Document:

EXHIBIT 10

Exhibit 10.1

EXECUTIVE BENEFIT AGREEMENT

THIS AGREEMENT, made and entered into on this _____ day of ____________, 2010, by and among First Century Bankshares, Inc., a West Virginia corporation and bank holding company (the "Company"), and its wholly-owned subsidiary, First Century Bank, N.A., a national banking association with its principal offices located in Bluefield, West Virginia (the "Bank") and __________________________ (the "Executive").

WHEREAS, the Executive is currently employed by the Company and its wholly owned subsidiary, as ____________________________; 

WHEREAS, the Company, as the sole shareholder of Bank, and the Board of Directors of the Company recognize that the Executive's contribution to the growth, success, and continued operation of the Company and Bank has been substantial; and

WHEREAS, the Company believes it is in the best interest of the Company and Bank to grant the Executive a level of security to preserve key management and to assure fair consideration of any affiliation opportunities that may arise; 

NOW THEREFORE, in consideration of the promises and the respective covenants and agreements of the parties herein contained, the Company, Bank and Executive enter into this Agreement, and hereby contract and agree as follows:

Operation and Intent of Agreement. This Agreement is intended to provide for the payment by the Company and its subsidiary of certain benefits to Executive if Executive Separates from Service, due to a termination of Executive's employment with the Company and/or Bank or by resignation of Executive for Good Reason, within twelve (12) months after a Change in Control of the Company and/or Bank and such Separation from Service was due either to a termination not for Good Cause, as that term is defined herein or by Executive for Good Reason, also as such term is defined herein.

1.Definitions. The following definitions, in addition to any terms otherwise defined herein, shall apply to designated phrases used in this Agreement.

a."Change in Control" means 

(i) the date any one person, or more than one person acting as a group (as determined under the regulations under Code Section 409A), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company (or the Bank or an Affiliate, as the case may be,) possessing 30 percent or more of the total voting power of the stock of such Company, (or the Bank or an Affiliate, as the case may be); 

(ii) the date a majority of members of the Company's, (or the Bank's, or an Affiliate's, as the case may be) board of directors is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Company, (or Bank or an Affiliate, as the case may be,) board of directors before the date of the appointment or election, or 

(iii) the date that any one person, or more than one person acting as a group (as determined under the regulations under Code Section 409A), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company, (or Bank or an Affiliate, as the case may be) that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all of the assets of the Company (or Bank or an Affiliate, as the case may be,) immediately before such acquisition or acquisitions. 

All provided, however, that notwithstanding any of the foregoing, or any other provision of this Agreement, no such event shall be a "Change in Control" for purposes of this Agreement unless such event shall also meet the definition, with respect to (i) the Company, Bank or Affiliate for whom the Executive is performing services at the time of the Change in Control Event; (ii) the Company, Bank or any Affiliate that is liable for the payment to the Executive hereunder (or all corporations liable to the Executive hereunder (or all corporations liable for the payment if more than one corporation is liable) but only if either the deferred compensation is attributable to the performance of service by the Executive for such corporation (or corporations) or there is a bona fide business purpose for such corporation or corporations to be liable for such payment and, in either case, no significant purpose of making such corporation or corporations liable for such payment is the avoidance of Federal Income Tax; or (iii) a corporation that is a majority shareholder of a corporation identified in paragraph (i) or (ii) of this section, or any corporation in a chain of corporations in which each corporation is a majority shareholder of another corporation in the chain, ending in a corporation identified in paragraph (i) or (ii) of this section, of a "Change in Control Event" as defined in Section 409A of the Code, and the regulations and guidance issued by the Internal Revenue Service thereunder. 

b."Separation from Service" or termination of employment means the severance of Executive's employment with the Company, Bank or an Affiliate for any reason. Executive separates from service with the Company, Bank or an Affiliate if he or she dies, retires, separates from service because of the Executive's Disability, or otherwise has a termination of employment with the Company, Bank or an Affiliate. However, the employment relationship is treated as continuing intact while the Executive is on military leave, sick leave, or other bona fide leave of absence approved by the Company, Bank or an Affiliate if the period of such leave does not exceed six months, or if longer, so long as the Executive's right to reemployment with the Company, Bank or an Affiliate is provided either by statute or by contract. If the period of leave exceeds six months and the Executive's right to reemployment is not provided either by statute or by contract, the employment relationship is deemed to terminate on the first date immediately following such six-month period. In addition, notwithstanding any of the foregoing, the term "Separation from Service" shall be interpreted under this Agreement in a manner consistent with the requirements of Code Section 409A and regulations and guidance thereunder, which is incorporated by reference as if set forth in full. 

c."Salary" means the Executive's average of full earnings reported on IRS Form W-2 for the two full year periods immediately prior to the date of the consummation of the Change in Control or for two full year periods immediately preceding the Date of Termination, whichever is greater.

d."Good Cause" means any of the following: (i) Separation from Service by termination for continued poor work performance after written notice of and reasonable opportunity to correct deficiencies; (ii) Separation from Service by termination for behavior outside or on the job which affects the ability of management of the Company or Bank or co-workers to perform their jobs and which is not corrected after reasonable written warning; (iii) Separation from Service by termination for failure to devote reasonable time to the job which is not corrected after reasonable written warning; (iv) Separation from Service for any other significant deficiency in performance by the Executive which is not corrected after reasonable written warning; or (v) the conviction of the Executive of a felony criminal offense in either state or federal court.

e."Disability" or "Disabled" means that Executive (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or has lasted or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the Company or Bank or an Affiliate. In addition, notwithstanding any of the foregoing, the terms "Disability" and "Disabled" shall be interpreted under this Agreement in a manner consistent with the requirements of Code Section 409A.

f."Retirement" means Separation from Service by the Executive in accordance with Company's or Bank's (or that of any successor to the Company or Bank) retirement plan, including early retirement as approved by the Board of Directors.

g."Good Reason" means a Separation from Service following a Change in Control for any of the following reasons: (i) a decrease in the total amount of the Executive's base salary below its level in effect on the date of consummation of the Change in Control, without the Executive's prior written consent; or (ii) a material reduction in the importance of the Executive's job responsibilities without the Executive's prior written consent; or (iii) assignment to the Executive of duties inconsistent with his current position, duties or responsibilities without the Executive's prior written consent; or (iv) withdrawal of material portions of his duties without the Executive's prior written consent; or (v) a change in his reporting relationship without the Executive's prior written consent; or (vi) a geographical relocation of the Executive to an office more than 20 miles from the Executive's location at the time of the Change in Control without the Executive's prior written consent; or (vii) failure of Company to obtain assumption of this Agreement by its successor; or (viii)  any purported termination of Executive's employment which is not effected pursuant to a Notice of Termination required in this Agreement.

h."Wrongful Termination" means a Separation from Service resulting from a termination of the Executive's employment by the Company, Bank or its affiliates for any reason other than at Executive's option, Good Cause or the death, Disability or Retirement of Executive prior to the expiration of twelve (12) months after consummation of the Change in Control.

