Document:

exhibit10_4x05282022

      MillerKnoll, Inc. 2020 Long-Term Incentive Plan  ARTICLE 1  ESTABLISHMENT AND PURPOSE OF THE PLAN  1.1 Establishment of the Plan. MillerKnoll, Inc., a Michigan corporation (the “Company”),  hereby establishes an incentive compensation plan known as the “MillerKnoll, Inc. 2020 Long-Term  Incentive Plan” (the “Plan”), as set forth in this document. The Plan permits the granting of stock-based  awards to Employees as well as Directors. The Plan was approved by the Company’s shareholders on  October 12, 2020 (the “Effective Date”).  1.2 Purpose of the Plan. The purpose of the Plan is to promote the long-term success of the  Company for the benefit of the Company’s shareholders, through stock-based compensation, by aligning  the personal interests of the Plan Participants with those of its shareholders. The Plan is also designed to  allow Plan Participants to participate in the Company’s future, as well as to enable the Company to attract,  retain and award individuals that qualify as Participants in the Plan.  1.3 Term of Plan. The Plan shall terminate automatically on the tenth (10th) anniversary of the  Effective Date and may be terminated earlier by the Board as provided in Article 11.  ARTICLE 2  DEFINITIONS  For purposes of this Plan, the following terms shall have the meanings set forth below:  2.1 “Award” shall mean any award under this Plan of any Options, Stock Appreciation Rights,  Restricted Stock, Restricted Stock Units, Performance Shares or other Performance-Based Awards or  Other Stock-Based Awards.  2.2 “Award Agreement” shall mean an agreement evidencing the grant of an Award under this  Plan. Awards under the Plan shall be evidenced by Award Agreements that set forth the details, conditions  and limitations for each Award, as established by the Committee and shall be subject to the terms and  conditions of the Plan.  2.3 “Award Date” shall mean the date that an Award is made, as specified in an Award  Agreement.  2.4 “Board” shall mean the Board of Directors of the Company.  2.5 “Cause” shall mean:  (a) A material breach by the Participant of those duties and responsibilities of the  Participant which (i) do not differ in any material respect from the duties and responsibilities of the  Participant during the 90-day period immediately prior to such breach (other than due to Disability), (ii) is  demonstrably willful and deliberate on the Participant’s part, (iii) is committed in bad faith or without  reasonable belief that such breach is in the best interests of the Company, and (iv) is not remedied in a  reasonable period of time after receipt of written notice from the Company specifying such breach; or  (b) The commission by the Participant of a felony involving moral turpitude.  2.6 “Change in Control” shall mean:  (a) the acquisition by any individual, entity, or group (including any “person” within the  meaning of Section 13(d)(3) of the Exchange Act, hereinafter “Person”) of beneficial ownership within the  meaning of Rule 13d-3 promulgated under the Exchange Act, of 35 percent or more of either (i) the then  

 

outstanding shares of Common Stock (the “Outstanding Company Common Stock”) or (ii) the combined  voting power of the then outstanding securities of the Company entitled to vote generally in the election of  directors (the “Outstanding Company Voting Securities”); provided, however, that the following acquisitions  shall not constitute a Change in Control: (A) any acquisition directly from the Company (excluding any  acquisition resulting from the exercise of a conversion or exchange privilege in respect of outstanding  convertible or exchangeable securities unless such outstanding convertible or exchangeable securities  were acquired directly from the Company), (B) any acquisition by the Company, (C) any acquisition by an  employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation  controlled by the Company or (D) any acquisition by any corporation pursuant to a reorganization, merger  or consolidation involving the Company, if, immediately after such reorganization, merger or consolidation,  each of the conditions described in clauses (i), (ii) and (iii) of subsection (c) of this Section 2.6 shall be  satisfied; and provided further that, for purposes of clause (B), (i) a Change in Control shall not occur solely  because any Person becomes the beneficial owner of 35 percent or more of the Outstanding Company  Common Stock or 35 percent or more of the Outstanding Company Voting Securities by reason of an  acquisition by the Company of Outstanding Company Common Stock or Outstanding Company Voting  Securities that reduces the number of outstanding shares of Outstanding Company Common Stock or  Outstanding Company Voting Securities and (ii) if, after such acquisition by the Company, such Person  becomes the beneficial owner of any additional shares of Outstanding Company Common Stock or any  additional Outstanding Company Voting Securities, such additional beneficial ownership shall constitute a  Change in Control;  (b) individuals who, as of the date hereof, constitute the Board (the “Incumbent  Board”) cease for any reason within any 24-month period to constitute at least a majority of such Board;  provided, however, that any individual who becomes a director of the Company subsequent to the Effective  Date whose election, or nomination for election by the Company’s shareholders, was approved by the vote  of at least a majority of the directors then comprising the Incumbent Board shall be deemed to have been  a member of the Incumbent Board; and provided further, that no individual who was initially elected as a  director of the Company as a result of an actual or threatened election contest, as such terms are used in  Rule 14a-11 of Regulation 14A promulgated under the Exchange Act, or any other actual or threatened  solicitation of proxies or consents by or on behalf of any Person other than the Board shall be deemed to  have been a member of the Incumbent Board;  (c) consummation of a reorganization, merger or consolidation unless, in any such  case, immediately after such reorganization, merger or consolidation, (i) more than 60 percent of the then  outstanding shares of common stock of the corporation resulting from such reorganization, merger or  consolidation (the “Surviving Corporation”) (or, if applicable, the ultimate parent corporation that beneficially  owns all or substantially all of the outstanding voting securities entitled to vote generally in the election of  directors of the Surviving Corporation) and more than 60 percent of the combined voting power of the then  outstanding securities of the Surviving Corporation (or such ultimate parent corporation) entitled to vote  generally in the election of directors is represented by the shares of Outstanding Company Common Stock  and the Outstanding Company Voting Securities, respectively, that were outstanding immediately prior to  such reorganization, merger or consolidation (or, if applicable, is represented by shares into which such  Outstanding Company Common Stock and Outstanding Company Voting Securities were converted  pursuant to such reorganization, merger or consolidation) and such ownership of common stock and voting  power among the holders thereof is in substantially the same proportions as their ownership, immediately  prior to such reorganization, merger or consolidation, of the Outstanding Company Common Stock and  Outstanding Company Voting Securities, as the case may be, (ii) no Person (other than the Company, any  employee benefit plan or related trust sponsored or maintained by the Company or the corporation resulting  from such reorganization, merger or consolidation or any corporation controlled by the Company and any  Person which beneficially owned, immediately prior to such reorganization, merger or consolidation, directly  or indirectly, 35 percent or more of the Outstanding Company Common Stock or the Outstanding Company  Voting Securities, as the case may be) beneficially owns, directly or indirectly, 35 percent or more of the  then outstanding shares of common stock of such corporation or 35 percent or more of the combined voting  power of the then outstanding securities of such corporation entitled to vote generally in the election of  directors, and (iii) at least a majority of the members of the board of directors of the corporation resulting  from such reorganization, merger or consolidation were members of the Incumbent Board at the time of the  

 

execution of the initial agreement or action of the Board providing for such reorganization, merger or  consolidation; or  (d) consummation of (i) a plan of complete liquidation or dissolution of the Company  or (ii) the sale or other disposition of all or substantially all of the assets of the Company other than to a  corporation with respect to which, immediately after such sale or other disposition, (A) more than 60 percent  of the then outstanding shares of common stock of the corporation resulting from such reorganization,  merger or consolidation (the “Surviving Corporation”) (or, if applicable, the ultimate parent corporation that  beneficially owns all or substantially all of the outstanding voting securities entitled to vote generally in the  election of directors of the Surviving Corporation) and more than 60 percent of the combined voting power  of the then outstanding securities of the Surviving Corporation (or such ultimate parent corporation) entitled  to vote generally in the election of directors is represented by the shares of Outstanding Company Common  Stock and the Outstanding Company Voting Securities, respectively, that were outstanding immediately  prior to such reorganization, merger or consolidation (or, if applicable, is represented by shares into which  such Outstanding Company Common Stock and Outstanding Company Voting Securities were converted  pursuant to such reorganization, merger or consolidation) and such ownership of common stock and voting  power among the holders thereof is in substantially the same proportions as their ownership, immediately  prior to such reorganization, merger or consolidation, of the Outstanding Company Common Stock and  Outstanding Company Voting Securities, as the case may be, (B) no Person (other than the Company, any  employee benefit plan or related trust sponsored or maintained by the Company or such corporation or any  corporation controlled by the Company and any Person which beneficially owned, immediately prior to such  sale or other disposition, directly or indirectly, 35 percent or more of the Outstanding Company Common  Stock or the Outstanding Company Voting Securities, as the case may be) beneficially owns, directly or  indirectly, 35 percent or more of the then outstanding shares of common stock thereof or 35 percent or  more of the combined voting power of the then outstanding securities thereof entitled to vote generally in  the election of directors and (C) at least a majority of the members of the board of directors thereof were  members of the Incumbent Board at the time of the execution of the initial agreement or action of the Board  providing for such sale of other disposition.  2.7 “Code” shall mean the Internal Revenue Code of 1986, as amended.  2.8 “Committee” shall mean the Committee, as specified in Article 3, appointed by the Board  to administer the Plan.  2.9 “Common Stock” shall mean the Common Stock, $.20 par value per share, of the  Company.  2.10 “Director” means a member of the Board.  2.11 “Disability” shall mean:  (a) The inability of a Participant to engage in any substantial gainful activity by reason  of any medically determinable physical or mental impairment which can be expected to result in death or  can be expected to last for a continuous period of not less than 12 months; or  (b) The receipt of income replacement benefits by a Participant who is an Employee  for a period of not less than 3 months under an accident and health plan covering Employees by reason of  any medically determinable physical or mental impairment of the Participant which can be expected to result  in death or can be expected to last for a continuous period of not less than 12 months.  2.12 “Employee” means any common law employee of the Company or a Subsidiary.  2.13 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, as now in  effect or as hereafter amended.  

