Document:

ex_101757.htm

Exhibit 10.1

 

	
			
			Wells Fargo Bank, National Association

			

			
			100 Park Avenue

			

			
			New York, New York  10017

			

			
			Telephone  212 703 3500

			

			
			Facsimile 212 703 3520

			

				

 

December 7, 2017

 

Stanley Furniture Company, Inc.

200 North Hamilton Street

No. 200

High Point, North Carolina 27260

Attn: Anita Wimmer

 

 

	 	
			Re:

				
			Consent to Credit Agreement

			

 

Gentlemen:

 

Reference is made to that certain Credit Agreement, dated as of October 25, 2016, as the same has been, and as the same may be further, amended, restated, supplemented or otherwise modified from time to time (the “Credit Agreement”), by and between among STANLEY FURNITURE COMPANY, INC., a Delaware corporation (the “Company”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Wells Fargo”), and to any ancillary documents and agreements relating thereto (collectively with the Credit Agreement, the “Loan Documents”). 

 

The Company has advised Wells Fargo that it intends to sell substantially all of the Company’s assets to the Buyer (defined below) pursuant to that certain Asset Purchase Agreement, dated as of November 20, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “APA”), between the Company, as Seller, and Churchill Downs LLC, a Delaware limited liability company (the “Buyer”), as Buyer. The Company’s entry into the APA is prohibited by Section 5.3 (i) of the Credit Agreement. 

 

Additionally, the Company has advised Wells Fargo that its existing Chief Executive Officer (“CEO”) will cease to hold such position from and after December 7, 2017, and that Matthew W. Smith will be appointed on such date as interim CEO in his place (the “Interim CEO”). Pursuant to Section 5.3(c) of the Credit Agreement, the Borrower is obligated to provide Wells Fargo with prompt written notice of the foregoing, and the Interim CEO must pass background checks required by Wells Fargo’s “know your customer” requirements and otherwise be consented to by Wells Fargo, such consent not to be unreasonably withheld. 

 

The Company has requested that Wells Fargo (i) consent to the Company’s entry into the APA, notwithstanding the negative covenants contained in the Credit Agreement, (ii) acknowledge receipt of the Company’s notice regarding resignation of the CEO and the appointment of the Interim CEO, (iii) undertake all necessary background checks of the Interim CEO promptly, and (iv) consent to the replacement of the CEO by the Interim CEO if the Interim CEO passes such background checks, in the determination of Wells Fargo. Subject to the terms as more fully set forth hereinbelow and subject to satisfaction of the conditions contained herein, Wells Fargo and the Company hereby agree to the following:

 

	 	
			1.

				
			Defined Terms. Each capitalized term contained herein and not otherwise defined herein shall have the respective meaning set forth in the Loan Documents.

			

 

 

 

 

	
			
			
			
			Wells Fargo Bank, National Association

			

			

			

			
			
			
			100 Park Avenue

			

			

			

			
			
			
			New York, New York  10017

			

			

			

			
			
			
			Telephone  212 703 3500

			

			

			

			
			
			
			Facsimile 212 703 3520

			

			

			

				

 

	 	
			2.

				
			Consents. 

			

 

	 	
			(a)

				
			Subject to the terms, conditions and limitations set forth herein, Wells Fargo hereby consents to the Company’s entry into the APA, and agrees that the Company’s entry into the APA shall not result in an Event of Default under the Credit Agreement. 

			

 

	 	
			(b)

				
			Consent to Change in CEO. Subject to the terms, conditions and limitations set forth herein, Wells Fargo hereby agrees to undertake all required background checks on the Interim CEO and further agrees, if the Interim CEO passes all such background checks, to consent to the replacement of the CEO by the Interim CEO. If the Interim CEO does not pass all of such background checks, Wells Fargo shall notify the Company, which shall then appoint a replacement for the Interim CEO by not later than March 1, 2018, in accordance with Section 5.3(c) of the Credit Agreement and subject to the consent of Wells Fargo as provided therein. The failure to so appoint a replacement to the Interim CEO acceptable to Wells Fargo and otherwise in accordance with Section 5.3(c) of the Credit Agreement on or before March 1, 2018 shall constitute an Event of Default under the Credit Agreement.

			

 

	 	
			3.

