Document:

Exhibit

Exhibit 10.1

INDEMNIFICATION AGREEMENT
THIS INDEMNIFICATION AGREEMENT (“Agreement”) is executed effective as of July 1, 2019 (the “Effective Date”), by and between HERMAN MILLER, INC., a Michigan corporation (the “Company”), and ___________________ (“Indemnitee”).

RECITALS

A.Indemnitee is an employee of the Company or an Affiliate of the Company and in such capacity has agreed to serve as an officer, director, manager, agent and/or similar capacity (referred to as a “Responsible Party”) to the Company or one or more Affiliates of the Company. For purposes of this Agreement, the term “Affiliate” shall mean all entities that are controlled by the Company, are under common control with the Company or as identified in attached Appendix A, as may be updated by the Company from time to time. 

B.The Affiliates have been formed and established in a number of jurisdictions throughout the world and have been organized in a variety of forms of business entities, many of which are unique to the jurisdiction in which they were formed. As a Responsible Party, Indemnitee may be exposed to certain personal risks associated with serving in such capacities for the benefit of the Company and/or its Affiliates. 

C.The Company has determined that to attract and retain persons to serve as a  Responsible Party for one or more Affiliates and encourage them to take the risks necessary for the success of the Company and/or its Affiliates, it is reasonable, prudent and necessary for the Company to obligate itself contractually to indemnify such persons and to assume for itself and its Affiliates the liability for expenses and damages in connection with claims against them arising of their service as a Responsible Party. 

NOW, THEREFORE, in order to induce Indemnitee to serve as a Responsible Party of the Company and/or its Affiliates, and in consideration of the foregoing recitals and mutual promises set forth in this Agreement, the parties agree as follows: 

Section 1.    INDEMNIFICATION.

1.1    Third Party Proceedings.  The Company shall indemnify Indemnitee if Indemnitee is or was a party or is threatened to be made a party to any threatened, pending, or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of the Company and/or an Affiliate) by reason of the fact that Indemnitee is or was a Responsible Party of the Company or any Affiliate, by reason of any action or inaction on the part of Indemnitee while a Responsible Party, against expenses (including attorneys’ fees), judgments, fines, and amounts paid in settlement (if such settlement is approved in advance by the Company, which approval shall not be unreasonably withheld) actually and reasonably incurred by Indemnitee in connection with such action, suit, or proceeding, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and/or an Affiliate, and, with respect to any criminal action or proceeding, had no reasonable cause to believe Indemnitee’s conduct was unlawful. The termination of any action, suit, or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that Indemnitee did not act in good faith and in a manner that Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and/or an Affiliate, and, with respect to any criminal action or proceeding, had reasonable cause to believe that Indemnitee’s conduct was unlawful.
1.2    Proceedings by or in the Right of the Company and/or An Affiliate.   The Company shall indemnify Indemnitee if Indemnitee was or is a party or is threatened to be made a party to any threatened, pending, or completed action or suit by or in the right of the Company or any Affiliate to procure a judgment in its favor by reason of the fact that Indemnitee is or was a Responsible Party of the Company or any Affiliate, by reason of any action or inaction on the part of Indemnitee while a Responsible Party against expenses (including attorneys’ fees) and, to the fullest extent permitted by law, amounts paid in settlement (to the extent reasonably approved by the Company), in each case to the extent actually and reasonably incurred by Indemnitee in connection with the defense or settlement (to the extent reasonably approved by the Company) of such action or suit, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or an Affiliate, except that no indemnification shall be made in respect of any claim, issue, or matter as to which Indemnitee shall have been adjudged to be liable to the Company or an Affiliate unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for such expenses that the court shall deem proper.
1.3    Mandatory Payment of Expenses.  To the extent that Indemnitee has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in Sections 1.1 or 1.2 or the defense of any claim, issue or matter in Section 1.1 or 1.2, Indemnitee shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by Indemnitee in connection with such defense.

Section 2.    EXPENSES:  INDEMNIFICATION PROCEDURE.

2.1    Advancement of Expenses.   The Company shall advance all expenses incurred by Indemnitee, and, to the fullest extent permitted by law, amounts paid in settlement (to the extent reasonably approved by the Company) by Indemnitee, in connection with the investigation, defense, settlement, or appeal of any civil or criminal action, or proceeding referenced in Sections 1.1 or 1.2 of this Agreement.   Indemnitee hereby undertakes to repay such amounts advanced only if, and to the extent that, it shall ultimately be determined that Indemnitee is not entitled to be indemnified by the Company as authorized by this Agreement.  The advances to be made under this Agreement shall be paid by the Company to Indemnitee within thirty (30) days following delivery of a written request for such advance by Indemnitee to the Company together with evidence of the expenses incurred by Indemnitee.   

2.2    Notice/Cooperation by Indemnitee.  Indemnitee shall, as condition precedent to the right to be indemnified under this Agreement, give the Company notice in writing as soon as practicable of any claim made against Indemnitee for which indemnification shall or could be sought under this Agreement.  Notice to the Company shall be directed to the President of the Company at the address shown on the signature page of this Agreement, or such other address as the Company shall designate in writing to Indemnitee.  Notice shall be deemed received three (3) business days after the date postmarked if sent by domestic certified or registered mail, properly addressed; otherwise notice shall be deemed received when such notice shall actually be received by the Company.  In addition, Indemnitee shall give the Company such information and cooperation as it may reasonably require and as shall be within Indemnitee’s power.
2.3    Procedure.  Any indemnification and advances provided for in Section 1 and this Section 2 shall be made no later than thirty (30) days after receipt of the written request of Indemnitee.  If a claim under this Agreement is not paid in full by the Company within forty five (45) days after a written request for payment of such claim has first been received by the Company, Indemnitee may, but need not, at any time thereafter bring an action against the Company to recover the unpaid amount the claim and, subject to Section 6 of this Agreement, Indemnitee shall also be entitled to be paid for the expenses (including attorneys’ fees) of bringing such action.   It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in connection with any action, suit, or proceeding in advance of its final disposition) that Indemnitee has not met the standards of conduct that make it permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed, but the burden of proving such defense shall be on the Company and Indemnitee shall be entitled to receive interim payments of expenses pursuant to Section 2.1 unless and until such defense may be finally adjudicated by court order or judgment from which no further right of appeal exists.  It is the parties’ intention that if the Company contests Indemnitee’s right to indemnification, the question of Indemnitee’s right to indemnification shall be for the court to decide.
2.4    Notice to Insurers.  If, at the time of the receipt of a notice of a claim pursuant to Section 2.2 of this Agreement, the Company has directors’ and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies.  The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.
2.5    Selection of Counsel.  In the event the Company shall be obligated under Section 2.1 of this Agreement to pay the expenses of any proceeding against Indemnitee, the Company, if appropriate, shall be entitled to assume the defense of such proceeding, with counsel approved by Indemnitee (whose approval shall not be unreasonably withheld), upon the delivery to Indemnitee of its written notification of election to do so.  After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company shall not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same proceeding, provided, that (a) Indemnitee shall have the right to employ his counsel in any such proceeding at Indemnitee’s expense; and (b) if (i) the employment of counsel by Indemnitee has been previously authorized by the Company, (ii) Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any such defense, or (iii) the Company shall not, in fact, have employed counsel to assume the defense of such proceeding, then the fees and expenses of Indemnitee’s counsel shall be at the expense of the Company.

Section 3.    ADDITIONAL RIGHTS; NONEXCLUSIVITY.
3.1    Scope.  Notwithstanding any other provision of this Agreement, the Company hereby agrees to indemnify the Indemnitee to the fullest extent permitted by law, notwithstanding that such indemnification is not specifically authorized by the Company’s Articles of Incorporation, the Company’s Bylaws, or by statute.  In the event of any change, after the date of this Agreement, in any applicable law, statute or rule that expands the right of a Michigan corporation to indemnify Indemnitee as a Responsible Party, such changes shall be, ipso facto, within the purview of Indemnitee’s rights and Company’s obligations under this Agreement.  In the event of any change in any applicable law, statute or rule that narrows the right of a Michigan corporation to indemnify Indemnitee as a Responsible Party, such changes, to the extent not otherwise required by such law, statute or rule to be applied to this Agreement, shall have no effect on this Agreement or the parties’ rights and obligations under this Agreement.
3.2    Nonexclusivity.  The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which Indemnitee may be entitled under the Company’s Articles of Incorporation, its Bylaws or the organizational documents or instruments governing any Affiliate.  The indemnification provided under this Agreement shall continue as to Indemnitee for any action taken or not taken while Indemnitee is or was serving in an indemnified capacity even though he may have ceased to serve in such capacity at the time of any action, suit or other covered proceeding.
Section 4.    PARTIAL INDEMNIFICATION.  If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the expenses, judgments, fines or penalties actually or reasonably incurred by Indemnitee in the investigation, defense, appeal or settlement of any civil or criminal action, suit or proceeding, but not, however, for the total amount of any such expenses, judgments, fines or penalties, the Company shall nevertheless indemnify Indemnitee for the portion of such expenses, fines or penalties to which Indemnitee is entitled.

Section 5.    SEVERABILITY.  Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in violation of applicable law.  The Company’s inability, pursuant to court order, to perform its obligations under this Agreement shall not constitute a breach of this Agreement.  The provisions of this Agreement shall be severable as provided in this Section 5.  If this Agreement or any portion of this Agreement shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify Indemnitee to the full extent permitted by any applicable portion of this Agreement that shall not have been invalidated, and the balance of this Agreement not so invalidated shall be enforceable in accordance with its terms.

