors.  This Agreement shall be binding upon and inure to the benefit of the heirs, legal representatives, successors and permitted assigns of the parties.

6.     Entire Agreement.  This Agreement expresses the entire understanding and agreement of the parties with respect to the subject matter.  As of the Cancellation Date, the Deferred Compensation Agreement shall become null and void.

7.     Specific Performance.  In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the party or parties who are thereby aggrieved shall have the right to specific performance and injunction in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative.

  

  

  

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed on the 31st day of January 2011, effective December 31, 2010.

MCINTOSH STATE BANK

By: /s/ Bruce E. Bartholomew_________________

Title:  President/COO________________________

EXECUTIVE:

/s/ William K. Malone________________________

       William K. Malone

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