 

2.14 “Fair Market Value” on a date shall mean the closing sales price per share of the Common  Stock for such date on the National Association of Securities Dealers Automated Quotation System or any  successor system then in use (“NASDAQ”). If no sale of shares of Common Stock is reflected on the  NASDAQ on such date, “Fair Market Value” shall be determined on the next preceding day on which there  was a sale of shares of Common Stock reflected on NASDAQ. If shares of Common Stock are not traded  on a national securities exchange or through any other nationally recognized quotation service, “Fair Market  Values” shall be determined by the Board of Directors for the Committee acting in good faith, in either case  pursuant to any method consistent with the Code.  2.15 “Full Value Award” shall mean any Award under the Plan other than an Option or Stock  Appreciation Right.  2.16 “Good Reason” shall mean without the Participant’s express written consent, the  occurrence of any of the following events with respect to a Participant that is an Employee after a Change  in Control:  (a) any of (i) the assignment to the Participant of any duties inconsistent in any  material adverse respect with the Participant’s position(s), duties, responsibilities or status with the  Company immediately prior to such Change in Control, (ii) a change in any material adverse respect in the  Participant’s reporting responsibilities, titles or offices with the Company as in effect immediately prior to  such Change in Control or (iii) any removal or involuntary termination of the Participant from any position  held by the Participant with the Company immediately prior to such Change in Control or any failure to re- elect the Participant to any position with the Company held by the Participant immediately prior to such  Change in Control;  (b) a reduction by the Company in the Participant’s rate of annual base salary or  annual target bonus as in effect immediately prior to such Change in Control or as the same may be  increased from time to time thereafter;  (c) any requirement of the Company that the Participant be based at a location in  excess of 50 miles from the facility which is the Participant’s principal business office at the time of the  Change in Control; or  (d) a reduction of at least 5% in the aggregate benefits provided to the Participant and  the Participant’s dependents under the Company’s employee benefit plans (including, without limitation,  retirement, medical, prescription, dental, disability, salary continuance, employee life, group life, accidental  death and travel, accident insurance plans and programs) in which the Participant is participating  immediately prior to such Change in Control.  2.17 “Incentive Stock Option” or “ISO” shall mean an option to purchase shares of Common  Stock granted under Article 6, which is designated as an Incentive Stock Option and is intended to meet  the requirements of Section 422 of the Code.  2.18 “Insider” shall mean an employee who is an officer (as defined in Rule 16a-1(f) of the  Exchange Act) or director of the Company, or holder of more than ten percent (10%) of its outstanding  shares of Common Stock.  2.19 “Nonemployee Director” shall have the meaning set forth in Rule 16b-3(b)(3), as  promulgated by the Securities and Exchange Commission (the “SEC”) under the Exchange Act.  2.20 “Nonqualified Stock Option” or “NQSO” shall mean an option to purchase shares of  Common Stock, granted under Article 6, which is not an Incentive Stock Option.  2.21 “Option” means an Incentive Stock Option or a Nonqualified Stock Option.  

 

2.22 “Other Stock-Based Award” shall mean an Award under Article 10 of this Plan that is valued  in whole or in part by reference to, or is payable in or otherwise based on, Common Stock.  2.23 “Participant” means a Director or an Employee who holds an outstanding Award under the  Plan. The term also includes an individual who is a former Director or Employee to the extent the context  would so require.  2.24 “Performance-Based Award” shall mean an Award of Options, Stock Appreciation Rights,  Restricted Stock, Restricted Stock Units, Performance Shares or Other Stock-Based Awards made subject  to the achievement of performance goals specified by the Committee under the terms of Article 9.  2.25 “Performance Shares” shall mean an Award granted under Article 9 of this Plan evidencing  the right to receive Common Stock or cash of an equivalent value at the end of a specified performance  period.  2.26 “Permitted Transferee” shall mean (i) the spouse, children or grandchildren of a Participant  (each an “Immediate Family Member”), (ii) a trust or trusts for the exclusive benefit of the Participant and/or  one or more Immediate Family Members, or (iii) a partnership or limited liability company whose only  partners or members are the Participant and/or one or more Immediate Family Members.  2.27 “Prior Plan” shall mean the Herman Miller, Inc. Long-Term Incentive Plan, as amended.  2.28 “Retirement” shall mean the termination of employment with the Company or a Subsidiary  of a Participant that is an Employee in the manner set forth in the Participant’s Award Agreement.  2.29 “Restricted Stock” shall mean an Award granted to a Participant under Article 8 of this Plan.  2.30 “Restricted Stock Unit” shall mean a bookkeeping entry representing the equivalent of one  (1) share of Common Stock awarded to a Participant under Article 8 of this Plan.  2.31 “Stock Appreciation Right” or “SAR” shall mean a right granted to a Participant under Article  7 of this Plan.  2.32 “Subsidiary” shall mean any corporation in which the Company owns directly, or indirectly  through subsidiaries, at least fifty percent (50%) of the total combined voting power of all classes of stock,  or any other entity (including, but not limited to, partnerships and joint ventures) in which the Company  owns at least fifty percent (50%) of the combined equity thereof.  2.33 “Termination of Service” shall mean the termination of a Participant’s employment with the  Company or a Subsidiary, and with respect to a Participant that is not an Employee, the termination of that  person’s service as a Director. A Participant employed by a Subsidiary shall also be deemed to incur a  Termination of Service if the Subsidiary ceases to be a Subsidiary and the Participant does not immediately  thereafter become an Employee of the Company or another Subsidiary.  ARTICLE 3  ADMINISTRATION  3.1 Committee Composition. The Plan shall be administered by a Committee designated by  the Board consisting of not less than three (3) directors who shall be appointed from time to time by the  Board, each of whom shall qualify as a Nonemployee Director. Without limiting the generality of the  foregoing, the Committee may be the Compensation Committee of the Board or a subcommittee thereof if  the Compensation Committee of the Board or such subcommittee satisfies the foregoing requirements.  3.2 Committee Authority. Subject to the Company’s Articles of Incorporation, Bylaws, and the  provisions of this Plan, the Committee shall have full authority to grant Awards, including the following:  

 

(a) To select those Employees to whom Awards may be granted under the Plan and,  based upon recommendations of the Board or a committee of the Board, those non-Employee Directors to  whom Awards may be granted under the Plan;  (b) To determine whether and to what extent Options, Stock Appreciation Rights,  Restricted Stock, Restricted Stock Units, Performance Shares or other Performance-Based Awards, and  Other Stock-Based Awards, or any combination thereof are to be granted under the Plan;  (c) To determine the number of shares of Common Stock to be covered by each  Award;  (d) To determine the terms and conditions of any Award Agreement, including, but not  limited to, the Option Price, SAR Price, any vesting restriction or limitation, any vesting schedule or  acceleration thereof, any performance conditions or any forfeiture restrictions or waiver thereof, regarding  any Award and the shares Common Stock relating thereto, based on such factors as the Committee shall  determine in its sole discretion;  (e) To determine whether, to what extent and under what circumstances grants of  Awards are to operate on a tandem basis and/or in conjunction with or apart from other cash compensation  arrangement made by Company other than under the terms of this Plan;  (f) To determine under what circumstances an Award may be settled in cash,  Common Stock, or a combination thereof; and  (g) To determine to what extent and under what circumstances shares of Common  Stock and other amounts payable with respect to an Award shall be deferred, provided that any such  deferrals shall be made in a manner that complies with Section 409A of the Code.  The Committee shall have the authority to adopt, alter and repeal such administrative rules,  guidelines and practices governing the Plan as it shall, from time to time, deem advisable, to interpret the  terms and provisions of the Plan and any Award issued under the Plan (including any Award Agreement)  and to otherwise supervise the administration of the Plan. A majority of the Committee shall constitute a  quorum, and the acts of a majority of a quorum at any meeting, or acts reduced to or approved in writing  by a majority of the members of the Committee, shall be the valid acts of the Committee. The interpretation  and construction by the Committee of any provisions of the Plan or any Award granted under the Plan shall  be final and binding upon the Company, the Board and Participants, including their respective heirs,  executors and assigns. No member of the Board or the Committee shall be liable for any action or  determination made in good faith with respect to the Plan or an Award granted hereunder.  3.3 Forfeiture. The Committee may reserve the right in an Award Agreement to cause a  forfeiture of the gain realized by a Participant with respect to an Award on an account of actions taken by,  or failed to be taken by, that Participant in violation or breach of or in conflict with any (a) agreement between  the Company and each Participant, or (b) any Company policy or procedure (including the Code of Business  Conduct and Ethics and the Code of Ethics for Senior Financial Officers), or (c) any other obligation of such  Participant to the Company as and to the extent specified in such Award Agreement. The Committee may  terminate an outstanding Award if the Participant is terminated for Cause as defined in the Plan or the  applicable Award Agreement or for “cause” as defined in any other agreement between the Company and  such Participant, as applicable.  3.4 Recoupment.  Any Award granted pursuant to the Plan shall be subject to mandatory  repayment by the Participant to the Company to the extent the Participant is, or in the future becomes,  subject to (a) any Company “clawback,” recoupment or compensation recovery policy that is adopted to  comply with the requirements of any applicable law, rule or regulation, or otherwise, or (b) any law, rule or  regulation which imposes mandatory recoupment under circumstances set forth in such law, rule or  regulation.  

 

3.5 No Repricing. Subject to any adjustments that may be made under Article 13 of the Plan,  the Company may not, without obtaining shareholder approval; (a) amend the terms of outstanding Options  or SARs to reduce the exercise price of such outstanding Options or SARs; (b) cancel outstanding Options  or SARs in exchange for Options or SARs with an exercise price that is less than the exercise price of the  original Options or SARs; or (c) cancel outstanding Options or SARs with an exercise price above the  current stock price in exchange for cash or other securities.  ARTICLE 4  COMMON STOCK SUBJECT TO THE PLAN  4.1 General. Subject to adjustment as provided in Section 4.2 and Article 14, the maximum  aggregate number of shares of Common Stock which may be issued under this Plan shall not exceed  7,182,670 shares, which may be either unauthorized and unissued Common Stock or issued Common  Stock reacquired by the Company (“Plan Shares”). Determinations as to the number of Plan Shares that  remain available for issuance under the Plan shall be made in accordance with this Article 4 and Article 14  and with such rules and procedures as the Committee shall determine from time to time.  4.2 Share Usage.  (a) General. Shares of Common Stock subject to an Award shall be counted as used  as of the Award Date.  (b) Counting of Shares Subject to Awards. Any shares of Common Stock that are  subject to Awards shall be counted against the share issuance limit set forth in Section 4.1 as (i) two (2)  shares of Common Stock for everyone (1) share of Common Stock subject to a Full Value Award, and (ii)  one (1) share of Common Stock for everyone (1) share of Common Stock subject to any Award that is not  a Full Value Award. If the number of shares of Common Stock subject to an Award is variable as of the  Award Date, the number of shares of Common Stock to be counted against the share issuance limit set  forth in Section 4.1, prior to the settlement of the Award, shall be the maximum number of shares of  Common Stock that can be received under that Award.  (c) Conditions Under Which Shares Subject to Awards Become Available for Future  Awards. Any shares of Common Stock subject to an Award under the Plan which thereafter terminate by  expiration, forfeiture, cancellation, or otherwise, without the issuance of such shares, including Awards that  are settled in cash in lieu of shares of Common Stock, shall be available again for issuance under the Plan.  Each share of Common Stock that again becomes available for issuance under the Plan under the  preceding sentence shall increase the total number of shares available for grant by (i) two (2) shares if such  share is subject to a Full Value Award and (ii) one (1) share if such share was subject to any Award that is  not a Full Value Award.  (d) Conditions Under Which Shares Subject to Awards Are Not Available for Future  Awards. The number of shares of stock available for issuance under the Plan shall not be increased by the  number of shares of Common Stock (i) tendered by the Participant or withheld by the Company in payment  of the purchase price of an Option, (ii) tendered by the Participant or withheld by the Company to satisfy  any tax withholding obligation with respect to an Award, (iii) purchased by the Company with proceeds  received from the exercise of an Option, (iv) subject to an SAR that are not issued in connection with the  stock settlement of that SAR upon its exercise, (v) subject to the cancellation of an SAR granted in tandem  with an Option upon the exercise of the Option and (vi) subject to the cancellation of an Option granted in  tandem with an SAR upon the exercise of the SAR.  4.3 Award Limits. Notwithstanding any provision in the Plan to the contrary,  (i) the maximum number of shares of Common Stock that may be subject to any  Full Value Award granted under the Plan to any one Participant during any fiscal year of the  

