Document:

exv10w1

Exhibit 10.1

STEELCASE INC.

Incentive Compensation Plan

Amended and Restated

February 27, 2010

 

 

Contents

	 	 	 	 	 
	ARTICLE 1. Establishment, Objectives, and Duration
	 	 	1	 
	ARTICLE 2. Definitions
	 	 	1	 
	ARTICLE 3. Administration
	 	 	6	 
	ARTICLE 4. Shares Subject to the Plan and Maximum Awards
	 	 	7	 
	ARTICLE 5. Eligibility and Participation
	 	 	8	 
	ARTICLE 6. Stock Options
	 	 	8	 
	ARTICLE 7. Stock Appreciation Rights
	 	 	9	 
	ARTICLE 8. Restricted Stock
	 	 	10	 
	ARTICLE 9. Performance Units, Performance Shares, and Cash-Based Awards
	 	 	12	 
	ARTICLE 10. Phantom Shares
	 	 	13	 
	ARTICLE 11. Other Share-Based Awards
	 	 	14	 
	ARTICLE 12. Performance Measures
	 	 	14	 
	ARTICLE 13. Beneficiary Designation
	 	 	16	 
	ARTICLE 14. Deferrals
	 	 	16	 
	ARTICLE 15. Rights of Employees/Directors
	 	 	16	 
	ARTICLE 16. Change in Control
	 	 	17	 
	ARTICLE 17. Change in Capitalization
	 	 	19	 
	ARTICLE 18. Amendment, Modification, and Termination
	 	 	19	 
	ARTICLE 19. Clawback
	 	 	19	 
	ARTICLE 20. Withholding
	 	 	20	 
	ARTICLE 21. Indemnification
	 	 	20	 
	ARTICLE 22. Successors
	 	 	21	 
	ARTICLE 23. Legal Construction
	 	 	21	 
	ARTICLE 24. Execution
	 	 	22	 

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Steelcase Inc. Incentive Compensation Plan

ARTICLE 1. Establishment, Objectives, and Duration

     1.1 Establishment of the Plan. Steelcase Inc., a Michigan corporation (hereinafter referred to
as the “Company”), hereby establishes an incentive compensation plan to be known as the “Steelcase
Inc. Incentive Compensation Plan” (hereinafter referred to as the “Plan”), as set forth in this
document. The Plan permits the grant of Nonqualified Stock Options, Incentive Stock Options, Stock
Appreciation Rights, Restricted Stock, Performance Shares, Performance Units, Cash-Based Awards,
Phantom Shares and Share-Based Awards. Notwithstanding any provision in the Plan, to the extent
that any Award would be subject to Section 409A of the Code, no such Award may be granted if it
would fail to comply with the requirements set forth in Section 409A of the Code and any
regulations or guidance promulgated thereunder.

     The Plan as hereby amended and restated is effective as of February 27, 2010 (the
“Effective Date”); provided, however, that the Plan as amended and restated shall
be subject to the approval by the shareholders of the Company of the Plan at the annual meeting for
such shareholders held in 2010 (the “2010 Meeting”).

     1.2 Objectives of the Plan. The objectives of the Plan are to optimize the profitability
and growth of the Company through annual and long-term incentives which are consistent with the
Company’s goals and which link the personal interests of Participants to those of the Company’s
shareholders; to provide Participants with an incentive for excellence in individual performance;
and to promote teamwork among Participants. The Plan is further intended to provide flexibility to
the Company in its ability to motivate, attract, and retain the services of Participants who make
significant contributions to the Company’s success and to allow Participants to share in the
success of the Company.

     1.3 Duration of the Plan. The Plan shall commence on the Effective Date, as described in
Section 1.1 hereof, and shall remain in effect, subject to the right of the Board of Directors to
amend or terminate the Plan at any time pursuant to Article 18 hereof, until all Shares subject to
it shall have been purchased or acquired according to the Plan’s provisions under Awards
denominated in Shares, and with respect to all Awards, in no event may an Award be granted under
the Plan on or after the tenth anniversary of the Effective Date.

ARTICLE 2. Definitions

     Whenever used in the Plan, the following terms shall have the meanings set forth below, and
when the meaning is intended, the initial letter of the word shall be capitalized:

     2.1 “Affiliate” shall have the meaning ascribed to such term in Rule 12b-2 of the General
Rules and Regulations of the Exchange Act.

     2.2 “Award” means, individually or collectively, a grant under this Plan of Nonqualified Stock
Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock,

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Performance Shares, Performance Units, Cash-Based Awards, Phantom Shares or Share-Based
Awards.

     2.3 “Award Agreement” means an agreement entered into by the Company and each Participant
setting forth the terms and provisions applicable to Awards granted under this Plan.

