Document:

exv10w1

 

Exhibit 10.1

SUMMARY OF STEELCASE BENEFIT PLAN FOR OUTSIDE DIRECTORS

The Steelcase Benefit Plan for Outside Directors (“Director Plan”) became effective on March 1,
1999. The Director Plan was created to provide health and welfare benefits to members of the Board
of Directors of Steelcase Inc. (the “Company”) who are not Company employees or retirees (“Outside
Directors”). Dependent coverage is also available to participants. Effective March 1, 2005, the
Director Plan was merged into the Steelcase Inc. Employee Benefit Plan (“Employee Plan”), the
Company’s broad-based plan that is offered to eligible employees, retirees and their families.
Effective March 27, 2006, the Director Plan was removed from the Employee Plan and established as a
separate plan to ensure that the Employee Plan will not be considered a multiple employer welfare
arrangement under state or federal law.

Eligibility: Eligibility and participation rules under the Director Plan are generally the same as
under the Employee Plan, except as described below. Outside Directors and their dependents are
eligible for coverage under the Director Plan on the first day of the Outside Director’s term as a
board member. During an annual enrollment period, Outside Directors who are already enrolled in
coverage may opt out of coverage or change plans. An Outside Director who does not enroll at the
time of becoming a board member is eligible during a subsequent annual enrollment period and also
has special enrollment rights when other existing coverage is lost or when there is a qualified
change in status. Under the Employee Plan, employees are eligible at the time of hire. During an
annual enrollment period, eligible employees may opt in or out of coverage or change plans.
Eligible employees may also change plans when there is a qualified change in status, including a
loss of other coverage.

Under the Director Plan, Outside Directors who became members of the board before July 22, 2002,
and are covered under the Director Plan at the time of leaving the Board, and meet the Rule of 80,
are eligible for retiree coverage under the Director Plan. Outside Directors who joined the board
on or after July 22, 2002 are not eligible for retiree coverage under the Director Plan. Rule of
80 means that attained age and full years of continuous service upon retirement equals 80 or more.
Years of service for Outside Directors includes years of service as an employee of the Company and
years of service as an Outside Director, to the extent the two periods are not overlapping. Under
the Employee Plan, only employees hired before July 22, 2002 are eligible for retiree benefits
provided they also meet Rule of 80 or the employee was hired before February 1, 1978 and meets one
of the following criteria:

	 	–	 	At least age 55 with 20 years of continuous service,
	 
	 	–	 	At least age 58 with 15 years of continuous service, or
	 
	 	–	 	Age 65 with continuous service after February 1, 1978.

Benefits: Under the Employee Plan, there are various self-insured and fully-insured health and
welfare plan benefits available to employees. These employee benefit offerings vary based on the
Steelcase location. Under the Director Plan, the benefits available are among the same benefit
plans offered to employees under the Employee Plan. Self-insured benefits available to Outside
Directors include PPO and HRA medical options and a dental plan. Fully-insured health and welfare
benefits include HMO, vision and group travel accident benefits. For retired Outside Directors,
the benefits available are among the same benefit plans offered to retirees under the Employee
Plan. Benefits available to retired Outside Directors include a self-insured PPO medical plan and
fully-insured HMO. Fully insured dental and vision plans are available to retired Outside
Directors and retired employees.

Cost: Outside Directors do not pay any premium for coverage under the Director Plan.
However, the total annual premium cost is taxable income to the Outside Director and is reported
annually on Form 1099. Under the Employee Plan, employees pay for a portion of the total cost on a
pre-tax basis, and the Company pays a significant portion of the total employee cost through
flexible benefit dollars or a subsidy, depending on the location. Retired employees must also pay
a portion of the retiree benefit costs.exv10w2

 

Exhibit 10.2

SUMMARY OF COMPENSATION FOR

THE BOARD OF DIRECTORS OF

STEELCASE INC.

 

     Beginning immediately following the Board of Directors meeting on March 28, 2006, non-employee
directors shall be compensated annually as follows.

Annual Retainers

	 	 	 	 	 	 	 	 	 
	 Type of Compensation	 	Director	 	Board Chair
	Board Annual Retainer
	 	$	80,000	 	 	$	150,000	 
	Committee Chair Annual Retainers:
	 	 	 	 	 	 	 	 
	Audit Committee
	 	$	10,000	 	 	 	 	 
	Compensation Committee
	 	$	7,500	 	 	 	 	 
	Nominating and Corporate Governance
Committee
	 	$	5,000	 	 	 	 	 

     Board annual retainers and committee chair annual retainers shall be paid on a quarterly basis
in advance, 50% in cash and the remaining 50% in either:

	 	•	 	A deemed investment in Steelcase Inc. Class A Common Stock under the Steelcase Inc.
Non-Employee Director Deferred Compensation Plan; or
	 
	 	•	 	Steelcase Inc. Class A Common Stock issued under the Steelcase Inc. Incentive
Compensation Plan.