Section 6.    EXCEPTIONS.  Any other provision in this Agreement to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement:

6.1    Claims Initiated by Indemnitee.  To indemnify or advance expenses to Indemnitee with respect to proceedings or claims initiated or brought voluntarily by Indemnitee and not by way of defense, except with respect to proceedings brought to establish or enforce a right to indemnification under this Agreement or any other applicable statute or law. 
6.2    Lack of Good Faith.  To indemnify Indemnitee for any expenses incurred by the Indemnitee with respect to any proceeding instituted by Indemnitee to enforce or interpret this Agreement, if a court of competent jurisdiction determines that each of the material assertions made by the Indemnitee in such proceeding was not made in good faith or was frivolous.

6.3    Insured Claims.  To indemnify Indemnitee for expenses or liabilities of any type whatsoever (including, but not limited to, judgments, fines, ERISA, excise taxes or penalties, and amounts paid in settlement) that have been paid directly to Indemnitee by an insurance carrier under a policy of officers’ and directors’ liability insurance maintained by the Company or an Affiliate.

Section 7.    CONSTRUCTION OF CERTAIN PHRASES.

7.1    References to Company.  For purposes of this Agreement, references to the “Company” shall include, in addition to the resulting corporation, any constituent entity (including any constituent of a constituent) absorbed in a consolidation or merger, so that if Indemnitee is or was a Responsible Party of such constituent entity, or is or was serving at the request of such constituent entity as a Responsible Party of another entity, partnership, joint venture, trust or other enterprise, Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving entity as Indemnitee would have with respect to such constituent entity if its separate existence had continued.

7.2    Other Phrases.  For purposes of this Agreement, references to “other enterprises” shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on Indemnitee with respect to an employee benefit plan; and references to “serving at the request of the Company” shall include any service as a Responsible Party that imposes duties on, involves services by, such Responsible Party with respect to an employee benefit plan or its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.

Section 8.    COUNTERPARTS.  This Agreement may be executed in one or more counterparts, each of which shall constitute an original.

Section 9.    SUCCESSORS AND ASSIGNS.  This Agreement is personal to Indemnitee and shall not be assignable by Indemnitee without the prior written consent of the Company other than by the laws of descent and distribution.  This Agreement shall be binding upon the Company and its successors and assigns, and shall inure to the benefit of Indemnitee and his respective estates, heirs, successors, legal representatives and assigns.  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 to assume expressly and agree to perform this Agreement 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.  As used in this Agreement, “Company” shall mean the Company as previously defined and any successor to its business and/or assets which assumes and agrees to perform this Agreement by operation of law or otherwise.

Section 10.    ATTORNEYS’ FEES.  In the event that any action is instituted by Indemnitee under this Agreement to enforce or interpret any of the terms of this Agreement, Indemnitee shall be entitled to be paid all court costs and expenses, including, without limitation, reasonable attorneys’ fees, incurred by Indemnitee with respect to such action, unless as a part of such action, the court of competent jurisdiction determines that each of the material assertions made by Indemnitee as a basis for such action was not made in good faith or was frivolous.  In the event of an action instituted by or in the name of the Company under this Agreement or to enforce or interpret any of the terms of this Agreement, Indemnitee shall be entitled to be paid all court costs and expenses, including, without limitation, attorneys’ fees, incurred by Indemnitee in defense of such action (including with respect to Indemnitee’s counterclaims and cross claims made in such action), unless as a part of such action the court determines that each of Indemnitee’s material defenses to such action was made in bad faith or frivolous.

Section 11.    SUBROGATION.  In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Company to effectively bring suit to enforce such rights.

Section 12.    NOTICE.  All notices, requests, demands, and other communications under this Agreement shall be in writing and shall be deemed duly on the third business day after the date postmarked, if delivered by domestic certified or registered mail with postage or, if delivered by other means, on the date actual notice is received.  Addresses for notice to either party are as shown on the signature page of this Agreement, or as subsequently modified by written notice.

Section 13.    CONSENT TO JURISDICTION.  The Company and Indemnitee each hereby irrevocably consent to the non-exclusive jurisdiction of the courts of the State of Michigan for all purposes in connection with any action or proceeding that arises out of or relates to this and agree that any action instituted under this Agreement may be brought in any court of competent jurisdiction in the State of Michigan.

Section 14.    CHOICE OF LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND ITS PROVISIONS CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MICHIGAN. 

[Signature Page Follows]

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.

COMPANY: HERMAN MILLER, INC.

By: __________________________________
                                                          Jacqueline Rice

Its:  General Counsel
        

Address:  855 East Main Avenue
               Zeeland, Michigan 49464
Attention:  General Counsel

INDEMNITEE: 
    
        
_____________________________________                                                                     (Signature)

Address: ___________________________
               ___________________________
                      ___________________________

APPENDIX A
LIST OF NON-CONTROLLED ENTITES

Global Holdings Netherlands B.V.
HAY A/S
Kvadrat Australia Pty Limited
Kvadrat Maharam Arabia DMCC
Kvadrat Maharam Turkey JSC
Naughtone (Holdings) Limited
Naughtone Manufacturing Ltd
Naught One Ltdsharepurchaseagreementha

Execution version                                                                                                                                                                                                                                                                      The linked image cannot be displayed.  The file may have been moved, renamed, or deleted. Verify that the link points to the correct file and location.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Our ref.                  315314-JAS  STRICTLY CONFIDENTIAL                   SHARE PURCHASE AGREEMENT                                                                                                                                  Kolding     Copenhagen     Hamburg 

 

          TABLE OF CONTENTS                      1.     Definitions, schedules and interpretation ................................................................. 4           2.     The subject-matter of the Agreement and Effective Date ...................................... 10           3.     Signing ..................................................................................................................... 11           4.     Shareholders’ and Option Agreement and transfer of Charity Obligation .............. 11           5.     The Purchase Price and its payment ....................................................................... 13           6.     Conditions ............................................................................................................... 13           7.     Preparation of Closing ............................................................................................. 14           8.     Closing of the Transaction ....................................................................................... 15           9.     Post Closing ............................................................................................................. 17           10.    The Purchaser's examinations ................................................................................. 18           11.    The Seller’s Representations and Warranties ......................................................... 18           12.    The Seller’s Specific Indemnities ............................................................................. 18           13.    The Purchaser's Representations and Warranties .................................................. 20           14.    Indemnification ....................................................................................................... 22           15.    Restrictive covenant ................................................................................................ 27           16.    Other provisions ...................................................................................................... 28           17.    Disputes ................................................................................................................... 32                                                                                                                                                  Page                                                                                               2   

 

      List of schedules:    Schedule 2.3            Group structure  Schedule 3.1.1(1)       Evidence pertaining to the Seller’s execution of the Agreement  Schedule 3.1.2(1)       Evidence pertaining to the Buyer’s execution of the Agreement  Schedule 2.5.1(a)       Asset Purchase Agreement  Schedule 2.5.1(b)       Copy of current license agreement with TAK  Schedule 2.5.2          Shared Services Agreements  Schedule 4.1.2          Heads of terms for the Shareholders’ and Option Agreement  Schedule 7.2            Minutes of extraordinary general meeting for the conversion of the                          Company and Aktieselskabet af 5/12 2018 from public limited                          companies into private limited companies  Schedule 10.1           A list of the Due Diligence Documentation  Schedule 11.1           Seller’s Representations and Warranties                                                                                                                                                    Page                                                                                               3   

 

    SHARE PURCHASE AGREEMENT      On 8 October 2019,                     Nine United A/S                  Company reg. no. (CVR) 25 93 44 58                  Havnen 1                  8700 Horsens                  Denmark                   (hereinafter the “Seller”)                    and                     Herman Miller Holdings Limited                  Corporation registration No. 7200056                  5th Floor, 9-10 Market Place                  London, W1W 8AQ                  United Kingdom                  (hereinafter the “Purchaser”)     have entered into the following share purchase agreement regarding the transfer of shares  in Hay   A/S, company reg. no. (CVR) 26 79 99 45, to the Purchaser on the terms and  conditions set out below:      1.         Definitions, schedules and interpretation  1.1        For the purposes of this Agreement, the following terms and expressions have the             following meanings:    1.1.1      Agreement means this share purchase agreement and its Schedules.    1.1.2      Annual Reports     means    the annual reports of the Companies for the financial             years 2015/16 – 2018/19 to the extent such accounts have been prepared.    1.1.3      Asset Purchase Agreement has the meaning set forth in Clause 2.5.1.    1.1.4      Banking Day means a day where the banks in Copenhagen and London are             generally open for the public for ordinary banking business (other than for internet             banking only).                                                                                             Page                                                                                               4   

 