     2.4 “Beneficial Owner” or “Beneficial Ownership” shall have the meaning ascribed to such term
in Rule 13d-3 of the General Rules and Regulations under the Exchange Act.

     2.5 “Board” or “Board of Directors” means the Board of Directors of the Company.

     2.6 “Cash-Based Award” means an Award granted to a Participant, as described in Article 9
herein.

     2.7 “Change in Control” of the Company shall be deemed to have occurred if the event set forth
in any one of the following paragraphs shall have occurred:

	 	(a)	 	any Person (other than any Initial Holder or Permitted
Transferee) (i) is or becomes the Beneficial Owner, directly or indirectly, of
securities of the Company representing thirty percent (30%) or more of the
combined voting power of the Company’s then outstanding securities, excluding
any Person who becomes such a Beneficial Owner in connection with a transaction
described in clause (i) of paragraph (c) below, and (ii) the combined voting
power of the securities of the Company that are Beneficially Owned by such
Person exceeds the combined voting power of the securities of the Company that
are Beneficially Owned by all Initial Holders and Permitted Transferees at the
time of such acquisition by such Person or at any time thereafter; or
	 
	 	(b)	 	the following individuals cease for any reason to constitute a
majority of the number of Directors then serving: individuals who, on the date
hereof, constitute the Board and any new Director (other than a Director whose
initial assumption of office is in connection with an actual or threatened
election contest, including but not limited to a consent solicitation, relating
to the election of Directors of the Company) whose appointment or election by
the Board or nomination for election by the Company’s shareholders was approved
or recommended by a vote of at least two-thirds (2/3) of the Directors then
still in office who either were Directors on the date hereof or whose
appointment, election or nomination for election was previously so approved or
recommended; or
	 
	 	(c)	 	there is consummated a merger or consolidation of the Company
or any direct or indirect subsidiary of the Company with or involving any other
corporation, other than (i) a merger or consolidation which would result in the
voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by

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	 	 	 	being
converted into voting securities of the surviving entity or any parent
thereto), at least fifty-five percent (55%) of the combined voting power of
the securities of the Company or such surviving entity or any parent thereof
outstanding immediately after such merger or consolidation, or (ii) a merger
or consolidation effected to implement a recapitalization of the Company (or
similar transaction) in which no Person (other than an Initial Holder or
Permitted Transferee) is or becomes the Beneficial Owner, directly or
indirectly, of securities of the Company (not including in the securities
Beneficially Owned by such Person any securities acquired directly from the
Company or its Affiliates) representing thirty percent (30%) or more of the
combined voting power of the Company’s then outstanding securities; or
	 
	 	(d)	 	the shareholders of the Company approve a plan of complete
liquidation or dissolution of the Company or there is consummated an agreement
for the sale or disposition by the Company of all or substantially all of the
Company’s assets, other than a sale or disposition by the Company of all or
substantially all of the Company’s assets to an entity, at least fifty-five
percent (55%) of the combined voting power of the voting securities of which
are owned by shareholders of the Company in substantially the same proportions
as their ownership of the Company immediately prior to such sale.

However, in no event shall a Change in Control be deemed to have occurred, with respect to a
Participant, if the Participant is part of a purchasing group which consummates the Change in
Control transaction. A Participant shall be deemed “part of a purchasing group” for purposes of the
preceding sentence if the Participant is an equity participant in the purchasing company or group
(except for: (i) passive ownership of less than three percent (3%) of the stock of the purchasing
company; or (ii) ownership of equity participant in the purchasing company or group which is
otherwise not significant, as determined prior to the Change in Control by a majority of the
non-employee continuing Directors).

Notwithstanding the foregoing, a Change in Control shall not be deemed to have occurred by virtue
of the consummation of any transaction or series of integrated transactions immediately following
which the record holders of the common stock of the Company immediately prior to such transaction
or series of transactions continue to have substantially the same proportionate ownership, directly
or indirectly, in an entity which owns all or substantially all of the assets of the Company
immediately following such transaction or series of transactions.

     2.8 “Code” means the Internal Revenue Code of 1986, as amended from time to time.

     2.9 “Committee” means the Compensation Committee of the Board and shall be comprised entirely
of Directors who are considered “outside directors” under Section 162(m) of the Code.

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     2.10 “Company” means Steelcase Inc., a Michigan corporation, including any and all
Subsidiaries and Affiliates, and any successor thereto as provided in Article 22 herein.

