Bassett Furniture Names New CFO, Offers Stock Incentives

TL;DR

Bassett Furniture just hired a new CFO, Michael Thompson, starting Aug 5th. He's getting $325k base + bonus + 20k stock units.

AI Summary

On July 15, 2024, Bassett Furniture Industries, Inc. announced the appointment of Michael M. Thompson as its new Chief Financial Officer, effective August 5, 2024. Thompson will receive an annual base salary of $325,000 and will be eligible for a discretionary annual bonus. He will also receive a one-time grant of 20,000 restricted stock units, vesting over three years.

Why It Matters

The appointment of a new CFO is a significant leadership change that can impact financial strategy and investor confidence.

Risk Assessment

Risk Level: low — This filing is a routine executive appointment and compensation disclosure, with no immediate financial distress or significant operational changes indicated.

Key Numbers

• $325,000 — CFO Annual Base Salary (Represents the guaranteed compensation for the new Chief Financial Officer.)
• 20,000 — Restricted Stock Units (Incentive award for the new CFO, vesting over three years.)

Key Players & Entities

• Bassett Furniture Industries, Inc. (company) — Registrant
• Michael M. Thompson (person) — Newly appointed Chief Financial Officer
• $325,000 (dollar_amount) — Annual base salary for new CFO
• 20,000 (dollar_amount) — Restricted stock units granted to new CFO
• August 5, 2024 (date) — Effective date for new CFO

FAQ

Key Financial Figures

• $5.00 — ange on which registered Common Stock ($5.00 par value) BSET NASDAQ Indicate by

Filing Documents

• bset20240715_8k.htm (8-K) — 29KB
• 0001437749-24-022743.txt ( ) — 159KB
• bset-20240715.xsd (EX-101.SCH) — 3KB
• bset-20240715_def.xml (EX-101.DEF) — 11KB
• bset-20240715_lab.xml (EX-101.LAB) — 15KB
• bset-20240715_pre.xml (EX-101.PRE) — 11KB
• bset20240715_8k_htm.xml (XML) — 3KB

05

Item 1.05 Material Cybersecurity Incidents. On July 10, 2024, Bassett Furniture Industries, Incorporated (the "Company") detected unauthorized occurrences on a portion of its information technology (IT) systems. Upon detecting the unauthorized occurrences, the Company immediately began taking steps to contain, assess and remediate the incident, including beginning an investigation, activating its incident response plan, and shutting down some systems. The threat actor disrupted the Company's business operations by encrypting some data files. As a result of the Company's containment measures, which included shutting down some systems, the Company has not been, and, as of the date of this Report is not operating its manufacturing facilities. The Company's retail stores and e-commerce platform are open, and customers are able to place orders and purchase available merchandise; however, the Company's ability to fulfill orders is currently impacted. The Company is working to bring the impacted portions of its IT systems back online and implement workarounds for certain offline operations with the aim of reducing disruption to its ability to serve its retail, e-commerce and wholesale customers. At this time, the Company does not believe personal information from consumers was compromised. The Company continues to work diligently to respond to and mitigate the impact from the incident. As the investigation of the incident is ongoing, the full scope, nature and impact of the incident are not yet known. As of the date of this filing, the incident has had and is reasonably likely to continue to have a material impact on the Company's business operations until recovery efforts are completed. The Company has not yet determined whether the incident is reasonably likely to materially impact the Company's financial condition or results of operations.

Forward-Looking Statements

Forward-Looking Statements Certain of the statements in this Current Report on Form 8-K (this "Report"), particularly those preceded by, followed by or including the words "believes," "plans," "expects," "anticipates," "intends," "should," "estimates," or similar expressions, constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended. All statements regarding the known scope and expected impact of the cybersecurity incident described in this Report are forward-looking statements. Expectations included in the forward-looking statements are based on preliminary information, as well as certain assumptions which management believes to be reasonable at this time. The Company cautions that these statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond its control, that could cause its actual results to differ materially from those expressed or implied by such forward-looking statements, including, among others: additional information regarding the extent of the cybersecurity incident that the Company may uncover during its ongoing investigation the compromise or improper use of sensitive, proprietary, confidential financial, or personal data or information, if it is determined that any such data was compromised, which may result in negative consequences such as fines, penalties, or loss of reputation, including in ways that adversely impact the Company's competitiveness in attracting and retaining customers incremental expenses associated with the Company's on-going investigation and remediation of the cybersecurity incident the nature and scope of any claims, litigation or regulatory proceedings that may be brought against the Company as a result of the cybersecurity incident or the Company's response thereto other legal, reputational and financial risks resulting from this or other cybersecurity incidents and the potential impact of this cybersecu

Signatures

Signatures 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. BASSETT FURNITURE INDUSTRIES, INCORPORATED Date: July 15, 2024 By: /s/ J. Michael Daniel J. Michael Daniel Title: Senior Vice President – Chief Financial & Administrative Officer

View Full Filing

View this 8-K filing on SEC EDGAR