    1.1.5      Breach means in relation to (i) the Seller’s Representations and Warranties; that             one of the Seller’s Representations and Warranties turns out to be incorrect or not             fulfilled, (ii) the Seller’s Specific Indemnities; that an event, Claim, Loss or the             like covered by one of the Seller’s Specific Indemnities occurs, (iii) the Purchaser’s             Representations and Warranties; that one of the Purchaser’s Representations and             Warranties turns out to be incorrect or not fulfilled, or (iv) other provisions in the             Agreement; any     other failure to meet the obligations of a Party under the             Agreement.    1.1.6      Charity Release Agreement has the meaning set forth in Clause 4.2.1(1).    1.1.7      Charity Obligation has the meaning set forth in Clause 4.2.1.    1.1.8      Claim means a claim for indemnification by either Party against the other Party             resulting from a Breach.    1.1.9      Claim Notice has the meaning set forth in Clause 14.5.1.    1.1.10     Clause means a clause included in this Agreement.    1.1.11     Closing   means    the consummation of the Transaction through the Parties’             exchange of their respective deliveries and fulfilment of their respective             obligations as set out in Clause 8, i.e. the Effective Date.    1.1.12     Companies means the Company and its following subsidiaries:                   •   HAY Norway AS, company reg. no. 994 085 522 (org. no.), Josefines gate                     23, 0351 Oslo, Norway (of which the Company owns seventy (70)% of                     the share capital);                 •   HAY STUDIO UK Ltd., company reg. no. 08124288, 34 Queen Annes Gate,                     London, SW1H 9AB, England;                 •   Aktieselskabet af 5/12 2018, company reg. no. 40 10 53 01, Havnen 1,                     8700 Horsens, Denmark; and                 •   HAR AS, company reg. no.       922 149 909, Josefine Gate 23, 0351 Oslo,                     Norway.    1.1.13     Company means Hay A/S, company reg. no. (CVR) 26 79 99 45, Havnen 1, 8700             Horsens, Denmark. For the record it is noted that the Parties contemplate             converting the Company from a public limited company into a private limited             company before Closing, cf. Clause 7.2.                                                                                             Page                                                                                               5   

 

    1.1.14     Confidential Information has the meaning set forth in Clause 16.5.1.    1.1.15     Contract means any contract, agreement, binding arrangement or commitment,             to which any of the Companies is a party.    1.1.16     Corporate Documents          means     memorandum of association, articles of             association, rules of procedure for the board of directors and any similar corporate             documents.    1.1.17     Dantzer has the meaning set forth in Clause 4.1.1.    1.1.18     DKK means Danish Kroner, the lawful currency of Denmark.    1.1.19     Due Diligence Documentation means the material listed in Schedule 10.1 with             accompanying USB stick.    1.1.20     Effective Date    means 2 December 2019        or the later date as may be agreed             between the Parties.    1.1.21     Fiedler has the meaning set forth in Clause 4.1.1.    1.1.22     First Transaction has the meaning set forth in Clause 4.2.1.     1.1.23     Fundamental Representations and Warranties                      means    the Seller’s             Representations and Warranties specified in clauses 1            (Matters relating to             company law; Capacity) and 2 (The Shares) of Schedule 11.1.    1.1.24     Governmental Authority           means any state, government, government             department, ministry, commission, council, board, bureau, agency, court,             municipality, district or other judicial, administrative, regulatory or legislative             authority in Denmark, the European Union, or any other jurisdiction in which the             Companies and the NewCos carry on its business or activities.    1.1.25     Holdingselskabet     means Holdingselskabet af 1/7 2007        ApS, company reg. no             (CVR) 30 70 87 17.    1.1.26     Intellectual Property Rights and IPR mean patents, utility models, trademarks             (registered or unregistered), other business logos, domain names and design             rights, know-how, trade secrets and other intellectual property rights owned or             used by the Companies or the NewCos.                                                                                             Page                                                                                               6   

 

    1.1.27     Interest means an annual rate of interest of 1.5 percentage points above 3 month             CIBOR as published by the Nasdaq Copenhagen A/S at 11:00 (CET) on the             Effective Date calculated on the basis of the actual number of days elapsed and             365 days in the year.    1.1.28     Leakage means, except for any Permitted Leakage, any dividend, other payment,             other financial advantage or distribution (whether in cash or in kind) declared,             paid or made by the Companies and/or the NewCos to or for the benefit of the             Seller and/or any of Seller’s Related Parties.    1.1.29     Loss  means any documented loss, claim, liability, cost or expense recoverable             under the laws of Denmark, except for indirect and/or consequential losses, e.g.             loss of goodwill and loss of profit etc. However, losses for the Purchaser due to             the Companies     and/or the NewCos      suffering losses that would normally be             considered indirect and/or    consequential losses for the Companies       and/or the             NewCos    (e.g. loss of the Companies’ goodwill       and loss of profit), including             reasonable external costs and expenses related to the recovery of such loss, shall             be considered as a direct loss.    1.1.30     Maximum Limit has the meaning set forth in Clause 14.3.2.    1.1.31     Minimum Limit has the meaning set forth in Clause 14.3.1.    1.1.32     NewCos    means the Danish and foreign wholly owned subsidiaries which are             currently in the process of formation for the purpose of aquirering the right to             market and sell products under the Company’s brand under the Asset Purchase             Agreement.    1.1.33     Party  means the Purchaser and/or the Seller, and the Parties              means the             Purchaser and the Seller collectively.    1.1.34     Permitted Leakage means any Leakage paid in the ordinary course of business             of the Companies and/or the NewCos (e.g. payment of salaries, payment of rent,             payment pursuant to commercial agreements, etc.).            For clarity, no dividend             declared, paid or made by the Company is included in Permitted Leakage.    1.1.35     Person    means any individual (natural person),             corporation, company,             partnership, firm, association, trust, incorporated or unincorporated organization             or other legal entity as well as any Governmental Authority.    1.1.36     Purchase Price means a fixed price of DKK 530,000,000.                                                                                           Page                                                                                               7   

 

      1.1.37     Purchaser means Herman Miller Holdings Limited, Corporation registration No.             7200056, 5th Floor, 9-10 Market Place, London, W1W 8AQ, United Kingdom.    1.1.38     Purchaser’s Representations and Warranties means the representations and             warranties contained in Clause 13.    1.1.39     Related Parties means          Persons that are related parties (In Danish             “nærstående”) pursuant to the definition in section 2 of the Danish Insolvency Act             in force at any time or another similar provision.    1.1.40     Release Date has the meaning set forth in Clause 14.9.1.    1.1.41     Retained Amount has the meaning set forth in Clause 14.9.1.     1.1.42     Schedules means the schedules of this Agreement.    1.1.43     Selected Sales Companies means the following:                   •   Nine United Germany GmbH, company reg. no. HRB154980B,                     Auguststraße 19, 10117 Berlin, Germany;                 •   Nine United Brand & Design AG, company reg. no. CHE-440.919.443,                     Feldeggstrasse 2, 8152 Glattbrugg, Switzerland;                 •   Nine United NL BV, company reg. no. 62445928, Aalsmeerderdijk 640,                     1435BW Rijsenhout, Netherlands;                 •   Nine United Belgium BVBA, company reg. no. 0697955085, Hofstraat 24,                     2000 Antwerpen, Belgium;                 •   HAY Italy s.r.l., company reg. no. 03658981208, Via Braglia 21, 40024                     Castel San Pietro Terme, Italy;                 •   Nine United Trading Spain S.L., company reg. no 000513840, C/ Argelia                     2, Churriana, 29140 Malaga, Spain; and                 •   Nine United UK Ltd., company reg. no 09304592, 16 Queen Anne's Gate,                     Queen Annes Gate, London, SW1H 9AA United Kingdom.    1.1.44     Seller means Nine United A/S, Company reg. no. (CVR) 25 93 44 58, Havnen 1,             8700 Horsens, Denmark.    1.1.45     Seller’s Bank Account means a bank account with Nordea Bank Denmark (IBAN:             DK4820005655757866, SWIFT: NDEADKKK).                                                                                             Page                                                                                               8   

 

    1.1.46     Seller’s Knowledge means the actual knowledge that Line S. Lauridsen, Mogens             Madsen and the Seller’s Ultimate Owner as well as the Seller's advisers (who have             been involved in the Transaction), and knowledge which such persons ought to             have if they had made due inquiry.    1.1.47     Seller’s Representations and Warranties             means   the representations and             warranties contained in Schedule 11.1.    1.1.48     Seller’s Specific Indemnities means the indemnities contained in Clause 12.    1.1.49     Seller’s Ultimate Owner means Troels Holch Povlsen.    1.1.50     Shared Services Agreements has the meaning set forth in Clause 2.5.2.    1.1.51     Shareholders’ Agreement means the shareholders’ agreement entered into on             7 June 2018 between the Parties and Holdingselskabet,         setting out the mutual             rights and obligations of the Parties and Holdingselskabet as shareholders in the             Company in regard to their ownership of shares in the Company.    1.1.52     Shareholders’ and Option Agreement            has  the meaning set forth in Clause             4.1.2.    1.1.53     Shares means the Seller’s fully paid-up shares in the Company of a nominal value             of DKK 1,530,000 and equal to thirty-four percent (34%) of all of the Company's             issued and outstanding share capital. For the record it is noted that the convertion             of the Company from a public limited company into a private limited company, cf.             Clause 7.2, will not affect the nominal value of the percentage of the Shares.    1.1.54     Signing means the Parties’ signing of this Agreement.     1.1.55     Signing Date means the date of execution of the Agreement by the Parties which             takes place on 8 October 2019.    1.1.56     TAK    means     Nine United TAK Co.,           Ltd.,  Corporate     registration   No.             91310000MA1K34BX43, Room 301-57, Floor 3, Building 1, No. 38, Debao Road,             Pilot Free Trade Zone, China (Shanghai).    1.1.57     Taxes means all direct and indirect taxes, whether deferred, contingent or actual,             such as income tax, company tax, VAT and turnover tax and social benefits and             all similar taxes, duties, customs and fees, interest, surcharges and penalties.                                                                                             Page                                                                                               9   

