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Exhibit 10.2 EXECUTION VERSION GUARANTY AGREEMENT Dated as of May 31, 2018 of
ALLSTEEL INC. HEARTH & HOME TECHNOLOGIES LLC THE HON COMPANY LLC 4849-1772-2720
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Exhibit 10.2 TABLE OF CONTENTS SECTION HEADING PAGE SECTION 1. GUARANTY
...................................................................................................1 
SECTION 2. OBLIGATIONS ABSOLUTE
..............................................................................3 
SECTION 3. WAIVER
........................................................................................................4 
SECTION 4. OBLIGATIONS UNIMPAIRED
..........................................................................4 
SECTION 5. SUBROGATION AND SUBORDINATION
...........................................................5  SECTION 6.
REINSTATEMENT OF GUARANTY
...................................................................6  SECTION 7.
RANK OF GUARANTY
....................................................................................6 
SECTION 9. REPRESENTATIONS AND WARRANTIES OF EACH GUARANTOR
......................6  SECTION 10. TERM OF GUARANTY AGREEMENT
...............................................................6  SECTION 11.
SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT
.................................................................................................7 
SECTION 12. AMENDMENT AND WAIVER.
.........................................................................7 
Section 12.1. Requirements
.........................................................................................7 
Section 12.2. Solicitation of Holders of Notes
............................................................7  Section 12.3.
Binding Effect
........................................................................................8 
Section 12.4. Notes Held by Company, Etc
.................................................................8  SECTION 13.
NOTICES
........................................................................................................8 
SECTION 15. MISCELLANEOUS
..........................................................................................9 
Section 14.1. Successors and Assigns; Joinder
............................................................9  Section 14.2.
Severability
............................................................................................9 
Section 14.3. Construction
...........................................................................................9 
Section 14.4. Further
Assurances.................................................................................9 
Section 14.5. Governing Law
......................................................................................9 
Section 14.6. Jurisdiction and Process; Waiver of Jury Trial
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GUARANTY AGREEMENT THIS GUARANTY AGREEMENT, dated as of May 31, 2018 (this
“Guaranty Agreement”), is made by each of the undersigned (each a “Guarantor”
and, together with each of the other signatories hereto and any other entities
from time to time parties hereto pursuant to Section 14.1 hereof, the
“Guarantors”) in favor of the Purchasers (as defined below) and the other
holders from time to time of the Notes (as defined below). The Purchasers and
such other holders are herein collectively called the “holders” and individually
a “holder.” PRELIMINARY STATEMENTS: I. HNI Corporation, an Iowa corporation (the
“Company”), entered into a Note Purchase Agreement dated as of May 31, 2018 (as
amended, modified, supplemented or restated from time to time, the “Note
Agreement”) with the Persons listed on the Purchaser Schedule thereto (the
“Purchasers”) simultaneously with the delivery of this Guaranty Agreement.
Capitalized terms used herein have the meanings specified in the Note Agreement
unless otherwise defined herein. II. The Company has authorized the issuance of,
and proposes to issue and sell, pursuant to the Note Agreement, (a) $50,000,000
aggregate principal amount of its 4.22% Senior Notes, Series A, due May 31, 2025
(“Series A Notes”) and (b) $50,000,000 aggregate principal amount of its 4.40%
Senior Notes, Series B, due May 31, 2028 (the “Series B Notes” and together with
the Series A Notes, each as amended, restated or otherwise modified from time to
time and including any such notes issued in substitution therefor, the “Notes”
and individually a “Note”). III. It is a condition to the agreement of the
Purchasers to purchase the Notes that this Guaranty Agreement shall have been
executed and delivered by each Guarantor and shall be in full force and effect.