     The stock or deemed investment shall be subject to the expectation that it will be held for
the length of Board service.

     All shares granted to directors as part of their non-cash director compensation shall be
granted in the form of Steelcase Inc. Class A Common Stock, pursuant to the Steelcase Inc.
Incentive Compensation Plan. The number of shares to be awarded shall be calculated using the fair
market price of the Class A Common Stock as of the opening of the New York Stock Exchange on the
date on which the quarterly payment is made.

Meeting Fees and Expenses

     Each director (including committee chairs but excluding the Board chair) will receive $1,500
per committee meeting attended, paid in cash. Additionally, all directors (including committee
chairs and the Board chair) will be reimbursed for out-of-pocket expenses incurred to attend Board
and committee meetings, paid in cash.

 

 

Payments

     Payments (of cash and stock) shall be made on or about the 10th day of the month of
March, September and December. June payments shall be deferred until and paid on or about the
30th of June, in order to accommodate the election of directors at the Steelcase Inc.
Annual Shareholders Meeting.

Deferred Compensation Plan

     Each non-employee director can participate in the Steelcase Inc. Non-Employee Director
Deferred Compensation Plan. Under this plan, directors may defer all or part of their retainer
and/or committee fees until they no longer serve on the Board of Directors. A participating
director may elect to have the deferred amount deemed as an investment in Steelcase Inc. Class A
Common Stock or invested in any of several investment funds.

Outside Director Benefit Plan

     Each non-employee director who is not a retiree of the Company is also eligible to participate
in the Steelcase Benefit Plan for Outside Directors which provides health, vision and group travel
accident benefits.

Employees and Officers

     Members of the Board of Directors who are employees or officers of the Company or any of
its subsidiaries do not receive any compensation for serving on the Board of Directors or any
committees thereof.

Last revised on March 27, 2006.

2exv10wr

 

Exhibit 10 (r)

December 21, 2005

Amendment to Alfred H. Racine III Employment Agreement

With Catuity Inc. Dated September 23, 2004

As Amended Effective September 7, 2005

The Employment Agreement of Alfred H. Racine dated September 23, 2004 and subsequently amended
effective September 7, 2005, with Catuity Inc. (“Agreement”) is hereby amended, as follows. All
terms and conditions in the Employment Agreement that have not been amended as part of this
Amendment shall remain in full force and effect.

The following paragraphs are added at the end of .Section 10 (a) Stock Options & Restricted Stock
Grant.:

If the stockholders vote to not approve the stock options and grants as provided above:

a. The stock options and grants will be valued by a competent valuation expert to be selected by
Catuity’s Board of Directors (.Board.). The appraiser will value each vesting-tranche separately,
according to such valuation criteria as the appraiser deems appropriate, however, the appraiser
shall consider the shares at market value and shall not consider the lack of liquidity or that the
shares are minority shares. To the extent possible and feasible, the valuation shall be as of the
anticipated vesting date.

b. As and when each tranche vests, it will be paid in cash (subject to payout terms below). Each
tranche is subject to forfeiture on the same terms that the underlying option or grant was so
subject.

c. The tranche shall be settled in cash. However, the tranche is payable over time if at the time
the tranche is payable, either (i) Catuity has not been cash-flow-positive for the immediately
preceding 9-month period, or (ii) the Board reasonably concludes that immediate payment would
unreasonably impair Catuity’s cash position (in light of its then cash position, and anticipated
sources and needs). If so, then Catuity will pay an amount of cash down as the Board reasonably
concludes will not unreasonably impact Catuity’s cash position and will pay the balance in equal
quarterly payments of principal and interest at the “applicable federal rate” as in effect at the
time the tranche vested, over a term not exceeding 20 quarters that the Board reasonably determines
as a fair balance between Catuity’s anticipated cash sources and needs, and Mr. Racine’s reasonable
expectation of prompt payment.

	 	 	 
	Signed: /s/ Clifford W. Chapman

	 	Signed: /s/ Alfred H. (John) Racine
	Clifford W. Chapman

	 	             Alfred H. (John) Racine
	Chairman, Compensation Committee

	 	President & CEO
	(By Order of the Board)

	 	             December 21, 2005
	December 21, 2005
	 	 

42

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