2.Separation from Service for Good Reason or for Cause: Notice of Termination. The Executive may effect a Separation from Service by resigning for Good Reason within a twelve (12) month period after a Change in Control. In the event of a Change in Control, the Company or Bank may cause a Separation from Service of Executive by termination of Executive's employment only for Good Cause within twelve (12) months after consummation of Change in Control. Any Separation of Service of the Executive, whether by termination of Executive's employment by the Company or Bank or by the Executive shall be communicated by written Notice of Termination to the other party hereto thirty (30) days prior to the effective date of the Separation from Service. For purposes of this Agreement, a "Notice of Termination" shall mean a notice which shall indicate the specific termination or Separation from Service provision in this Agreement relied upon, which shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for the Separation from Service or termination of the Executive's employment under the provision so indicated, and which shall further specify an effective date of Separation from Service. For purposes of this Agreement, "Date of Separation from Service" shall mean the date on which the Executive Separates from Service. Compensation for (i) a Separation from Service by Executive for Good Reason within 12 months after a Change in Control or (ii) a Separation from Service of Executive by termination of his employment by Company or Bank in a manner constituting Wrongful Termination shall be determined in accordance with paragraph 3(b) below.

3.Compensation of Executive Upon Separation from Service.

a.Except as hereinafter provided, if the Executive has a Separation from Service with the Company, Bank or its affiliates as a result of (i) a resignation for Good Reason within 12 months after a Change in Control or (ii) the Company, Bank or its affiliates causes Executive to Separate from Service by terminating the Executive's employment in a manner constituting Wrongful Termination, the Company hereby agrees to pay the Executive a lump sum cash payment equal to the Executive's monthly Salary, multiplied by the number of months between the Date of Separation from Service and the date that is thirty (30) months after the date of consummation of Change in Control; provided that in no event shall Executive receive lump sum payment that is less than 50% of his Salary. The lump-sum payment hereunder, if any, is to be paid to Executive thirty (30) days after Executive's date of Separation from Service with the Company or Bank, or any Affiliate or successor entity, as the case may be, provided that, in any event, Executive is not permitted, directly or indirectly, to designate the taxable year of any payment.

b.For the year in which Wrongful Termination or a Separation from Service for Good Reason within 12 months after a Change in Control occurs, the Executive will be entitled to receive his or her reasonable share of the Company's cash incentive award, if any, allocated in accordance with existing policies and procedures and authorized by the Board of Directors, except that the amount of the Executive's cash incentive bonus for the year, in which Wrongful Termination or Separation from Service for Good Reason within 12 months after a Change in Control occurs, shall be reduced prorata if Executive is not employed for the full year, and in such event such bonus for such year shall be paid to Executive at the same time as bonus is paid in accordance with Company's existing policies and procedures, notwithstanding any such Separation of Service of Executive prior to the date of distribution of bonus for the year in which Wrongful Termination or a Separation from Service for Good Reason within 12 months after a Change in Control occurs, all provided that, in any event, the Executive is not permitted, directly or indirectly, to designate the taxable year of any payment. 

c.In the event the Executive becomes entitled to any payments or benefits under this Agreement or any benefit plan or program of the Company, Bank or any Affiliate, if any such payments or benefits will be subject to the tax (the "Excise Tax") imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (or any similar tax that may hereinafter be imposed), the Company shall pay to the Executive an additional amount or amounts (each, a "Gross Up Payment"), equal to one hundred percent (100%) of Excise Tax and one hundred percent (100%) of the amount of any federal, state and local income taxes and Excise Tax imposed on the Gross-Up Payment, within thirty days after any such payment is made by Executive, provided that, in any event, the Executive is not permitted, directly or indirectly, to designate the taxable year of any payment. Notwithstanding the foregoing or any other provision of this Agreement, payments of Excise Tax and other taxes, as set forth herein, if any, shall be reimbursed only if incurred during the lifetime of Executive, and shall be subject to the following: (i) the amount of Excise or other taxes, if any, eligible for reimbursement hereunder, during the Executive's taxable year may not affect the amount of Excise or other taxes, if any, eligible for reimbursement hereunder, if any, in any other taxable year, (ii) the reimbursement of Excise or other taxes, if any, eligible for reimbursement hereunder, if any, must be made on or before the last day of the Executive's taxable year following the taxable year in which the Excise or other tax was paid by Executive and (iii) the right to reimbursement, if any, is not subject to liquidation or exchange for another benefit.

d.Six-Month Delay. Notwithstanding any other provisions of this Agreement, if Executive is a Specified Employee (within the meaning of Code Section 409A) on Executive's date of Separation from Service, then if any payment of deferred compensation (within the meaning of Code Section 409A) is to be made upon or based upon Executive's Separation from Service other than by death, under any provision of this Agreement, and such payment of deferred compensation is to be made within six months after Executive's date of Separation from Service, other than by death, then such payment shall instead be made on the date which is six months after such Separation from Service of Executive (other than by death,) provided further, however, that in the case of any payment of deferred compensation which is to be made in installments, with the first such installment to be paid on or within six months after the date of Separation from Service other than by death, then in such event all such installments which would have otherwise been paid within the date which is six months after such Separation from Service of Executive (other than by death) shall be delayed, aggregated, and paid, notwithstanding any other provision of this Agreement, on the date which is six months after such Separation from Service of Executive (other than by death), with the remaining installments to continue thereafter until fully paid hereunder. Notwithstanding any of the foregoing, or any other provision of this Agreement, no payment of deferred compensation upon or based upon Separation from Service may be made under this Agreement before the date that is six months after the date of Separation from Service or, if earlier, the date of death, if Executive is a Specified Employee on Executive's date of Separation from Service. This Section 3d shall only apply to delay the payment of deferred compensation to Specified Employees as required by Code Section 409A and the regulations and guidance issued thereunder.