IV. Each Guarantor will receive direct and indirect benefits from the financing
arrangements contemplated by the Note Agreement. The governing body of each
Guarantor has determined that the incurrence of such obligations is in the best
interests of such Guarantor. NOW THEREFORE, in order to induce, and in
consideration of, the execution and delivery of the Note Agreement and the
purchase of the Notes by each of the Purchasers, each Guarantor hereby covenants
and agrees with, and represents and warrants to each of the holders as follows:
SECTION 1. GUARANTY. Each Guarantor hereby irrevocably, unconditionally and
jointly and severally with the other Guarantors guarantees to each holder, the
due and punctual payment in full of (a) the principal of, Make-Whole Amount, if
any, and interest on (including, without limitation, interest accruing after the
filing of any petition in bankruptcy, or the commencement of any insolvency,
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reorganization or like proceeding, whether or not a claim for post-filing or
post-petition interest is allowed in such proceeding), and any other amounts due
under, the Notes when and as the same shall become due and payable (whether at
stated maturity or by required or optional prepayment or by acceleration or
otherwise) and (b) any other sums which may become due under the terms and
provisions of the Notes, the Note Agreement or any other instrument referred to
therein (all such obligations described in clauses (a) and (b) above are herein
called the “Guaranteed Obligations”). The guaranty in the preceding sentence is
an absolute, present and continuing guaranty of payment and not of
collectibility and is in no way conditional or contingent upon any attempt to
collect from the Company or any other guarantor of the Notes (including, without
limitation, any other Guarantor hereunder) or upon any other action, occurrence
or circumstance whatsoever. In the event that the Company shall fail so to pay
any of such Guaranteed Obligations, each Guarantor agrees to pay the same when
due to the holders entitled thereto, without demand, presentment, protest or
notice of any kind, in lawful money of the United States of America, pursuant to
the requirements for payment specified in the Notes and the Note Agreement. Each
default in payment of any of the Guaranteed Obligations shall give rise to a
separate cause of action hereunder and separate suits may be brought hereunder
as each cause of action arises. Each Guarantor agrees that the Notes issued in
connection with the Note Agreement may (but need not) make reference to this
Guaranty Agreement. Each Guarantor agrees to pay and to indemnify and save each
holder harmless from and against any damage, loss, cost or expense (but limited,
in the case of legal fees and expenses, to the reasonable and documented
out-of-pocket charges of one outside counsel representing the holders taken as a
whole and, if reasonably required by the Required Holders, one counsel in any
relevant jurisdiction representing the holders taken as a whole) which such
holder may incur or be subject to as a consequence, direct or indirect, of (x)
any breach by such Guarantor, by any other Guarantor or by the Company of any
warranty, covenant, term or condition in, or the occurrence of any default
under, this Guaranty Agreement, the Notes, the Note Agreement or any other
instrument referred to therein, together with all expenses resulting from the
compromise or defense of any claims or liabilities arising as a result of any
such breach or default, (y) any legal action commenced to challenge the validity
or enforceability of this Guaranty Agreement, the Notes, the Note Agreement or
any other instrument referred to therein and (z) enforcing or defending (or
determining whether or how to enforce or defend) the provisions of this Guaranty
Agreement; provided that no such indemnity shall be owing by the Guarantors if
the applicable damage, loss, cost or expense is found by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the gross
negligence, bad faith or willful misconduct of such holder or of any affiliate
of such holder. Each Guarantor hereby acknowledges and agrees that such
Guarantor’s liability hereunder is joint and several with the other Guarantors
and any other Person(s) who may guarantee the obligations and Indebtedness under
and in respect of the Notes and the Note Agreement. Notwithstanding the
foregoing provisions or any other provision of this Guaranty Agreement, each
Guarantor hereby agrees that if at any time the Guaranteed Obligations exceed
the Maximum Guaranteed Amount determined as of such time with regard to such
Guarantor, then this Guaranty Agreement shall be automatically amended to reduce
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Obligations to the Maximum Guaranteed Amount. Such amendment shall not require
the written consent of any Guarantor or any holder and shall be deemed to have
been automatically consented to by each Guarantor and each holder. Each
Guarantor agrees that the Guaranteed Obligations may at any time exceed the
Maximum Guaranteed Amount without affecting or impairing the obligation of such
Guarantor. “Maximum Guaranteed Amount” means as of the date of determination
with respect to a Guarantor, the lesser of (a) the amount of the Guaranteed
Obligations outstanding on such date and (b) the maximum amount that would not
render such Guarantor’s liability under this Guaranty Agreement subject to
avoidance under Section 548 of the United States Bankruptcy Code (or any
successor provision) or any comparable provision of applicable state law.
