HVT » Topics » GENERAL PROVISIONS

This excerpt taken from the HVT 10-Q filed Aug 4, 2006.

GENERAL PROVISIONS

 

6.1

Effective Date and Term of Plan

 

The Plan was adopted by the Board on February 23, 2006, and is subject to approval by the Company’s stockholders. This Plan shall become effective on the date it is approved by the Company’s stockholders (the “Effective Date”), and shall remain in effect, subject to the right of the Board to terminate the Plan at any time pursuant to Section 6.2, until the date immediately preceding the tenth (10th) anniversary of the Effective Date of the Plan.

 

6.2

Termination and Amendment

 

Subject to the approval of the Governance Committee and the Board of Directors, the Management Committee may from time to time make such amendments to the Plan as it may deem proper and in the best interest of the Company, including, but not limited to, any amendment necessary to ensure that the Company may obtain any regulatory approval required; provided however, that to the extent required by applicable law, regulation or stock exchange rule, stockholder approval shall be required. The Board of Directors, at the recommendation of the Governance Committee, may at any time suspend the operation of or terminate the plan. No amendment, suspension or termination may impair the right of a director or the director’s designated Beneficiary to receive benefits accrued prior to the effective date of such amendment, suspension or termination.

 

6.3

Six Month Holding Period

 

All shares of Common Stock issued under the Plan must be held for six months from the date of issuance prior to any disposition by the Director.

 

6.4

Applicable Law

 

The Plan shall be construed and governed in accordance with the laws of the State of Georgia.

 

 

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IN WITNESS WHEREOF, the Company has caused the Plan to be executed as of May 16, 2006.

 

 

 

 

HAVERTY FURNITURE COMPANIES, INC.

 

 

 

 

By:

/s/ Clarence H. Smith

 

 

Clarence H. Smith

 

 

President and Chief Executive Officer

ATTEST:

 

 

 

 

 

By:

/s/ Jenny Hill Parker

 

 

 

Jenny Hill Parker

Corporate Secretary

 

 

 

 

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