UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 22, 2009
HOOKER FURNITURE CORPORATION
(Exact name of registrant as specified in its charter)
| Virginia | 000-25349 | 54-0251350 |
| (State or other jurisdiction of incorporation or organization) | (Commission File No.) | (I.R.S. Employer Identification No.) |
| 440 East Commonwealth Boulevard, Martinsville, Virginia 24112 | (276) 632-0459 |
| (Address of principal executive offices)(Zip Code) | (Registrant’s telephone number, including area code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
r Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
r Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
r Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
r Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 26, 2009, Hooker Furniture Corporation (the “Company”) announced that it had reached an agreement in principle on October 22, 2009 with Sekar Sundararajan, the Company’s Executive Vice President of – Operations, regarding his departure. Mr. Sundararajan will leave the Company effective November 30,
2009, and he plans to return to private consulting.
Under the separation agreement:
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Mr. Sundararajan will receive a continuation of his base salary for a period of two (2) months after his departure, for an aggregate of $41,666.66; and |
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The Company will waive continued service vesting requirements through January 31, 2010 under Mr. Sundararajan’s deferred bonus agreement. As a result, Mr. Sundararajan will receive the following payments under the terms of the deferred bonus agreement: |
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● $50,000 on January 31, 2010; and |
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● $33,334 on January 30, 2011. |
The agreement will also contain a customary release by Mr. Sundararajan and other customary terms and provisions.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
| (d) | Exhibits | |
| Exhibit | Description | |
| 99.1 Press Release dated October 26, 2009 |
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HOOKER FURNITURE CORPORATION | |||
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Date: October 27, 2009 |
By: |
/s/ Edwin L. Ryder | |
| Edwin L. Ryder | |||
| Executive Vice President – Finance and Administration | |||
Exhibit 99.1
PRESS RELEASE
For more information, contact:
Paul Toms Jr., Chief Executive Officer
Hooker Furniture-276-632-2133
Hooker Furniture’s Executive VP Operations to Leave Company
Martinsville, Va., October 26, 2009 – Hooker Furniture Corporation (NASDAQ-GS: HOFT) announced today that the Company’s Executive Vice President of Operations, Sekar Sundararajan, is leaving the firm to return to private consulting, effective November 30, 2009.
Sundararajan has been working with the company since early 2007 in a consulting capacity, and joined Hooker in the new position of Executive Vice President of Operations in 2008.
“We’re very appreciative of Sekar’s involvement with Hooker Furniture,” said Paul Toms Jr., chief executive officer and president. “He has helped us improve significantly in multiple operational areas. We are a better performing company due to the time he has spent with us.” Toms added, “We
look forward to continuing to work with him on a consulting basis on several current and future projects and wish him success as he goes back to private consulting.”
Ranked among the nation's top 10 largest publicly traded furniture sources based on 2008 shipments to U.S. retailers, Hooker Furniture Corporation is an 85-year old residential wood, metal and upholstered furniture resource. Major wood furniture product categories include home entertainment, home office, accent, dining, bedroom and
bath furniture under the Hooker Furniture brand and youth bedroom furniture sold under the Opus Designs brand. Hooker’s residential upholstered seating companies include Cherryville, N.C.-based Bradington-Young LLC, a specialist in upscale motion and stationary leather furniture, and Bedford, Va.-based Sam Moore Furniture LLC, a specialist in upscale occasional chairs with an emphasis on cover-to-frame customization. Please visit our websites at www.hookerfurniture.com, www.bradington-young.com, www.sammoore.com and www.opusdesigns.com.