				
			Limitations on Consent. This letter agreement is limited to the matters expressly set forth above and shall not be deemed to waive, amend or modify, or consent to the non-compliance with, any other term of the Credit Agreement or any other Loan Document, each of which is hereby ratified and reaffirmed, or to consent to any subsequent failure of the Company to comply with any term or provision of the Loan Documents, each of which shall remain in full force and effect. Without limiting the foregoing, this letter agreement shall not constitute a consent to the Company’s transfer of any of its assets to the extent such transfer is prohibited by Section 5.3(g) of the Credit Agreement or any other provision of the Credit Agreement and the other Loan Documents, and this letter agreement shall not constitute or authorize a release of Wells Fargo’s liens and security interests on such assets; provided however, that Wells Fargo acknowledges that the Company may close the sale of such assets and transfer the pursuant to the APA if, prior to or concurrently with such closing, the Company both (x) terminates the Credit Agreement in accordance with Section 1.5(c) of the Credit Agreement, and (y) complies with all requirements of Section 1.5(b) of the Credit Agreement necessary to cause Wells Fargo to release its security interest in the assets of the Company and the Guarantor.  Wells Fargo agrees that (i) it shall not require thirty (30) days prior notice of termination of the Credit Agreement as required by Section 1.5(c) of the Credit Agreement, but Wells Fargo may require up to three (3) Business Days’ notice of such termination to allow it to prepare for such termination, and (ii) it shall release its liens and security interests in the assets of the Company upon the Company’s compliance with the requirements of Section 1.5(b) of the Credit Agreement.

			

 

	 	
			4.

				
			Consent Fee. In consideration of the agreements of Wells Fargo as set forth herein, the Company agrees to pay to Wells Fargo a consent fee in the amount of Fifteen Thousand Dollars ($15,000) (the “Consent Fee”), which Consent Fee shall be due and payable on the date hereof, and which Consent Fee, once due and payable, shall be fully earned and not subject to refund or rebate for any reason.

			

 

 

 

 

	
			
			
			
			Wells Fargo Bank, National Association

			

			

			

			
			
			
			100 Park Avenue

			

			

			

			
			
			
			New York, New York  10017

			

			

			

			
			
			
			Telephone  212 703 3500

			

			

			

			
			
			
			Facsimile 212 703 3520

			

			

			

				

 

	 	
			5.

				
			Additional Events of Default. 

			

 

In addition to those Events of Default as set forth in Section 6.1 of the Credit Agreement, the following shall constitute Events of Default under the Credit Agreement:

 

	 	
			(a)

				
			Any default by the Company or the Seller in the payment or performance of any obligation under, or any defined event of default occurs, under the terms of the APA, and in either such case, such default is not cured after the lapse of any applicable cure period provided therein; 

			

	 	
			(b)

				
			the termination of the APA by any party thereto; or

			

	 	
			(c)

				
			the failure to close the sale of substantially all of the assets of the Company as contemplated by the APA on or prior to February 28, 2018.

			

 

The Company agrees that if any of the foregoing additional Events of Default occurs, it shall provide notice to Wells Fargo within two (2) Business Days after it becomes aware of the occurrence of such Event of Default in accordance with the notice requirements set forth in the Loan Documents.

 

	 	
			6.

				
			Limitation on Borrowing. In addition to the other limitations set forth in the Credit Agreement, from the date hereof until February 28, 2018, the Company shall not cause or permit the sum of the outstanding Advances and Letter of Credit Usage to at any time exceed Two Million Dollars ($2,000,000). 

			

 

	 	
			7.

				
			Continuing Validity. The Company understands and agrees that in granting its consent as set forth herein, Wells Fargo is relying upon the Company’s representations, warranties, and agreements, as set forth in the Loan Documents. Except as expressly modified pursuant to this letter agreement, the terms of the Loan Documents remain unchanged and in full force and effect. Wells Fargo’s agreement to provide the consent pursuant to this letter agreement in no way shall obligate Wells Fargo to make any future waivers, consents or modifications to the Loan Documents. Nothing in this letter agreement shall constitute a satisfaction of any obligations under the Loan Documents. It is the intention of Wells Fargo and the Company to retain as liable parties all makers and endorsers of Loan Documents, unless the party is expressly released by Wells Fargo. No maker, endorser, or guarantor will be released by virtue of this letter agreement. The terms of this paragraph apply not only to this letter agreement, but also to any subsequent loan modification, consent or waiver.