 

Company may not exceed 250,000 shares (as adjusted from time to time in accordance with the  provisions of the Plan);  (ii) the maximum number of shares of Common Stock that may be subject to any  Award granted under the Plan that is not a Full Value Award to any one Participant during any  fiscal year of the Company may not exceed 500,000 shares (as adjusted from time to time in  accordance with the provisions of the Plan); and  (iii) the maximum number of shares of Common Stock that may be subject to any  Award granted under the Plan to any individual non-Employee Director during any fiscal year of  the Company may not exceed 40,000 shares (as adjusted from time to time in accordance with  the provisions of the Plan).  ARTICLE 5  ELIGIBILITY  The persons who shall be eligible to receive Awards under the Plan shall be such Employees and  non-Employee Directors as the Committee shall select from time to time. In making such selections as to  Employees, the Committee shall consider the nature of the services rendered by such employees, their  present and potential contribution to the Company’s success and the success of the particular Subsidiary  or division of the Company by which they are employed, and such other factors as the Committee in its  discretion shall deem relevant. In making such selections as to non-Employee Directors, the Committee  shall consider such factors as the Committee in its discretion shall deem relevant. Participants may hold  more than one Award, but only on the terms and subject to the restrictions set forth in the Plan and their  respective Award Agreements. The Committee may delegate its power to one or more of the Company’s  Chief Executive Officer, Chief Financial Officer, Chief Human Resources Officer or General Counsel to  determine the participation eligibility of new Participants who are not officers under Section 16 of the  Securities and Exchange Act of 1934 and whose fiscal year total direct compensation (consisting of base  salary, annual incentive and long-term incentive) is less than $500,000 (“Designated Participants”) and the  performance criteria for each such Designated Participant, in which case such Company executives shall  exercise the delegated power in accordance with this Article 5.  ARTICLE 6  STOCK OPTIONS  6.1 Options. Options may be granted alone or in addition to other Awards granted under this  Plan. Each Option granted under this Plan shall be either an Incentive Stock Option (ISO) or a Nonqualified  Stock Option (NQSO).  6.2 Grants. The Committee shall have the authority to grant to any Participant one or more  Incentive Stock Options, Nonqualified Stock Options, or both types of Options, provided that Incentive Stock  Options shall not be granted to any non-Employee Director. To the extent that any Option does not qualify  as an Incentive Stock Option (whether because of its provisions or the time or manner of its exercise or  otherwise), such Option or the portion thereof which does not qualify shall constitute a separate  Nonqualified Stock Option.  6.3 Incentive Stock Options. Anything in the Plan to the contrary notwithstanding, no term of  this Plan relating to Incentive Stock Options shall be interpreted, amended or altered, nor shall any  discretion or authority granted under the Plan be so exercised, so as to disqualify the Plan under Section  422 of the Code, or, without the consent of the Participants affected, to disqualify any Incentive Stock Option  under such Section 422. An Incentive Stock Option shall not be granted to an individual who, on the date  of grant, owns stock possessing more than ten percent (10%) of the total combined voting power of all  classes of stock of the Company. The aggregate Fair Market Value, determined on the Award Date of the  shares of Common Stock with respect to which one or more Incentive Stock Options (or other incentive  stock options within the meaning of Section 422 of the Code, under all other option plans of the Company)  

 

that are exercisable for the first time by a Participant during any calendar year shall not exceed the $100,000  limitation imposed by Section 422(d) of the Code.  6.4 Terms of Options. Options granted under the Plan shall be evidenced by Award  Agreements in such form as the Committee shall, from time to time approve, which Agreement shall comply  with and be subject to the following terms and conditions:  (a) Participant’s Agreement. Each Participant who is an employee, shall agree to  remain in the continuous employ of the Company for a period of at least twelve (12) months from the Award  Date or until Retirement, if Retirement occurs prior to twelve (12) months from the date of the Option.  (b) Option Price. The Option Price per share of Common Stock purchasable under an  Option shall be determined by the Committee at the time of grant but shall be not less than one hundred  percent (100%) of the Fair Market Value of one (1) share of Common Stock on the Award Date.  (c) Option Term. The term of each Option shall be fixed by the Committee, but no  Option shall be exercisable more than ten (10) years after the date the Option is granted.  (d) Exercisability. Except as provided in Article 11 and Article 14, no Option shall be  exercisable either in whole or in part prior to the first anniversary of the Award Date. Thereafter, an Option  shall be exercisable at such time or times and subject to such terms and conditions as shall be determined  by the Committee and set forth in the Award Agreement.  (e) Method of Exercise. Subject to whatever installment exercise and waiting period  provisions apply under subsection (d) above, Options may be exercised in whole or in part at any time  during the term of the Option, by giving notice of exercise specifying the number of shares to be purchased.  Such notice shall be accompanied by payment in full of the purchase price in such form as the Committee  may accept. If and to the extent determined by the Committee in its sole discretion at or after grant, payment  in full or in part may also be made in the form of Common Stock owned by the Participant (and for which  the Participant has good title free and clear of any liens and encumbrances) or Restricted Stock, or by  reduction in the number of shares issuable upon such exercise based, in each case, on the Fair Market  Value of the Common Stock on the last trading date preceding payment as determined by the Committee  (without regard to any forfeiture restrictions applicable to Restricted Stock). No shares of stock shall be  issued until payment has been made. A Participant shall generally have the rights to dividends or other  rights of a shareholder with respect to shares subject to the Option when the person exercising such option  has given written notice of exercise, has paid for such shares as provided herein, and, if requested, has  given the representation described in Section 15.1 of the Plan. No dividends or dividend equivalents shall  be accrued on unexercised Options. Notwithstanding anything to the contrary in this Section 6.4(e), but  subject to the other terms and conditions of the Plan, the Committee may, but shall not be required to,  provide that an Option (other than an Incentive Stock Option) shall be deemed exercised automatically prior  to the expiration or termination of the Option without any notice to or from the Participant. Upon any such  automatic exercise, the exercise price and applicable withholding taxes shall, unless the Committee  provides otherwise, be paid in the form of a reduction in the number of shares issuable upon such exercise.  (f) Transferability of Options. No Option may be sold, transferred, pledged, assigned,  or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution,  provided, however, the Committee may, in its discretion, authorize all or a portion of a Nonqualified Stock  Option to be granted to an optionee to be on terms which permit transfer by such optionee to a Permitted  Transferee, provided that (i) there may be no consideration for any such transfer (other than the receipt of  or interest in a family partnership or limited liability company), (ii) the stock option agreement pursuant to  which such options are granted must be approved by the Committee, and must expressly provide for  transferability in a manner consistent with this Section 6.4(f), and (iii) subsequent transfers of transferred  options shall be prohibited except those in accordance with Section 6.4(i). Following transfer, any such  options shall continue to be subject to the same terms and conditions as were applicable immediately prior  to transfer. The events of termination of service of Sections 6.4(g), (h) and (i) hereof, and the tax withholding  obligations of Section 15.3 shall continue to be applied with respect to the original optionee, following which  

 

the options shall be exercisable by the Permitted Transferee only to the extent, and for the periods specified  in Sections 6(g), (h), and (i). The Company shall not be obligated to notify Permitted Transferee(s) of the  expiration or termination of any option. Further, all Options shall be exercisable during the Participant’s  lifetime only by such Participant and, in the case of a Nonqualified Stock Option, by a Permitted Transferee.  The designation of a person entitled to exercise an Option after a person’s death will not be deemed a  transfer.  (g) Termination of Options. Any Option that is not exercised within whichever of the  exercise periods specified in Article 11 is applicable shall terminate upon expiration of such exercise period.  (h) Purchase and Settlement Provisions. The Committee may at any time offer to  purchase an Option previously granted, based on such terms and conditions as the Committee shall  establish and communicate to the Participant at the time that such offer is made. In addition, if an Award  Agreement so provides at the Award Date or is thereafter amended to so provide, the Committee may  require that all or part of the shares of Common Stock to be issued with respect to the exercise of an Option,  in an amount not greater than the Fair Market Value of the shares that is in excess of the aggregate Option  Price, take the form of Performance Shares or Restricted Stock, which shall be valued on the date of  exercise on the basis of the Fair Market Value of such Performance Shares or Restricted Stock determined  without regard to the deferral limitations and/or forfeiture restrictions involved.  ARTICLE 7  STOCK APPRECIATION RIGHTS  7.1 Awards of Stock Appreciation Rights or “SARs.” A SAR shall confer on the Participant to  whom it is granted a right to receive, upon exercise thereof, the excess of (a) the Fair Market Value of one  (1) share of Common Stock on the date of exercise over (b) the per-share exercise price of such SAR (the  “SAR Price”) as determined by the Committee. No dividends or dividend equivalents shall be paid or  credited on SARs. SARs may be granted in tandem with all or part of an Option granted under the Plan or  at any subsequent time during the term of such Option, in combination with all or any part of any other  Award or without regard to any Option or other Award; provided that a SAR that is granted subsequent to  the Award Date of a related Option must have a SAR Price that is no less than the Fair Market Value of  one (1) share of Common Stock on the Award Date of such SAR.  7.2 Terms of SARs. Stock Appreciation Rights granted under the Plan shall be evidenced by  an Award Agreement in such form as the Committee shall, from time to time approve, which Agreement  shall comply with and be subject to the following terms and conditions:  (a) Participant’s Agreement. Each Participant who is an employee, shall agree to  remain in the continuous employ of the Company for a period of at least twelve (12) months from the Award  Date or until Retirement, if Retirement occurs prior to twelve (12) months from the date of the Award.  (b) SAR Price. The SAR Price per share of Common Stock shall be determined by the  Committee at the time of grant but shall not be less than one hundred percent (100%) of the Fair Market  Value of one (1) share of Common Stock on the Award Date.  (c) Term. The term of each SAR shall be fixed by the Committee, but no SAR shall be  exercisable more than ten (10) years after the date the SAR is granted.  (d) Exercisability and Settlement. The Committee shall determine, on the Award Date,  the time or times at which and the circumstances under which a SAR may be exercised, in whole or in part  (including based on the achievement of performance goals and/or future service requirements), the time or  times at which SARs shall cease to be or become exercisable following Termination of Employment or upon  other conditions, the method of exercise, method of settlement, form of consideration payable in settlement,  method by or forms in which shares of Common Stock shall be delivered or deemed to be delivered to a  Participant, regardless of whether a SAR shall be granted in tandem or in combination with any other Award,  