SECTION 2. OBLIGATIONS ABSOLUTE. The obligations of each Guarantor hereunder
shall be primary, absolute, irrevocable and unconditional, irrespective of the
validity or enforceability of the Notes, the Note Agreement or any other
instrument referred to therein, shall not be subject to any counterclaim,
setoff, deduction or defense based upon any claim such Guarantor may have
against the Company or any holder or otherwise, and shall remain in full force
and effect without regard to, and shall not be released, discharged or in any
way affected by, any circumstance or condition whatsoever (whether or not such
Guarantor shall have any knowledge or notice thereof), including, without
limitation: (a) any amendment to, modification of, supplement to or restatement
of the Notes, the Note Agreement or any other instrument referred to therein (it
being agreed that the obligations of each Guarantor hereunder shall apply to the
Notes, the Note Agreement or any such other instrument as so amended, modified,
supplemented or restated) or any assignment or transfer of any thereof or of any
interest therein, or any furnishing, acceptance or release of any security for
the Notes or the addition, substitution or release of any other Guarantor or any
other entity or other Person primarily or secondarily liable in respect of the
Guaranteed Obligations; (b) any waiver, consent, extension, indulgence or other
action or inaction under or in respect of the Notes, the Note Agreement or any
other instrument referred to therein; (c) any bankruptcy, insolvency,
arrangement, reorganization, readjustment, composition, liquidation or similar
proceeding with respect to the Company or its property; (d) any merger,
amalgamation or consolidation of any Guarantor or of the Company into or with
any other Person or any sale, lease or transfer of any or all of the assets of
any Guarantor or of the Company to any Person; (e) any failure on the part of
the Company for any reason to comply with or perform any of the terms of any
other agreement with any Guarantor; (f) any failure on the part of any holder to
obtain, maintain, register or otherwise perfect any security; or (g) any other
event or circumstance which might otherwise constitute a legal or equitable
discharge or defense of a guarantor (whether or not similar to the foregoing),
and in any event however material or prejudicial it may be to any Guarantor or
to any subrogation, contribution or reimbursement rights any Guarantor may
otherwise have. Each Guarantor covenants that its obligations hereunder will not
be discharged except by indefeasible payment in full in cash of all of the
Guaranteed Obligations (other than contingent indemnification obligations to the
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SECTION 3. WAIVER. Each Guarantor unconditionally waives to the fullest extent
permitted by law, except as specifically provided herein, (a) notice of
acceptance hereof, of any action taken or omitted in reliance hereon and of any
default by the Company in the payment of any amounts due under the Notes, the
Note Agreement or any other instrument referred to therein, and of any of the
matters referred to in Section 2 hereof, (b) all notices which may be required
by statute, rule of law or otherwise to preserve any of the rights of any holder
against such Guarantor, including, without limitation, presentment to or demand
for payment from the Company or any Guarantor with respect to any Note, notice
to the Company or to any Guarantor of default or protest for nonpayment or
dishonor and the filing of claims with a court in the event of the bankruptcy of
the Company, (c) any right to require any holder to enforce, assert or exercise
any right, power or remedy including, without limitation, any right, power or
remedy conferred in the Note Agreement or the Notes, (d) any requirement for
diligence on the part of any holder and (e) any other act or omission or thing
or delay in doing any other act or thing which might in any manner or to any
extent vary the risk of such Guarantor or otherwise operate as a discharge of
such Guarantor or in any manner lessen the obligations of such Guarantor
hereunder. SECTION 4. OBLIGATIONS UNIMPAIRED. Each Guarantor authorizes the
holders, without notice or demand to such Guarantor or any other Guarantor and
without affecting its obligations hereunder, from time to time: (a) to renew,
compromise, extend, accelerate or otherwise change the time for payment of, all
or any part of the Notes, the Note Agreement or any other instrument referred to
therein; (b) to change any of the representations, covenants, events of default
