Document:

Document

Exhibit 10.8

TRI POINTE HOMES, INC.
2013 LONG-TERM INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT—TIME VESTED

Tri Pointe Homes, Inc., a Delaware corporation (the “Company”), hereby grants to the Employee listed below (the “Holder”) as of the date listed below (the “Grant Date”), pursuant to the terms and conditions of the Tri Pointe Homes, Inc. 2013 Long-Term Incentive Plan, as amended (the “Plan”), an award of restricted stock units (the “Award” and the restricted stock units granted pursuant to this Agreement, the “Award Units”) with respect to the number of shares listed below of the Company’s Common Stock, par value $0.01 per share (“Common Stock”), upon and subject to the restrictions, terms, and conditions set forth in the Plan and this agreement (the “Agreement”).

1.     Award Subject to Acceptance of Agreement. The Award shall be null and void unless the Holder accepts this Agreement by executing it in the space provided below and returning such original execution copy to the Company, or by approving this Agreement by electronic means in a manner that has been approved by the Company.

2.     Rights as a Stockholder. Each Award Unit shall represent the Holder’s right to receive one share of the Company’s Common Stock if and to the extent that such Award Unit becomes vested pursuant to the terms and conditions of this Agreement and the Plan. The Holder shall not be entitled to any privileges of ownership with respect to the shares of Common Stock subject to the Award unless and until, and only to the extent, such shares become vested pursuant to Section 3 hereof and the Holder becomes a stockholder of record with respect to such shares. As of each date on which the Company pays a cash dividend to record owners of shares of Common Stock (a “Dividend Date”), then the number of Award Units and shares subject to the Award shall increase by (i) the product of the total number of shares subject to the Award immediately prior to such Dividend Date multiplied by the dollar amount of the cash dividend paid per share of Common Stock by the Company on such Dividend Date, divided by (ii) the Fair Market Value of a share of Common Stock on such Dividend Date. Any such additional Award Units and shares shall be subject to the same restrictions, vesting conditions, and payment terms set forth herein as the shares to which they relate.

3.     Restriction Period and Vesting.

3.1.     Service-Based Vesting Condition. Except as otherwise provided in this Section 3, the Award shall vest (i) on the first anniversary of the Grant Date with respect to one-third of the number of Award Units and shares subject thereto on the Grant Date, rounded down to the nearest whole share, (ii) on the second anniversary of the Grant Date with respect to an additional one-third of the number of Award Units and shares subject thereto on the Grant Date, rounded up to the nearest whole share, and (iii) on the third anniversary of the Grant Date with respect to the remaining Award Units and shares subject thereto on the Grant Date, provided the Holder does not incur a Separation from Service before the applicable vesting date. The period of time prior to the vesting shall be referred to herein as the “Restriction Period.”

3.2.     Change in Control. Upon a Change in Control, the Award shall be subject to Section 5.8 of the Plan.

3.3.     Separation from Service. Except as provided in Sections 5.9(a) and 5.9(b) of the Plan, if the Holder incurs a Separation from Service prior to the end of the Restriction Period for any reason, then the portion of the Award Units that were not vested immediately prior to such Separation from Service shall be immediately forfeited by the Holder for no consideration and cancelled by the Company.

1

4.     Delivery of Certificates. Subject to Section 6, as soon as practicable (but no later than 30 days) after the vesting of Award Units, in whole or in part, the Company shall (i) deliver or cause to be delivered one or more certificates issued in the Holder’s name (or such other name as is acceptable to the Company and designated in writing by the Holder) or (ii) issue in book entry form registered in the name of the Holder (or such other name as is acceptable to the Company and designated in writing by the Holder) a written or electronic notice or statement representing the number of vested shares represented by such vested Award Units. The Company shall pay all original issue or transfer taxes and all fees and expenses incident to such delivery, except as otherwise provided in Section 6. Prior to the issuance to the Holder of the shares of Common Stock subject to the Award, the Holder shall have no direct or secured claim in any specific assets of the Company or in such shares of Common Stock, and will have the status of a general unsecured creditor of the Company.

5.     Transfer Restrictions and Investment Representation.

5.1.     Nontransferability of Award. The Award may not be transferred by the Holder other than by will or the laws of descent and distribution, pursuant to the designation of one or more beneficiaries on the form prescribed by the Company, a trust or entity established by the Holder for estate planning purposes, or a charitable organization designated by the Holder or pursuant to a qualified domestic relations order, in each case, without consideration. Except to the extent permitted by the foregoing sentence, the Award and the Award Units may not be sold, transferred, assigned, pledged, hypothecated, encumbered, or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment, or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber, or otherwise dispose of the Award or the Award Units in violation of this Agreement or the Plan, the Award and the Award Units and all rights hereunder shall immediately become null and void.