			

 

	 	
			8.

				
			Release. The Company hereby acknowledges and agrees that to the best of the Company’s knowledge: (a) neither the Company nor any of its affiliates has any claim or cause of action against Wells Fargo (or any of its respective affiliates, officers, directors, employees, attorneys, consultants or agents), and (b) Wells Fargo has heretofore properly performed and satisfied in a timely manner all of its obligations to the Company under the Credit Agreement. Notwithstanding the foregoing, Wells Fargo wishes (and the Company agrees) to eliminate any possibility that any past conditions, acts, omissions, events or circumstances would impair or otherwise adversely affect any of Wells Fargo’s rights, interests, security and/or remedies under the Credit Agreement. Accordingly, for and in consideration of the agreements contained in this letter agreement and other good and valuable consideration, the Company (for itself and its affiliates and the successors, assigns, heirs and representatives of each of the foregoing) (collectively, the “Releasors”) does hereby fully, finally, unconditionally and irrevocably release and forever discharge Wells Fargo and each of its affiliates, officers, directors, employees, attorneys, consultants and agents (collectively, the “Released Parties”) from any and all debts, claims, obligations, damages, costs, attorneys’ fees, suits, demands, liabilities, actions, proceedings and causes of action, in each case, contingent or fixed, direct or indirect, and of whatever nature or description, and whether in law or in equity, under contract, tort, statute, or otherwise, which any Releasor has heretofore had, now or hereafter can, shall or may have against any Released Party by reason of any act, omission or thing whatsoever done or omitted to be done on or prior to date hereof arising out of, connected with or related in any way to the Credit Agreement, or any act, event or transaction related or attendant thereto, or Wells Fargo’s agreements contained therein, or the possession, use, operation, or control of any of the Company’s assets, or the making of any Advance, or the management of such Advance or the collateral securing the Company’s Obligations to Wells Fargo on or prior to the date hereof. Notwithstanding anything to the contrary, the above release only applies to all matters known to Company at this time.

			

 

 

 

 

	
			
			
			
			Wells Fargo Bank, National Association

			

			

			

			
			
			
			100 Park Avenue

			

			

			

			
			
			
			New York, New York  10017

			

			

			

			
			
			
			Telephone  212 703 3500

			

			

			

			
			
			
			Facsimile 212 703 3520

			

			

			

				

 

	 	
			9.

				
			Conditions to Effectiveness. The consent set forth in this letter agreement shall be effective upon satisfaction of all of the following conditions: (a) Wells Fargo’s and the Company’s execution and delivery of this letter agreement, (b) the acknowledgment of this letter agreement by the Guarantor, and (c) receipt by Wells Fargo of the Consent Fee referenced in Section 4 above.

			

 

	 	
			10.

				
			Miscellaneous. This letter agreement may be executed in one or more counterparts, each of which shall constitute an original, and all of which shall constitute one and the same instrument. This letter agreement may be executed by facsimile or other electronic transmission, including by “.pdf” and other similar format. This letter agreement and all acts and transactions hereunder and all rights and obligations of Wells Fargo and Company shall be governed by the laws of the State of New York.

			

 

[Signature Page Follows]

 

 

 

 

	
			
			
			
			Wells Fargo Bank, National Association

			

			

			

			
			
			
			100 Park Avenue

			

			

			

			
			
			
			New York, New York  10017

			

			

			

			
			
			
			Telephone  212 703 3500

			

			

			

			
			
			
			Facsimile 212 703 3520

			

			

			

				

 

Please kindly sign and return the enclosed copy of this letter to the undersigned at the address listed above.

 

	
			 

				
			Very truly yours,

				
			 

			
	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			   /s/ Brian J. Martin

				
			 

			
	
			 

				
			 

				
			Brian J. Martin

				
			 

			
	
			 

				
			 

				
			Senior Vice President

				
			 

			

 

READ AND AGREED TO:

 

STANLEY FURNITURE COMPANY, INC.