or any other terms or conditions of or pertaining to the Notes, the Note
Agreement or any other instrument referred to therein, including, without
limitation, decreases or increases in amounts of principal, rates of interest,
the Make-Whole Amount or any other obligation; (c) to take and hold security for
the payment of the Notes, the Note Agreement or any other instrument referred to
therein, for the performance of this Guaranty Agreement or otherwise for the
Indebtedness guaranteed hereby and to exchange, enforce, waive, subordinate and
release any such security; (d) to apply any such security and to direct the
order or manner of sale thereof as the holders in their sole discretion may
determine; (e) to obtain additional or substitute endorsers or guarantors or
release any other Guarantor or any other Person or entity primarily or
secondarily liable in respect of the Guaranteed Obligations; (f) to exercise or
refrain from exercising any rights against the Company, any Guarantor or any
other Person; and (g) to apply any sums, by whomsoever paid or however realized,
to the payment of the Guaranteed Obligations and all other obligations owed
hereunder. The holders shall have no obligation to proceed against any
additional or substitute endorsers or guarantors or to pursue or exhaust any
security provided by the Company, such Guarantor or any other Guarantor or any
other Person or to pursue any other remedy available to the holders. If an event
permitting the acceleration of the maturity of the principal amount of any Notes
shall exist and such acceleration shall at such time be prevented or the right
of any holder to receive any payment on account of the Guaranteed Obligations
shall at such time be delayed or otherwise affected by reason of the pendency
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other guarantors of a case or proceeding under a bankruptcy or insolvency law,
such Guarantor agrees that, for purposes of this Guaranty Agreement and its
obligations hereunder, the maturity of such principal amount shall be deemed to
have been accelerated with the same effect as if the holder thereof had
accelerated the same in accordance with the terms of the Note Agreement, and
such Guarantor shall forthwith pay such accelerated Guaranteed Obligations.
SECTION 5. SUBROGATION AND SUBORDINATION. (a) Each Guarantor will not exercise
any rights which it may have acquired by way of subrogation under this Guaranty
Agreement, by any payment made hereunder or otherwise, or accept any payment on
account of such subrogation rights, or any rights of reimbursement, contribution
or indemnity or any rights or recourse to any security for the Notes or this
Guaranty Agreement unless and until all of the Guaranteed Obligations shall have
been indefeasibly paid in full in cash. (b) Each Guarantor hereby subordinates
the payment of all Indebtedness and other obligations of the Company or any
other guarantor of the Guaranteed Obligations owing to such Guarantor, whether
now existing or hereafter arising, including, without limitation, all rights and
claims described in clause (a) of this Section 5, to the indefeasible payment in
full in cash of all of the Guaranteed Obligations. If the Required Holders so
request during the existence of any Default or Event of Default, any such
Indebtedness or other obligations shall be enforced and performance received by
such Guarantor as trustee for the holders and the proceeds thereof shall be paid
over to the holders promptly, in the form received (together with any necessary
endorsements) to be applied to the Guaranteed Obligations, whether matured or
unmatured, as may be directed by the Required Holders, but without reducing or
affecting in any manner the liability of any Guarantor under this Guaranty
Agreement. (c) If any amount or other payment is made to or accepted by any
Guarantor in violation of any of the preceding clauses (a) and (b) of this
Section 5, such amount shall be deemed to have been paid to such Guarantor for
the benefit of, and held in trust for the benefit of, the holders and shall be
paid over to the holders promptly, in the form received (together with any
necessary endorsements) to be applied to the Guaranteed Obligations, whether
matured or unmatured, as may be directed by the Required Holders, but without
reducing or affecting in any manner the liability of such Guarantor under this
Guaranty Agreement. (d) Each Guarantor acknowledges that it will receive direct
and indirect benefits from the financing arrangements contemplated by the Note
Agreement and that its agreements set forth in this Guaranty Agreement
(including this Section 5) are knowingly made in contemplation of such benefits.