5.2.     Investment Representation. The Holder hereby represents and covenants that (a) any share of Common Stock acquired upon the vesting of the Award Units will be acquired for investment and not with a view to the distribution thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), unless such acquisition has been registered under the Securities Act and any applicable state securities laws; (b) any subsequent sale of any such shares shall be made either pursuant to an effective registration statement under the Securities Act and any applicable state securities laws, or pursuant to an exemption from registration under the Securities Act and such state securities laws; and (c) if requested by the Company, the Holder shall submit a written statement, in form satisfactory to the Company, to the effect that such representation (x) is true and correct as of the date of vesting of any shares of Common Stock hereunder or (y) is true and correct as of the date of any sale of any such share, as applicable. As a further condition precedent to the delivery to the Holder of any shares of Common Stock subject to the Award, the Holder shall comply with all regulations and requirements of any regulatory authority having control of or supervision over the issuance or delivery of the shares and, in connection therewith, shall execute any documents which the Board shall in its sole discretion deem necessary or advisable.

6.     Additional Terms and Conditions of Award.

6.1.     Withholding Taxes. The Company shall have the right to require, prior to the issuance or delivery of any shares of Common Stock upon the vesting of the Award Units, payment by the Holder of such Award of any federal, state, local, or other taxes which may be required to be withheld or paid in connection with such Award (the “Required Tax Payments”). The Holder may satisfy his or her obligation to advance the Required Tax Payments by any of the following means: (1) a cash payment to the Company, (2) delivery (either actual delivery or by attestation procedures established by the Company) to the Company of previously owned whole shares of Common Stock having an aggregate Fair Market Value, determined as of the Tax Date, equal to the Required Tax Payments, (3) authorizing the Company to withhold up to the maximum required number of shares of Common Stock which would otherwise be delivered or an amount of cash which would otherwise be payable to the Holder having an aggregate Fair Market Value, determined as of the Tax Date, equal to the Required Tax Payments, or (4) any combination of (1), (2), and (3). To the extent applicable, the Holder may satisfy his or her withholding obligation only with shares that are not subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements.

2

6.2.     Adjustment. In the event of any equity restructuring (within the meaning of Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation-Stock Compensation) that causes the per share value of shares of Common Stock to change, such as a stock dividend, stock split, spinoff, rights offering, or recapitalization through an extraordinary dividend, the terms of this Award, including the number and class of securities subject hereto, shall be appropriately adjusted by the Committee. In the event of any other change in corporate capitalization, including a merger, consolidation, reorganization, or partial or complete liquidation of the Company, such equitable adjustments described in the foregoing sentence may be made as determined to be appropriate and equitable by the Committee (or, if the Company is not the surviving corporation in any such transaction, the board of directors of the surviving corporation) to prevent dilution or enlargement of rights of participants. The decision of the Committee regarding any such adjustment shall be final, binding, and conclusive.

6.3.     Compliance with Applicable Law. The Award is subject to the condition that if the listing, registration or qualification of the shares of Common Stock subject to the Award upon any securities exchange or under any law, or the consent or approval of any governmental body, or the taking of any other action is necessary or desirable as a condition of, or in connection with, the delivery of shares hereunder, the shares of Common Stock subject to the Award shall not be delivered, in whole or in part, unless such listing, registration, qualification, consent, approval, or other action shall have been effected or obtained, free of any conditions not acceptable to the Company. The Company agrees to use reasonable efforts to effect or obtain any such listing, registration, qualification, consent, approval, or other action.

6.4.     Award Confers No Rights to Continued Employment or Service. In no event shall the granting of the Award or its acceptance by the Holder, or any provision of the Agreement or the Plan, give or be deemed to give the Holder any right to continued employment by or service to the Company, any Subsidiary, or any affiliate of the Company or affect in any manner the right of the Company, any Subsidiary, or any affiliate of the Company to terminate the employment or service of any person at any time.

6.5.     Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by the Holder or by the Company forthwith to the Committee for review. The resolution of such a dispute by the Committee shall be final and binding on all parties.

6.6.     Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Agreement shall be binding upon the Holder and his or her heirs, executors, administrators, successors, and assigns.