     2.11 “Competition” means directly or indirectly engaging in competition with the Company or
any subdivision, subsidiary, or affiliate of the Company (collectively, the “Company Group”) at any
time during employment with the Company Group or during the three (3) year period following
termination of employment with the Company Group, without prior approval of the administrative
Committee. A Plan Participant engages in competition if that person participates directly or
indirectly in the manufacture, design or distribution of any products of the same type as those of
the Company Group, including, but not limited to, office furniture, office systems or architectural
products, or the providing of any related services, for or on behalf of any person or entity other
than the Company and its authorized dealers, at any location within or without the United States of
America. It is intended that this definition shall be enforced to the fullest extent permitted by
law. If any part of this definition shall be construed to be invalid or unenforceable, in whole or
in part, then such definition shall be construed in a manner so as to permit its enforceability to
the fullest extent permitted by law.

     2.12 “Covered Employee” shall have the meaning set forth in Section 162(m)(3) of the Code.

     2.13 “Director” means any individual who is a member of the Board; provided,
however, that any Director who is employed by the Company or any Subsidiary or Affiliate
shall be considered an Employee under this Plan and, except for purposes of the definition of
“Change in Control” under this Plan, shall not be considered a Director.

     2.14 “Effective Date” shall have the meaning ascribed to such term in Section 1.1 hereof.

     2.15 “Employee” means any employee of the Company or its Subsidiaries or Affiliates. Except
for purposes of the definition of “Change in Control” under this Plan, Directors who are employed
by the Company shall be considered Employees under this Plan.

     2.16 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time,
or any successor act thereto.

     2.17 “Fair Market Value” shall be the closing sales price per Share for the date of grant on
the principal securities exchange on which the Shares are traded or, if there is no such sale on
the relevant date, then on the last previous day on which a sale was reported; if the security is
not listed for trading on a national securities exchange, the fair market value of a security as
determined in good faith by the Board.

     2.18 “Freestanding SAR” means an SAR that is granted independently of any Options, as
described in Article 7 herein.

     2.19 “Incentive Stock Option” or “ISO” means an option to purchase Shares granted under
Article 6 herein and which is designated as an Incentive Stock Option and which is intended to meet
the requirements of Code Section 422.

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     2.20 “Initial Holder” shall have the meaning set forth in the Second Restated Articles of
Incorporation of the Company.

     2.21 “Insider” shall mean an individual who is, on the relevant date, an officer, director or
more than ten percent (10%) beneficial owner of any class of the Company’s equity securities that
is registered pursuant to Section 12 of the Exchange Act, all as defined under Section 16 of the
Exchange Act.

     2.22 “Nonqualified Stock Option” or “NQSO” means an option to purchase Shares granted under
Article 6 herein and which is not intended to meet the requirements of Code Section 422.

     2.23 “Option” means an Incentive Stock Option or a Nonqualified Stock Option, as described in
Article 6 herein.

     2.24 “Option Price” means the price at which a Share may be purchased by a Participant
pursuant to an Option.

     2.25 “Participant” means an Employee, Director, or other individual designated by the Board
who has been selected to receive an Award or who has an outstanding Award granted under the Plan.

     2.26 “Performance-Based Exception” means the performance-based exception from the tax
deductibility limitations of Code Section 162(m).

     2.27 “Performance Period” shall have the meaning set forth in Article 8 herein.

     2.28 “Performance Share” means an Award granted to a Participant, as described in Article 9
herein.

     2.29 “Performance Unit” means an Award granted to a Participant, as described in Article 9
herein.

     2.30 “Period of Restriction” means the period during which the transfer of Shares of
Restricted Stock is limited in some way (based on the passage of time, the achievement of
performance goals, or upon the occurrence of other events as determined by the Board, at its
discretion), and the Shares are subject to a substantial risk of forfeiture, as provided in Article
8 herein.

     2.31 “Permitted Transferee” shall have the meaning set forth in the Second Restated Articles
of Incorporation of the Company and include a Permitted Trustee solely in its capacity as a trustee
of a Permitted Trust.

     2.32 “Permitted Trust” shall have the meaning set forth in the Second Restated Articles of
Incorporation of the Company.

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     2.33 “Permitted Trustee” shall have the meaning set forth in the Second Restated Articles of
Incorporation of the Company.

     2.34 “Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange
Act, as modified and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in
Section 13(d) thereof, except that such term shall not include (i) the Company or any of its
subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan
of the Company or any of its Affiliates, (iii) an underwriter temporarily holding securities
pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by
the shareholders of the Company in substantially the same proportions as their ownership of stock
of the Company.

     2.35 “Phantom Shares” means an Award granted to a Participant pursuant to Article 10 herein.

     2.36 “Restricted Stock” means an Award granted to a Participant pursuant to Article 8 herein.

     2.37 “Share-Based Award” means an Award granted to a Participant pursuant to Article 11
herein.

     2.38 “Shares” means the shares of Class A Common Stock of the Company.

     2.39 “Stock Appreciation Right” or “SAR” means an Award, granted alone or in connection with a
related Option, designated as a SAR, pursuant to the terms of Article 7 herein.