(e) Each Guarantor hereby agrees that, to the extent that a Guarantor shall have
paid an amount hereunder to any holder that is greater than the net value of the
benefits received, directly or indirectly, by such paying Guarantor as a result
of the issuance and sale of the Notes (such net value, its “Proportionate
Share”), such paying Guarantor shall, subject to Section 5(a) and 5(b), be
entitled to contribution from any Guarantor that has not paid its Proportionate
Share of the Guaranteed Obligations. Any amount payable as a contribution under
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be determined as of the date on which the related payment is made by such
Guarantor seeking contribution and each Guarantor acknowledges that the right to
contribution hereunder shall constitute an asset of such Guarantor to which such
contribution is owed. Notwithstanding the foregoing, the provisions of this
Section 5(e) shall in no respect limit the obligations and liabilities of any
Guarantor to the holders of the Notes hereunder or under the Notes, the Note
Agreement or any other document, instrument or agreement executed in connection
therewith, and each Guarantor shall remain jointly and severally liable for the
full payment and performance of the Guaranteed Obligations. SECTION 6.
REINSTATEMENT OF GUARANTY. This Guaranty Agreement shall continue to be
effective, or be reinstated, as the case may be, if and to the extent at any
time payment, in whole or in part, of any of the sums due to any holder on
account of the Guaranteed Obligations is rescinded or must otherwise be restored
or returned by a holder upon the insolvency, bankruptcy, dissolution,
liquidation or reorganization of the Company or any other guarantors, or upon or
as a result of the appointment of a custodian, receiver, trustee or other
officer with similar powers with respect to the Company or any other guarantors
or any part of its or their property, or otherwise, all as though such payments
had not been made. SECTION 7. RANK OF GUARANTY. Each Guarantor will ensure that
its payment obligations under this Guaranty Agreement will at all times rank at
least pari passu, without preference or priority, with all other unsecured and
unsubordinated Indebtedness of such Guarantor now or hereafter existing. SECTION
8. [RESERVED] SECTION 9. REPRESENTATIONS AND WARRANTIES OF EACH GUARANTOR. Each
Guarantor represents and warrants to each holder that such Guarantor is not
entitled to raise the defense of sovereign, tribal or governmental immunity in
connection with any legal proceeding to enforce or collect upon this Guaranty
Agreement or the transactions contemplated hereby (including without limitation,
immunity from service of process and immunity from jurisdiction of any court or
tribunal in respect of itself, including the payment of any principal,
Make-Whole Amount, if any, interest and all other amounts becoming due under
this Guaranty Agreement). SECTION 10. TERM OF GUARANTY AGREEMENT. This Guaranty
Agreement and all guarantees, covenants and agreements of the Guarantors
contained herein shall continue in full force and effect and shall not be
discharged until (a) such time as all of the Guaranteed Obligations (other than
contingent indemnification obligations to the extent no claim giving rise
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in full in cash and shall be subject to reinstatement pursuant to Section 6 or
(b) the release of such Guarantor pursuant to Section 9.7(b) of the Note
Agreement. SECTION 11. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE
AGREEMENT. All representations and warranties contained herein shall survive the
execution and delivery of this Guaranty Agreement and may be relied upon by any
subsequent holder, regardless of any investigation made at any time by or on
behalf of any Purchaser or any other holder. All statements contained in any
certificate or other instrument delivered by or on behalf of a Guarantor
pursuant to this Guaranty Agreement shall be deemed representations and
warranties of such Guarantor under this Guaranty Agreement. Subject to the
preceding sentence, this Guaranty Agreement embodies the entire agreement and
understanding between each holder and the Guarantors and supersedes all prior
agreements and understandings relating to the subject matter hereof. SECTION 12.
AMENDMENT AND WAIVER. Section 12.1. Requirements. Except as otherwise provided
in the fourth paragraph of Section 1 of this Guaranty Agreement, this Guaranty
Agreement may be amended, and the observance of any term hereof may be waived
(either retroactively or prospectively), with (and only with) the written
consent of each Guarantor and the Required Holders, except that no amendment or
waiver of (a) any of the provisions of Sections 2, 10, and 12 or (b) which
results in the limitation of the liability of any Guarantor hereunder (except to
the extent provided in the fourth paragraph of Section 1 of this Guaranty
Agreement) will be effective as to any holder unless consented to by such holder
in writing. Section 12.2. Solicitation of Holders of Notes. (a) Solicitation.