6.7.     Notices. All notices, requests or other communications provided for in this Agreement shall be made, if to the Company, to Tri Pointe Homes, Inc., Attn: General Counsel, 19540 Jamboree Road, Suite 300, Irvine, California 92612, and if to the Holder, to the last known mailing address of the Holder contained in the records of the Company. All notices, requests or other communications provided for in this Agreement shall be made in writing either (a) by personal delivery, (b) by facsimile or electronic mail with confirmation of receipt, (c) by mailing in the United States mails, or (d) by express courier service. The notice, request, or other communication shall be deemed to be received upon personal delivery, upon confirmation of receipt of facsimile or electronic mail transmission or upon receipt by the party entitled thereto if by United States mail or express courier service; provided, however, that if a notice, request, or other communication sent to the Company is not received during regular business hours, it shall be deemed to be received on the next succeeding business day of the Company.

6.8.     Governing Law. This Agreement, the Award and all determinations made and actions taken pursuant hereto and thereto, to the extent not governed by the laws of the United States, shall be governed by the laws of the State of Delaware and construed in accordance therewith without giving effect to principles of conflicts of laws.

6.9.     Agreement Subject to the Plan. This Agreement is subject to the provisions of the Plan, including Section 5.8 relating to a Change in Control, and shall be interpreted in accordance therewith. To the extent 

3

of any inconsistency between the Terms of the Plan and the terms of this Agreement, the terms of the Plan shall control. The Holder hereby acknowledges receipt of a copy of the Plan.

6.10.     Entire Agreement. The Plan is incorporated herein by reference. Capitalized terms not defined herein shall have the meanings specified in the Plan. This Agreement and the Plan constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Holder with respect to the subject matter hereof, and may not be modified adversely to the Holder’s interest except by means of a writing signed by the Company and the Holder.

6.11.     Partial Invalidity. The invalidity or unenforceability of any particular provision of this Agreement shall not affect the other provisions hereof and this Agreement shall be construed in all respects as if such invalid or unenforceable provision was omitted.

6.12.     Amendment and Waiver. The provisions of this Agreement may be amended or waived only by the written agreement of the Company and the Holder, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect, or enforceability of this Agreement.

6.13.     Counterparts. This Agreement may be executed in two counterparts each of which shall be deemed an original and both of which together shall constitute one and the same instrument.

6.14.     Section 409A. This Agreement will be interpreted in accordance with Section 409A of the Code, to the extent applicable, including without limitation any Treasury Regulations or other Department of Treasury guidance that may be issued or amended after the date hereof, and will not be amended or modified in any manner that would cause this Agreement to violate the requirements of Section 409A. If, following the date hereof, the Committee determines that the Award may be subject to Section 409A, including such Department of Treasury guidance as may be issued after the date hereof, the Committee may, in its discretion, adopt such amendments to this Agreement or adopt such other policies and procedures (including amendments, policies, and procedures with retroactive effect), or take any other actions, as the Committee determines are necessary or appropriate to (i) exempt the Award from Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (ii) comply with the requirements of Section 409A. Notwithstanding anything to the contrary in the Plan or in this Agreement, the Holder agrees that the Holder (or the Holder’s estate or permitted beneficiary(ies)) will be solely responsible for the satisfaction of all taxes, interest, and penalties that may be imposed on the Holder or for the Holder’s account in connection with this Award (including, without limitation, any taxes, interest, and penalties under Section 409A), and neither the Company nor its Affiliates will have any obligation to reimburse, indemnify, or otherwise hold the Holder (or the Holder’s estate or permitted beneficiary(ies)) harmless from any or all of such taxes, interest, or penalties.

4Exhibit
10.1

 

MANAGEMENT CONTINUITY
plan

 

KNOLL,
INC., a Delaware corporation (“Company”) hereby adopts this Management Continuity Plan (the “Plan”),
effective as of April 18, 2021 (the “Effective Date”).

 

The purpose of the Plan is to ensure that the Company
will have the continued employment of certain key employees of the Company or a Company subsidiary whose continued dedication, availability,
advice and counsel to the Company and its Subsidiaries is deemed important to the Board of Directors of the Company (the “Board”),
the Company and its shareholders.

 

The Company considers the establishment and maintenance
of a sound and vital management team to be part of its overall corporate strategy and to be essential to protecting and enhancing the
best interests of the Company and its shareholders. Accordingly, the Board has approved this Plan and authorized its establishment on
behalf of the Company.

 

1.                 
Term. This Plan shall be effective on the Effective Date and shall continue until terminated by the Company as provided
in Section 7 (the “Term”). Notwithstanding the foregoing, if a Change of Control occurs during the Term, this Plan
will continue in effect for thirty-six (36) months beyond the end of the month in which any Change of Control occurs.

 

2.                 
Definitions. The following defined terms shall have the meanings set forth below, for purposes of this Plan:

 

(a)              
Annual Base Salary. “Annual Salary” shall mean Executive’s highest annual base salary during the twelve
(12) month period immediately prior to the month in which the Change of Control occurs.