 

By:     /s/ Anita Wimmer                                            

     Name: Anita Wimmer

     Title: Vice President – Finance/Corporate Controller

 

 

 

 

	
			
			
			
			Wells Fargo Bank, National Association

			

			

			

			
			
			
			100 Park Avenue

			

			

			

			
			
			
			New York, New York  10017

			

			

			

			
			
			
			Telephone  212 703 3500

			

			

			

			
			
			
			Facsimile 212 703 3520

			

			

			

				

 

Guarantor Acknowledgment

 

The undersigned, a Guarantor of the obligations of the Company under the Credit Agreement and the other Loan Documents, hereby (i) acknowledges and agrees to this letter agreement and the consents set forth herein, and (ii) reaffirms its obligations under the Guaranty executed by the undersigned in favor of Wells Fargo and each of the other Loan Documents to which it is a party.

 

 

STANLEY FURNITURE COMPANY 2.0, LLC

 

 

By:     /s/ Anita Wimmer                                                      

   Name: Anita Wimmer

   Title: Vice President – Finance/Corporate Controllerex_101758.htm

Exhibit 10.2

 

 

SEPARATION AGREEMENT

 

THIS SEPARATION AGREEMENT (the “Agreement”) is entered into by and between Glenn Prillaman (“Executive”) and Stanley Furniture Company, Inc., a Delaware corporation (the “Company”). 

 

WHEREAS, in contemplation of the expected sale of substantially all of the Company’s assets to Churchill Downs LLC, a Delaware limited liability company (“Buyer”), pursuant to the Asset Purchase Agreement dated November 20, 2017 between the Company and Buyer (the “Purchase Agreement”), Executive and the Company have mutually agreed that it is in their best interests to enter into this Agreement to effect an amicable separation from employment.

 

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements contained herein, the parties agree as follows:

 

1.      Resignation. Executive hereby resigns from his employment with the Company and as the President and Chief Executive Officer of the Company, effective as of December 7, 2017 (the “Separation Date”). Executive also hereby resigns, effective as of the Separation Date, from any other officer, director, or manager positions that Executive holds with the Company or its affiliates.

 

2.     Separation Benefits. In exchange for Executive timely executing, not revoking, and complying with this Agreement, the Company will provide Executive the following compensation and benefits, subject to the conditions in this Agreement:

 

(a)     Severance Payment. The Company will pay Executive a lump sum severance payment of $255,000 within 2 business days following the Separation Date.

 

(b)    Vesting of Restricted Stock. The 491,607 shares of unvested Restricted Stock of the Company held by Executive, and that have not previously lapsed, as of the Separation Date shall automatically vest on the Separation Date. Executive in his discretion may require the Company to effect a “net settlement” by repurchasing shares of Restricted Stock for settlement of tax withholding obligations in an amount up to the maximum allowable rate.

 

(c)     Change in Control Payment. The Company will pay Executive a lump sum payment of $510,000 (the “Lump Sum Payment”) upon or within 2 business days following the closing of the transaction contemplated by the Purchase Agreement (the “Closing”), or, if the Purchase Agreement is terminated before the Closing, then upon or within 2 business days following such termination, provided, however, that in any event, the Lump Sum Payment will be paid no later than six (6) months following the Separation Date.

 

3.       General Release.

 

(a)     Except as set forth in Section 4 below, Executive, for Executive and Executive’s heirs, executors, legal representatives, administrators, and assigns, hereby fully releases, waives, and discharges, to the fullest extent permitted by applicable law, each of the Released Parties (as defined below) of and from any and all claims, actions, contracts, agreements, damages, penalties, fines, interest, injunctive relief, attorneys’ fees, costs, and demands based on any facts, acts, omissions, events, or agreements existing or occurring prior to the date that Executive signs this Agreement. Without limiting the generality of the foregoing, this release and waiver includes all claims arising from or related to Executive’s employment with or separation from the Company and its affiliates, any compensation or benefits from the Company or its affiliates, any alleged harassment or discrimination, any claims arising under Title VII of the Civil Rights Act of 1964, the Americans With Disabilities Act, the Family & Medical Leave Act, the Executive Retirement Income Security Act, the Age Discrimination in Employment Act, 29 U.S.C. § 621, et seq., any North Carolina statute, and any other federal, state or local statute, regulation or common law theory. Executive also affirms that Executive has no known work related injuries or occupational diseases related to Executive’s employment with the Company or its affiliates. 