4.Other Employment. The Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment. The amount of any payment provided for in this Agreement shall not be reduced by any compensation earned or benefits provided as the result of employment by another employer after the date of Separation from Service .

5.Rights of Company Prior to the Change in Control. This Agreement shall not affect the right of the Company or Bank to cause the Executive to Separate from Service by terminating the Executive, or to reduce the salary or benefits of the Executive without the Executive's prior written consent, with or without Good Cause, prior to any Change in Control; provided, however, any such Separation from Service by termination or reduction in salary or benefits without the Executive's prior written consent which takes place after discussions have commenced which result in a Change in Control or which takes place within six months prior to a Change in Control shall be presumed to be a violation of this Agreement which entitled the Executive to the benefits hereof, without clear and convincing evidence to the contrary. 

6.Successors; Binding Agreement, Exclusive Remedy.

a.The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, by agreement in form and substance satisfactory to the Executive, to expressly assume and agree to perform this Agreement. Failure of the Company to obtain such agreement prior to the effectiveness of any Change in Control with respect to which such succession takes place shall be a breach of this Agreement and shall entitle the Executive to compensation from the Company in the same amount and on the same terms as he or she would be entitled to hereunder if he or she had a Separation from Service by resigning for Good Reason provided that Executive in fact resigns and has a Separation from Service within twelve months after a Change in Control.

b.This Agreement and all rights of the Executive hereunder shall inure to the benefit of and be enforceable by the Executive's personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees, and legatees. If the Executive should die while any amounts would still be payable to him or her hereunder if he or she had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Executive's devisee, legatee, or other designee or, if there be no such designee, to the Executive's estate.

c.This Agreement shall represent the exclusive and only remedy of Executive in the event a Separation from Service occurs after a Change in Control. The Company, Bank, and the Executive agree that it is impossible to determine with any reasonable accuracy the amount of prospective damages to either party should Executive be terminated or terminate his or her employment during the term of this Agreement. The Company and the Executive agree that the payment provided herein is reasonable and not a penalty, based upon the facts and circumstances of the parties at the time of entering this Agreement, and with due regard to future expectations. Executive agrees to sign a full and complete release of claims in the event of payment under this Agreement, all provided, however, that in the event that the Executive shall fail to sign such release, the Company and the Bank shall not be permitted to delay any payment under this Agreement, and all payments, if any, under this Agreement, shall be made at the time and in the form specified under this Agreement notwithstanding any such failure of the Executive to sign such release, and in such event, notwithstanding that payment, if any, has been made, the obligation of the Executive to sign such release shall be a continuing obligation of the Executive unless and until the Executive so signs.

7.Arbitration. In the event any dispute between the Company, Bank, and/or the Executive under this Agreement which the Company, Bank and the Executive are unable to resolve, including but not limited to whether a Change in Control of Bank has occurred or whether Executive Separated from Service by termination of his or her employment for Cause, the dispute shall be submitted to arbitration at the request of the Executive. In requesting arbitration, the Executive shall so notify the other parties in writing and shall specify the question or questions to be arbitrated. Within ten (10) days after receipt of such notification, Bank, and the Holding Company shall select one arbitrator and the Executive shall select one arbitrator and shall give the name and address thereof to the other parties. Within ten (10) days after the selection of the second arbitrator, the two arbitrators shall promptly select a third arbitrator. In the event one party fails to select an arbitrator within the required time period, the arbitrator who has been selected may select a disinterested arbitrator and the two arbitrators shall promptly select a third arbitrator. The arbitration shall be conducted in accordance with the West Virginia Rules of Evidence and all discovery issues shall be decided by the third arbitrator. The panel of arbitrators shall supply a written opinion and analysis of the issues submitted for arbitration within thirty (30) days of the last day of the hearing. The decision of a majority of the arbitrators shall be final and conclusive on the Executive, the Company and Bank.

8.Notice. For the purposes of this Agreement, notices, demands and other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered or (unless otherwise specified) mailed by the United States registered mail, return receipt requested, postage prepaid, addressed as follows:

If to the Executive: 
__________________________

__________________________

__________________________

 

If to the Company:
First Century Bankshares, Inc.

Attention: Chairman of the Board

P. O. Box 1559

500 Federal Street

Bluefield, West Virginia 24701

If to Bank:

First Century Bank, NA

Attention: Chairman of the Board

P. O. Box 1559

500 Federal Street

Bluefield, West Virginia 24701

or such other address as any party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

9.Miscellaneous. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by the Executive and another executive officer of the Company as may be specifically designated by the Board. No waiver by either party hereto at any time of any breach by the other hereto of, or compliance with, any condition or provisions of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or any prior or subsequent time. All provided that (i) no such modification, waiver or discharge shall be effective if it would, if effective, cause this Agreement to violate Code Section 409A and the regulations and guidance thereunder or cause any amount of compensation or payment hereunder to be subject to a penalty tax under Code Section 409A and the regulations and guidance issued thereunder, which amount of compensation or payment would not have been subject to a penalty tax under Code Section 409A and the regulations and guidance thereunder in the absence of such modification, waiver or discharge and (ii) the provisions of Section 9(i) above are irrevocable. If, pursuant to legislative, judicial or regulatory action, continuation of the Agreement is at any later date determined to violate Code Section 409A, the parties hereto agree that consent to amendment necessary to correct any such violation will not be unreasonably withheld.

10.Validity. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provisions of this Agreement, which shall remain in full force and effect.