 

(b)              
Annual Non-Equity Incentive Program. “Annual Non-Equity Incentive Program” shall mean the Company’s Annual
Non-Equity Incentive Program, as in effect as of the Effective Date, or any successor plan.

 

(c)              
Average Bonus. “Average Bonus” shall mean the average of the last three (3) annual bonus payments, if any, made
to Executive under the Company’s Annual Non-Equity Incentive Program immediately preceding the Change of Control.

 

(d)              
Cause. “Cause” means (1) a material breach by the Executive of those duties and responsibilities of the Executive
which do not differ in any material respect from the duties and responsibilities of the Executive during the ninety (90) day period immediately
prior to a Change of Control (other than as a result of incapacity due to physical or mental illness) which is (A) demonstrably willful
and deliberate on the Executive’s part, (B) committed in bad faith or without reasonable belief that such breach is in the best
interests of the Company and (C) not remedied in a reasonable period of time after receipt of written notice from the Company specifying
such breach or (2) the commission by the Executive of a felony involving moral turpitude.

 

     

     

    

 

(e)              
 Change of Control. A “Change of Control” shall mean a change of control of the Company that would be required
to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934 (“Exchange
Act”), or such item thereof which may hereafter pertain to the same subject; provided that, and notwithstanding the foregoing,
a Change of Control shall be deemed to have occurred if:

 

(i)                
Any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act, a “Person”) is or becomes
the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company
representing forty percent (40%) or more of the combined voting power of the Company’s then out-standing securities; or

 

(ii)             
At any time a majority of the Board of Directors of the Company is comprised of other than Continuing Directors (for purposes of
this Section, the term “Continuing Director” means a director who was either (A) first elected or appointed as a Director
prior to the effective date of this Plan; or (B) subsequently elected or appointed as a director if such director was nominated or
appointed by at least a majority of the then Continuing Directors); or

 

(iii)           
Any of the following occur:

 

(A)            
Any merger or consolidation of the Company, other than a merger or consolidation in which the voting securities of the Company
immediately prior to the merger or consolidation continue to represent (either by remaining outstanding or being converted into securities
of the surviving entity) sixty percent (60%) or more of the combined voting power of the Company or surviving entity immediately after
the merger or consolidation with another entity;

 

(B)             
Any sale, exchange, lease, mortgage, pledge, transfer, or other disposition (in a single trans-action or a series of related transactions)
of all or substantially all of the assets of the Company which shall include, without limitation, the sale of assets or earning power
aggregating more than fifty percent (50%) of the assets or earning power of the Company on a consolidated basis;

 

(C)             
Any liquidation or dissolution of the Company;

 

(D)            
Any reorganization, reverse stock split, or recapitalization of the Company which would result in a Change of Control; or

 

(E)             
Any transaction or series of related transactions having, directly or indirectly, the same effect as any of the foregoing;
or any agreement, contract, or other arrangement providing for any of the foregoing.

 

(f)               
Disability. “Disability” means that, as a result of Executive’s incapacity due to physical or mental illness,
the Executive shall have been found to be eligible for the receipt of benefits under the Company’s long-term disability plan or
similar plan or program providing for the payment of disability benefits.

 

    -2-

     

    

 

(g)              
 Executive. “Executive” means an officer of the Company or a Subsidiary of the Company who has been approved
as a participant in the Plan by the Compensation Committee of the Board.

 

(h)              
Good Reason. For purposes of this Plan, “Good Reason” means the occurrence of any one or more of the following
without the Executive’s express written consent:

 

(i)                
The assignment to Executive of duties which are materially different from or inconsistent with the duties, responsibilities and
status of Executive’s position at any time during the six (6) month period prior to the Change of Control of the Company, or which
result in a significant reduction in Executive’s authority and responsibility as an executive of the Company or a subsidiary;

 

(ii)             
A reduction by the Company in (1) Executive’s Annual Base Salary or salary grade as of the date immediately prior to the
Change of Control, or the failure to grant salary increases and bonus payments on a basis comparable to those granted to other executives
of the Company, (2) Executive’s Target Bonus as of the date immediately prior to the Change of Control, or (3) the target value
of Executive’s equity-based compensation awards under the Company’s Stock Incentive Plan, as of the date immediately prior
to the Change of Control;

 

(iii)           
any requirement of the Company that the Executive be based at a location in excess of 50 miles from the facility which is the Executive’s
principal business office at the time of the Change of Control;

 

(iv)            
The failure of the Company to obtain a satisfactory agreement from any successor to the Company to assume and agree to perform
this Plan, as contemplated in Section 8 of this Plan;

 

(v)              
Any termination by the Company of Executive’s employment that is other than for Cause; or

 

(vi)            
A reduction of 5% or more in the aggregate benefits provided to Executive and Executive’s dependents under the Company’s
employee benefit plans (including, without limitation, retirement, medical, prescription, dental, disability, salary continuance, employee
life, group life, and accidental death insurance plans and programs) in which the Executive is participating immediately prior to such
Change of Control.