 

and any and all other terms and conditions of any SAR. Notwithstanding the foregoing, except as provided  in Article 11 and Article 14, no SAR shall be exercisable either in whole or in part prior to the first anniversary  of the Award Date.  7.3 Transferability. SARs shall be subject to the transfer conditions of Options set forth in  Section 6.4(f) above.  ARTICLE 8  RESTRICTED STOCK AND RESTRICTED STOCK UNITS  8.1 Awards of Restricted Stock and Restricted Stock Units. Shares of Restricted Stock and  Restricted Stock Units may be issued either alone or in addition to other Awards granted under the Plan.  The Committee shall determine the time or times at which, grants of Restricted Stock or Restricted Stock  Units will be made, the number of shares to be awarded, the price (if any) to be paid by the Participant, the  time or times within which such Awards may be subject to forfeiture, the vesting schedule and rights to  acceleration thereof (a “Restriction Period”), and all other terms and conditions of the Awards. The  Committee may condition the grant of Restricted Stock or Restricted Stock Units upon the achievement of  specific business objectives, measurements of individual or business unit or Company performances, or  such other factors as the Committee may determine. The provisions of Restricted Stock or Restricted Stock  Unit Awards need not be the same with respect to each Participant, and such Awards to individual  Participants need not be the same in subsequent years. Notwithstanding the foregoing, and except for  Awards of Restricted Stock or Restricted Stock Units granted to non-Employee Directors or as provided in  Article 11 and Article 14, Restricted Stock and Restricted Stock Units that vest upon the achievement of  performance goals shall not vest, in full, in less than one (1) year from the Award Date.  8.2 Awards and Certificates. A prospective Participant selected to receive a Restricted Stock  shall not have any rights with respect to such Award, unless and until such Participant has executed an  Award Agreement evidencing the Award and has delivered a fully executed copy thereof to the Company,  and has otherwise complied with the applicable terms and conditions of such Award. Further, such Award  shall be subject to the following conditions:  (a) Acceptance. Awards under this Article 8 must be accepted within a period of thirty  (30) days (or such shorter period as the Committee may specify at grant) after the Award Date, by executing  an Award Agreement and by paying whatever price (if any) the Committee has designated for such shares  of Restricted Stock or Restricted Stock Units.  (b) Legend for Restricted Stock Awards. To the extent that ownership of Restricted  Stock is evidenced by a book-entry registration or a similar registration, such registration shall be notated  to evidence that restrictions imposed on such Award of Restricted Stock under this Plan and the applicable  Award Agreement. If the Company issues, in the name of the Participant to whom the Restricted Stock has  been granted, a stock certificate in respect of such shares of Restricted Stock such certificate shall be  registered in the name of such Participant, and shall bear an appropriate legend referring to the terms,  conditions, and restrictions applicable to such Award, substantially in the following form:  “The transferability of this certificate and the shares of stock represented  hereby are subject to the terms and conditions (including forfeiture) of the  MillerKnoll, Inc. 2020 Long-Term Incentive Plan and related Award  Agreement entered into between the registered owner and the Company,  dated _______. Copies of such Plan and Agreement are on file in the  offices of the Company, 855 East Main Avenue, Zeeland, Michigan  49464.”  (c) Custody. The Committee may require that the stock certificates evidencing shares  of Restricted Stock be held in custody by the Company until the restrictions thereon shall have lapsed, and  that, as a condition of any award of Restricted Stock, the Participant shall have delivered a duly signed  stock power, endorsed in blank, relating to the Common Stock covered by such Award.  

 

8.3 Rights of Holders of Restricted Stock. Unless the Committee otherwise provides in an  Award Agreement, holders of Restricted Stock shall have the right to vote such shares of Restricted Stock  and the right to receive any dividends declared or paid with respect to such shares of Restricted Stock.  Unless the Committee otherwise provides in an Award Agreement, dividends paid on Restricted Stock  which vest or are earned based upon the passage of time or the achievement of performance goals shall  not vest unless such Restricted Stock becomes vested. All stock distributions, if any, received by a  Participant with respect to Restricted Stock as a result of any stock split, stock dividend, combination of  stock, or other similar transaction shall be subject to the vesting conditions and restrictions applicable to  such Restricted Stock.  8.4 Rights of Holders of Restricted Stock Units. Holders of Restricted Stock Units shall have  no rights as shareholders of the Company, including the right to receive cash or dividend payments or  distributions attributable to the shares of Common Stock subject to such Restricted Stock Units, or to direct  the voting of the shares of Common Stock subject to such Restricted Stock Units. The Committee may  provide in an Award Agreement evidencing a grant of Restricted Stock Units that the holder of such  Restricted Stock Units shall be entitled to receive, upon the Company’s payment of a cash dividend on its  outstanding shares of Common Stock, credit for the dividend for each such Restricted Stock Unit which is  equal to the per-share dividend paid on such shares of Common Stock, in the form of additional Restricted  Stock Units at a price per unit equal to the Fair Market Value of a share of Common Stock on the date that  such cash dividend is paid. Such dividend accruals credited in connection with Restricted Stock Units which  vest or are earned based upon the passage of time or the achievement of performance goals shall not vest  unless such Restricted Stock Units become vested. A holder of Restricted Stock Units shall have no rights  other than those of a general unsecured creditor of the Company. Restricted Stock Units shall represent  an unfunded and unsecured obligation of the Company, subject to the terms and conditions of the  applicable Award Agreement.  8.5 Delivery of Shares. Upon the expiration or termination of the Restriction Period and the  satisfaction of any other conditions prescribed by the Committee, the restrictions applicable to Restricted  Stock or Restricted Stock Units settled in shares of Common Stock shall lapse, and, unless otherwise  provided in the applicable Award Agreement, a book entry or direct registration or a share certificate  evidencing ownership of such shares of Common Stock shall be issued, free of all such restrictions, to the  Participant or such Participant’s beneficiary or estate, as the case may be.  ARTICLE 9  PERFORMANCE-BASED AWARDS  9.1 Performance-Based Awards. The Committee, at any time, and from time to time, may grant  Performance-Based Awards to a Participant in such amounts and upon such terms as the Committee shall  determine. Each grant of a Performance-Based Award shall have an initial value or target number of shares  of Common Stock that is established by the Committee. The Committee shall establish (a) performance  goals in its discretion which, depending on the extent to which they are achieved, shall determine the value  and/or number of shares subject to a Performance-Based Award that will be paid out to the Participant, and  (b) the Performance Period, which shall mean the period of time during which the performance goals must  be achieved in order to determine the degree of payout after vesting with respect to any such Performance- Based Award.  9.2 Form of Payment and Timing of Performance-Based Awards. Payment of earned  Performance-Based Awards shall be as determined by the Committee and as evidenced in the applicable  Award Agreement. Earned Performance-Based Awards may be paid in shares of Common Stock and shall  be payable, to the extent earned, at the close of the applicable Performance Period, or as soon as  reasonably practicable after the Committee has determined that the performance goal or goals have been  achieved. Any shares of Common Stock paid out under such Awards may be granted subject to any  restrictions deemed appropriate by the Committee. No dividend payments or distributions shall be paid or  accrued on Performance-Based Awards that are not yet earned or vested. The determination of the  Committee with respect to the form of payout of such Awards shall be set forth in the Award Agreement.  

 

9.3 Performance-Based Awards. The grant, exercise and/or settlement of Performance-Based  Awards shall be contingent upon the achievement of pre-established performance goals and other terms  set forth in this Section 9.3.  (a) Performance Goals Generally. The performance goals for Performance-Based  Awards shall consist of one or more business criteria and a targeted level or levels of performance with  respect to each such criteria, as specified by the Committee, consistent with this Section 9.3. The  Committee may determine that such Awards shall be granted, exercised and/or settled upon the  achievement of any single performance goal or that two (2) or more of the performance goals must be  achieved as a condition to grant, exercise and/or settlement of such Awards. Performance goals may differ  for Awards granted among Participants. The Committee also shall have the authority to provide for  accelerated vesting of any Performance-Based Award based on the achievement of the Performance  Measures specified in this Article 9.  (b) Evaluation of Performance. The Committee may provide in any Performance- Based Award that any evaluation of performance may include or exclude any of the following events that  occur during a Performance Period: (a) a Change in Control; (b) a declaration and distribution of stock  dividends or stock splits; (c) mergers, consolidations or reorganizations; (d) acquisitions or dispositions of  material business units; (e) extraordinary, non-core, non-operating or non-recurring items; (f) infrequently  occurring or extraordinary gains or losses; and (g) any restructuring.  (c) Adjustment of Awards. The Committee shall have the sole discretion to adjust  Awards, either on a formula or discretionary basis, or on any combination thereof. In the event that  applicable laws or regulations change to permit Committee discretion to alter the governing Performance  Measures without obtaining shareholder approval of such changes, the Committee shall have sole  discretion to make such changes without obtaining shareholder approval.  ARTICLE 10  OTHER STOCK-BASED AWARDS  10.1 Other Awards. Other Awards of Common Stock and other Awards that are valued in whole  or in part by reference to, or are payable in or otherwise based on, Common Stock (“Other Stock-Based  Awards”), may be granted either alone or in addition to other Awards under this Plan. Subject to the  provisions of this Plan, the Committee shall have authority to determine the persons to whom and the time  or times at which such Awards shall be made, the number of shares of Common Stock to be awarded  pursuant to such awards, and all other conditions of the Awards. The Committee may also provide for the  grant of Common Stock under such Awards upon the completion of a specified performance period. The  provisions of Other Stock-Based Awards need not be the same with respect to each Participant and such  Awards to individual Participants need not be the same in subsequent years.  10.2 Terms and Conditions. Other Stock-Based Awards made pursuant to this Article shall be  set forth in an Award Agreement and shall be subject to the following terms and conditions:  (a) Nontransferability. Subject to the provisions of this Plan and the Award Agreement,  shares of Common Stock subject to Awards made under this Article 10 may not be sold, assigned,  transferred, pledged, or otherwise encumbered prior to the date on which the shares are issued, or, if later,  the date on which any applicable restriction, performance or deferral period lapses.  (b) Dividends. Unless otherwise determined by the Committee at the time of Award,  subject to the provisions of this Plan and the Award Agreement, the recipient of an Award under this Article  10 shall be entitled to receive on a deferred stock basis, dividends or other distributions with respect to the  number of shares of Common Stock covered by the Award, subject to the vesting conditions of the Award.  