11.Legal Fees. Company shall pay all reasonable legal fees and expenses incurred by Executive in enforcing any right or benefit provided by this Agreement, provided (i) Executive is living at the time such legal fees or expenses are incurred, (ii) such legal action, arbitration, or proceeding is not barred by an applicable statute of limitation and (iii) Executive ultimately prevails in such claim, suit or action. The amount of expenses eligible for reimbursement during Executive's taxable year may not affect the expenses eligible for reimbursement in any other taxable year. Executive is required to submit documentation of the expense and request reimbursement for an expense incurred in any taxable year of Executive not later than ninety days after the end of such year and the reimbursement of an eligible expense shall be made by the Company or Bank on or before the last day of Executive's taxable year following the taxable year in which the expense was incurred. In the event of a delay of payment hereunder due to a dispute or refusal to pay, the parties shall comply with the requirements of regulations and guidance under Code Section 409A concerning disputes and refusals to pay including but not limited to the following: If a service recipient (in this instance the Company and/or Bank) fails to make a payment in whole or in part as of the date specified under a plan, either intentionally or unintentionally, other than with the express or implied consent of the service provider, (in this case the Executive,) the payment will be treated as made upon the date specified under the plan if the service provider (Executive) accepts the portion (if any) of the payment that the service recipient (Company and/or Bank) is willing to make (unless such acceptance will result in a relinquishment of the claim to all or part of the remaining amount), makes prompt and reasonable, good faith efforts to collect the remaining portion of the payment, and any further payment (including payment of a lesser amount that satisfies the obligation to make the payment) is made no later than the end of the first taxable year of the service provider (Executive) in which the service recipient (Company and/or Bank) and the service provider (Executive) enter into a legally binding settlement of such dispute, the service recipient (Company and/or Bank) concedes that the amount is payable, or the service recipient (Company and/or Bank) is required to make such payment pursuant to a final and nonappealable judgment or other binding decision. The parties also agree to comply with the requirements of such regulations and guidance under Code Section 409A for a presumption of prompt, reasonable, good faith efforts to collect a payment, and acknowledge that such regulations and guidance currently provide that efforts to collect the payment will be presumed not to be prompt, reasonable, good faith efforts, unless the service provider (Executive) provides notice to the service recipient (Company and/or Bank) within 90 days of the latest date upon which the payment could have been timely made in accordance with the terms of the plan and the applicable regulations, and unless, if not paid, the service provider (Executive) takes further enforcement measures within 180 days after such latest date. The right to reimbursement is not subject to liquidation or exchange for another benefit.

12.Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year first above written.

First Century Bankshares, Inc.

By: ______________________________________

Its: ______________________________________

Attest: _____________________________

 
FIRST CENTURY BANK, N.A. 

By: ______________________________________

Its: ______________________________________

Attest: _____________________________

__________________________________________Executiveex10-1.htm

EXHIBIT 10.1

 

 

 

 

 

 

 

 

2010 AMENDED AND RESTATED

 

HOOKER FURNITURE CORPORATION

 

SUPPLEMENTAL RETIREMENT INCOME PLAN

Effective as of

June 8, 2010

 

 

 

 

 

 

 

 

 

 

  

  

  

2010 AMENDED AND RESTATED

HOOKER FURNITURE CORPORATION

SUPPLEMENTAL RETIREMENT INCOME PLAN

Purpose

The Board of Directors of Hooker Furniture Corporation (the “Company”) has determined that the adoption of the 2010 Amended and Restated Hooker Furniture Corporation Supplemental Retirement Income Plan (the “Plan”) will assist it in attracting and retaining those employees whose judgment, abilities and experience will contribute to the Company’s continued progress.  The Plan is intended to be unfunded and maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees, as described under sections 201(2), 301(a)(3), and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).  The Plan shall be administered and construed in a manner that is consistent with this intent.

The Plan was previously amended and restated, effective December 31, 2008 (the “Prior Plan”) to make certain modifications required by changes in tax law and to permit the Administrative Committee (as defined herein) to select individuals for participation in the Plan.  The Company now wishes to amend and restate the Prior Plan to further streamline the process by which the Administrative Committee may designate Company employees for participation in the Plan.

Article I

Definitions

As defined herein, the following phrases or terms shall have the indicated meanings:

1.1.           “Administrative Committee” means the Administrative Committee, consisting of at least three employees of the Company as appointed by the Board, which shall manage and administer the Plan in accordance with the provisions of Article X.

1.2.           “Affiliate” means any entity that is (i) a member of a controlled group of corporations as defined in Section 1563(a) of the Internal Revenue Code of 1986, as amended (the “Code”), determined without regard to Code Sections 1563(a)(4) and 1563(e)(3)(C), of which the Company is a member according to Code Section 414(b); (ii) an unincorporated trade or business that is under common control with the Company, as determined according to Code Section 414(c); or (iii) a member of an affiliated service group of which the Company is a member according to Code Section 414(m).

1.3.           “Beneficiary” means the person, persons, entity, entities or the estate of a Participant entitled to receive a benefit under Section 3.6 of the Plan on account of the Participant’s death.

 

  

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1.4.           “Board” means the Board of Directors of the Company.

1.5.           “Change in Control” means the date on which the Company at the time of the event experiences a change in ownership (as described in subsection (i)), or a change in effective control (as described in subsection (ii)):

(i)           any person or more than one person acting as a group acquires beneficial ownership of Company stock that, together with the Company stock already held by such person or group, represents more than 50 percent of the total voting power of the Company stock; provided, however, that if any one person or more than one person acting as a group is considered to own more than 50 percent of the total voting power of the Company stock, the acquisition of additional stock by the same person or persons is not considered to cause a change in the ownership of the Company for purposes of this subsection (i); or

(ii)           a majority of members of the Board is replaced during a twelve-consecutive-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election; provided, however, that if any one person or more than one person acting as a group is considered to effectively control the Company for purposes of this subsection (ii), the acquisition of additional control of the corporation by the same person or persons is not considered to cause a change in the effective control for purposes of this subsection (ii).

For purposes of this Section 1.6, the term “group” shall have the same meaning as in Section 13(d)(3) of the Act, modified to the extent necessary to comply with Sections 1.409A-3(i)(5)(v)(B), (vi)(D) or (vii)(C) of the Treasury Regulations (or any successor provisions).  The term “beneficial ownership” shall have the same meaning as in Rule 13d-3 promulgated under the Act, modified to the extent necessary to comply with Section 1.409A-3(i)(5)(v)(iii) of the Treasury Regulations (or any successor provision).  Notwithstanding anything in this Section 2(e) to the contrary, an event which does not constitute a change in the ownership or a change in the effective control of the Company, each as defined in Section 1.409A-3(i)(5) of the Treasury Regulations (or any successor provision), shall not constitute a Change of Control for purposes of this Plan.