 

The existence of Good Reason shall not be
affected by Executive’s Disability. Except as provided in Section 2(i) of this Plan, Executive’s continued
employment shall not constitute a waiver of Executive’s rights with respect to any circumstance constituting Good Reason under
this Plan. Notwithstanding anything to the contrary, in order to be eligible to resign for Good Reason, the Executive must give
written notice of the event or circumstance claimed to constitute Good Reason within 90 days after the Executive first becomes aware
of such event or circumstance. And, with respect to each Executive other than the Chief Executive Officer of the Company (the
 “CEO”) and the Chief Financial Officer of the Company (the “CFO”), in the case of an event or circumstance
claimed to constitute Good Reason under Section 2(h)(i), the Company shall have a period of 45 days to cure the event or
circumstance and the Executive may resign for Good Reason only after the end of such cure period and only if the Company has not
cured such event or circumstance.

 

    -3-

     

    

 

(i)                
Notice of Termination. “Notice of Termination” means a written notice indicating the specific termination provision
in this Plan relied upon and setting forth in reasonable detail the facts and circumstances claimed to provide a basis for termination
of the employment under the provision so indicated. The Executive shall not be entitled to give a Notice of Termination that the Executive
is terminating employment for Good Reason more than six (6) months following the occurrence of the event alleged to constitute Good Reason,
except with respect to an event which occurred before the Change of Control, in which case the Notice of Termination must be given within
six (6) months following the Change of Control and, with respect to each Executive other than the CEO and the CFO, in the case of an event
or circumstance claimed to provide a basis for eligibility for Severance Benefits under Section 3(b)(iii), the Company shall have a period
of 45 days following the delivery of the Notice of Termination after the Change in Control to cure the event or circumstance and the Executive
may resign and receive Severance Benefits only after the end of such cure period and only if the Company has not cured such event or circumstance.
Any termination by the Company for Cause or due to Executive’s Disability, or by Executive for Good Reason, shall be communicated
by Notice of Termination to the other party.

 

(j)                
Stock Incentive Plan. “Stock Incentive Plan” shall mean the Company’s 2018 Stock Incentive Plan, 2013
Stock Incentive Plan and 2010 Stock Incentive Plan, each as in effect as of the Effective Date, or any successor plan.

 

(k)              
Target Bonus. “Target Bonus” shall mean Executive’s target bonus amount under the Company’s Annual
Non-Equity Incentive Program.

 

(l)                
Termination Date. “Termination Date” shall mean the date of Executive’s termination of employment with
the Company or a subsidiary, or if the date of a Change of Control if termination of employment occurs under the terms of Section 3(b)
of this Plan.

 

3.                 
Eligibility for Severance Benefits. Subject to Section 5, Executive shall receive the Severance Benefits described
in Section 4 if Executive’s employment is terminated during the Term of this Plan, and

 

(a)              
the termination occurs within the twenty-four (24) consecutive month period after a Change of Control, unless the termination is
(i) because of Executive’s death or Disability, (ii) by the Company for Cause, or (iii) by the Executive other than for Good Reason;
or

 

(b)               the
Company (i) terminates the employment of Executive, (ii) takes any of the actions set forth in Subsections 2(h)(ii) or (iii),
or (iii) assigns Executive duties which are materially different from or inconsistent with the duties, responsibilities and status
of Executive’s current position or which would result in a significant reduction in Executive’s authority and
responsibility as an executive of the Company or a subsidiary within six (6) months before a Change of Control, and (A) in
contemplation of such Change of Control, and (B) to avoid the effect of this Plan after such Change of Control, provided that no
Severance Benefits shall be due or payable under this Subsection 3(b) unless and until a Change of Control occurs.