 

(c) Vesting. Any Award under this Article 10 and any Common Stock covered by any  such Award shall vest or be forfeited to the extent so provided in the Award Agreement, as determined by  the Committee, in its sole discretion.  (d) Waiver of Limitation. In the event of the Participant’s Disability or death, the  Committee may, in its sole discretion, waive in whole or in part any or all of the limitations imposed  hereunder (if any) with respect to any or all of an Award under this Article 10.  (e) Price. Common Stock issued or sold under this Article 10 may be issued or sold  for no cash consideration or such consideration as the Committee shall determine and specify in the Award  Agreement.  ARTICLE 11  TREATMENT OF AWARDS UPON AND SUBSEQUENT TO  TERMINATION OF SERVICE  11.1 Termination of Service for Reasons other than Retirement, Disability or Death. Except as  otherwise provided by the Committee and as set forth in the Award Agreement, upon Termination of Service  for any reason other than Retirement or on account of Disability or death, Awards under this Plan shall be  treated as follows:  (a) Options and SAR’s. Each Option and SAR held by the Participant shall, to the  extent rights to purchase shares under such Option and/or SAR have vested at the date of such Termination  of Service shall not have been fully exercised, be exercisable, in whole or in part, at any time and within a  period of three (3) months following Termination of Service, subject to prior expiration of the term of such  Option and/or SAR.  (b) Restricted Stock and Restricted Stock Units. Any shares of Restricted Stock or  Restricted Stock Units held by the Participant that have not vested, or with respect to which all applicable  restrictions and conditions have not lapsed, shall immediately be deemed forfeited.  (c) Performance-Based Awards. Any Performance-Based Awards held by the  Participant that have not vested, or with respect to which all applicable restrictions and conditions have not  lapsed, shall immediately be deemed forfeited.  11.2 Termination of Service for Disability. Except as otherwise provided by the Committee and  as set forth in the Award Agreement, upon Termination of Service by reason of Disability, Awards under  this Plan shall be treated as follows:  (a) Options and SAR’s. Any Options or SARs held by a Participant as of the date of  his or her Disability shall become immediately vested as of such date. Each Option and SAR held by the  Participant shall, to the extent rights to purchase shares under such Option and/or SAR have not been fully  exercised, be exercisable in whole or in part, for a period of five (5) years following such Termination of  Service, subject, however, to prior expiration according to its terms and other limitations imposed by the  Plan. If the Participant dies after Disability, the Participant’s Options and/or SAR’s shall be exercisable in  accordance with Section 11.4 below.  (b) Restricted Stock and Restricted Stock Units. Any shares of Restricted Stock or  Restricted Stock Units held by a Participant as of the date of his or her Disability shall become immediately  vested as of such date.  (c) Performance Shares. The number of shares subject to a Participant’s  Performance-Based Award shall be determined by multiplying the number of shares subject to that Award  by a fraction, the numerator of which shall be the number of full calendar months that the Participant was  employed by the Company or a Subsidiary, beginning on the Award Date and ending on the date of the  

 

Participant’s Termination of Service, and the denominator of which shall be the number of full calendar  months during the Performance Period. The Participant’s actual number of shares subject to the Award  shall vest, in full, at the end of the Performance Period.  11.3 Termination of Service for Retirement. Except as otherwise provided by the Committee  and as set forth in the Award Agreement, upon Termination of Service by reason of Retirement, Awards  under this Plan shall be treated as follows:  (a) Options and SAR’s. Each Option and SAR held by the Participant for a period of  less than twelve (12) consecutive months after the Award Date shall be deemed vested by multiplying the  number of shares subject to the Award by a fraction, the numerator of which is the number of full calendar  months of employment or service subsequent to the date of the Award, and the denominator of which is  twelve (12). Conditioned upon Participant’s compliance with the noncompete covenant set forth in the  Award Agreement, each Option and SAR held by the Participant for a period of twelve (12) consecutive  months or greater after the Award Date shall continue to vest in accordance with the stated vesting period,  provided that such period not exceed five (5) years from the Participant’s Termination of Service.  Conditioned upon Participant’s compliance with the noncompete covenant set forth in the Award  Agreement, the Participant shall have the right to exercise such Option and/or SAR, to the extent vested,  following the expiration of the noncompete covenant and prior to the fifth (5th) anniversary of the  Participant’s Termination of Service, subject, however, to prior expiration according to its terms and other  limitations imposed by the Plan. If the Participant dies after such Retirement, the Participant’s Options  and/or SAR’s shall be exercisable in accordance with Section 11.4 below.  (b) Restricted Stock and Restricted Stock Units. Any shares of Restricted Stock or  Restricted Stock Units held by the Participant for a period of less than twelve (12) consecutive months after  the Award Date shall be deemed vested by multiplying the number of shares subject to the Award by a  fraction, the numerator of which is the number of full calendar months of employment or service subsequent  to the date of the Award, and the denominator of which is twelve (12). Any shares of Restricted Stock or  Restricted Stock Units held by the Participant for a period of twelve (12) consecutive months or greater  after the Award Date shall be deemed vested in full. Conditioned upon Participant’s compliance with the  noncompete covenant set forth in the Award Agreement, the shares subject to the Restricted Stock or  Restricted Stock Units shall be distributable to the Participant following the expiration of the noncompete  covenant.  (c) Performance-Based Awards. The number of shares subject to a Participant’s  Performance-Based Award shall be determined by multiplying the number of shares subject to that Award  by a fraction, the numerator of which shall be the number of full calendar months of employment or service  that the Participant was employed by the Company or a Subsidiary, beginning on the Award Date and  ending on the date of the Participant’s Termination of Service, and the denominator of which is twelve (12).  Any Performance-Based Awards held by the Participant for a period of twelve (12) consecutive months or  greater after the Award Date shall be deemed vested in full. If the Award is conditioned upon Participant’s  compliance with a noncompete covenant set forth in the Award Agreement, the Participant’s actual number  of shares subject to the Award shall vest, in full, at the end of the later of the Performance Period or the  expiration of the noncompete covenant.  11.4 Termination of Service for Death. Except as otherwise provided by the Committee and as  set forth in the Award Agreement, upon Termination of Service due to death, Awards under this Plan, shall  be treated as follows:  (a) Options and SAR’s. Any Options or SARs held by a Participant at the date of death  while employed by or in the service of the Company shall become immediately vested as of such date.  Each Option and SAR held by the Participant shall, to the extent rights to purchase shares under such  Option and/or SAR have not been fully exercised, be exercisable, in whole or in part, by the personal  representative or the estate of the Participant, or Permitted Transferee or by any person or persons who  shall have acquired the Option directly from the Participant or Permitted Transferee by bequest or  inheritance, only under the following circumstances and during the following periods: (i) if the Participant  

 

dies while employed by or in the service of the Company, at any time within five (5) years after the date of  death, or (ii) if the Participant dies during the extended exercise period following Termination of Service  specified in Sections 11.2 and 11.3, at any time within the longer of such extended period or one (1) year  after death, subject, however, in any case, to the prior expiration of the term of the Option and/or SAR and  any other limitation on the exercise of such Option and/or SAR in effect at the date of exercise.  (b) Restricted Stock and Restricted Stock Units. Any shares of Restricted Stock or  Restricted Stock Units held by the Participant at the date of death while employed by or in the service of  the Company shall become immediately vested as of the date of death.  (c) Performance-Based Awards. The number of shares subject to a Participant’s  Performance-Based Award shall be determined by multiplying the number of shares subject to that Award  by a fraction, the numerator of which shall be the number of full calendar months of employment or service  subsequent to the Award Date, and the denominator of which shall be the number of full calendar months  during the Performance Period. The Participant’s actual number of shares subject to the Award shall vest,  in full, at the end of the Performance Period.  ARTICLE 12  TERMINATION OR AMENDMENT OF THE PLAN  The Board may at any time amend, discontinue or terminate this Plan or any part thereof (including  any amendment deemed necessary to ensure that the Company may comply with any applicable regulatory  requirement); provided, however, that, unless otherwise required by law, the rights of a Participant with  respect to Awards granted prior to such amendment, discontinuance or termination, may not be impaired  without the consent of such Participant and, provided further, without the approval of the Company’s  shareholders, no amendment may be made which would (i) increase the aggregate number of shares of  Common Stock that may be issued under this Plan (except by operation of Article 14); (ii) change the  definition of employees eligible to receive Awards under this Plan; or (iii) otherwise materially increase the  benefits to Participants under the Plan. The Committee may amend the terms of any Award previously  granted, prospectively or retroactively, but, subject to Article 14, no such amendment or other action by the  Committee shall impair the rights of any Participant without the Participant’s consent. Awards may not be  granted under the Plan after the Termination Date, but Awards granted prior to such date shall remain in  effect or become exercisable pursuant to their respective terms and the terms of this Plan.  ARTICLE 13  UNFUNDED PLAN  This Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation.  With respect to any payment not yet made to a Participant by the Company, nothing contained herein shall  give any such Participant any rights that are greater than those of a general creditor of the Company.  ARTICLE 14  ADJUSTMENT PROVISIONS  14.1 Antidilution. If the number of outstanding shares of Common Stock is increased or  decreased or the shares of Common Stock are changed into or exchanged for a different number of shares  or kind of capital stock or other securities of the Company on account of any recapitalization,  reclassification, stock split, reverse stock split, spin-off, combination of stock, exchange of stock, stock  dividend or other distribution payable in capital stock, or other increase or decrease in shares of Common  Stock effected without receipt of consideration by the Company, the number and kinds of shares of stock  for which grants of Awards may be made under the Plan, including the share limits set forth in Article 4,  shall be adjusted proportionately and accordingly by the Committee so that the proportionate interest of the  Participant in such Award immediately following such event shall, to the extent practicable, be the same as  immediately before such event. Any such adjustment in outstanding Options or SARs shall not change the  aggregate Option Price or SAR Price payable with respect to shares that are subject to the unexercised  portion of such outstanding Options or SARs, as applicable, but shall include a corresponding proportionate  

 

adjustment in the per share Option Price or SAR Price, as the case may be. Notwithstanding the foregoing,  in the event of any distribution to the Company’s shareholders of securities of any other entity or other asset  (including an extraordinary dividend, but excluding a non-extraordinary dividend, declared and paid by the  Company) without receipt of consideration by the Company, the Board or the Committee shall, in such  manner as the Board or the Committee deems appropriate, adjust (a) the number and kind of shares of  stock subject to outstanding Awards and/or (b) the aggregate and per share Option Price of outstanding  Options and the aggregate and per share SAR Price of outstanding Stock Appreciation Rights as required  to reflect such distribution.  14.2 Reorganization in Which the Company is the Surviving Entity Which Does Not Constitute  a Change in Control. If the Company is the surviving entity in any reorganization, merger or consolidation  of the Company with one or more entities which does not constitute a Change in Control, any Option, SAR,  Restricted Stock or Restricted Stock Unit granted pursuant to the Plan shall pertain to and apply to the  securities to which a holder of the number of shares of Common Stock subject to such Option, SAR,  Restricted Stock or Restricted Stock Unit would have been entitled immediately following such transaction,  with a corresponding, proportionate adjustment of the per share Option Price or SAR Price so that the  aggregate Option Price or SAR Price thereafter shall be the same as the aggregate Option Price or SAR  Price of the shares of Common Stock remaining subject to the Option or SAR as in effect immediately prior  to such transaction. Subject to the contrary language in an Award Agreement, any restrictions applicable  to such Award shall apply as well to any replacement shares received by the Participant as a result of such  transaction. In the event of any transaction referred to in this Section 14.2, Performance-Based Awards  shall be adjusted (including any adjustment to the performance goals or Performance Measures applicable  to such Awards deemed appropriate by the Committee) so as to apply to the securities that a holder of the  number of shares of Common Stock subject to the Performance-Based Awards would have been entitled  to receive immediately following such transaction.  In connection with a transaction under this Section 14.2 or transaction involving the acquisition by  the Company of the equity interests of another enterprise, the Committee shall have the right to cause the  Company to assume awards previously granted under a compensatory plan by another business entity that  is a party to such transaction and to substitute Awards under the Plan for such awards. The number of  shares of Common Stock available for issuance under the Plan pursuant to Section 4.1 shall be increased  by the number of shares of Common Stock subject to any such assumed awards and substitute awards.  Shares available for issuance under a shareholder-approved plan of a business entity that is a party to such  transaction (as appropriately adjusted, if necessary, to reflect such transaction) may be used for Awards  under the Plan and shall not reduce the number of Plan Shares otherwise available for issuance under the  Plan, subject to applicable rules of NASDAQ or of any stock exchange on which the Common Stock is  listed.  14.3 Change in Control in Which Awards Are Not Assumed. Except as otherwise provided in  the applicable Award Agreement, upon the occurrence of a Change in Control in which outstanding Awards  are not being assumed or continued, the following provisions shall apply to such Awards:  (a) for Awards other than Performance-Based Awards,  (i) all outstanding Restricted Stock and Restricted Stock Units shall be  deemed to have vested and the shares of Common Stock subject thereto shall be delivered  immediately prior to the occurrence of such Change in Control, and fifteen (15) days prior  to the scheduled consummation of such Change in Control, all outstanding Options and  SARs shall become immediately exercisable and shall remain exercisable for a period of  fifteen (15) days; or  (ii) the Committee may cancel any outstanding awards of Options, SARs,  Restricted Stock and Restricted Stock Units and pay or deliver, or cause to be paid or  delivered, to the holder thereof an amount in cash or securities having a value (as  determined by the Committee acting in good faith), in the case of Restricted Stock and  Restricted Stock Units (for shares of Common Stock subject thereto) equal to the formula  