     2.40 “Subsidiary” means any corporation, partnership, joint venture, or other entity in which
the Company has a fifty percent (50%) or greater voting interest.

     2.41 “Tandem SAR” means a SAR that is granted in connection with a related Option pursuant to
Article 7 herein, the exercise of which shall require forfeiture of the right to purchase a Share
under the related Option (and when a Share is purchased under the Option, the Tandem SAR shall
similarly be canceled).

ARTICLE 3. Administration

     3.1 General. The Plan shall be administered by the Board and the Board may delegate its
responsibility to the Committee. The members of the Committee shall be appointed from time to time
by, and shall serve at the discretion of, the Board of Directors. The Board may delegate to
the Committee any or all of the administration of the Plan; provided, however,
that the administration of the Plan with respect to Awards granted to Directors may not be so
delegated. To the extent that the Board has delegated to the Committee any authority and
responsibility under the Plan, all applicable references to the Board in the Plan shall be to the
Committee. The Committee shall have the authority to delegate administrative duties to Employees,
officers or Directors of the Company or any other committee approved by the Committee.

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     3.2 Authority of the Board. Except as limited by law or by the Certificate of Incorporation
or Bylaws of the Company, and subject to the provisions herein, the Board shall have full power to
select Employees and Directors and other individuals who shall participate in the Plan; determine
the sizes and types of Awards; determine the terms and conditions of Awards in a manner consistent
with the Plan; construe and interpret the Plan and any agreement or instrument entered into under
the Plan; establish, amend, or waive rules and regulations for the Plan’s administration; and
(subject to the provisions of Article 18 herein) amend the terms and conditions of any outstanding
Award as provided in the Plan. Further, the Board shall make all other determinations which may be
necessary or advisable for the administration of the Plan. As permitted by law (and subject to
Section 3.1 herein), the Board may delegate its authority as identified herein.

     3.3 Decisions Binding. All determinations and decisions made by the Board or the Committee
pursuant to the provisions of the Plan and all related orders and resolutions of the Board or the
Committee shall be final, conclusive and binding on all persons, including the Company, its
shareholders, Directors, Employees, Participants, and their estates and beneficiaries.

ARTICLE 4. Shares Subject to the Plan and Maximum Awards

     4.1 Number of Shares Available for Grants. Subject to adjustment as provided in Article 17
herein, the number of Shares hereby reserved for issuance to Participants under the Plan shall be
25,000,000 Shares; no more than 6,000,000 of which may be granted in the form of Shares of
Restricted Stock. Shares available under the Plan shall be now or hereafter issued or authorized
but unissued. The Board shall determine the appropriate methodology for calculating the number of
Shares issued in pursuance of the Plan. Unless and until the Board determines that an Award shall
not qualify for the Performance-Based Exception, the following rules shall apply to grants of such
Awards under the Plan:

	 	(a)	 	Stock Options: The maximum aggregate number of Shares that may
be granted in the form of Stock Options, pursuant to any Award granted in any
one fiscal year to any one single Participant shall be five hundred thousand
(500,000).
	 
	 	(b)	 	SARs: The maximum aggregate number of Shares that may be
granted in the form of Stock Appreciation Rights, pursuant to any Award granted
in any one fiscal year to any one single Participant shall be five hundred
thousand (500,000).
	 
	 	(c)	 	Restricted Stock: The maximum aggregate grant with respect to
Awards of Restricted Stock granted in any one fiscal year to any one
Participant shall be two hundred and fifty thousand (250,000).
	 
	 	(d)	 	Performance Shares/Performance Units and Cash-Based Awards: The
maximum aggregate payout (determined as of the end of the applicable

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	 	 	 	Performance Period) with respect to Cash-Based Awards or Awards of Performance
Shares or Performance Units granted in any one fiscal year to any one
Participant shall be equal to the value of seven hundred and fifty thousand
(750,000) Shares.
	 
	 	(e)	 	Phantom Shares: The maximum aggregate payout (determined at
the end of the applicable Performance Period) with respect to Phantom Shares
granted in any one fiscal year to any one Participant shall be equal to the
value of seven hundred and fifty thousand (750,000) Shares.
	 
	 	(f)	 	Other Share-Based Awards: The maximum aggregate number of
Shares that may be granted in the form of other Share-Based Awards, pursuant to
any Award granted in any one fiscal year to one single Participant shall be two
hundred and fifty thousand (250,000).

ARTICLE 5. Eligibility and Participation

     5.1 Eligibility. Persons eligible to participate in this Plan include all Employees,
Directors, and other individuals designated by the Board.

