Ladd Furniture Inc – ‘10-K’ for 1/1/94 – EX-10

As of:  Thursday, 3/31/94   ·   For:  1/1/94   ·   Accession #:  950168-94-101   ·   File #:  0-11577

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Ladd Furniture 10-K 3/31/94 #89209.1                  27±   108K 
 2: EX-10       Exhibit 10.1                                           7±    26K 
 3: EX-10       Exhibit 10.2                                           7±    26K 
 4: EX-10       Exhibit 10.3                                           7±    26K 
 5: EX-10       Exhibit 10.4                                           7±    26K 
 6: EX-10       Exhibit 10.5                                           8±    29K 
 7: EX-10       Exhibit 10.6                                           1      8K 
 8: EX-10       Exhibit 10.7                                           6±    23K 
 9: EX-10       Exhibit 10.8                                           2±     9K 
10: EX-13       Exhibit 13.1                                          34    172K 
11: EX-24       Exhibit 24.1                                           2±    10K 

EX-10   —   Exhibit 10.8

                                                                Exhibit 10.8

PROPOSED  

LADD FURNITURE, INC.  

1994 ANNUAL MANAGEMENT INCENTIVE PLAN 

PLAN HIGHLIGHTS 

1.   Incentive  payments  based   on  financial  performance   and  individual  
performance as follows:                                               

For Corporate Participants                              
(bullet)  achievement of PAT target         
              (bullet)  achievement of ROAE target (selected management)
  (bullet)  achievement of individual objectives

For Operating Company Participants                      
(bullet)  achievement of PBT targets        
           (bullet)  achievement of ROIC targets (presidents only)
  (bullet)  achievement of individual objectives

2.   No incentive  payments will be  made to any  individual if the  operating  
   unit  to which the individual is assigned does  not earn 6 1/2% return on
   beginning invested capital.  Incentive payment expense will be accrued in
results before calculation of profit.                                 

3.   Total  of  222 officers  and  key  managers to  participate  in the  plan  
   (Exhibit I) vs 231 in 1993.  Maximum incentives range from 10% to 100% of
   January 1, 1994 base  salary.  Incentive payments are  based on achieving
performance criteria established by senior management.                
4.   Program includes  $50,000 discretionary incentive  pool for extraordinary  
   performance by LADD  employees not  covered by  the Management  Incentive

Plan.                                                                 
5.   Estimated incentive payout at planned performance levels is $3.2 million.  

6.   Incentives earned in  1994 will be paid after completion  of annual audit  
(not later than March 31, 1995).                                      
7.   In the event of a transfer of a participant during  the fiscal year to an  
   operating  unit  other   than  the  unit  in  which  originally   a  Plan
   participant, an appropriate  adjustment will  be made  in Incentive  Plan

eligibility pro-rata for the time worked in each unit.                
8.   In the  event of a promotion  of a participant within  the same operating  
   unit,  an  appropriate   adjustment  will  be  made   in  Incentive  Plan
   eligibility pro-rata.   In  the event  of a  demotion which  would  place
   participants  in a  position substantially different  from that  in which
   they  were nominated as  a participant, an appropriate  adjustment may be
   made as to the amount of incentive payment for which they are eligible as
determined by the Compensation Committee of the Board of Directors.   

9.   Participants  will  forfeit  all   income  from  plan  if  employment  is  
   terminated prior  to January  1, 1995  for any  reason other  than death,
disability or retirement (over 55).                                   

10.  1994 Management Incentive Plan approved only for fiscal year 1994.         

-1-   

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing		Date		Other Filings
		3/31/95
		1/1/95
Filed on:		3/31/94
For Period End:		1/1/94		10-K/A
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