 

    1.1.58     Third Party Rights     means liens, encumbrances, charges, pre-emption rights,             options to purchase, other options, owners' rights as well as any other right, actual             or potential, of third party (including any other party than the authorised rights             owner), save for the contents of the Shareholders’ Agreement.     1.1.59     Tipping Basket has the meaning set forth in Clause 14.3.1.    1.1.60     Transaction means the transfer of the Shares from the Seller to the Purchaser             as contemplated by the Agreement.    1.2        The Schedules attached to the Agreement form an integral part of the Agreement.    1.3        Each Party has participated in the negotiation and drawing up of the Agreement.             None of the Parties is regarded as a drafter for the purposes of interpreting the             Agreement.    2.         The subject-matter of the Agreement and Effective Date  2.1        With effect from the Effective Date, the Seller sells the Shares to the Purchaser,             and the Purchaser acquires the Shares from the Seller on the terms and conditions             set out in this Agreement.    2.2        The Shares amount to thirty-four percent (34%) of the total share capital of the             Company and are transferred to the Purchaser free and clear of all Third Party             Rights. The remaining shares in the Company are owned by the Purchaser and             Holdingselskabet.    2.3        The Company is part of the group structure shown in the attached Schedule 2.3.    2.4        As of the Effective Date, the Purchaser shall be entitled to all benefits, and to             exercise all rights, attached or accruing to the Shares including, without limitation,             the right to receive all dividends, distributions or any return of capital declared,             paid or made by the Company on or after the Effective Date.    2.5        Related agreements involving the Company     2.5.1      The Company (or directly or indirectly through the Company’s wholly owned             subsidiaries) and the Selected Sales Companies        shall at Signing  enter into the             asset purchase agreement attached as Schedule                2.5.1(a)    (the “Asset             Purchase Agreement”). Following closing of the Asset Purchase Agreement, no             direct or indirect right to distribute the Hay brand shall be held by the Seller or             the Seller’s Ultimate Owner, except pursuant to (i) the license agreement, dated                                                                                           Page                                                                                               10   

 

               on or about 1 January 2017, by and between the Company and TAK, attached as             Schedule 2.5.1(b), which license agreement has not been amended as of the             date first set forth above, and (ii) the Asset Purchase Agreement.     2.5.2      Prior to or at Closing, on one side the Seller and on the other side some of the             Companies (e.g. the Company, HAY Norway AS and HAR AS) will enter into  shared             services agreements, inter alia, regarding the shared use of certain services, such             as IT, which is attached as Schedule        2.5.2  (the “Shared Services Agree-            ments”).     3.         Signing   3.1        Signing shall take place place electronically (via email) on the Signing Date.    3.1.1      On the Signing Date, the Seller has presented the following documentation to the             Purchaser:              (1)       Evidence that the execution of the Agreement by the Seller constitutes                       a legal, valid and binding obligation on the part of the Seller by way of a                       transcript from the Danish Business Authority dated on the Signing Date,                       cf. Schedule 3.1.1(1); and                                    (2)       The Asset Purchase Agreement duly signed by the legal representatives                       of the Selected Sales Companies and the Company.     3.1.2      On the Signing Date, the Purchaser has presented the following documentation to             the Seller:              (1)       Evidence that the execution of the Agreement by the Buyer constitutes                       a legal, valid and binding obligation on the part of the Buyer by way of                       officers certificate acknowledging that the legal representatives acting                       on behalf of the Buyer are duly authorised to represent and legally bind                       the Buyer dated on the Signing Date, cf. Schedule 3.1.2(1); and                                    (2)       The Asset Purchase Agreement duly signed by the legal representatives                       of the Company.    4.        Shareholders’ and Option Agreement and transfer of Charity Obligation  4.1       Following Signing and prior to Closing, the Purchaser (only with respect to the             Purchaser obligations) and the Seller (only with respect to all other obligations)             shall ensure that:     4.1.1     The current shareholders of TAK and the Purchaser (or a company designated by             the Purchaser) enter into a shareholders’ and option agreement pursuant to which             (a) the two current shareholders     of TAK, being Dantzer Ltd., company reg. no.             1202752, 19/F, Seaview Commercial Building, 21-24 Connaught Road West, Hong                                                                                           Page                                                                                               11   

 

               Kong (“Dantzer”), and Fiedler Holding Limited, company reg. no. 2277799, 19/F,             Seaview Commercial Building, 21-24 Connaught Road West, Hong Kong             (“Fiedler”), with the following provisions:     4.1.1.1    Dantzer and Fiedler are granted rights of first refusal to acquire all or part of the             Seller’s Ultimate Owner’s indirectly owned shares in TAK;    4.1.1.2    the Purchaser (or a company designated by the Purchaser) is granted a right of             second refusal to purchase all or part of of the Seller’s Ultimate Owner’s indirectly             owned shares in TAK proposed to be sold (at the same price as the proposed sale),             provided that Dantzer     and  Fiedler refrain from executing their rights of first             refusal;    4.1.1.3    the Purchaser (or a company designated by the Purchaser) is granted a right of             first refusal to purchase all or part of of Dantzer’s and Fiedler’s     shares in TAK             proposed to be sold (at the same price as the proposed sale) for a period of 3             years following Closing;    4.1.1.4    Dantzer and Fiedler are granted a tag-along right, provided that the Purchaser (or             a company designated by the Purchaser) acquires the Seller’s Ultimate Owner’s             indrectly owned shares in TAK; and    4.1.1.5    “Nine United” is removed from the company name of TAK in the event that any of             the purchase options above on the Seller’s Ultimate Owner’s indirectly owned             shares in TAK are exercised.    4.1.2      The heads of terms for the shareholders’ and option agreement (the             “Shareholders’ and Option Agreement”) are attached as Schedule 4.1.2. It             is expressly agreed that any other terms in the Shareholders’ and Option             Agreement than contained in Schedule 4.1.2 must be negotiated by the Purchaser             and has no relevance in terms of this Agreement and its derliveries.             Notwithstanding the afore-mentioned, the Parties shall make good faith efforts to             obtain all relevant signatures prior to Closing.     4.2        Transfer of the Charity Obligation     4.2.1      During the due diligence proces and prior to completion of the transaction             regarding the Purchaser’s acquisition of 33% of the shares in the Company from             the Seller and Holdingselskabet which was signed and completed on 7 June 2018             (the “First Transaction”), the Parties and Holdingselskabet discussed whether             the Company had entered into a charitable donation agreement under which the                                                                                           Page                                                                                               12   

 

               Company is subject to an obligation to pay annually 3% of the Company’s annual             net profit to the NineUnited-Fond, company reg. no. 38 53 65 67, up and until the             end of the financial year 2024/2025 (the “Charity Obligation”). Pursuant to             schedule 5.4.1 of the share purchase agreement agreement regarding the First             Transaction, the Parties and Holdingselskabet agreed to have good faith             discussions following closing of the First Transaction regarding the contents and             future obligations for the Company in respect of the Charity Obligation. During the             due diligence proces regarding this Transaction and prior to Signing, there is a             pending disagreement between the Parties as to whether the Company is subject             to the Charity Obligation and prior to Signing the Parties have agreed on the             following:                 (1)       Prior to the Effective Date, the Company and the NineUnited-Fond shall                       negotiate to resolve all future obligations on behalf of the Company with                       respect to  the Charity Obligation by the Company making a one-off                       payment on the Effective Date (in addition to the payment mentioned in                       Clause   4.2.1(2))  to the NineUnited-Fond in the amount of DKK                       19,000,000 as full and final settlement and satisfaction with respect to                       the Charity Obligation with effect as of the Effective Date (the “Charity                       Release Agreement”); and                                        (2)       the Company shall prior to the Effective Date pay 3% of the Company’s                       net profits for the fiscal year ended 31 July 2019 as set forth in the final                       Annual Report and calculated consistent with past practice            to the                       NineUnited-Fond.    5.         The Purchase Price and its payment  5.1        In return for the sale of the Shares, the Purchaser shall pay to the Seller the             Purchase Price.    6.         Conditions  6.1        The Parties’ obligation to complete the Transaction is subject to each of the fol-            lowing conditions:    6.1.1      The Board of Directors of the Purchaser and the Seller approving the transaction.      6.1.2      The receipt of an irrevocable and unconditional waiver of the right of first refusal             in the Shareholders’ Agreement of Holdingselskabet, and Holdingselskabet’s             agreement that no dividend will be paid by the Company on or before the Effective             Date.                                                                                              Page                                                                                               13   

 