1.6.           “Code” means the Internal Revenue Code of 1986, as amended.

1.7.           “Company” means Hooker Furniture Corporation, a Virginia corporation, and any successor thereto by merger, purchase or otherwise.

1.8.           “Compensation Committee” means the Compensation Committee of the Board.

1.9.           “Earnings” means the total base salary and bonuses paid by the Company and any Affiliate to the Participant.  For purposes of this definition, bonuses do not include any payment to a Participant to reimburse him in whole or in part for any tax liability or any other special nonrecurring payment.

 

  

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1.10.           “Eligible Employee” means an employee of the Company or of an Affiliate who is a member of a select group of management or highly compensated employees of the Company, as described under Sections 201(2), 301(a)(3), and 401(a)(1) of ERISA.

1.11.           “Effective Date” means June 8, 2010, the effective date of this amendment and restatement.

1.12.           “Executive Officer” means an executive officer as determined in accordance with the Company’s Compensation Committee Charter.

1.13.           “Final Average Monthly Earnings” means a Participant’s average monthly Earnings during the 60 consecutive calendar month period ending on the last day of the last full month immediately preceding or coinciding with the date on which the Participant’s employment with the Company or an Affiliate terminates.  Months completed prior to the Plan’s Effective Date shall be taken into account in computing a Participant’s Final Average Monthly Earnings.  In the event that a Participant does not have 60 consecutive full calendar months of employment with the Company or an Affiliate, the average shall be based on the Participant’s actual number of consecutive full calendar months of employment.

1.14.           “Normal Retirement Age” means the Participant’s 65th birthday.

1.15.           “Participant” means an Eligible Employee selected for participation in the Plan. An individual shall remain a Participant for so long as the individual is entitled to receive a vested Supplemental Benefit under the Plan.

1.16.           “Plan” means the 2010 Amended and Restated Hooker Furniture Corporation Supplemental Retirement Income Plan.

1.17.           “Section 409A” means Code Section 409A.

1.18.           “Separation from Service” means a “separation from service” as defined by Section 1.409A-1(h) of the Treasury Regulations promulgated under Section 409A (or any successor provision thereto).

1.19.           “Specified Percentage” means the percentage of a Participant’s Final Average Monthly Earnings ranging from twenty percent (20%) to forty (40%) in increments of five percent (5%), as determined by the Administrative Committee or Compensation Committee, as applicable.  The Specified Percentage of each Participant shall be set forth in the Participant’s SRIP Participation Agreement.  Notwithstanding the foregoing, the Compensation Committee in its sole discretion may increase a Participant’s Specified Percentage above forty percent (40%).

1.20.           “SRIP Participation Agreement” means the agreement approved by the Administrative Committee, or Compensation Committee in the case of an Executive Officer, evidencing an Eligible Employee’s participation in the Plan, his or her Specified Percentage and any other terms unique to his or her participation in the Plan.  Each Eligible Employee who is participating in the Plan as of the Effective Date shall be provided with a SRIP Participation Agreement that reflects his Specified Percentage as in effect immediately prior to the Effective Date (and any other terms unique to his participation in the Plan).

 

  

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1.21.           “Supplemental Benefit” means the benefit described in Article III of the Plan.

1.22.           “Treasury Regulations” means the final, temporary or proposed regulations issued by the Treasury Department and/or Internal Revenue Service as modified in Title 26 of The United States Code of Federal Regulations.  Any references made in the Plan to specific Treasury Regulations shall also refer to any successor or replacement regulations thereto.

Article II

Participation

2.1.           In General.  The Administrative Committee shall designate Eligible Employees who may participate in the Plan from time to time.  Once designated for participation in the Plan, an Eligible Employee shall receive a SRIP Participation Agreement and at that time shall become a Participant.  A Participant shall continue to participate in the Plan until such date as the Compensation Committee or Administrative Committee may declare that he is no longer a Participant.

2.2.           Compensation Committee Approval.  Notwithstanding the foregoing, in the event that an Eligible Employee selected for participation in the Plan is an Executive Officer, the Administrative Committee shall promptly provide written or electronic notification to the Chairman of the Compensation Committee of such designation.  Such Eligible Employee shall receive a SRIP Participation Agreement and commence participation in the Plan only after the Compensation Committee has approved such Eligible Employee’s participation in the Plan.  A Participant who is an Executive Officer shall continue to participate in the Plan until such date as the Compensation Committee may declare that he is no longer a Participant.

Article III

Amount and Payment of Benefits

3.1.           Supplemental Benefit for Participants.  A Participant’s Supplemental Benefit shall be a monthly retirement benefit equal to the Specified Percentage (as set forth in the Participant’s SRIP Participation Agreement) of the Participant’s Final Average Monthly Earnings, payable in a series of equal monthly payments for a period of one-hundred and eighty (180) months following the Participant’s Separation from Service with the Company or an Affiliate.  Notwithstanding the foregoing, the Compensation Committee must approve the Specified Percentage (or any change thereto) of any Participant who is an Executive Officer.

 

  

4

  

3.2.           Entitlement to Benefit.  Each Participant shall be entitled to receive the vested percentage of his Supplemental Benefit upon his Separation from Service with the Company or an Affiliate.  A Participant shall become vested in 75% of his Supplemental Benefit if he remains continuously employed with the Company or an Affiliate until his attainment of age 60, and shall become ratably vested in the remaining portion of his Supplemental Benefit if he remains in continuous employment according to the following vesting schedule:

	
Attained

Age

	
Vested Percentage of the Supplemental

Benefit

	
60

	
75%

	
61

	
80%

	
62

	
85%

	
63

	
90%

	
64

	
95%

	
65

	
100%

Notwithstanding the forgoing, the Compensation Committee may in its discretion designate that a Participant will be subject to a vesting schedule different from the schedule contained in this Section 3.2.  Any such designation of an alternative vesting schedule shall be described in the Participant’s SRIP Participation Agreement.

3.3.           Time of Payment.  The vested portion of the Participant’s Supplemental Benefit, if any, shall begin to be paid on the first day of the month following the Participant’s Separation from Service or as soon thereafter as is reasonably practicable, but no later than the fifteenth (15th) day of such month.