Each Guarantor will provide each holder of the Notes (irrespective of the amount
of Notes then owned by it) with sufficient information, sufficiently far in
advance of the date a decision is required, to enable such holder to make an
informed and considered decision with respect to any proposed amendment, waiver
or consent in respect of any of the provisions hereof. Each Guarantor will
deliver executed or true and correct copies of each amendment, waiver or consent
effected pursuant to the provisions of this Section 12.2 to each holder promptly
following the date on which it is executed and delivered by, or receives the
consent or approval of, the requisite holders of Notes. (b) Payment. The
Guarantors will not directly or indirectly pay or cause to be paid any
remuneration, whether by way of supplemental or additional interest, fee or
otherwise, or grant any security or provide other credit support, to any holder
as consideration for or as an inducement to the entering into by any holder of
any waiver or amendment of any of the terms and provisions hereof unless such
remuneration is concurrently paid, or security is concurrently granted or other
credit support concurrently provided, on the same terms, ratably to each holder
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(c) Consent in Contemplation of Transfer. Any consent made pursuant to this
Section 13 by a holder that has transferred or has agreed to transfer its Notes
to the Company, any Subsidiary or any Affiliate (including any Guarantor) of the
Company and has provided or has agreed to provide such written consent as a
condition to such transfer shall be void and of no force or effect except solely
as to such holder, and any amendments effected or waivers granted or to be
effected or granted that would not have been or would not be so effected or
granted but for such consent (and the consents of all other holders of Notes
that were acquired under the same or similar conditions) shall be void and of no
force or effect except solely as to such holder. Section 12.3. Binding Effect.
Any amendment or waiver consented to as provided in this Section 12 applies
equally to all holders and is binding upon them and upon each future holder and
upon each Guarantor without regard to whether any Note has been marked to
indicate such amendment or waiver. No such amendment or waiver will extend to or
affect any obligation, covenant or agreement not expressly amended or waived or
impair any right consequent thereon. No course of dealing between a Guarantor
and the holder nor any delay in exercising any rights hereunder or under any
Note shall operate as a waiver of any rights of any holder. As used herein, the
term “this Guaranty Agreement” and references thereto shall mean this Guaranty
Agreement as it may be amended, modified, supplemented or restated from time to
time. Section 12.4. Notes Held by Company, Etc. Solely for the purpose of
determining whether the holders of the requisite percentage of the aggregate
principal amount of Notes then outstanding approved or consented to any
amendment, waiver or consent to be given under this Guaranty Agreement, or have
directed the taking of any action provided herein to be taken upon the direction
of the holders of a specified percentage of the aggregate principal amount of
Notes then outstanding, Notes directly or indirectly owned by any Guarantor, the
Company or any of their respective Affiliates shall be deemed not to be
outstanding. SECTION 13. NOTICES. All notices and communications provided for
hereunder shall be in writing and sent (a) by telecopy if the sender on the same
day sends a confirming copy of such notice by a recognized overnight delivery
service (charges prepaid), or (b) by registered or certified mail with return
receipt requested (postage prepaid), or (c) by a recognized overnight delivery
service (with charges prepaid). Any such notice must be sent: (a) if to any
Guarantor, to such Guarantor at the address specified on the signature page
hereto, or such other address as such Guarantor shall have specified to the
holders in writing, or (b) if to any holder, to such holder at the addresses
specified for such communications set forth in Schedule A to the Note Agreement,
or such other address as such holder shall have specified to the Guarantors in
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SECTION 14. MISCELLANEOUS. Section 14.1. Successors and Assigns; Joinder. All
covenants and other agreements contained in this Guaranty Agreement by or on
behalf of any of the parties hereto bind and inure to the benefit of their
respective successors and assigns whether so expressed or not. It is agreed and
understood that any Person may become a Guarantor hereunder by executing a
Guarantor Supplement substantially in the form of Exhibit A attached hereto and
delivering the same to the holders. Any such Person shall thereafter be a
“Guarantor” for all purposes under this Guaranty Agreement. Section 14.2.
Severability. Any provision of this Guaranty Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall (to the full extent permitted by law), not invalidate or
render unenforceable such provision in any other jurisdiction. Section 14.3.