 

    -4-

     

    

 

4.                 
Severance Benefits. Subject to Section 5 and execution and non-revocation of a release in the form substantially
similar to the Company’s release in effect as of the Effective Date of this Plan, the Executive shall receive the following Severance
Benefits (in addition to accrued compensation and vested benefits) if eligible under Section 3:

 

(a)              
A lump sum cash amount (which shall be paid not later than thirty (30) days after the Termination Date) equal to Executive’s
Annual Base Salary, multiplied by (i) three (3) for the CEO, or (ii) two (2) for any other Executive;

 

(b)              
A lump sum cash amount (which shall be paid not later than thirty (30) days after the Termination Date) equal to (i) three (3)
times for the CEO, or (ii) two (2) times for any other Executive the greater of (1) Executive’s Average Bonus and (2) Executive’s
Target Bonus for the fiscal year in which the Change of Control occurs;

 

(c)              
For the twenty-four (24) consecutive month period beginning immediately after the Termination Date, the Company will provide to
Executive at the Company’s expense with the following benefits, provided that if one or more of the following benefits is not provided
to the Company employees, or cannot be provided to Executive under terms of the Company’s plans during such twenty-four (24) month
period, the Company shall pay Executive a lump sum cash benefit equal to the cost to the Executive of obtaining such benefit:

 

(i)                
Health care coverage equal to that in effect for Executive (including his or her permitted family members) prior to the Termination
Date (or, if more favorable to Executive, that furnished generally to peer employees of the Company), including, but not limited to, hospital,
surgical, medical, dental, prescription and dependent coverages. Upon the expiration of the health care benefits required to be provided
pursuant to this Subsection 4(c), the Executive shall be entitled to the continuation of such benefits under the provisions of
the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) to the extent of any remaining eligibility period under such
Act. Health care benefits otherwise receivable by Executive pursuant to this Subsection 4(c) shall be reduced to the extent comparable
benefits are actually received by Executive from a subsequent employer during the twenty-four (24) consecutive month period immediately
following the Termination Date and any such benefits actually received by Executive shall be reported to the Company; and

 

(ii)             
Disability insurance coverage (including policy terms) equal to that in effect at the time Notice of Termination is given (or on
the Termination Date if no Notice of Termination is required) or, if more favorable to Executive, equal to that in effect immediately
prior to the Change of Control; provided, however, that no income replacement benefits will be payable under such disability policy
with regard to the twenty-four (24) month period immediately following a termination of employment provided that the payments payable
under Subsections 4(a) and (b) above have been made.

 

    -5-

     

    

 

(d)              
 The Company shall pay all fees for outplacement services for job searches up to a maximum of Twenty-five Thousand Dollars ($25,000);

 

(e)              
In computing and determining Severance Benefits under Subsections 4(a) through (d) above, a decrease in Executive’s
salary, bonus compensation, or insurance benefits shall be disregarded if such decrease occurs within six (6) months before a Change of
Control, is in contemplation of such Change of Control, and is taken to avoid the effect of this Plan should such action be taken after
such Change of Control; in such event, the salary, incentive bonus, and/or insurance benefits used to determine Annual Salary, Average
Bonus, and therefore Severance Benefits shall be that in effect immediately before the decrease that is disregarded pursuant to this Subsection
4(e);

 

(f)               
Executive shall not be required to mitigate the amount of any payment provided for in this Section 4 by seeking other employment
or otherwise, nor shall the amount of any payment provided for in this Section 4 be reduced by any compensation earned by Executive
as the result of employment by another employer after the Termination Date, with the exception of a reduction in health insurance coverage
as provided in Subsection 4(c)(i); and

 

(g)              
All outstanding awards held by Executive under the Stock Incentive Plan that were granted prior to the Change in Control shall
vest in full as of the Termination Date.

 

5.                 
Maximum Payments. If any of the payments or benefits received or to be received by Executive (including, without limitation,
any payment or benefits received in connection with a Change of Control or Executive’s termination of employment, whether pursuant
to the terms of this Plan or any other plan, arrangement or agreement, or otherwise) (all such payments collectively referred to herein
as the “280G Payments”) constitute “parachute payments” within the meaning of Section 280G of the Code and would,
but for this Section 5, be subject to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), then
prior to making the 280G Payments, a calculation shall be made comparing (a) the Net Benefit (as defined below) to Executive of the 280G
Payments after payment of the Excise Tax to (b) the Net Benefit to Executive if the 280G Payments are limited to the extent necessary
to avoid being subject to the Excise Tax. Only if the amount calculated under (a) above is less than the amount under (b) above will the
280G Payments be reduced to the minimum extent necessary to ensure that no portion of the 280G Payments is subject to the Excise Tax.
 “Net Benefit” shall mean the present value of the 280G Payments, net of all federal, state, local, foreign income, employment,
and excise taxes. The calculation to be made pursuant to this Section 5 shall be made in a manner determined by the Company’s
independent accountants or the Company’s tax counsel and that is consistent with the requirements of Section 409A.

 

6.                 
Covenants of Executive. In consideration of the Company’s execution of this Plan, Executive agrees to the following:

 

(a)              
Restrictive Covenants. Executive 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 secrets and Protected Information,
and hereby agrees that the following restrictions are appropriate to meet such goals.