3.4.           Pre-Retirement Survivor Benefit.  If a Participant dies while employed by the Company and before commencement of payment of his vested Supplemental Benefit, the Participant’s Beneficiary shall be entitled to a death benefit equal to Participant’s vested Supplemental Benefit and payable in accordance with Sections 3.1, and as applicable, 3.2.

3.5.           Post-Retirement Survivor Benefit.  If a Participant dies after payment of his vested Supplemental Benefit has commenced, then the balance of any remaining payment of his vested Supplemental Benefit shall continue to be paid to his Beneficiary over the remaining period of such payments.

3.6.           Designation of Beneficiary.  A Participant may, at any time and in a manner determined by the Administrative Committee, designate a beneficiary and one or more contingent beneficiaries (which may include the Participant’s estate) to receive any Supplemental Benefit which may be payable under this Plan upon his death.  If the Participant does not designate a beneficiary or contingent beneficiary, or if the beneficiary and the contingent beneficiaries do not survive the Participant, such Supplemental Benefit shall be paid to the Participant’s estate.  A Participant may revoke or change any designation made under this Section 3.7 in a time and manner determined by the Administrative Committee.

 

  

5

  

3.7.           Change in Control.  Upon the occurrence of a Change in Control, each Participant who has not yet begun to receive payment of his Supplemental Benefit shall become fully vested in his Supplemental Benefit, and the present value of each such Participant’s Supplemental Benefit shall be paid in a single lump sum to the Participant (or his Beneficiary in the event of his death) within no later than fifteen (15) days following the Change in Control.  In addition, the present value of the unpaid balance of any Participant’s vested Supplemental Benefit for which payment commenced prior to the Change in Control shall be paid in a single lump sum to such Participant or his Beneficiary, as applicable, within no later than fifteen (15) days following the Change in Control.  For purposes of this Section 3.7, the present value of a Participant’s Supplemental Benefit shall be determined by applying a discount rate equal to the discount rate required to be applied for purposes of Code Section 280G and applicable Treasury Regulations thereunder, as in effect on the date of the Change in Control.

 

3.8.           Payment Delay for Specified Employees.  Notwithstanding anything in the Plan to the contrary, if the Participant is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code and Treasury Regulations and other guidance thereunder, no payment may be made by reason of the Participant’s Separation from Service before the date which is 6 months after the date of such Participant’s Separation from Service (or, if earlier, the date of the Participant’s death). Upon the expiration of the six-month deferral period referred to in the preceding sentence or the Participant’s death, all payments deferred pursuant to this Section 3.8 shall be paid to the Participant (or the Participant’s Beneficiary in the event of the Participant’s death) in a lump sum.  No interest shall be paid on the amounts for which payment is delayed pursuant to this Section 3.8.  The determination of whether a Participant is a “specified employee” for this purpose shall be made in accordance with Section 409A and Treasury Regulations thereunder and in accordance with guidelines adopted by the Company for such purposes.

Article IV

Guarantees

The Company has only a contractual obligation to make payments of the benefits described in Article III.  All benefits are to be satisfied solely out of the general corporate assets of  the Company, which shall remain subject to the claims of its creditors.  No assets of the Company will be segregated or committed to the satisfaction of its obligations to any Participant or Beneficiary under this Plan.  If the Company, in its sole discretion, elects to purchase life insurance on the life of a Participant in connection with the Plan, the Participant must submit to a physical examination, if required by the insurer, and otherwise cooperate in the issuance of such policy or his rights under the Plan will be forfeited.

Article V

Termination of Employment or Participation

5.1.           The Plan does not in any way limit the right of the Company or an Affiliate at any time and for any reason to terminate the Participant’s employment or terminate such Participant’s status as an Eligible Employee, or limit the right of the Compensation Committee or Administrative Committee, as applicable, pursuant to Article II to declare that a Participant shall no longer be a Participant.  In no event shall the Plan, by its terms or by implication, constitute an employment contract of any nature whatsoever between the Company or an Affiliate and a Participant.

 

  

6

  

5.2.           A Participant who ceases to be an Eligible Employee, whose employment with the Company or an Affiliate is terminated or whom the Compensation Committee or Administrative Committee, as applicable, declares is no longer a Participant shall immediately cease to be a Participant under this Plan and shall be entitled to receive the vested portion of his accrued Supplemental Benefit, if any, subject to the provisions of Article III.  A Participant on an authorized leave of absence from the Company or an Affiliate shall not be deemed to have incurred a Separation from Service or to have lost his status as an Eligible Employee for the duration of such authorized leave of absence.  Any determination as to whether a Participant who is on an authorized leave of absence has incurred a Separation from Service shall be made in accordance with the applicable standards set forth in Section 409A.

5.3.           A Participant who ceases to be an employee of the Company or an Affiliate and who is subsequently reemployed by the Company or an Affiliate shall not accrue any additional benefits on account of such later service for periods in which he is not a Participant.

Article VI

Termination, Amendment or Modification of Plan

6.1.           Except as otherwise specifically provided, the Board reserves the right to terminate, amend or modify this Plan, wholly or partially, at any time and from time to time.

6.2.           Section 6.1 notwithstanding, no action to terminate, amend or modify the Plan shall be taken except upon written notice to each Participant to be affected thereby, which notice shall be given not less than thirty (30) days prior to such action.  Furthermore, no action to terminate, amend or modify the Plan may eliminate or reduce in any way the vested portion of the Participant’s accrued vested Supplemental Benefit.

6.3.           Any notice which shall be or may be given under the Plan shall be in writing and shall be mailed by United States mail, postage prepaid.  If notice is to be given to the Company, such notice shall be addressed to its corporate offices; addressed to the attention of the Corporate Secretary.  If notice is to be given to a Participant, such notice shall be addressed to the Participant’s last known address.

Article VII

Other Benefits and Agreements

The benefits provided for a Participant and his Beneficiary under the Plan are in addition to any other benefits available to such Participant under any other plan or program maintained by the Company or any Affiliate for their employees.  The Plan shall supplement and shall not supersede, modify or amend any other plan or program of the Company or an Affiliate in which a Participant is participating.