    6.1.3     Rolf  Foged Hvidegaard Hay      approving the Asset Purchase Agreement and the             Charity Release Agreement in his capacity as member of the board of directors of             the Company.      6.1.4     Either signing of the Charity Release Agreement (subject to the Closing             hereunder) or written approval of the Charity Release Agreement by NineUnited-            Fond.     6.2        The Parties undertake to make all commercially reasonable efforts to ensure that             the conditions in this Clause 6 are met as soon as possible.    6.3        If the above conditions are not met before 17 October 2019, each Party shall be             entitled to terminate this Agreement without the Parties being entitled to set up             any Claims against each other, unless the non-performance is attributable to one             Party as intentional or grossly negligent.      7.         Preparation of Closing   7.1        The Closing of   the Transaction will be verified by the Parties signing a closing             memorandum. No later than ten (10) days prior to the Effective Date, the Pur-            chaser’s lawyer will present a draft closing memorandum. No later than five (5)             days prior to the Effective Date, the Seller's lawyer is obliged to have made any             comments he/she may have to the draft closing memorandum.     7.2        The Parties agree that the Company and Aktieselskabet af 5/12 2018 shall be             converted from public limited companies (in Danish: “aktieselskab”) into private             limited companies (in Danish: “anpartsselskab”) prior to Closing. The conversions             shall be adopted by the board of directors of the Company and Aktieselskabet af             5/12 2018, the Company’s and Aktieselskabet af 5/12 2018’s Articles of             Association shall be amended to the effect that they comply with the requirements             relating to private limited companies, and the conversions shall be registered in             the IT system of the Danish Business Authority prior to Closing. Draft minutes of             extraordinary general meetings for the conversions of Company and             Aktieselskabet af 5/12 2018 from a public limited company into a private limited             company are attached as Schedule 7.2.    7.3        Prior to Closing, the Seller shall procure that the Company, and if necessary, with             the assistance of the Seller’s legal department, use all reasonably efforts to ensure             that the ownership of the registration regarding the following products “About a             Chair”, “About a Lounge” and “About a Stool” is transferred from the Company’s             distribution partner Corporate Culture Australia Pty Ltd. to the Company.                                                                                           Page                                                                                               14   

 

      7.4       The Seller and the Purchaser each agree that they shall not cause the Company             to declare a dividend on or before the Effective Date.     8.        Closing of the Transaction  8.1       Completion of the Transaction (“Closing”) shall take place electronically (via e-            mail) at the Effective Date.    8.2       At the Effective Date, the Seller shall deliver the following documents against the             Purchaser's simultaneous fulfilment of all its obligations set forth in Clause 8.3:    8.2.1      Approval of the Transaction from the Seller’s Ultimate Owner in his capacity as             member of the board of directors of the Company.    8.2.2      Approval of the Transaction from the board of directors of the Seller.    8.2.3      The Company's register of shareholders in which the Purchaser has                 been             registered as the owner of the Shares free of any Third Party Rights.     8.2.4      Statement from Troels Holch Povlsen stating that he retires as board member of             the Company and does not have any claims against the Company as a result of             his directorship.    8.2.5      A statement from the Seller’s Ultimate Owner to the effect that to its actual             knowledge as of Closing niether the Seller’s Ultimate Owner, the Seller, the             Selected Sales Companies or any company directly or indirectly controlled by the             Seller’s Ultimate Owner have any claims against the Companies or the NewCos or             the other shareholders of the Company with effect as of the Effective Date, except             with respect to obligations set forth in this Agreement, the Asset Purchase             Agreement, the Shared Services Agreements or any other commercial agreements             between on one side the Companies or the NewCos and on the other side the             Seller, the Selected Sales Companies or any company             directly or indirectly             controlled by the Seller’s Ultimate Owner in force prior to the Effective Date which             will remain in force after the Effective Date. If any of the Seller’s Ultimate Owner,             the Seller, the Selected Sales Companies and/or any company directly or indirectly             controlled by the Seller’s Ultimate Owner have actual knowledge as of Closing of             any claims against any of the Companies or the NewCos with effect as of the             Effective Date this shall be disclosed in the statement referred to in this clause             8.2.5. For the purpose of this clause 8.2.5, “claims” means any pending disputes             and not for instance undue payment if this is part of the day-to-day operations             under any of the commercial agreements mentioned in this clause 8.2.5.                                                                                            Page                                                                                               15   

 

      8.2.6     Evidence that HAY Italy s.r.l. has changed its corporate name, as needed, to cease             using the name “HAY.”    8.2.7     Deliver an electronic copy of the Due Diligence Documentation to the Purchaser.    8.2.8     The Shared Services Agreements duly signed by the Seller or the respective             Seller’s Related Parties.    8.2.9     The Shareholders’ and Option Agreement duly signed by Holch Povlsen Switzer-            land AG, company reg. no. CHE-115.871.464, Dantzer and Fiedler.    8.2.10    The Charity Relase Agreement duly signed by the NineUnited-Fond.    8.3       At the Effective Date, the Purchaser has delivered the following documents against             the Seller’s simultaneous fulfilment of all their obligations set forth in Clause 8.2:    8.3.1     Approval of the Transaction from the Purchaser’s board of directors.    8.3.2     Approval of the Transaction from the       Purchaser’s designated representative on             the board of directors of the Company.     8.3.3     Documentation stating that the Purchase Price has been transferred to the Seller’s             Bank Account in immediately available funds at the Effective Date.    8.3.4     The Shareholders’ and Option Agreement duly signed by the                Purchaser   (or             representatives of the company designated by the Purchaser to enter into the             Shareholders’ and Option Agreement).    8.3.5     The Charity Release Agreement duly signed by the Company.     8.3.6     A statement from each of the Purchaser and the Company to the effect that to             their actual knowledge as of Closing none of the Companies or the NewCos have             any claims against any of the Selected Sales Companies, the Seller, the Seller’s             Ultimate Owner and/or any company directly or indirectly controlled by the Seller’s             Ultimate Owner with effect as of the Effective Date, except with respect to obliga-            tions set forth in this Agreement, the Asset Purchase Agreements, the Shared             Services Agreements or     any commercial agreements between on one side the             Companies or the NewCos and on the other side any of the Selected Sales Com-            panies, the Seller, the Seller’s Ultimate Owner and/or      any  company    directly or             indirectly controlled by the Seller’s Ultimate Owner in force prior to the Effective                                                                                           Page                                                                                               16   

 

               Date which will remain in force after the Effective Date. If any of the Purchaser             and/or the Company have actual knowledge as of Closing of any claims against             any of the Selected Sales Companies, the Seller, the Seller’s Ultimate Owner             and/or any company directly or indirectly controlled by the Seller’s Ultimate Owner             with effect as of the Effective Date this shall be disclosed in the statement referred             to in this clause 8.3.6. For the purpose of this clause 8.3.6, “claims” means any             pending disputes and not for instance undue payment if this is part of the day-to-            day operations under any of the commercial agreements mentioned in this clause             8.3.6.       8.3.7     The Shared Services Agreements duly signed by the Company, HAY Norway AS             and HAR AS.     8.4       The actions specified in Clauses 8.2 and 8.3 are considered as being performed             simultaneously to the effect that none of the actions are considered as having             been performed before all actions have been performed or a Party has waived the             other Party's performance thereof.    8.5       In the event that the Seller fails to fulfil its obligations under Clause 8.2 or if the             Purchaser fails to fulfil its obligations under Clause 8.3, the other Party is entitled             (i) to rescind (in Danish: “hæve”) the Agreement and (ii) to be indemnified by the             Party failing to fulfil its obligations under Clause 8.2 or Clause 8.3, as the case             may be, for any Loss incurred due to such failure.     9.        Post Closing    9.1       General meetings    9.1.1     The   Purchaser   shall on the Effective Date or as soon as reasonably possible             thereafter procure the holding of general meeting of shareholders of the Company             for the purpose of electing a new member of the board of directors of the             Company.    9.1.2     The   Purchaser  undertakes   immediately    following Closing to notify the relevant             business authority (in Danish:    “Erhvervsstyrelsen”) of the resignation of Troels             Holch Povlsen in his capacity as a member of the board of directors of the             Company, HAY Norway AS and HAY STUDIO Ltd.               9.2       Registration of transfer of Shares with public register of shareholders.                                                                                             Page                                                                                               17   

 

    9.2.1     The Purchaser shall procure that the Company on the Effective Date or as soon as             reasonably possible thereafter procure that the new ownership of the Shares is             duly recorded in the Danish Public Register of Shareholders (in Danish:            “Det             Offentlige Ejerregister” and “register over reelle ejere”) at the webpage             www.virk.dk.    10.       The Purchaser's examinations  10.1      Prior to the Effective Date, the Purchaser and its advisers have had the opportunity             to examine the commercial, financial, legal and other matters of the Companies             through a virtual data room during the period from 11 September 2019 up until             and including the Signing Date. The material which the Purchaser has had             opportunity to examine has been copied to a USB stick which is handed over to             the Purchaser and the Seller in connection with the completion of the Transaction.             A list of the material copied to the USB stick is attached in Schedule 10.1.    10.2      As part of its due diligence, the Purchaser has had opportunity to ask questions             to the Seller in writing and to interview relevant employees of the Company. A list             of written questions and answers is also included in Schedule 10.1.    11.        The Seller’s Representations and Warranties  11.1       As at the Effective Date, the Seller provides the representations and warranties             contained in Schedule 11.1 in favour of the Purchaser.    11.2       The Seller's Representations and Warranties are provided with effect as at the             Effective Date  on an objective basis, i.e. without regard to the Seller’s actual             knowledge.    Except for the Seller’s Specific Indemnities, the Seller’s             Representations and Warranties are the Seller’s complete and only             representations and warranties and the Purchaser shall not rely on any other             representations, warranties, assumptions or expectations –        whether express or             implied – except as expressly set out in this Agreement.     11.3       The Seller’s Representation and Warranties are not limited by any knowledge of             the Purchaser and its advisors whatsoever, including such knowledge which have             been obtained on the basis of the Due Diligence Documentation.    12.        The Seller’s Specific Indemnities  12.1       In addition to the Seller’s’ Representations and Warranties the Seller provides the             below indemnities in Clauses 12.2-12.6.1 (the “Seller’s Specific Indemnities”)             in favour of the Purchaser as at the Effective Date. The Seller’s Specific             Indemnities concern matters of which the Purchaser has had notice prior to the                                                                                           Page                                                                                               18   