 

    -6-

     

    

 

(i)                
 Non-Solicitation. Executive acknowledges that the relationships and goodwill that Executive develops with Company Customers
as a result of Executive’s employment belong to the Company. Executive therefore agrees that while employed by the Company and during
the Restricted Period, Executive 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. Executive agrees that while employed by the Company and during the Restricted Period, Executive 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 Executive’s knowledge of Protected Information is likely to affect Executive’s decisions or actions for the Direct
Competitor to the detriment of the Company.

 

(b)              
Definitions. For purposes of this Section 6, the following terms shall be defined as follows:

 

(i)                
Protected Information. “Protected Information” means the 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 Executives or agents; nonpublic information; strategic plans;
business methods; investment strategies and plans; intellectual property; sales and marketing plans; the 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 Executive, (iii) was approved by the Company
for use and disclosure by Executive 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, Executive pay or Executive 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 Executive’s employment (or during the period of Executive’s employment, if Executive was
employed for less than 18 months) and with whom Executive personally dealt on behalf of the Company in the 12 months immediately preceding
the last day of Executive’s employment and Executive had 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 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 Fifteen Thousand Dollars ($15,000).

 

    -7-

     

    

 

(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 Executive’s employment with
the Company (or at any time during Executive’s employment if Executive was employed for less than 12 months), and for which Executive
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 Executive’s employment (or at any
time during Executive’s employment if Executive was employed for less than 12 months), with which Executive 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 (i) in the case of each Executive other than the CEO, a person,
business or company providing Competitive Products or Competitive Services in any country where the Company or its Subsidiaries does business,
but excluding any business which the parties have agreed in writing to exclude from this definition, and the Company will not unreasonably
or arbitrarily withhold such agreement and (ii) in the case of the CEO, the following entities and each of their respective affiliates:
Steelcase, Haworth, Teknion, HNI, Allsteel, KI, Kimball, Trendway, Inscape, Riviera, Humanscale, Halcon, Vitra, Room and Board, Restoration
Hardware, Ethan Allen, Nucraft Furniture, OFS/First Office, Watson, Herman Miller, Sit On It, Bernhardt, DECCA, Touhy, Weiland and WeWork.

 

(vi)            
Restricted Period. “Restricted Period” means (i) in the case of each Executive other than the CEO, the period
of twelve (12) consecutive months after Executive’s employment with the Company ends for any reason and (ii) in the case of the
CEO, the period of eighteen (18) consecutive months after Executive’s employment with the Company ends for any reason.

 

7.                 
Amendment or Termination of Plan. The Company shall have the right prior to a Change of Control, in its sole discretion,
pursuant to action by the Board, to approve the amendment or termination of this Plan, which amendment or termination shall not
become effective until the date fixed by the Board therefor, which date shall be at least 180 days after notice thereof is given by the
Company to the Executive in accordance with Section 10; provided, however, that no such action shall be taken by the Board,
without the written consent of each Executive, (i) during any period of time when the Board has knowledge that any Person has taken steps
reasonably calculated to effect a Change of Control until, in the opinion of the Board, such Person has abandoned or terminated its efforts
to effect a Change of Control or (ii) following a Change of Control.

 

8.                  Administration.
The Compensation Committee of the Board (the “Committee”) shall have the responsibility and authority to administer the
Plan.  The Committee shall have authority, in its complete and sole discretion, to: (a) construe and interpret the Plan
and its terms and resolve any ambiguities herein; (b) determine the amount and recipient of any payment hereunder;
(c) prescribe, amend, and rescind rules and regulations with respect to Plan administration or interpretation;
(d) make all other determinations and do all other things necessary or appropriate for the administration of the Plan; and
(e) have all other powers granted to it in other sections of this Plan or as otherwise necessary or appropriate to carry out
its responsibilities hereunder.

 

    -8-

     

    

 

9.                 
Successors; Binding Plans. This Plan shall inure to the benefit of and be enforceable by Executive’s personal
and legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. Executive’s rights
and benefits under this Plan may not be assigned, except that if Executive dies while any amount would still be payable to Executive hereunder
if Executive had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of
this Plan, to the beneficiaries designated by the Executive to receive benefits under this Plan in a writing on file with the Company
at the time of the Executive’s death or, if there is no such beneficiary, to Executive’s estate. The Company will require
any successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business
and/or assets of the Company (or of any division or subsidiary thereof employing Executive) to expressly assume and agree to perform this
Plan in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.
Failure of the Company to obtain such assumption and agreement prior to the effectiveness of any such succession shall be a breach of
this Plan and shall entitle Executive to compensation from the Company in the same amount and on the same terms to which Executive would
be entitled hereunder if Executive terminated the employment for Good Reason following a Change of Control.