 

  

7

  

Article VIII

Restrictions on Transfer of Benefits

No right or benefit under the Plan shall be subject to anticipation, alienation, sale, assignment, pledge, encumbrance or charge, and any attempt to do so shall be void.  No right or benefit hereunder shall in any manner be liable for or subject to the debts, contracts, liabilities, or torts of the person entitled to such benefit.  If any Participant or Beneficiary under the Plan should become bankrupt or attempt to anticipate, alienate, sell, assign, pledge, encumber or charge any right to a benefit hereunder, then such right or benefit, in the discretion of the Board, shall cease and terminate, and, in such event, the Board may hold or apply the same or any part thereof for the benefit of such Participant or Beneficiary, his or her spouse, children, or other dependents, or any of them, in such manner and in such portion as the Board may deem proper.

Article IX

Claims Procedures

9.1.           Any claim by a Participant or Beneficiary (the “claimant”) with respect to eligibility, participation, contributions, benefits or other aspects of the operation of the Plan shall be made in writing to the Administrative Committee.

 

9.2.           If the claim is denied in whole or in part, the claimant shall be furnished written notice of the denial of the claim within ninety (90) days after the Administrative Committee’s receipt of the claim, or within one hundred eighty (180) days after such receipt if special circumstances require an extension of time.  If special circumstances require an extension of time, the claimant shall be furnished written notice prior to the termination of the initial ninety (90) day period which explains the special circumstances requiring an extension of time and the day by which the Administrative Committee expects to render the benefit determination.   A written notice of denial of the claim shall contain the following information:

(a)           Specific reason or reasons for denial,

	
  

	
(b)

	
Specific reference to pertinent Plan provisions on which the denial is based,

 

	
  

	
(c)

	
A description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why the material or information is necessary, and

	
  

	
(d)

	
A description of the Plan’s review procedures and the time limits applicable to the procedures, including a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA following a denial upon review of the claim.

9.3.           The claimant may appeal the denial of a claim by submitting a written request for review to the Board, as the case may be, within sixty (60) days following the date the claimant received written notice of the denial of his or her claim.  The Board shall afford the claimant a full and fair review of the decision denying the claim that takes into account all comments, documents, records and other information submitted by the claimant relating to the claim, without regard to whether such information was submitted or considered in the initial determination, and, if so requested, shall:

	
  

	
(a)

	
provide, upon request and free of charge, reasonable access to and copies of all documents, records and other information relevant to the claim, and

	
  

	
(b)

	
permit the claimant to submit written comments, documents, records and other information relating to the claim.

 

  

8

  

 

           9.4.           The decision on review by the Board shall be in writing and shall be issued within sixty (60) days following receipt of the request for review.  The period for decision may be extended to a date not later than one hundred twenty (120) days after such receipt if the Board determines that special circumstances require extension.  If special circumstances require an extension of time, the claimant shall be furnished written notice prior to the termination of the initial sixty (60) day period which explains the special circumstances requiring an extension of time and the date by which the Board expects to render its decision on review.  The decision on review shall include:

(a)           Specific reason or reasons for the adverse determination,

(b)           references to the specific Plan provisions on which the

determination is based,

	
  

	
(c)

	
a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of all documents, records and other information relevant to the claimant’s claim, and

	
  

	
(d)

	
a statement of the claimant’s right to bring an action under Section 502(a) of ERISA.

9.5.           For purposes of this Article IX, any action required or authorized to be taken by the claimant may be taken by a representative authorized in writing by the claimant to represent him.

Article X

Administration of the Plan

10.1.           The Plan shall be administered by the Administrative Committee.  Subject to the provisions of the Plan, the Administrative Committee may adopt such rules and regulations as may be necessary to carry out the purposes hereof.  Except as specifically provided in Article IX, the Administrative Committee’s interpretation and construction of any provision of the Plan shall be final and conclusive.

10.2.           The Company shall indemnify and save harmless each member of the Administrative Committee against any and all expenses and liabilities arising out of his membership on such Administrative Committee, excepting only expenses and liabilities arising out of his own willful misconduct.  Expenses against which a member of the Administrative Committee shall be indemnified hereunder shall include without limitation, the amount of any settlement or judgment, costs, counsel fees, and related charges reasonably incurred in connection with a claim asserted, or a proceeding brought or settlement thereof.  The foregoing right of indemnification shall be in addition to any other rights to which any such member may be entitled.

 

  

9

  

10.3.           In addition to the powers hereinabove specified, the Administrative Committee shall have the power to compute and certify the amount and kind of benefits from time to time payable to Participants and their Beneficiaries under the Plan, to authorize all disbursements for such purposes, and to determine whether a Participant is entitled to a benefit under Article III.

10.4.           To enable the Administrative Committee to perform its functions, the Company shall supply full and timely information to the Administrative Committee on all matters relating to the Earnings of all Participants, their retirement, death or other cause for termination of employment, and such other pertinent facts as the Committee may require.

Article XI

Miscellaneous

11.1.           The Plan shall be binding upon the Company and its successors and assigns (subject to the powers set forth in Article VI) and upon a Participant, his Beneficiary, and their respective assigns, heirs, executors and administrators.

11.2.           To the extent not preempted by federal law, the Plan shall be governed and construed under the laws of the Commonwealth of Virginia without regard to the conflict of law provisions of any jurisdiction.

11.3.           Masculine pronouns wherever used shall include feminine pronouns and the use of the singular shall include the plural.

11.4.           All amounts payable under the Plan shall be reduced for the amounts required to be withheld pursuant to applicable federal, state or local withholding tax requirements or any similar provisions.  Notwithstanding the foregoing, the Company may, in its discretion, pay withholding taxes from other amounts payable by the Company to a Participant or Beneficiary to the extent such withholding taxes are due prior to the time that benefits are payable under the Plan.

11.5           It is intended that this Plan comply with Section 409A and any regulations, guidance and transition rules issued thereunder, and the Plan shall be interpreted and operated consistently with that intent.  If the Administrative Committee shall determine that any provisions of this Plan do not comply with the requirements of Section 409A, the Administrative Committee shall have the authority to amend the Plan to the extent necessary (including retroactively) in order to preserve compliance with said Section 409A.  The Administrative Committee shall also have the express discretionary authority to take such other actions as may be permissible to correct any failures to comply with Section 409A.

 

  

10

  

IN WITNESS WHEREOF, this instrument has been executed this 8th day of June, 2010.