Construction. Each covenant contained herein shall be construed (absent express
provision to the contrary) as being independent of each other covenant contained
herein, so that compliance with any one covenant shall not (absent such express
contrary provision) be deemed to excuse compliance with any other covenant.
Whether any provision herein refers to action to be taken by any Person, or
which such Person is prohibited from taking, such provision shall be applicable
whether such action is taken directly or indirectly by such Person. The section
and subsection headings in this Guaranty Agreement are for convenience of
reference only and shall neither be deemed to be a part of this Guaranty
Agreement nor modify, define, expand or limit any of the terms or provisions
hereof. All references herein to numbered sections, unless otherwise indicated,
are to sections of this Guaranty Agreement. Words and definitions in the
singular shall be read and construed as though in the plural and vice versa, and
words in the masculine, neuter or feminine gender shall be read and construed as
though in either of the other genders where the context so requires. Section
14.4. Further Assurances. Each Guarantor agrees to execute and deliver all such
instruments and take all such action as the Required Holders may from time to
time reasonably request in order to effectuate fully the purposes of this
Guaranty Agreement. Section 14.5. Governing Law. This Guaranty Agreement shall
be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of New York, excluding choice-of-law
principles of the law of such State that would permit the application of the
laws of a jurisdiction other than such State. Section 14.6. Jurisdiction and
Process; Waiver of Jury Trial. (a) Each Guarantor irrevocably submits to the
non-exclusive jurisdiction of any New York State or federal court sitting in the
Borough of Manhattan, The City of New York, over any suit, action or proceeding
arising out of or relating to this Guaranty Agreement. To the fullest extent
permitted by applicable law, each Guarantor irrevocably waives and agrees not to
assert, by way of motion, as a defense or otherwise, any claim that it is not
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objection that it may now or hereafter have to the laying of the venue of any
such suit, action or proceeding brought in any such court and any claim that any
such suit, action or proceeding brought in any such court has been brought in an
inconvenient forum. (b) Each Guarantor consents to process being served by or on
behalf of any holder in any suit, action or proceeding of the nature referred to
in Section 14.6(a) by mailing a copy thereof by registered or certified mail (or
any substantially similar form of mail), postage prepaid, return receipt
requested, to it at its address specified in Section 13 or at such other address
of which such holder shall then have been notified pursuant to Section 13. Each
Guarantor agrees that such service upon receipt (i) shall be deemed in every
respect effective service of process upon it in any such suit, action or
proceeding and (ii) shall, to the fullest extent permitted by applicable law, be
taken and held to be valid personal service upon and personal delivery to it.
Notices hereunder shall be conclusively presumed received as evidenced by a
delivery receipt furnished by the United States Postal Service or any reputable
commercial delivery service. (c) Nothing in this Section 14.6 shall affect the
right of any holder to serve process in any manner permitted by law, or limit
any right that the holders may have to bring proceedings against any Guarantor
in the courts of any appropriate jurisdiction or to enforce in any lawful manner
a judgment obtained in one jurisdiction in any other jurisdiction. (d) THE
GUARANTORS AND THE HOLDERS HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON
OR WITH RESPECT TO THIS GUARANTY AGREEMENT OR OTHER DOCUMENT EXECUTED IN
CONNECTION HEREWITH. -10- \\DC - 047743/000003 - 12151411 v6

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IN WITNESS WHEREOF, each Guarantor has caused this Guaranty Agreement to be duly
executed and delivered as of the date and year first above written. ALLSTEEL
INC. By: /s/ Jack D. Herring ____________________ Name: Jack D. Herring Title:
Treasurer Notice Address for such Guarantor 600 East Second Street Muscatine,
Iowa 52761 Attention: Jack D. Herring HEARTH & HOME TECHNOLOGIES LLC By: /s/
Jack D. Herring ____________________ Name: Jack D. Herring Title: Treasurer
Notice Address for such Guarantor 600 East Second Street Muscatine, Iowa 52761
Attention: Jack D. Herring THE HON COMPANY LLC By: /s/ Jack D. Herring
____________________ Name: Jack D. Herring Title: Treasurer Notice Address for
such Guarantor 600 East Second Street Muscatine, Iowa 52761 Attention: Jack D.