     5.2 Actual Participation. Subject to the provisions of the Plan, the Board may, from time to
time, select from all eligible Employees, Directors, and other individuals designated by the Board,
those to whom Awards shall be granted and shall determine the nature and amount of each Award.

ARTICLE 6. Stock Options

     6.1 Grant of Options. Subject to the terms and provisions of the Plan, Options may be granted
to Participants in such number, and upon such terms, and at any time and from time to time as shall
be determined by the Board; provided, however, (a) that no Director shall be
granted any ISO and (b) that any Option designed to qualify for the Performance-Based Exception
shall be granted only by the Committee.

     6.2 Award Agreement. Each Option grant shall be evidenced by an Award Agreement that shall
specify the Option Price, the duration of the Option, the number of Shares to which the Option
pertains, termination and transferability rights, and such other provisions as the Board shall
determine. The Award Agreement also shall specify whether the Option is intended to be an ISO
within the meaning of Code Section 422, or an NQSO whose grant is intended not to fall under the
provisions of Code Section 422.

     6.3 Option Price. The Option Price for each grant of an Option under this Plan shall be at
least equal to one hundred percent (100%) of the Fair Market Value of a Share on the date the
Option is granted.

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     6.4 Duration of Options. Each Option granted to a Participant shall expire at such time as
the Board shall determine at the time of grant; provided, however, that no Option
shall be exercisable later than the tenth (10th) anniversary date of its grant.

     6.5 Exercise of Options. Options granted under this Article 6 shall be exercisable at such
times and be subject to such restrictions and conditions as the Board shall in each instance
approve, which need not be the same for each grant or for each Participant.

     6.6 Payment. Unless otherwise determined by the Board, Options granted under this Article 6
shall be exercised by the delivery of a written notice of exercise to the Company, setting forth
the number of Shares with respect to which the Option is to be exercised, accompanied by full
payment for the Shares.

     The Option Price upon exercise of any Option shall be payable to the Company in full in one of
the following manners: (a) in cash or its equivalent, or (b) to the extent so provided by the
Board, by tendering previously acquired Shares having an aggregate Fair Market Value at the time of
exercise equal to the total Option Price or by withholding from issuance upon exercise the Shares
with an aggregate Fair Market Value equal to the total Option Price, or (c) by a combination of (a)
and (b).

     The Board also may allow cashless exercise as permitted under Federal Reserve Board’s
Regulation T, subject to applicable securities law restrictions, or by any other means which the
Board determines to be consistent with the Plan’s purpose and applicable law.

     Subject to any governing rules or regulations, as soon as practicable after receipt of a
written notification of exercise and full payment, the Company shall deliver to the Participant, in
the Participant’s name, Share certificates in an appropriate amount based upon the number of Shares
purchased under the Option(s) or other appropriate documentation of acquisition of such Shares.

     6.7 Restrictions on Share Transferability. The Board may impose such restrictions on any
Shares acquired pursuant to the exercise of an Option granted under this Article 6 as it may deem
advisable, including, without limitation, restrictions under applicable federal securities laws,
under the requirements of any stock exchange or market upon which such Shares are then listed
and/or traded, and under any blue sky or state securities laws applicable to such Shares.

ARTICLE 7. Stock Appreciation Rights

     7.1 Grant of SARs. Subject to the terms and conditions of the Plan, SARs may be granted to
Participants at any time and from time to time as shall be determined by the Board. The Board may
grant Freestanding SARs, Tandem SARs, or any combination of these forms of SAR.

     The Board shall have complete discretion in determining the number of SARs granted to each
Participant (subject to Article 4 herein) and, consistent with the provisions of the Plan, in
determining the terms and conditions pertaining to such SARs.

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     The grant price of a Freestanding SAR shall be at least equal to one hundred percent
(100%) of the Fair Market Value of a Share on the date of grant of the SAR. The grant price
of Tandem SARs shall equal the Option Price of the related Option.

     7.2 Exercise of Tandem SARs. Tandem SARs may be exercised for all or part of the Shares
subject to the related Option upon the surrender of the right to exercise the equivalent portion of
the related Option. A Tandem SAR may be exercised only with respect to the Shares for which its
related Option is then exercisable.

     Notwithstanding any other provision of this Plan to the contrary, with respect to a Tandem SAR
granted in connection with an ISO: (a) the Tandem SAR will expire no later than the expiration of
the underlying ISO; (b) the value of the payout with respect to the Tandem SAR may be for no more
than one hundred percent (100%) of the difference between the Option Price of the underlying ISO
and the Fair Market Value of the Shares subject to the underlying ISO at the time the Tandem SAR is
exercised; and (c) the Tandem SAR may be exercised only when the Fair Market Value of the Shares
subject to the ISO exceeds the Option Price of the ISO.