 

 

	 	HOOKER FURNITURE CORPORATION
	 	 
	 	By:  /s/ E. Larry Ryder                     
	 	 
	 	
Title: Executive Vice President - Finance 

          and Administration and Chief Financial Officer

 

 

 

 

 

 

  

11

  

 

INITIAL AGREEMENT

2010 Amended and Restated Hooker Furniture Corporation

Supplemental Retirement Income Plan

Participation Agreement

This Participation Agreement for the 2010 Amended and Restated Hooker Furniture Corporation Supplemental Retirement Income Plan (the “SRIP Participation Agreement”) is entered into this ___ day of __________, 2010, by and between Hooker Furniture Corporation (the “Company”), a Virginia Corporation and [PARTICIPANT] (the “Participant”).

WHEREAS, the Participant is an “Eligible Employee” of the Company (as defined in the 2010 Amendment and Restatement of the Hooker Corporation Supplemental Retirement Income Plan (the “Plan”)) and has been selected to participate in the Plan; and

WHEREAS, the Company and the Participant have agreed to enter into this SRIP Participation Agreement pursuant to Section 2 of the Plan to establish certain rights and obligations of the parties.

NOW, THEREFORE, the parties agree as follows:

	
1.  

	
Acceptance of the Plan.  The Participant accepts participation in the Plan, the terms of which are hereby fully incorporated by reference, and acknowledges receipt of a copy of the Plan and agrees to be bound by such Plan.  In the event of a conflict between the SRIP Participation Agreement and the Plan, the Plan shall control.  The Administrative Committee retains the absolute right to interpret the Plan and the SRIP Participation Agreement, and all decisions by the Administrative Committee on such interpretations shall be final and binding and shall not be subject to review.  Any capitalized terms used in this SRIP Participation Agreement shall have the same definitions set forth in the Plan.

	
2.  

	
The Participant.  The Participant’s full name, address, and social security number are as follows:

Name:

Address:

Telephone:

Social Security Number:

	
3.  

	
Effective Date.  The effective date for the Participant’s participation in the Plan shall be [DATE].

 

  

12

  

 

	
4.  

	
Specified Percentage.  Pursuant to Section 3.1 of the Plan and subject to the provisions set forth herein and in the Plan, the Participant’s Specified Percentage shall be ______% effective as of the date first written above.

	
5.  

	
[INSERT ANY OTHER SPECIAL TERMS]

Neither the Participant, nor any Beneficiary named under the Plan, may transfer, assign, anticipate, hypothecate, or otherwise encumber any part or all of the amounts payable under the Plan and this SRIP Participation Agreement, and any attempt to assign or transfer any benefit shall be null and void.

This SRIP Participation Agreement cannot be amended, altered, or modified, except by written instrument signed by the Company and the Participant or successors or assigns, and may not be terminated except with the written consent of the Company and the Participant.

IN WITNESS WHEREOF, the parties have executed this SRIP Participation Agreement on the date first written above.

 

	 	HOOKER FURNITURE CORPORATION
	 	 
	 	By:  ________________________
	 	 
	 	Title:________________________
	 	 
	 	 
	 	PARTICIPANT
	 	By:  ________________________

 

  

13

  

REPLACEMENT AGREEMENT

2010 Amended and Restated Hooker Furniture Corporation

Supplemental Retirement Income Plan

Participation Agreement

This Participation Agreement for the 2010 Amended and Restated Hooker Furniture Corporation Supplemental Retirement Income Plan (the “SRIP Participation Agreement”) is entered into this ___ day of __________, 2010, by and between Hooker Furniture Corporation (the “Company”), a Virginia Corporation and [PARTICIPANT] (the “Participant”) (collectively, the “Parties”).

WHEREAS, the Participant is an “Eligible Employee” of the Company (as defined in the 2010 Amendment and Restatement of the Hooker Corporation Supplemental Retirement Income Plan (the “Plan”)) and has been selected to participate in the Plan;

WHEREAS, the Participant is currently participating in the Plan pursuant to a SRIP Participation Agreement previously entered into between the Company and the Participant and the Parties wish to supercede and replace such agreement with this SRIP Participation Agreement; and

WHEREAS, the Company and the Participant have agreed to enter into this SRIP Participation Agreement pursuant to Section 2 of the Plan to establish certain rights and obligations of the parties.

NOW, THEREFORE, the parties agree as follows:

	
1.  

	
Acceptance of the Plan.  The Participant accepts participation in the Plan, the terms of which are hereby fully incorporated by reference, and acknowledges receipt of a copy of the Plan and agrees to be bound by such Plan.  In the event of a conflict between the SRIP Participation Agreement and the Plan, the Plan shall control.  The Administrative Committee retains the absolute right to interpret the Plan and the SRIP Participation Agreement, and all decisions by the Administrative Committee on such interpretations shall be final and binding and shall not be subject to review.  Any capitalized terms used in this SRIP Participation Agreement shall have the same definitions set forth in the Plan.

	
2.  

	
The Participant.  The Participant’s full name, address, and social security number are as follows:

Name:

Address:

Telephone:

Social Security Number:

 

  

14

  

	
3.  

	
Effective Date.  The effective date for the Participant’s participation in the Plan shall be [DATE].

	
4.  

	
Specified Percentage.  Pursuant to Section 3.1 of the Plan and subject to the provisions set forth herein and in the Plan, the Participant’s Specified Percentage shall be ______% effective as of the date first written above.

	
5.  

	
[INSERT ANY OTHER SPECIAL TERMS]

Neither the Participant, nor any Beneficiary named under the Plan, may transfer, assign, anticipate, hypothecate, or otherwise encumber any part or all of the amounts payable under the Plan and this SRIP Participation Agreement, and any attempt to assign or transfer any benefit shall be null and void.

This SRIP Participation Agreement cannot be amended, altered, or modified, except by written instrument signed by the Company and the Participant or successors or assigns, and may not be terminated except with the written consent of the Company and the Participant.

This SRIP Participation Agreement supercedes and replaces and SRIP Participation Agreement previously entered into between the Company and the Participant.

IN WITNESS WHEREOF, the parties have executed this SRIP Participation Agreement on the date first written above.

 

 

	 	HOOKER FURNITURE CORPORATION
	 	 
	 	By:  ________________________
	 	 
	 	Title:________________________
	 	 
	 	 
	 	PARTICIPANT
	 	By:  ________________________

 

  

15

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