Herring \\DC - 047743/000003 - 12151411 v6

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EXHIBIT A GUARANTOR SUPPLEMENT THIS GUARANTOR SUPPLEMENT (the “Guarantor
Supplement”), dated as of [__________, 20__] is made by [__________], a
[____________](the “Additional Guarantor”), in favor of the holders from time to
time of the Notes issued pursuant to the Note Agreement described below:
PRELIMINARY STATEMENTS: I. Pursuant to the Note Purchase Agreement dated as of
May 31, 2018 (as amended, modified, supplemented or restated from time to time,
the “Note Agreement”), by and among HNI Corporation, an Iowa corporation (the
“Company”), and the Persons listed on the signature pages thereto (the
“Purchasers”), the Company has issued and sold (a) $50,000,000 aggregate
principal amount of its 4.22% Senior Notes, Series A, due May 31, 2025 (“Series
A Notes”) and (b) $50,000,000 aggregate principal amount of its 4.40% Senior
Notes, Series B, due May 31, 2028 (the “Series B Notes” and together with the
Series A Notes, each as amended, restated or otherwise modified from time to
time and including any such notes issued in substitution therefor, the “Notes”
and individually a “Note”). II. The Company is required pursuant to the Note
Agreement to cause the Additional Guarantor to deliver this Guarantor Supplement
in order to cause the Additional Guarantor to become a Guarantor under the
Guaranty Agreement dated as of May 31, 2018 executed by certain Subsidiaries of
the Company (together with each entity that from time to time becomes a party
thereto by executing a Guarantor Supplement pursuant to Section 14.1 thereof,
collectively, the “Guarantors”) in favor of each holder from time to time of any
of the Notes (as the same may be amended, restated, supplemented or otherwise
modified from time to time, the “Guaranty Agreement”). III. The Additional
Guarantor has received and will receive substantial direct and indirect benefits
from the Company’s compliance with the terms and conditions of the Note
Agreement and the Notes issued thereunder. IV. Capitalized terms used and not
otherwise defined herein have the definitions set forth in the Note Agreement.
Now therefore, in consideration of the funds advanced to the Company by the
Purchasers under the Note Agreement and to enable the Company to comply with the
terms of the Note Agreement, the Additional Guarantor hereby covenants,
represents and warrants to the holders as follows: The Additional Guarantor
hereby becomes a Guarantor (as defined in the Guaranty Agreement) for all
purposes of the Guaranty Agreement. Without limiting the foregoing, the
Additional Guarantor hereby (a) jointly and severally with the other \\DC -
047743/000003 - 12151411 v6

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Guarantors under the Guaranty Agreement, guarantees to the holders from time to
time of the Notes the prompt payment in full when due (whether at sated
maturity, by acceleration or otherwise) and the full and prompt performance and
observance of all Guaranteed Obligations (as defined in Section 1 of the
Guaranty Agreement) in the same manner and to the same extent as is provided in
the Guaranty Agreement, (b) accepts and agrees to perform and observe all of the
covenants set forth therein, (c) waives the rights set forth in Section 3 of the
Guaranty Agreement, (d) makes the representations and warranties set forth in
Section 9 of the Guaranty Agreement and (e) waives the rights, submits to
jurisdiction, and waives service of process as described in Section 14.6 of the
Guaranty Agreement. Notice of acceptance of this Guarantor Supplement and of the
Guaranty Agreement, as supplemented hereby, is hereby waived by the Additional
Guarantor. The address for notices and other communications to be delivered to
the Additional Guarantor pursuant to Section 13 of the Guaranty Agreement is set
forth below. IN WITNESS WHEREOF, the Additional Guarantor has caused this
Guarantor Supplement to be duly executed and delivered as of the date and year
first above written. [NAME OF GUARANTOR] By: ___________________________________
Name: Title: Notice Address for such Guarantor
______________________________________ _______________________________________
_______________________________________ A-2 \\DC - 047743/000003 - 12151411 v6

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