 

               Effective Date, and thus the Seller’s Specific Indemnities are not limited by any             knowledge of the Purchaser and its advisors whatsoever.    12.2       Tax    12.2.1     No special Tax relief, Tax exemption, Tax incentive or the like enjoyed by any of             the Companies may be changed or reversed as a result of circumstances             attributable to the activities of the Companies prior to the Effective Date or as a             result of the conclusion of the Agreement.      12.2.2     All income tax returns and reports relating to Tax which must be filed prior to the             Effective Date by or on behalf of the Companies and the NewCos have been duly             filed with the relevant authority and were correct and complete, and any             information which must be filed for the purpose of correct Tax assessment has             been filed. All due Tax payable by and imposed on the Companies and the NewCos             has been paid in full.      12.2.3    The required and sufficient provisions for any kind of Tax payable but not yet due             as at the date of the Annual Accounts have been made in the Annual Reports.      12.2.4    No transactions, agreements or measures have been made or taken where the             primary object was tax arbitrage, and no transactions, agreements or measures             constitute illegal tax evasion.      12.2.5     To the extent that the Companies or the NewCos have not met the applicable             requirements of transfer pricing documentation and continuously complied with             the prepared transfer pricing documentation, e.g. intragroup trading has taken             place in accordance with the transfer pricing rules in force, there will be no Loss             for the Purchaser,    the Companies      and/or the NewCos, except for ordinary             consultancy costs for preparing such transfer pricing documentation.    12.2.6    The Companies have reported the Companies' historical tax losses to the Danish             tax authorities, to the effect that the Danish tax authorities cannot refuse use of             deferrable tax losses for the period preceding the Effective Date on the grounds             that notification has not taken place in compliance with the provisions of Danish             tax law.    12.2.7    The pre-Closing restructuring of shares regarding Hay Norway AS and Nine United             STUDIO UK Ltd. have been carried out on arm’s length terms and will not result             in any adverse Tax consequences for any of the Companies.                                                                                             Page                                                                                               19   

 

    12.2.8    No Governmental Authority is entitled to make any claim against any of the             Companies due to the Companies’ historical credit relief for foreign taxes.    12.2.9    No Governmental Authority is entitled to make any claim against the Companies             regarding withholding Taxes concerning the Companys’ royalty payments.    12.3      No Leakage    12.3.1    During the period from 7 June 2018 to the Effective Date there has been no Leak-            age.    12.4      No charitable commitments    12.4.1    As of the Effective Date, save for the Charity Obligation, none of the Companies            nor the NewCos shall have any liability or other obligation to make any charitable            contribution or other payment after the Effective Date which one or more of the            Seller, any company directly or indirectly controlled by the Seller’s Ultimate Owner            or the Seller’s Ultimate Owner have had anything to do with.     12.5       No liability regarding prior operation of the Selected Sales Companies    12.5.1    Apart from the Asset Purchase Agreement, none of the Companies or the NewCos            shall have any liability or other obligation related to the operation of the business            of the Selected Sales Companies.    12.6       IPR    12.6.1    The Company’s failure to comply with the obligations set out in Clause 7.3, will not            result in any Loss for the Companies.     13.       The Purchaser's Representations and Warranties  13.1      The Purchaser represents and warrants (the "Purchaser’s Representations and             Warranties") to the Seller as set out in Clauses 13.1-13.5. The representations             and warranties set out in Clauses 13.1-13.5 are the Purchaser's complete and sole             representations and warranties and no other representations and warranties have             been provided by the Purchaser pursuant to the Agreement. The Seller shall not             rely on any other representations, warranties, assumptions, expectations or             agreements   –  whether express or implied –     except as expressly set out in this             Agreement. The Purchaser's Representations and Warranties are given with effect             as of the Effective Date.                                                                                             Page                                                                                               20   

 

    13.2      Due authorisation and binding obligations    13.2.1    The Purchaser validly exists and is registered, having capacity to carry on its             business, to sue and be sued, to hold its own assets and to enter into the             Agreement and perform its obligations hereunder. The Purchaser has made all             acts required   to be made under the Purchaser’s Corporate Documents and             applicable law to enter into the Agreement and perform its obligations hereunder.             No consent from any shareholder, creditor or any other Person, or notification to             or registration with any court of law or administrative body is required in             connection with the execution and performance of the Agreement, except as set             out in the Agreement.    13.2.2    The Agreement is valid and binding on the Purchaser and is enforceable against             the Purchaser in accordance with its terms, except where enforceability is             prohibited or restrained by applicable bankruptcy and insolvency law or similar             legislation generally affecting the enforceability of creditors’ rights.    13.3      No breach    13.3.1    Neither the execution nor the performance of the Agreement conflicts with or             constitutes a breach of:               (1)       the Purchaser’s Corporate Documents;                            (2)       any material judgement, decision or order of any court, arbitration                       tribunal or Governmental Authority which includes or binds the                       Purchaser;                          (3)       any law or regulation applicable to the Purchaser; or               (4)       any material agreement or obligation binding upon the Purchaser.    13.4      No disputes    13.4.1    No claim, lawsuit, legal or other proceeding is pending or to the Purchaser's             knowledge threatened against the Purchaser or its assets before any court,             arbitration tribunal, or administrative body which, if adversely decided, would             prevent or delay the Purchaser's consummation of the Agreement.    13.5      Payment guarantee                                                                                             Page                                                                                               21   

 

    13.5.1    The Purchaser has, and will during the period until and including Closing have, at             its free disposal the amount necessary for the Purchaser to settle its payment             obligations at Closing, cf. Clauses 5.1 and 8.3.3.    14.        Indemnification  14.1      Breach of the Agreement    14.1.1    Either Party shall indemnify the other Party in compliance with the general rules             of Danish law from any Loss suffered by the other Party as a result of a Breach.             Notwithstanding the above, the clarifications and modifications specified in             Clauses  14.2-14.9   shall apply in regard to Claims concerning a Breach of the             Seller’s Representations and Warranties and the Seller’s Specific Indemnities             (except as otherwise provided below).    14.1.2     The Seller has no obligation to indemnify the Purchaser with respect to information             in the Due Diligence Documentation relating to future commercial risks, business             plans, budgets, forecasts or similar commercially forward-looking matters.     14.1.3     In case of a Breach of any of the Seller’s Representations and Warranties, the             Seller’s Specific Indemnities or this Agreement, the Seller shall in accordance with             this Agreement indemnify the Purchaser for any Loss related to such Breach.    14.1.4     For a period of twenty (20) Banking Days following receipt of a Claim Notice (as             defined in Clause   14.5.1   below) from the Purchaser, the Seller is       entitled to             remedy the Breach. If, and to the extent, the Seller remedies         the Breach, the             Seller’’ obligation to indemnify the Purchaser for said Breach will cease.    14.2       Calculation of Claims    14.2.1     All Claims must be compensated by cash payment, however, the Purchaser is             entitled to Claim specific performance instead of financial compensation in case of             Breach of the Fundamental Representations and Warranties.    14.2.2     Any payment from the Seller to the Purchaser under Clause 14.1.1 is regarded as             a reduction of the Purchase Price.    14.2.3     Losses are calculated at the ratio of DKK 1 to DKK 1 without consideration of any             multiples under which the Purchase Price has been calculated.    14.2.4     When calculating the Purchaser's Loss, any amount and value of other benefits             obtained (after deduction of costs and expenses such as self insurance) by the                                                                                           Page                                                                                               22   

 

               Companies and the NewCos (valued on the basis of Purchaser’s thirty-four percent             (34%)  interest purchased hereunder) or the Purchaser as a result of the event             giving rise to the Claim must be deducted from the Purchaser's Claim against the             Seller, including:                          (1)       Tax savings which the Purchaser and/or the Companies or the NewCos                       have obtained; and                          (2)       insurance payments received by the Purchaser and/or the Companies or                       the NewCos.               14.2.5    In the event that the Purchaser - following payment by the Seller of any amount             of indemnification to the Purchaser - receives payment or enjoys a benefit (after             deduction of costs and expenses such as self insurance) from a third party relating             to the same Breach in accordance with Clause 14.2.4, the Purchaser shall             reimburse the Seller an amount corresponding to such net amount or benefit to             the Seller (not exceeding the amount of indemnification paid by the Seller to the             Purchaser) plus Interest from the time of the Purchaser's receipt of the amount             or benefit from such third party.    14.2.6    The Purchaser shall use all reasonable efforts to use its influence in the Company             in order to avoid and to mitigate all Loss     arising from a Breach. If and to the             extent that the Purchaser fails so to avoid and mitigate the Loss, the Seller shall             be relieved from their obligation to indemnify the Purchaser.    14.2.7    The Seller has no obligation to indemnify the Purchaser for any Loss caused by (i)             any change in applicable laws or regulations after the Effective Date including any             change in Tax rates, (ii) any change in the Companies’ or the NewCos’ accounting             principles adopted after the Effective Date; or (iii) the Purchaser's, the Companies’             and the NewCos’ actions or omissions after Closing.    14.2.8    The Seller has no obligation to indemnify the Purchaser for any Loss incurred by             the Purchaser if and to the extent specific provisions or write-offs are made in             respect thereof in the Annual Reports.                14.3      Minimum Limit, Tipping Basket and Maximum Limit    14.3.1    If the Purchaser is entitled to set up Claims of indemnification for Breach of the             Seller’s Representations and Warranties and/or the Seller’s Specific Indemnities             (but excluding the Seller’s Specific Indemnities in Clauses 12.2.9,        12.4.1  and             12.5.1), such a Claim may only be set up if each Claim exceeds DKK 530,000 (the             “Minimum Limit”), and if the Claim or all the Claims that individually exceed the                                                                                           Page                                                                                               23   