     7.3 Exercise of Freestanding SARs. Freestanding SARs may be exercised upon whatever terms and
conditions the Board, in its sole discretion, imposes upon them.

     7.4 SAR Agreement. Each SAR grant shall be evidenced by an Award Agreement that shall specify
the grant price, the term of the SAR, and such other provisions as the Board shall determine.

     7.5 Term of SARs. The term of a SAR granted under the Plan shall be determined by the Board,
in its sole discretion; provided, however, that such term shall not exceed ten (10)
years.

     7.6 Payment of SAR Amount. Upon exercise of a SAR, a Participant shall be entitled to receive
payment from the Company in an amount determined by multiplying:

	 	(a)	 	the difference between the Fair Market Value of a Share on the
date of exercise over the grant price; by
	 
	 	(b)	 	the number of Shares with respect to which the SAR is
exercised.

     At the discretion of the Board, the payment upon SAR exercise may be in cash, in Shares of
equivalent value, or in some combination thereof. The Board’s determination regarding the form of
SAR payout shall be set forth in the Award Agreement pertaining to the grant of the SAR.

ARTICLE 8. Restricted Stock

     8.1 Grant of Restricted Stock. Subject to the terms and provisions of the Plan, the Board, at
any time and from time to time, may grant Shares of Restricted Stock to Participants in such
amounts as the Board shall determine; provided, however, that Shares of Restricted
Stock

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designed to qualify for the Performance-Based Exception shall be granted only by the
Committee.

     8.2 Restricted Stock Agreement. Each Restricted Stock grant shall be evidenced by a
Restricted Stock Award Agreement that shall specify the Period(s) of Restriction, the number of
Shares of Restricted Stock granted, and such other provisions as the Board shall determine.

     8.3 Other Restrictions. The Board shall impose such other conditions and/or restrictions on
any Shares of Restricted Stock granted pursuant to the Plan as it may deem advisable including,
without limitation, a requirement that Participants pay a stipulated purchase price for each Share
of Restricted Stock, restrictions based upon the achievement of specific performance goals
(Company-wide, divisional, and/or individual), time-based restrictions on vesting following the
attainment of the performance goals, and/or restrictions under applicable federal or state
securities laws. The time period during which the performance goals must be met shall be called a
“Performance Period.” The performance goals with respect to Awards designed to qualify for the
Performance-Based Exception shall be established in writing by the Committee prior to the earlier
of (a) ninety (90) days after the commencement of the Performance Period or (b) the date on which
25% of the Performance Period will elapse; provided, that in either case, achievement of
the performance goals is substantially uncertain on such date.

     The Company may retain the certificates representing Shares of Restricted Stock in the
Company’s possession until such time as all conditions and/or restrictions applicable to such
Shares have been satisfied; provided, however, that Shares shall not be
delivered with respect to Awards designed to qualify for the Performance-Based Exception prior to
the Committee’s certification, in writing, that the performance goals relating to such Awards have
been satisfied.

     Except as otherwise provided in this Article 8 or otherwise determined by the Board,
Shares of Restricted Stock covered by each Restricted Stock grant made under the Plan shall become
freely transferable by the Participant after the last day of the applicable Period of Restriction.

     8.4 Voting Rights. Participants holding Shares of Restricted Stock granted hereunder may be
granted the right to exercise full voting rights with respect to those Shares during the Period of
Restriction.

     8.5 Dividends and Other Distributions. During the Period of Restriction, Participants holding
Shares of Restricted Stock granted hereunder may be credited with regular cash dividends paid with
respect to the Shares while they are so held. The Board may apply any restrictions to the
dividends that the Board deems appropriate. Without limiting the generality of the preceding
sentence, if the grant or vesting of Shares of Restricted Stock is intended to comply with the
requirements of the Performance-Based Exception, the Board may apply any restrictions
it deems appropriate to the payment of dividends declared with respect to such Shares of
Restricted Stock, including, without limitation, that the dividends and/or the Shares of Restricted
Stock maintain eligibility for the Performance-Based Exception.

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ARTICLE 9. Performance Units, Performance Shares, and Cash-Based Awards

     9.1 Grant of Performance Units/Shares and Cash-Based Awards. Subject to the terms of the
Plan, Performance Units, Performance Shares and/or Cash-Based Awards may be granted at any time or
from time to time, as shall be determined by the Board; provided, however, that
Performance Units, Performance Shares and/or Cash-Based Awards designed to qualify for the
Performance-Based Exception shall be granted only by the Committee.

     9.2 Award Agreement. Each Performance Unit, Performance Share and/or Cash-Based Awards grant
shall be evidenced by an Award Agreement that shall specify the Performance Period(s) and such
other provisions as the Board shall determine.