 

or fixed price per share paid or payable to holders of shares of Common Stock pursuant to  such Change in Control and, in the case of Options or SARs, equal to the product of the  number of shares of Common Stock subject to such Options or SARs (the “Award Stock”)  multiplied by the amount, if any, by which (x) the formula or fixed price per share paid or  payable to holders of shares of Common Stock pursuant to such transaction exceeds (y)  the Option Price or SAR Price applicable to such Award Stock.  (b) For Performance-Based Awards, if less than half of the Performance Period has  lapsed, such Performance-Based Awards shall be converted into Restricted Stock or Performance Shares  assuming target performance has been achieved (or into Unrestricted Stock if no further restrictions apply).  If at least half the Performance Period has lapsed, such Performance-Based Awards shall be converted  into Restricted Stock or Performance Shares based on actual performance to date (or into Unrestricted  Stock if no further restrictions apply). If actual performance is not determinable, such Performance-Based  Awards shall be converted into Restricted Stock or Performance Shares assuming target performance has  been achieved, based on the discretion of the Committee (or into Unrestricted Stock if no further restrictions  apply).  (c) Other Stock-Based Awards shall be deemed to have vested in full and pay  according to the  terms of the applicable Award Agreement.  With respect to the Company’s establishment of an exercise window, (a) any exercise of an Option  or SAR during the fifteen (15)-day period referred above shall be conditioned upon the consummation of  the applicable Change in Control and shall be effective only immediately before the consummation thereof,  and (B) upon consummation of any Change in Control, the Plan and all outstanding but unexercised Options  and SARs shall terminate. The Committee shall send notice of an event that shall result in such termination  to all Participants or Permitted Transferees who hold Options and SARs not later than the time at which the  Company gives notice thereof to its shareholders.  14.4 Change in Control in which Awards are Assumed or the Company is the Surviving Entity.  If a Change in Control occurs and the Company is the surviving entity and any adjustments necessary to  preserve the intrinsic value of the Participant’s outstanding Awards have been made, or the Company’s  successor at the time of the Change in Control irrevocably assumes the Company’s obligations under this  Plan or replaces the Participants’ outstanding Awards having substantially the same intrinsic value and  having terms and conditions no less favorable to the Participant than those applicable to the Participants’  Awards immediately prior to the Change in Control, then such Awards or their replacement awards shall  become immediately exercisable, in full, only if within two years after the Change in Control the Participant’s  employment:  (a) is terminated without Cause;  (b) terminates with “Good Reason”; or  (c) terminates under circumstances that entitle the Participant to accelerated  exercisability under any individual employment agreement between the Participant and the Company, a  Subsidiary, or any successor thereof.  14.5 Adjustments by Committee. Any adjustments pursuant to this Article 14 will be made by  the Committee, whose determination as to what adjustments will be made and the extent thereof will be  final, binding, and conclusive. No fractional interest will be issued under the Plan on account of any such  adjustments. Only cash payments will be made in lieu of fractional shares.  

 

ARTICLE 15  GENERAL PROVISIONS  15.1 Legend. The Committee may require each person purchasing shares pursuant to an Award  under the Plan to represent to and agree with the Company in writing that the Participant is acquiring the  shares without a view to distribution thereof. In addition to any legend required by this Plan, the certificates  for such shares may include any legend which the Committee deems appropriate to reflect any restrictions  on transfer.  All certificates for shares of Common Stock delivered under the Plan shall be subject to such stock  transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations  and other requirements of the Securities and Exchange Commission, any stock exchange upon which the  Stock is then listed, any applicable Federal or state securities law, and any applicable corporate law, and  the Committee may cause a legend or legends to be put on any such certificates to make appropriate  reference to such restrictions.  15.2 No Right to Employment. Neither this Plan nor the grant of any Award hereunder shall give  any Participant that is an Employee or other employee any right with respect to continuance of employment  by the Company or any Subsidiary, nor shall there be a limitation in any way on the right of the Company  or any Subsidiary by which an employee is employed to terminate his or her employment at any time.  15.3 Withholding of Taxes. The Company shall have the right to take such action as it deems  appropriate to ensure taxes are withheld and collected, including but not limited to, deducting from any  payment to be made pursuant to this Plan, or otherwise requiring, prior to the issuance or delivery of any  shares of Common Stock or the payment of any cash hereunder, payment by the Participant of, any  Federal, state or local taxes required by law to be withheld. Unless otherwise prohibited by the Committee,  each Participant may satisfy any such withholding tax obligation by any of the following means or by a  combination of such means: (a) tendering a cash payment; (b) authorizing the Company to withhold from  the shares otherwise issuable to the Participant a number of shares having a Fair Market Value as of the  “Tax Date” up to the amount of the withholding tax obligation; or (c) delivering to the Company  unencumbered shares owned by the Participant having a Fair Market Value, as of the Tax Date, up to the  amount of the withholding tax obligation. The “Tax Date” shall be the date that the amount of tax to be  withheld is determined.  15.4 No Assignment of Benefits. No Option, Award or other benefit payable under this Plan  shall, except as otherwise specifically transfer, provided by law, be subject in any manner to anticipation,  alienation, attachment, sale, transfer, assignment, pledge, encumbrance or charge, and any attempt to  anticipate, alienate, attach, sell, transfer, assign, pledge, encumber or charge, any such benefits shall be  void, and any such benefit shall not in any manner be liable for or subject to the debts, contracts, liabilities,  engagements or torts of any person who shall be entitled to such benefit, nor shall it be subject to  attachment or legal process for or against such person.  15.5 Governing Law. This Plan and actions taken in connection herewith shall be governed and  construed in accordance with the laws and in the courts of the state of Michigan.  15.6 Application of Funds. The proceeds received by the Company from the sale of shares of  Common Stock pursuant to Awards granted under this Plan will be used for general corporate purposes.  15.7 Rights as a Shareholder. Except as otherwise provided in an Award Agreement, a  Participant shall have no rights as a shareholder of the Company until he or she becomes the holder of  record of Common Stock.  15.8 Section 409A of the Code. The Company intends to administer this Plan in order to comply  with Section 409A of the Code, or an exemption to Section 409A of the Code, with regard to Awards that  constitute nonqualified deferred compensation within the meaning of Section 409A of the Code. To the  

 

extent that the Company determines that a Participant would be subject to the additional twenty percent  (20%) tax imposed on certain nonqualified deferred compensation plans pursuant to Section 409A of the  Code as a result of any provision of any Award granted under the Plan, such provision shall be deemed  amended to the minimum extent necessary to avoid application of such additional tax. The nature of any  such amendment shall be determined by the Committee.    16671887.8exhibit10_5x05282022

1  MILLERKNOLL, INC. 2020 LONG-TERM INCENTIVE PLAN  STOCK OPTION AGREEMENT  Participant: [INSERT NAME]  Award Date: [INSERT AWARD DATE]  Number of Stock Options: [INSERT TOTAL OPTIONS]  Purchase Price: [INSERT PURCHASE PRICE]  Expiration Date: [INSERT EXPIRATION DATE]  This certifies that MillerKnoll, Inc. (the “Company”) has on the Date of the Stock Option Grant  set forth above (the “Award Date”) granted to the Participant named above (the “Participant”) a  grant of Stock Options (the “Award”) as summarized above and as detailed in the Executive  Compensation Equity Award Notice (the “Award Notice”).  The Award is granted under the MillerKnoll, Inc. 2020 Long-Term Incentive Plan (the  "Plan") and subject to the terms set forth in this Stock Option Agreement (the “Award  Agreement”).  A copy of the Plan Prospectus has been delivered to Participant, and a copy of the  Plan is available from the Company on request. The Plan is incorporated into this Award  Agreement by reference, and in the event of any conflict between the terms of the Plan and this  Award Agreement, the terms of the Plan will govern; provided, however, that definitions under  this Award Agreement shall govern.  Any capitalized terms not defined herein will have the  meaning set forth in the Plan.  1. Option.  Pursuant to the Plan and this Award Agreement, the Participant has the option to purchase the Option Shares on the terms and conditions herein set forth (the "Option").  This Option shall not be designated as an incentive stock option ("ISO") for purposes of qualifying  as such under the provisions of Section 422 of the Internal Revenue Code of 1986, as amended.  2. Purchase Price.  The purchase price of the shares covered by this Award Agreement shall be the per share price shown above (the “Purchase Price”). The "Committee" (provided for  in Article 3 of the Plan) has determined that such price represents one hundred percent (100%) of  the fair market value of a share of the Company's common stock as of the Award Date.   3. Term of Option. This Option shall expire on the date set forth above subject to earlier termination as provided in subsequent sections of this Award Agreement (the "Expiration  Date").  4. Participant's Agreement.  In consideration of the granting of the Option, the Participant agrees to remain in the employ of the Company for the lesser of a period of at least  twelve (12) months from the Award Date, or a period commencing on the date hereof and ending  upon the Participant's Retirement (the "Minimum Employment Period"). Such employment,  subject to the provisions of any written contract between the Company and the Participant, shall  be at the pleasure of the Board of Directors, and this Award Agreement shall not impose on the  Company any obligation to retain the Participant in its employ for any period. In the event of the  Exhibit 10.5 

 