 

               minimum limit of DKK 530,000 collectively exceed DKK 5,300,000 (basket). In             the event the abovementioned thresholds in this Clause 14.3.1 are reached, the             Seller shall be liable in respect of the aggregate amount of such Claim from the             first DKK 1.00 (the “Tipping Basket”).    14.3.2    The Seller’s total obligation to indemnify the Purchaser from Breach of the Seller’’             Representations and Warranties and the Seller’s Specific Indemnities (but             excluding the Seller’s Specific Indemnity in Clause 12.4.1), shall not under any             circumstances exceed, in the aggregate,         DKK   39,683,000     (the “Maximum             Limit”).               14.3.3    Series of Claims (i.e. Claims arising out of the same event or of several similar             events) are regarded as one Claim according to the Minimum               Limit of DKK             530,000 specified in Clause 14.3.1.    14.3.4    The limits specified in Clauses 14.3.1-14.3.3      do not apply to the Fundamental             Representations and Warranties but do apply to the Seller’s Specific Indemnities             (except when it is otherwise set forth above that such limits do not apply to the             Seller’s Specific Indemnities).    14.4      Time-barring    14.4.1     Except with respect to the specific other Clauses of this Agreement described in             Clauses  14.4.2-14.4.3, the Seller’s   obligation to indemnify the Purchaser from             Breach of the Seller’s Representations and Warranties becomes time-barred (i) in             accordance with the provisions of Clause 14.5; or (ii) within fifteen (15) months             after the Effective Date.    14.4.2     The Seller has no obligation to indemnify the Purchaser for a Loss resulting from             Breach of the Fundamental Representations and Warranties, if the Purchaser fails             to give notice to the Seller of such Claims prior ten (10) years after the Effective             Date.    14.4.3     The Seller has no obligation to indemnify the Purchaser for a Loss resulting from             Breach of the Seller’s Specific Indemnities set forth in Clauses 12.2, 12.4.1 and             12.5.1, if the Purchaser fails to give notice to the Seller of such Claims prior to             the date falling three (3) months after expiry of the statutory limitation period             applicable to the underlying claim to which the Claim refers. Except with respect             to the specific Seller’s Specific Indemnities described above, the Seller       has  no             obligation to indemnify the Purchaser for a Loss resulting from Breach of the other             Seller’s Specific Indemnities, if the Purchaser fails to give notice to the Seller of                                                                                           Page                                                                                               24   

 

               such Claims prior to fifteen (15) months after the Effective Date. It is intentional             that this period equals the period in Clause 14.4.1.    14.5      Notice of Claims               14.5.1     In the event that the Purchaser wishes to make a Claim against the Seller or in             the event that the Purchaser acquires knowledge of a matter which may give rise             to a Claim against the Seller, the Purchaser shall give notice (a "Claim Notice")             to the Seller within sixty (60) Banking Days after the Purchaser appointed member             and/or observer of the Company’s board of directors acquiring knowledge of the             matter giving rise to such Claim or possible Claim.    14.5.2     In the event that the Purchaser fails to give a Claim Notice to the Seller in due             time, cf. Clause 14.5.1,   the Seller’s  obligation to indemnify the    Purchaser will             cease in respect of the relevant matter.    14.5.3     A Claim Notice must contain a description in reasonable detail of the Claim and             the factual and legal basis of the Claim as well as the amount of the Claim             (estimated if necessary).    14.5.4     The Purchaser shall keep the Seller informed of the status, development and other             relevant information concerning a Claim.    14.5.5     In the event that the Seller rejects (in part or in full) any obligation to indemnify             the Purchaser in respect of a Claim, the Seller shall notify the Purchaser thereof             in writing. In such case, the Purchaser must commence arbitration proceedings in             respect of the Claim (or such part thereof which the Seller has rejected) within             three (3) months of the Purchaser's receipt of the Seller’s rejection notice, failing             which the Seller’s obligation to indemnify the Purchaser in respect of the Claim             (or the relevant part thereof) will automatically cease.    14.6       Third party claims               14.6.1     This Clause 14.6.1 applies in circumstances where:               (1)       a claim is made by a third party against the Purchaser or the Companies                       or the NewCos which has given rise or may be expected to give rise to a                       Claim by the Purchaser against the Seller under the Seller’s                       Representations and Warranties or the Seller’s Specific Indemnities; or                          (2)       the Purchaser or the Companies or the NewCos have made or may be                       expected to make a claim against a third party in respect of matters for                                                                                           Page                                                                                               25   

 

                         which the Purchaser has made or may be expected to make a Claim                       against the Seller under the Seller’s Representations and Warranties or                       the Seller’s Specific Indemnities.    14.6.2     In the circumstances described in Clause 14.6.1        and provided that the Seller             beforehand has accepted to be under an indemnification obligation with respect             to the Claim concerned in accordance with this Clause 14, the Purchaser shall (and             the Purchaser shall contribute to that the Companies and the NewCos will):               (1)       keep the Seller informed of all relevant matters pertaining to such claim,                       including  written communication and discussions with the relevant third                       party and give the Seller and their advisors access to the  material                       pertaining to such claim, optionally with the exception of confidential                       paragraphs, and to a reasonable extent consult with the Purchaser’s and                       the Companies’ and the NewCos’ employees and advisors relevant in the                       context of such claim; and                           (2)       take any such reasonable action requested by the Seller, including the                       instruction of professional advisors nominated by the Seller and who is                       acceptable to the Purchaser, such accept not to be unreasonably                       withheld, to act on behalf of the Purchaser,       the Companies     and the                       NewCos, provided that the expenses incurred in this connection are                       reasonable, to make, defend or settle any such claim raised by or against                       a third party as referred to in Clause 14.6.1(1) or Clause 14.6.1(2).    14.7       No other remedies for Breach of the Agreement    14.7.1     The Parties waive the right to Claim remedies for Breach other than those specified             above in this Clause 14     (and the limits stated herein), including the right to             terminate the Agreement or to Claim a proportional reduction.    14.8       Intent    14.8.1     The limits specified in Clause 14.3 with respect to the remedies for Breach of the             Parties do not apply in the event of intent (except in the event that such issue,             information or circumstance was fairly disclosed in the Due Diligence Documenta-            tion or within the Purchaser’s knowledge), however they do apply in the event of             gross negligence. In the event of intent, the Seller’s obligation to indemnify the             Purchaser from non-performance of the Seller’s Representations and Warranties             or the Seller’s Specific Indemnities becomes time-barred at the latest of the             following dates: (i) the date of time barring under Clause 14.4 and (ii) the date of             time barring pursuant to the provision of the Danish Limitations Act on time             barring.                                                                                           Page                                                                                               26   

 

      14.9      The Purchaser's security for Claims under the Seller’s Representations and             Warranties and the Seller’s Specific Indemnities    14.9.1     In security of any Claims of the Purchaser against the Seller relating to Breach of             the Seller’s Representations and Warranties and the Seller’s Specific Indemnities,             the Seller undertakes to retain and maintain, free and clear of Third Party Rights,             an amount equal      to ten (10)% of the Purchase Price in cash and/or cash             equivalents such as liquid, publicly-traded equity (the “Retained Amount”) until             the later of (i) 5 years after Closing, and (ii) the final settlement of any Claims             made by the Purchaser in accordance with the provisions of the Agreement (the             “Release Date”) as security for the payment of any Claims that the Purchaser             may have under the Agreement. If the Seller at any time before the Release Date             fails to retain the Retained Amount, the Seller’s Ultimate Owner shall be directly             and personally liable for an amount equal to the shortfall of the Retained Amount.    15.        Restrictive covenant  15.1       For a period of thirty-six (36) months after the Effective Date, the Seller and the             Seller’s Ultimate Owner will not directly or indirectly interfere with any of the             Companies’ and the NewCos’ relationships with their suppliers and/or designers             of products in the HAY portfolio if such interference by the Seller and/or the             Seller’s Ultimate Owner materially and adversely affect the        Companies’ or the             NewCos’   business relation with the suppliers    or designers   concerned   and such             interference by the Seller and/or the Seller’s Ultimate Owner is the main purpose             of the action (the Purchaser acknowledges and agrees that for instance a change             in standard commercial terms generally applied to all business relationships         or             other commercially drive decisions shall not be deemed to have material and/or             adverse affects on the business relations of the Companies and the NewCos).               Subject to this Clause 15.1, the Purchaser acknowledges and agrees that the             Seller and the Seller’s Ultimate Owner shall, following Closing, be entitled to com-            pete with the business of the Companies and the NewCos as such business was             conducted immediately prior to the Effective Date, including, without limitation,             that the Seller and/or the Seller’s Ultimate Owner, inter alia, shall be entitled to             for instance acquire or invest in a supplier and/or designer of any of the Compa-            nies or the NewCos.    15.2       Non-compliance with this restrictive covenant clause obliges the party in Breach             to pay an agreed penalty of DKK 1,500,000 to the Purchaser for each Breach. If             the Breach consists in bringing about or continuing a situation, including, without                                                                                           Page                                                                                               27   