     9.3 Value of Performance Units/Shares and Cash-Based Awards. Each Performance Unit shall have
an initial value that is established by the Board at the time of grant. Each Performance Share
shall have an initial value equal to the Fair Market Value of a Share on the date of grant. Each
Cash-Based Award shall have a value as may be determined by the Board. The Board shall set
performance goals in its discretion which, depending on the extent to which they are met, will
determine the number and/or value of Performance Units/Shares and Cash-Based Award that will be
paid out to the Participant. The performance goals with respect to Awards designed to qualify for
the Performance-Based Exception shall be established in writing by the Committee prior to the
earlier of (a) ninety (90) days after the commencement of the Performance Period or (b) the date on
which 25% of the Performance Period will elapse; provided, that in either case, achievement
of the performance goals is substantially uncertain on such date.

     9.4 Earning of Performance Units/Shares and Cash-Based Awards. Subject to the terms of this
Plan, after the applicable Performance Period has ended, the holder of Performance Units/Shares and
Cash-Based Awards shall be entitled to receive payment with respect to the number and value of
Performance Units/Shares and of Cash-Based Awards earned by the Participant over the Performance
Period, to be determined as a function of the extent to which the corresponding performance goals
have been achieved.

     9.5 Form and Timing of Payment of Performance Units/Shares and Cash-Based Awards. Payment of
earned Performance Units/Shares and Cash-Based Awards shall be made in lump-sum payments at such
time or times designated by the Board following the close of the applicable Performance Period, but
in no event later than 2 1/2 months following the end of the calendar year in which the Performance
Period closes. Subject to the terms of this Plan, the Board, in its sole discretion, may pay
earned Performance Units/Shares and Cash-Based Awards in the form of cash or in Shares (or in a
combination thereof) which have an aggregate Fair Market Value equal to the value of the earned
Performance Units/Shares and Cash-Based Awards at the close of the applicable Performance Period
plus or minus any investment return from the close of the Performance Period to the date of payment as determined by the Board in
its discretion; provided, however, that payment shall not be made with respect to
Awards designed to qualify for the Performance-Based Exception prior to the Committee’s
certification, in writing, that the performance goals relating to such Awards have been satisfied.
Such Shares

12

 

may be granted subject to any restrictions deemed appropriate by the Board. The
determination of the Board with respect to the form and timing of payout of such Awards shall be
set forth in the Award Agreement pertaining to the grant of the Award.

     At the discretion of the Board and subject to the requirements of Section 409A of the Code,
Participants may be entitled to receive any dividends declared with respect to Shares which have
been earned in connection with grants of Performance Units and/or Performance Shares which have
been earned, but not yet distributed to Participants (such dividends shall be subject to the same
accrual, forfeiture, and payout restrictions as those that apply to dividends earned with respect
to Shares of Restricted Stock, as set forth in Section 8.5 herein). In addition, Participants may,
at the discretion of the Board, be entitled to exercise their voting rights with respect to such
Shares.

ARTICLE 10. Phantom Shares

     10.1 Grant of Phantom Shares. Subject to the terms of the Plan, Phantom Shares may be granted
to Participants in such amounts and upon such terms, and at any time and from time to time, as
shall be determined by the Board; provided, however, that Phantom Shares designed
to qualify for the Performance-Based Exception shall be granted only by the Committee.

     10.2 Award Agreement. Each Phantom Share grant shall be evidenced by an Award Agreement that
shall specify the terms and conditions of such Award and such other provisions as the Board shall
determine.

     10.3 Value of Phantom Shares. Each Phantom Share shall have an initial value equal to the
Fair Market Value of a Share on the date of grant. The Board shall establish the terms and
conditions of such Award, including any vesting provisions and performance goals. The performance
goals with respect to Awards designed to qualify for the Performance-Based Exception shall be
established in writing by the Committee prior to the earlier of (a) ninety (90) days after the
commencement of the Performance Period or (b) the date on which 25% of the Performance Period will
elapse, provided, that in either case, achievement of the performance goals is
substantially uncertain on such date.

     10.4 Earning of Phantom Shares. Subject to the terms of this Plan, the holder of any vested
Phantom Shares shall be entitled to receive payout on the number and value of Phantom Shares earned
by the Participant over the Performance Period, to be determined by the extent to which the
corresponding performance goals have been achieved.

     10.5 Form and Timing of Payment of Phantom Shares. Payment of earned Phantom Shares shall be
made in a single lump sum at such time as designated by the Board, but in no event later than 2 1/2
months following the end of the calendar year in which the Phantom Shares vest. Subject to the terms of this Plan, the Board, in its sole discretion, may pay earned
Phantom Shares in the form of cash or in Shares (or in a combination thereof) which have an
aggregate Fair Market Value equal to the value of the earned Phantom Shares at such time as
designated by the Board; provided, however, that payment shall not be made with
respect to Awards designed

13

 

to qualify for the Performance-Based Exception prior to the Committee’s
certification, in writing, that the performance goals relating to such Awards have been satisfied.
Such Shares may be granted subject to any restrictions deemed appropriate by the Board. The
determination of the Board with respect to the form of payout of such Awards shall be set forth in
the Award Agreement pertaining to the grant of the Award.