 

 

 

 

(b)    The “Released Parties” means the Company and each of its affiliates and subsidiaries, as well as all of such entities’ respective present and former officers, directors, managers, shareholders, members, owners, executives, agents, benefit plans, insurers, attorneys, predecessors, successors and assigns. Each of the Released Parties is an intended third party beneficiary of this Agreement.

 

(c)     This Agreement covers both claims that Executive knows about or suspects as well as those Executive does not know about or does not suspect. Executive understands the significance of Executive’s release of unknown and unsuspected claims, and Executive expressly waives all rights afforded by any statute or common law doctrine which limits the effect of a release with respect to unknown and unsuspected claims. Executive represents that Executive has not assigned or transferred, or purported to assign or transfer, all or any part of any claim released by this Agreement.

 

(d)     For the avoidance of doubt, Executive acknowledges and agrees that Executive does not have, and will not have, any rights to payment or benefits under Executive’s Change in Control Protection Agreement with the Company dated December 11, 2009 and amended and restated December 11, 2015 (the “CIC Agreement”). The CIC Agreement is hereby terminated.

 

4.      Accrued Rights. Notwithstanding the terms above, this Agreement shall not release or waive Executive’s rights under this Agreement or with respect to: (a) any unpaid base salary for the period of time since the Company’s last payroll date through Executive’s Separation Date; (b) any accrued but unused Paid Time Off; (c) any unreimbursed and reasonable business expenses submitted by Executive within five (5) business days after the Separation Date, in accordance with Company policy; (c) any vested 401(k) retirement plan balance; (d) any general right to elect certain benefit coverage continuation at Executive’s expense under COBRA; (e) any rights to indemnification pursuant to the Company’s By-Laws or organizational documents, as they may be amended from time to time, or the Indemnification Agreement dated as of December 12, 2014 between Executive and the Company; or (f) any rights to coverage under the directors’ and officers’ liability insurance policies maintained by the Company from time to time.

 

5.      Knowing and Voluntary Waiver. The Company advises Executive to consult a lawyer concerning the terms of this Agreement. By signing below, Executive acknowledges that Executive has carefully read this Agreement, that Executive knows and understands the contents of this Agreement, and that Executive voluntarily executes this Agreement of Executive’s own free will.

 

2

 

 

6.       Restrictive Covenants.

 

(a)     Executive acknowledges that he remains bound by, and Executive shall comply with, the post-employment obligations set forth in the following sections of his Employment Agreement with the Company dated July 22, 2016 and amended effective November 30, 2016 (the “Employment Agreement”): Section 7 (Non-Interference Restriction), Section 8 (Non-Solicitation of Employees) (as specifically amended below), Section 9 (Confidential Information) and Section 10 (Return of Property) (collectively, the “Post-Employment Obligations”). The Post-Employment Obligations are incorporated herein by reference. The parties agree that Section 8 (Non-Solicitation of Employees) of the Employment Agreement is amended by deleting the language in that Section in its entirety and replacing it with the following:

 

Except with the prior consent in writing of the Board, the Employee shall not during the Restricted Period directly or indirectly, on his own behalf or on behalf of any other person, solicit the employment of, offer employment to, entice away, or in any other manner persuade or attempt to persuade to leave, any person who is then or was at any time during the preceding six months employed by the Company.

 

For the avoidance of doubt, the parties agree that Section 6 (Non-Competition Restriction) of the Employment Agreement is not incorporated into this Agreement and shall be of no further force and effect.

 

(b)     In the event the Closing occurs, or the Purchase Agreement is terminated prior to the Closing and another buyer (the “Alternative Buyer”) acquires in 2018 all or substantially all of the Company’s assets, business or equity, then thereafter: (i) Buyer or Alternative Buyer, as applicable, shall be able to enforce the Post-Employment Obligations against Executive; and (ii) to the extent necessary to provide the business operated by Buyer or Alternative Buyer, as applicable, with the assets, business or equity purchased from the Company the protections included in the Post-Employment Obligations, the “Company” as used in the Post-Employment Obligations shall include Buyer or Alternative Buyer, as applicable. 