 

10.             
Withholding of Taxes. The Company may withhold from any amounts payable under this Plan all federal, state, city, or other
taxes as required by law.

 

11.             
Notice. For the purpose of this Plan, notices and all other communications provided for in this Plan shall be in writing
and shall be deemed to have been duly given when personally delivered or mailed by United States registered mail, return receipt requested,
postage prepaid, addressed to the respective addressees set forth on the first page of this Plan, or at such other addresses as the parties
may designate in writing.

 

12.              Compliance
with Section 409A. It is intended that any amounts payable under this Plan will comply with Section 409A of the Internal Revenue
Code (the “Code”) and treasury regulations relating thereto so as not to subject the Executive to the payment of any
interest and tax penalty which may be imposed under Section 409A of the Code, and this Plan shall be interpreted and construed in
accordance with such intention. Any provision of the Plan that would cause the Executive to be subject to the payment of any such
interest or tax penalty shall be disregarded, and the timing of the payments or benefits provided herein shall be modified
accordingly. For purposes of Section 409A, each payment made under the Plan will be treated as a separate payment. In no event
may the Executive, directly or indirectly, designate the calendar year of payment. Notwithstanding any provision of the Plan to the
contrary, if necessary to comply with the restriction in Section 409A(a)(2)(B) of the Code concerning payments to
 “specified employees” (as described in Section 409A(a)(2)(B)(i) of the Code), any payment on account of such
Executive’s separation from service that would otherwise be due hereunder within six months after such separation will
nonetheless be delayed until the first business day of the seventh month following Executive’s Termination Date and the first
such payment will include the cumulative amount of any payments that would have been paid prior to such date if not for such
restriction. Notwithstanding anything contained herein to the contrary, the Executive will not be considered to have terminated
employment with the Company for purposes of Section 4 hereof unless the Executive would be considered to have incurred a
 “separation from service” from the Company within the meaning of Section 409A. Any tax liability incurred by an
Executive under Section 409A of the Code will be solely the responsibility of the Executive. In the event Executive is covered
by any pre-existing employment agreement or other arrangement of the Company or its subsidiaries that provides for severance
payments that differ in timing or form of payment from those the Executive would otherwise be entitled to under this Plan, the
severance payments provided to such Executive pursuant to this Plan will be reformed if and to the extent necessary to comply with
Section 409A.

 

    -9-

     

    

 

13.             
Waiver. No provision of this Plan may be modified, waived, or discharged unless such waiver, modification, or discharge
is agreed to in writing and signed by Executive and such officer as may be specifically designated by the Board.

 

14.             
Employment Rights. Except as specifically provided in this Plan, this Plan shall not confer upon Executive any right to
continue in the employ of the Company or its Subsidiaries and shall not in any way affect the right of the Company or its Subsidiaries
to dismiss or otherwise terminate Executive’s employment at any time with or without Cause.

 

15.             
No Vested Interest. Neither Executive nor Executive’s beneficiary shall have any right, title, or interest in any
benefit under this Plan prior to the occurrence of the right to the payment thereof, or in any property of the Company or its Subsidiaries.

 

16.             
Prior Agreements. This Plan shall be construed and administered in a manner which avoids duplication of compensation and
benefits and restrictive covenants which may be provided under any prior agreement between the Company and Executive, including any written
employment agreement between the Executive and the Company, or any other plan, program, policy, or arrangement. Accordingly, if Executive
is (a) entitled to receive severance benefits under this Plan in respect of the Executive’s termination of employment, then the
Executive shall not be entitled to receive severance benefits under any other such agreement, plan, program, policy, or arrangement in
respect of such termination of employment and (b) subject to any non-competition or non-solicitation covenants under any other such agreement,
plan, program, policy, or arrangement, such covenants shall be deemed replaced by those set forth in Section 6.

 

17.             
Governing Law; Validity. The interpretation, construction and performance of this Plan shall be governed by and construed
and enforced in accordance with the internal laws of the State of Delaware without regard to the principle of conflicts of laws. The invalidity
or unenforceability of any provision of this Plan shall not affect the validity or enforceability of any other provisions of this Plan,
which other provisions shall remain in full force and effect. The Company and, by accepting benefits under this Plan, the Executive hereby
irrevocably consents and submits to the personal jurisdiction of and venue in the United States District Court – District of Delaware
and the Delaware State courts, in any legal action, equitable suit or other proceeding arising out of or related to this Plan.

 

    -10-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}]]