2  termination of employment of the Participant for any reason during the Minimum Employment  Period, this Award Agreement shall terminate, unless this Option becomes exercisable as provided  in Sections 8 or 9.     5. Exercise of Option.      (a) Except as provided in Section 8 and 9, this Option may be exercised and  Option Shares may be purchased in accordance with the vesting schedule set forth in  Section 5(b) below.  Subject to that vesting schedule, this Option may be exercised at any  time during the term of this Award Agreement, by written notice to the Company. The  notice shall state the number of shares with respect to which the Option is being exercised,  shall be signed by the person exercising this Option, and shall be accompanied by payment  of the full purchase price of the shares. This Award Agreement shall be submitted to the  Company with the notice for purposes of recording the shares being purchased, if exercised  in part, or for purposes of cancellation if all shares then subject to this Option are being  purchased. In the event this Option shall be exercised pursuant to Section 8(e) hereof by  any person other than the Participant, such notice shall be accompanied by appropriate  proof of the right of such person to exercise the Option. Payment of the purchase price shall  be made by: (a) cash, check, bank draft, or money order, payable to the order of the  Company; (b) the delivery by the Participant of unencumbered shares of common stock of  the Company, with a fair market value on the date of exercise equal to the total purchase  price of the shares to be purchased; or (c) reduction in the number of shares of Common  Stock issuable upon exercise (based on the Fair Market Value of the Common Stock on  the last trading date preceding payment as determined by the Committee) or (d) a  combination of (a), (b) and (c). Upon exercise of all or a portion of this Option, the  Company shall issue to the Participant a stock certificate or book entry deposit representing  the number of shares with respect to which this Option was exercised.    (b) Vesting Schedule.  Subject to the terms and conditions of this Option, the  Option Shares shall vest as set forth in the Award Notice.     (c) Automatic Exercise Upon Expiration. Notwithstanding any other provision  of this Award Agreement (other than this Section 5(c)), on the last trading day on which  all or a portion of the outstanding Option may be exercised, if as of the close of trading on  such day the then Fair Market Value of a share of Common Stock exceeds the per share  Purchase Price of the Option by at least $.01 (such expiring portion of the Option that is so  in-the-money, an “Auto-Exercise Eligible Option”), the Participant will be deemed to have  automatically exercised such Auto-Exercise Eligible Option (to the extent it is then vested  and has not previously been exercised or forfeited) as of the close of trading in accordance  with the provisions of this Section 5(c); provided that, if such automatic exercise would  result in the issuance of less than one whole share of Common Stock to the Participant  following the reduction for the Purchase Price and withholding described in the following  sentence, then the Option shall not be automatically exercised pursuant to this Section 5(c).  In the event of an automatic exercise pursuant to this Section 5(c), the Company will reduce  the number of shares of Common Stock issued to the Participant upon such automatic  exercise of the Auto-Exercise Eligible Option in an amount necessary to satisfy (1) the  Participant’s Purchase Price obligation for the Auto-Exercise Eligible Option, and (2) the  

 

3  applicable Federal, state, local and, if applicable, foreign income and employment tax and  social insurance withholding requirements arising upon the automatic exercise in  accordance with the procedures of Section 15.3 of the Plan (unless the Committee deems  that a different method of satisfying the tax withholding obligations is practicable and  advisable), in each case based on the Fair Market Value of the Common Stock as  determined in accordance with the Plan. The Participant may notify the Plan record-keeper  in writing in advance that the Participant does not wish for the Auto-Exercise Eligible  Option to be exercised and, if such advance notification is provided, the automatic exercise  shall not apply. This Section 5(c) shall not apply to the Option to the extent that this Section  5(c) causes the Option to fail to qualify for favorable tax or accounting treatment under  applicable law or accounting standards. In its discretion, the Company may determine to  cease automatically exercising some or all stock options, including the Option, at any time.   The Participant understands, acknowledges, agrees and hereby stipulates that the automatic  exercise procedure pursuant to this Section 5(c) is provided solely as a convenience to the  Participant as protection against the Participant’s inadvertent failure to exercise all or any  portion of an in-the-money Option that is vested and exercisable before such Option expires  under this Award Agreement. Because any exercise of all or any portion of the Option is  solely the Participant’s responsibility, the Participant hereby waives and releases and  agrees to indemnify and hold the Company harmless from and against any and all claims  of any kind whatsoever against the Company and/or any other party (including without  limitation, the Committee and the Company’s employees and agents) arising out of or  relating to the automatic exercise procedure pursuant to this Section 5(c) (or any failure  thereof), including without limitation any resulting individual income tax, penalty and/or  interest liability and/or any other liability if the automatic exercise of the Option does  occur, or does not occur for any reason or no reason whatsoever and/or the Option actually  expires.        6. Tax Withholding.    (a) (a) In order to comply with all applicable federal, state, and local tax  withholding laws or regulations, the Company may take such action as it deems appropriate  to ensure that all applicable federal, state, and local payroll, withholding, income or other  taxes, which are the sole and absolute responsibility of Participant are withheld or collected  from Participant.    (b) The Company shall have the authority to cause the required tax withholding  obligation to be satisfied, in whole or in part, by:    (i) The Participant tendering a payment to the Company in the form of  cash, check (bank check, certified check or personal check) or money order payable  to the Company;    (ii) Withholding from shares of Common Stock to be issued to  Participant a number of shares of Common Stock with an aggregate Fair Market  Value that would satisfy the withholding amount due; or     

 

4  (iii) Delivering to the Company unencumbered shares of Common Stock  already owned by Participant, or causing the broker to sell from the number of shares  of Common Stock to be issued to the Participant, the number of shares of Common  Stock with an aggregate Fair Market Value necessary to satisfy the withholding  amount due. Any shares of Common Stock already owned by Participant referred  to in this Section 6(b)(iii) must have been owned by Participant for no less than six  (6) months prior to the date delivered to the Company.    7. Restriction on Transfer.  This Option shall not be sold, assigned, transferred,  pledged hypothecated or otherwise disposed of by Participant otherwise than by will or the laws  of descent and distribution, and any such purported sale, assignment, transfer, pledge,  hypothecation or other disposition will be void and unenforceable against the Company.    8. Termination of Employment.      (a) Termination of Employment for Reasons Other Than Retirement, Disability  or Death. In the event the Participant ceases to be employed by the Company for any reason  other than Retirement (as defined below) or on account of Disability or death, this Option  shall, to the extent rights to purchase shares hereunder have vested at the date of such  termination and shall not have been fully exercised, be exercisable, in whole or in part, at  any time within a period of three (3) months following cessation of the Participant's  employment, subject, however, to prior expiration of the term of this Option and any other  limitations upon its exercise in effect at the date of exercise.    (b) Termination of Employment for Retirement Prior to Full Vesting.  If the  Participant ceases to be employed by the Company by reason of Retirement prior to the  full vesting of the Option Shares under Section 5(b) above and subject to Participant's  compliance with the covenants set forth in Section 12 below, if (1) the date of Retirement  occurs on or after the first anniversary of the Award Date, this Option shall vest in  accordance with the schedule set forth in Section 5(b) above, or (2) if the date of Retirement  occurs before the first anniversary of the Award Date, the number of Option Shares subject  to this Option shall be deemed vested by multiplying that number of Option Shares by a  fraction, the numerator of which shall be the number of full calendar months of  employment service subsequent to the Award Date, and the denominator of which shall be  twelve (12). “Retires” or “Retirement” means the Participant’s resignation on or after  attaining (A) age 55 and 5 or more years of service, or (B) 30 or more years of service. For  clarity, a Company-initiated termination of the employment of the Participant shall not be  considered a “Retirement”. Subject to Participant's compliance with the covenants set forth  in Section 12 below, this Option shall, to the extent rights to purchase shares hereunder  have vested, be exercisable, in whole or in part, at any time within the period of five (5)  years following the date of Retirement subject, however, to prior expiration of the term of  this Option and any other limitations upon its exercise in effect at the date of exercise. If  the Participant dies after such Retirement, this Option shall be exercisable in accordance  with Section 8(e) hereof.    (c) Termination of Employment for Retirement After Full Vesting.  If the  Participant ceases to be employed by the Company by reason of Retirement after the full  

 

5  vesting of the Option Shares under Section 5(b) above, this Option shall be exercisable, in  whole or in part, at any time within the period of five (5) years following the date of  Retirement, subject, however, to prior expiration of the term of this Option and any of the  limitations upon its exercise in effect at the date of exercise.  If the Participant dies after  such Retirement, this Option shall be exercisable in accordance with Section 8(e) hereof.    (d) Termination of Employment for Disability.  If the Participant ceases to be  employed by the Company by reason of Disability, this Option shall, to the extent rights to  purchase shares hereunder have vested as of the date of such Disability and have not been  fully exercised, be exercisable, in whole or in part, at any time within the period of five (5)  years following such termination of employment, subject, however, to prior expiration of  the term of this Option and any other limitations upon its exercise in effect at the date of  exercise.  If the Participant dies after such Disability, this Option shall be exercisable in  accordance with Section 8(e) hereof.    (e) Termination of Employment Because of Death.  In the event of the  Participant's death, this Option shall, to the extent rights to purchase shares hereunder have  vested at the date of death and shall not have been fully exercised, be exercisable, in whole  or in part, by the personal representative of the Participant's estate, by any person or persons  who shall have acquired this Option directly from the Participant by bequest or inheritance  at any time during the following periods: (i) if Participant dies while employed by the  Company, at any time within five (5) years after the date of death, or (ii) if Participant dies  during the extended exercise period following termination of employment specified in  Section 8(b), (c), or (d) above, at any time within the longer time of such extended period  or one year after the date of death, subject, however, in each case, to the prior expiration  of the term of this Option and any other limitations on the exercise of such Option in effect  at the date of exercise.    (f) Termination of Option.  If this Option is not exercised within whichever of  the exercise periods specified in Sections 8(a), (b), (c), (d) or (e) is applicable, this Option  shall terminate upon expiration of such exercise period.    9.  Change in Control.  Notwithstanding any term to the contrary in this Agreement or  the Plan, if, within two (2) years following a Change in Control, the Participant's employment (a)  is terminated without Cause (b) terminates with Good Reason, or (c) terminates under  circumstances that entitle the Participant to accelerated vesting under any individual employment  agreement between the Participant and the Company, a Subsidiary, or any successor thereof, then  this Award (or its replacement) shall become fully vested and immediately exercisable and shall  remain exercisable for the applicable period as described in Section 8. Notwithstanding the  foregoing, if upon the occurrence of a Change in Control this Award is not assumed or continued,  then this Award shall be treated in accordance with Section 14.3(a) of the Plan.    10.  Rights as a Shareholder.  Participant shall not have any rights as a shareholder with  respect to any shares covered hereby until Participant shall have become the holder of record of  such shares. No adjustment shall be made for dividends, distributions or other rights for which the  record date is prior to the date on which Participant shall have become the holder of record thereof,  except as provided in Section 11 hereof.  