 

(c)     Executive agrees not to make any disparaging comments about Buyer (or, if applicable, Alternative Buyer) or its business, products, directors or employees, whether in writing, verbally, or on any online forum

 

7.     Government Agencies. Notwithstanding any other provision in this Agreement, this Agreement does not prohibit Executive from filing a charge with, communicating with, or testifying before a federal or state government agency or official, for the purpose of reporting or investigating a suspected violation of law. However, Executive waives the right to any damages or other relief (other than a benefit or remedy pursuant to Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, if applicable) with respect to any claim released pursuant to this Agreement in any government, administrative or other action. Also, for the avoidance of doubt, Executive is not permitted to reveal to any third-party any Company information that is protected from disclosure by the attorney-client privilege or attorney work product doctrine.

 

3

 

 

8.     Section 280G. Notwithstanding any provision of this Agreement to the contrary, if in connection with a Change in Control (as defined in the CIC Agreement), Executive becomes entitled to any payment and/or benefits provided by this Agreement or any other amounts in the nature of compensation, whether alone or together with other payments or benefits that Executive receives or realizes or is then entitled to receive or realize from the Company or any of its affiliates or any other person whose actions result in the Change in Control (collectively, the “Total Payments”), and such payments and/or benefits would constitute an “excess parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) and/or any corresponding and applicable state law provision, the payments and/or benefits provided to Executive under this Agreement will be reduced to the extent necessary so that no portion of the Total Payments will be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties are incurred by Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”); but only if (a) the net amount of such payments and benefits, as so reduced (and after subtracting the net amount of federal, state and local income and employment taxes on such reduced payments and benefits) is greater than or equal to (b) the net amount of such payments and benefits without such reduction (but after subtracting the net amount of federal, state and local income and employment taxes on such payments and benefits and the amount of Excise Tax to which Executive would be subject in respect of such unreduced payments and benefits).

 

9.     Section 409A. The parties acknowledge that Executive is a “specified employee” as defined in Section 409A of the Code. Notwithstanding anything to the contrary in this Agreement, if any delay in any payments or benefits otherwise payable hereunder is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will delay the payment of any such payments or benefits hereunder (without any reduction in the payments or benefits ultimately paid or provided to Executive) until the date that is six (6) months and one day following Executive's separation from service with the Company (or the earliest date permitted under Section 409A of the Code), whereupon the Company will pay Executive a lump-sum amount equal to the cumulative amounts that would have otherwise been previously paid to Executive under this Agreement during the period in which such payments or benefits were delayed. 

 

10.     Tax Withholding. The Company may withhold from any amounts payable under this Agreement such federal, state and local income and employment taxes as the Company shall determine is required to be withheld pursuant to any applicable law or regulation. 

 

11.     Governing Law and Exclusive Venue. This Agreement shall be governed by the laws of the State of North Carolina, without regard to the choice of law principles of any jurisdiction. Each party agrees that any litigation under this Agreement shall occur exclusively in a state or federal court in Guilford County, North Carolina and in no other venue. As such, each party irrevocably consents to the jurisdiction of and venue in the courts in Guilford County, North Carolina for all disputes with respect to this Agreement. Executive agrees to service of process in any such dispute via FedEx to Executive’s last home address in the Company’s records, without limiting other service methods allowed by applicable law. The parties agree that the terms in this Section are material to this Agreement, and that they will not challenge the enforceability of this Section in any forum.

 

12.     Miscellaneous. No modification, termination, or attempted waiver of any of the provisions of this Agreement shall be binding upon a party unless reduced to writing and signed by that party. This Agreement shall be construed according to a plain reading of its terms and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision in this Agreement. This Agreement (including the recitals and the Employment Agreement provisions incorporated herein by reference) constitutes the entire agreement between the parties pertaining to the subject matter contained herein.

 

Signature Page Follows

 

4

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the dates set forth below.

 

	
			 

				
			THE COMPANY:

				
			 

			
	 	 	 
	 	STANLEY FURNITURE COMPANY, INC.	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Steven A. Hale II

				
			    Date: 12/7/2017

			
	
			 

				
			 

				
			Steven A. Hale II, Chair,

				
			 

			
	
			 

				
			 

				
			Compensation and Benefits Committee

				
			 

			
	 	 	 	 
	 	 	 	 
	 	EXECUTIVE:	 
	 	 	 	 
	 	/s/ Glenn Prillaman	    Date: 12/7/2017
	 	Glenn Prillaman	 

 

 

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00277-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00277-of-00352.parquet"}]]