 

               limitation, maintaining a customer relationship, each commenced month in which             the situation is maintained will be regarded as one Breach.    15.3       Payment of the agreed penalty does not mean that the obligations no longer apply,             and in addition to the agreed penalty the Purchaser is entitled to prevent any             wrongful conduct by means of an injunction. An injunction may be issued without             provision of security.    15.4       If the Purchaser finds that the Seller or Seller’s Ultimate Owner does not comply             with the restrictive covenant in this Clause 15, the Purchaser shall send a written             notice of Breach to the Seller within thirty (30) days after the Purchaser became             aware or ought to have become aware of the Breach. The notice must set forth             the facts that have caused the alleged non-compliance with Clause 15. Following             the Seller’s receipt of said notice, Seller and/or Seller’s Ultiamte Owner shall be             entitied to cease the activities and thereby remedy said Breach within fourteen             (14) Banking Days, if possible, without paying the agreed penalty pursuant to             Clause 15.2.     15.5       The remedies stated in this Clause 15 are the Purchaser’s exclusive remedies in             case of a Breach of this Clause 15.    16.        Other provisions  16.1       Costs    16.1.1     The Parties each pays their    own costs regarding the negotiation, drafting and             conclusion of the Agreement.    16.2       Interest    16.2.1     Any payment which the Seller and/or the Seller’s Ultimate Owner are obligated to             pay to the Purchaser under the Agreement shall include payment of Interest from             (but not including) the due date set out in regard to such payment and until and             including the date of payment.    16.3       Counterparts    16.3.1     The Agreement is executed in two          (2) identical counterparts of which the             Purchaser and the Seller receives one original counterpart.    16.4       Notices                                                                                             Page                                                                                               28   

 

    16.4.1    Any notice required to be given under this Agreement must be in writing and as             regards the Seller addressed to:               Nine United A/S             Havnen 1             8700 Horsens             Denmark              Attn.: Troels Holch Povlsen, thp@nineunited.com               with a copy to                          Bech-Bruun Law Firm P/S             Værkmestergade 2              8000 Aarhus             Denmark             Attn.: Søren Kamp Nørbæk, sno@bechbruun.com                           and to the following as regards the Purchaser:                          Herman Miller Holdings Limited             5th Floor, 9-10 Market Place             London, W1W 8AQ             United Kingdom              Attn.: General Counsel, Jackie Rice jackie_rice@hermanmiller.com                          with a copy to                          Herman Miller, Inc.             855 East Main Avenue             PO Box 302             Zeeland, Michigan 49464             United States of America             Attn.: General Counsel, Jackie Rice jackie_rice@hermanmiller.com                           and with a copy to                          Andersen Partners              Jernbanegade 31             6000 Kolding              Denmark             Attn.: Michael Roschmann Skovgaard, mrs@andersen-partners.dk                                                                                           Page                                                                                               29   

 

                            unless the individual Party gives notification of another addressee. Unless             otherwise agreed, any notice required to be given under this Agreement will be             regarded as having been duly given if it is in writing and delivered or sent by             registered and stamped mail to the above addressees or if receipt thereof is             otherwise acknowledged.    16.5      Confidentiality and publication    16.5.1    Subject to Clauses 16.5.2 and 16.5.4, each Party shall treat as strictly confidential             all Confidential Information. Confidential Information comprises (i) the terms and             conditions of the Agreement, (ii) information concerning the other Party and its             business and affairs obtained from the other Party in connection with the             negotiations regarding the Agreement and its execution and performance and (iii)             with respect to the Seller and subject to Closing being completed, information             concerning the Companies and the NewCos and their businesses and affairs.    16.5.2    Each Party may, however, disclose information which would otherwise be             Confidential Information in the event that:                          (1)       it is required by law or by a court of competent jurisdiction;                           (2)       it is required by any securities exchange, administrative body or other                       Governmental Authority, whether or not the requirement for information                       has the force of law;                          (3)       disclosure is made as a normal part of the preparation of the accounts                       and/or other financial reports;                        (4)       disclosure is made as a usual part of a due diligence review, however,                       provided that the parties to whom disclosure is made are subject to                       customary confidentiality undertakings;                          (5)       disclosure is made to its affiliates and/or its or their legal or financial                       advisers or banks, if such advisers or banks are under a legal obligation                       to treat such information as confidential;                                    (6)       for the purpose of enforcing any right or complying with any obligation                       under this Agreement, including, to the extent required or appropriate,                       for the purpose of any arbitration proceedings pursuant to Clause 17.2;                                                                                                        Page                                                                                               30   

 

               (7)       the information has come into the public domain through no fault of the                       relevant Party or any of its authorized recipients under Clause 16.5.2(5);                       or                          (8)       the other Party has given its prior written approval to the disclosure,                       such approval not to be unreasonably withheld or delayed.    16.5.3    Any disclosure pursuant to Clause 16.5.2(2)            requires prior notice to and             consultation with the other Parties to the extent permitted by law.    16.5.4    The Parties shall agree on the date and the substance of the announcement of the             signing of the Agreement to the public and the Companies' and the NewCos’             employees upon due consideration of the Purchaser’s groups obligations             pertaining to stock exchange law and regulation.    16.6       Omission to enforce rights    16.6.1     A Party's omission in a specific situation to enforce a right under this Agreement             will not limit such Party's right to exercise its right in compliance with the             provisions of the Agreement in another situation, e.g. a later similar situation             (except as expressly set out in this Agreement).                 16.7       Entire agreement    16.7.1     This Agreement constitutes the sole understanding of the Parties with respect to             the subject matter hereof and supersede all prior oral or written discussions and             agreements regarding the subject matter hereof, including, but not limited to, the             draft term sheet discussed by the Parties.    16.8       Changes to the Agreement    16.8.1     Should the Parties agree to amend this Agreement, such agreement must be made             in writing.    16.9       Assignment of rights and obligations    16.9.1     Neither Party may transfer or assign the Agreement or any of its rights or             obligations hereunder to any third party – whether in ownership or as security –             without the prior approval of the other Party save by operation of law.    16.10      Invalid or unenforceable terms                                                                                             Page                                                                                               31   

 

    16.10.1   If a provision of the Agreement or part thereof becomes invalid or unenforceable,             the validity or enforceability of the remaining provisions of the Agreement will not             be affected. In such case, the Parties shall endeavour to negotiate in good faith             any necessary adjustments of this Agreement in order to secure their basic             interests and main objectives prevailing at the Effective Date. Failing an             agreement between the Parties on necessary adjustments of the Agreement, such             adjustments shall be made by arbitration in accordance with Clause 17.2.    17.       Disputes  17.1       Any dispute arising out of or in connection with this Agreement, including disputes             regarding the existence or validity of the Agreement must be settled pursuant to             Danish law, with the exception of any conflict of laws rules, which may lead to the             application of other law than Danish law and/or CISG.    17.2      Any disputes, which cannot be amicably settled by the Parties, shall be settled             with binding and final effect by arbitration administrated in English by the Danish             Institute of Arbitration in accordance with the rules of arbitration procedure             adopted by the Danish Institute of Arbitration and in force at the time of filing of             the arbitration case. If the Parties so agree, the dispute may be settled by one (1)             arbitrator appointed by the Danish Institute of Arbitration. In other cases, the             dispute shall be settled by three (3) arbitrators, whereas each Party involved in             the arbitration case appoints an arbitrator, and the Danish Institute of Arbitration             appoints the chairman of the arbitration tribunal. If a Party has not appointed an             arbitrator within twenty (20) Banking Days of that Party having filed or received             Notice of the request for arbitration, the Danish Institute of Arbitration will also             appoint such arbitrator.    17.3      The place of arbitration shall be Copenhagen, Denmark.    17.4      The Parties are obliged to keep secret the arbitration proceedings and the award.                                                                                                 ________                                                                               SIGNATURES FOLLOW ON THE NEXT PAGE                                                                                            Page                                                                                               32   

 

    IN WITNESS WHEREOF, the Parties have entered into this Agreement effective as of the  Effective Date.    As the Seller:                      On behalf of Nine United A/S:                        __________________________                       Troels Holch Povlsen                             Chairman of the board of directors                       As the Purchaser:                                   On behalf of Herman Miller   Holdings Limited:        __________________________                     __________________________  David Lutz                                     Robert Woodbridge  Director                                       Director      Effective as of the Effective Date, the obligations specified in Clauses 2.5.1, 14.9, 15 and  17 are hereby accepted and undertaken by the Seller’s Ultimate Owner:      __________________________  Troels Holch Povlsen

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