 

6    11. Adjustments to Option Shares for Certain Corporate Transactions.      (a) The Committee will make an appropriate and proportionate adjustment to  the number of Option Shares granted under this Award if (i) the outstanding shares of  Common Stock are increased or decreased, as a result of merger, consolidation, sale of all  or substantially all of the assets of the Company, reclassification, stock dividend, stock  split, reverse stock split with respect to such shares of Common Stock or other securities,  or (ii) additional shares or new or different shares or other securities are distributed with  respect to such shares of Common Stock or other securities or exchanged for a different  number or kind of shares or other securities through merger, consolidation, sale of all or  substantially all of the assets of the Company, reorganization, recapitalization,  reclassification, stock dividend, stock split, reverse stock split or other distribution with  respect to such shares of Common Stock or other securities.    (b) The Committee may make an appropriate and proportionate adjustment in  the number of Option Shares granted under this Award if the outstanding shares of  Common Stock are increased or decreased as a result of a recapitalization or reorganization  not included within Section 11(a) above.    12. Participant Covenants.  In consideration of the grant of this Award by the Company,  Participant agrees to the following:    (a) Confidentiality.  In the course of Participant's employment with the  Company, Participant may be making use of, acquiring, or adding to the Company's  confidential information, trade secrets, and Protected Information; accordingly, Participant  agrees and promises:.    (i) to protect and maintain the confidentiality of Protected Information  while employed by the Company;    (ii) to return (and not retain) any and all materials reflecting Protected  Information that Participant may possess (including all Company-owned  equipment) immediately upon end of employment or upon demand by the  Company; and    (iii) to not use or disclose, except as necessary for the performance of  Participant's services on behalf of the Company or as required by law or legal  process, any Protected Information where such use or disclosure would be  detrimental to the interests of the Company. This promise applies only for so long  as such Protected Information remains confidential and not generally known to the  Company's competitors, or 18 months following the end of Participant's  employment with the Company, whichever occurs first.    (b) Restrictive Covenants.  Participant understands and agrees that the  Company has legitimate interests in protecting its goodwill, its relationships with  customers and business partners, and in maintaining its confidential information, trade  

 

7  secrets and Protected Information, and hereby agrees that the following restrictions are  appropriate to meet such goals.     (i) Non-Solicitation.  Participant acknowledges that the relationships  and goodwill that Participant develops with Company Customers as a result of  Participant's employment belong to the Company.  Participant therefore agrees that  while employed by the Company and for a period of 18 months after Participant's  employment with the Company ends, for whatever reason, Participant will not, and  will not assist anyone else to, (1) solicit or encourage any Company Customer to  terminate or diminish its relationship with the Company relating to Competitive  Services or Products; or (2) seek to persuade any Company Customer to conduct  with anyone other than the Company any business or activity relating to  Competitive Services or Products that such Company Customer conducts or could  conduct with the Company.    (ii) Non-Competition.  Participant agrees that while employed by the  Company and for a period of 18 months after Participant's employment with the  Company ends for any reason, Participant will not, for himself or herself, or on  behalf of any other person or entity, directly or indirectly, provide services to a  Direct Competitor in a role where Participant's knowledge of Protected Information  is likely to affect Participant's decisions or actions for the Direct Competitor to the  detriment of the Company.    (c) Definitions.  For purposes of this Section 12, the following terms shall be  defined as follows:     (i) Protected Information.  "Protected Information" means Company  information not generally known to, and not readily ascertainable through proper  means by, the Company's competitors on matters such as customer information,  partner information, and the relative skills and experience of the Company's other  Participants or agents; nonpublic information; strategic plans; business methods;  investment strategies and plans; intellectual property; sales and marketing plans;  Company (not individual) know-how; trade secrets; and other information of a  technical or economic nature relating to the Company's business.    Protected Information does not include information that (i) was in the public  domain, (ii) was independently developed or acquired by Participant, (iii) was  approved by the Company for use and disclosure by Participant without restriction,  or (iv) is the type of information which might form the basis for protected concerted  activity under the National Labor Relations Act (for example, Participant pay or  Participant terms and conditions of employment).  (ii) Company Customer.  "Company Customer" is limited to those  customers or partners who did business with the Company within the most recent  18 months of Participant's employment (or during the period of Participant's  employment, if Participant was employed for less than 18 months) and with whom  Participant personally dealt on behalf of the Company in the 12 months  immediately preceding the last day of Participant's employment and Participant had  

 

8  business contact or responsibility with such Company Customer as a result of his  or her employment with the Company.  "Company Customer" shall not, however,  include any individual who purchased a Competitive Product from the Company  by direct purchase from one of its retail establishments or via on-line over the  Internet, unless such purchase was of such quantity that the purchase price exceeded  $15,000.     (iii) Competitive Services.  "Competitive Services" means services of  the type that the Company provided or offered to its customers or partners at any  time during the 12 months immediately preceding the last day of Participant's  employment with the Company (or at any time during Participant's employment if  Participant was employed for less than 12 months), and for which Participant was  involved in providing or managing the provision of such services.    (iv) Competitive Products.  "Competitive Products" means products that  serve the same function as, or that could be used to replace, products the Company  provided to, offered to, or was in the process of developing for a present, former,  or future possible customer/partner at any time during the twelve (12) months  immediately preceding the last day of Participant's employment (or at any time  during Participant's employment if Participant was employed for less than 12  months), with which Participant had direct responsibility for the sale or  development of such products or managing those persons responsible for the sale  or development of such products.    (v) Direct Competitor.  "Direct Competitor" means a person, business  or company providing Competitive Products or Competitive Services anywhere in  the United States.  "Direct Competitor" does not include any business which the  parties have agreed in writing to exclude from the definition, and the Company will  not unreasonably or arbitrarily withhold such agreement.    (d) Non-disparagement.  Participant agrees that, while employed with the  Company and thereafter, Participant will not, directly or indirectly, individually or in  concert with others, engage in any conduct or make any statement calculated or likely to  have the effect of undermining, disparaging or otherwise reflecting poorly upon the  Company, any member of its Board of Directors or any executive officer of the Company  (the “Protected Persons”) or the Company’s business.  Without limitation, Participant shall  not publish, communicate, post or blog disparaging or confidential information about the  Protected Persons.  However, the Participant may give truthful and non-malicious  testimony if properly subpoenaed to testify under oath.      (e) Exception.  Nothing in this Award Agreement is intended to prevent the  Participant from making disclosures of Protected Information if required by applicable law,  regulation, or legal process, provided that the Participant provide the Company with prior  notice of the contemplated disclosure and reasonably cooperate with the Company, at its  expense, in seeking a protective order or other appropriate protection of such information.   In addition, nothing in this Award Agreement is intended interfere with the whistleblower  provisions of any United States federal, state or local law or regulation, including but not  

 

9  limited to Rule 21F-17 of the Securities Exchange Act of 1934 or § 1833(b) of the Defend  Trade Secrets Act of 2016. Accordingly, notwithstanding anything to the contrary therein,  nothing in this Award Agreement prohibits, restricts or prevents the Participant from  reporting possible violations of United States federal, state or local law or regulation to any  United States federal, state or local governmental agency or entity, including but not  limited to the Department of Justice, the Securities and Exchange Commission, the  Congress, and any agency Inspector General, or to an attorney, or from making other  disclosures that are protected under the whistleblower provisions of federal law or  regulation, or from disclosing trade secrets and other Protected Information in the course  of such reporting; provided, however, that the Participant use the Participant’s reasonable  best efforts to (i) disclose only information that is reasonably related to such possible  violations or that is requested by such agency or entity and (ii) request that such agency or  entity treat such information as confidential. The Participant does not need the prior  authorization from the Company to make any such whistleblower reports or disclosures  and is not required to notify the Company that the Participant has made such reports or  disclosures.    13. Miscellaneous.    (a) Neither this Award Agreement nor the Plan confers on Participant any right  with respect to the continuance of employment by the Company or any Subsidiary, nor will  there be a limitation in any way on the right of the Company or any Subsidiary by which  Participant is employed to terminate his or her employment at any time.    (b) In the event of a restatement of the Company's consolidated financial  statements for any interim or annual period ("Restatement"), the Committee may determine  that the Award exceeds the amount that would have been awarded or received had the  Restatement been known at the time of the original Award or at the time of vesting of any  Option Shares. In the event that the Committee makes such a determination, the Company  shall have the right: (ii) in the instance of a Participant whose misconduct or violation of a  Company policy causes such Restatement, or; (ii) in the instance where a Participant is an  officer subject to Section 16 of the Securities and Exchange Act of 1934, and without  regard to whether Participant caused the Restatement, to (A) forfeit any vested or unvested  rights in this Award, and/or (B) to require repayment or return of any benefit derived from  the exercise of this Award. Both the cause and the amount of adjustment and/or repayment  shall be determined by the Committee in its sole discretion, and its decision shall be final  and binding upon the Participant.    (c) An original record of this Award Agreement and of the Participant's  acceptance and acknowledgement will be held on file by the Company. This Award  Agreement and the Participant's acknowledgement may be made either paper or electronic  format as specified by the Company. To the extent there is any conflict between the terms  contained in this Award Agreement and the terms contained in the original held by the  Company, the terms of the original held by the Company will control.    14. Section 409A Compliance.  To the extent applicable, it is intended that this Award  Agreement be exempt from or comply with the provisions of Section 409A of the Internal Revenue  

 

10  Code ("Section 409A").  This Award Agreement will be administered and interpreted in a manner  consistent with this intent, and any provision that would cause the Award Agreement to fail to  satisfy Section 409A will have no force and effect until amended to comply therewith (which  amendment may be retroactive to the extent permitted by Section 409A).  If any payments under  this Award Agreement constitute nonqualified deferred compensation subject to the requirements  of Section 409A and are payable upon a termination of the Participant's employment, then (a) all  such payments shall be made only upon a "separation from service" within the meaning of  Section 409A, (b) for purposes of determining the timing of such payments, Participant's  termination shall not be considered to occur until he or she has incurred such a separation from  service and (c) to the extent required for compliance with Section 409A if Participant is a  “specified employee” within the meaning of Section 409A, payments will be delayed by six  months.    15. Section 280G.  Notwithstanding anything contained in this Award Agreement to  the contrary, to the extent that any of the payments and benefits provided for under this Award  Agreement, together with any payments or benefits under any other agreement or arrangement  between the Company or any of its affiliates and the Participant (collectively, the “Payments”)  would constitute a “parachute payment” within the meaning of Section 280G of the Code, the  amount of such Payments shall be reduced (to the extent any reduction is necessary) to the amount  that would result in no portion of the Payments being subject to the excise tax imposed pursuant  to Section 4999 of the Code if and only if such reduction would provide the Participant with an  after-tax amount greater than if there was no reduction. Any reduction shall be done in a manner  that maximizes the amount to be retained by the Participant, provided that to the extent any order  is required to be set forth herein, then such reduction shall be applied in the following order: (a)  payments that are payable in cash that are valued at full value under Treasury Regulation Section  1.280G-1, Q&A 24(a) will be reduced (if necessary, to zero), with amounts that are payable last  reduced first; (b) payments due in respect of any equity valued at full value under Treasury  Regulation Section 1.280G-1, Q&A 24(a) will be reduced next (if necessary, to zero), with  amounts that are payable or deliverable last reduced first; (c) payments that are payable in cash  that are valued at less than full value under Treasury Regulation Section 1.280G- 1, Q&A 24 will  be reduced next (if necessary, to zero), with the highest values reduced first (as such values are  determined under Treasury Regulation Section 1.280G-1, Q&A 24); (d) payments due in respect  of any equity valued at less than full value under Treasury Regulation Section 1.280G-1, Q&A 24  will be reduced next (if necessary, to zero), with the highest values reduced first (as such values  are determined under Treasury Regulation Section 1.280G-1, Q&A 24); and (e) all other non-cash  benefits will be next reduced pro-rata.    [Signatures appear on the following page]                

 

11  IN WITNESS WHEREOF, the parties have executed this Award Agreement effective as  of the Award Date.    MillerKnoll, Inc.          By:_____________________________________   Jeffrey M. Stutz   Chief Financial Officer         ACCEPTANCE AND ACKNOWLEDGEMENT     Via electronic ACCEPT, I accept the Award Agreement described herein and in the Plan,  acknowledge receipt of a copy of this Award Agreement and the Plan Prospectus, and  acknowledge that I have read them carefully and that I fully understand their contents.

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