At the discretion of the Board and subject to the requirements of Section 409A of the Code,
Participants may be entitled to receive any dividends declared with respect to Shares which have
been earned in connection with grants of Phantom Shares which have been earned, but not yet
distributed to Participants (such dividends shall be subject to the same accrual, forfeiture, and
payout restrictions as those that apply to dividends earned with respect to Shares of Restricted
Stock, as set forth in Section 8.5 herein).

ARTICLE 11. Other Share-Based Awards

     Subject to the terms of the Plan, the Board may grant other Share-Based Awards under this
Plan, including without limitation, those Awards pursuant to which Shares are acquired or may in
the future be acquired and including Awards of dividend equivalents. The Board, in its sole
discretion, shall determine the terms and conditions of such other Share-Based Awards.

ARTICLE 12. Performance Measures

     Unless and until the Board proposes for shareholder vote and shareholders approve a change in
the general performance measures set forth in this Article 12, the attainment of which may
determine the degree of payout and/or vesting with respect to Awards which are designed to qualify
for the Performance-Based Exception, the performance measure(s) to be used for purposes of such
grants shall be based on one or more of the following criteria:

	 	(a)	 	earnings per share;
	 
	 	(b)	 	net income (before or after taxes);
	 
	 	(c)	 	return measures (including, but not limited to, return on
assets, equity, or sales);
	 
	 	(d)	 	cash flow (including, but not limited to, operating cash flow,
free cash flow, cash flow return on investment (discounted or otherwise), or
cumulative cash flow per share);
	 
	 	(e)	 	earnings before or after taxes;
	 
	 	(f)	 	gross revenues;
	 
	 	(g)	 	operating profit;
	 
	 	(h)	 	operating expenses;

14

 

	 	(i)	 	share price (including, but not limited to, growth measures and
total shareholder return);
	 
	 	(j)	 	economic value added;
	 
	 	(k)	 	implementation or completion of critical projects or processes;
	 
	 	(l)	 	strategic business criteria, consisting of one or more
objectives based on meeting specified market share, market penetration,
geographic business expansion, customer satisfaction, employee satisfaction,
human resources management, supervision of litigation, information technology,
and goals relating to acquisitions, divestitures, joint ventures and similar
transactions, and budget comparisons;
	 
	 	(m)	 	personal professional objectives, including any of the
foregoing performance goals, the implementation of policies and plans, the
negotiation of transactions, the development of long-term business goals,
formation of joint ventures, research or development collaborations, and the
completion of other corporate transactions; and
	 
	 	(n)	 	any combination of, or a specified increase in, any of the
foregoing.

     Where applicable, the performance goals may be expressed in terms of attaining a
specified level of the particular criteria or the attainment of a percentage increase or decrease
in the particular criteria, and may be applied to one or more of the Company, a Subsidiary or
Affiliate, or a division or strategic business unit of the Company, or may be applied to the
performance of the Company relative to a market index, a group of other companies or a combination
thereof, all as determined by the Committee.

     The Board (or the Committee with respect to Awards designed to qualify for the
Performance-Based Exception) shall have the discretion to adjust the determinations of the degree
of attainment of the preestablished performance goals; provided, however, that
Awards which are designed to qualify for the Performance-Based Exception, may not be adjusted
upward (the Committee shall retain the discretion to adjust such Awards downward). Nevertheless,
the Board (or the Committee with respect to Awards designed to qualify for the Performance-Based
Exception) shall have the authority, to the extent set forth in an applicable Award Agreement or
permitted under Section 162(m) of the Code, to make appropriate adjustments in the performance
goals under an Award to reflect the impact of the following extraordinary items not reflected in
such goals: (1) any profit or loss attributable to acquisitions or dispositions of stock or
assets, (2) any changes in accounting standards that may be required or permitted by the Financial
Accounting Standards Board or adopted by the Company after the goal is established, (3) all items
of gain, loss or expense for the year related to restructuring charges for the Company, (4)
all items of gain, loss or expense for the year determined to be extraordinary or unusual in
nature of infrequent in occurrence or related to the disposal of a segment of a business, (5) all
items of gain, loss or expense for the year related to discontinued operations that do not qualify
as a segment of a business as defined in APB Opinion No. 30, and (6) such other

15

 

items as may be prescribed by Section 162(m) of the Code and the Treasury regulations thereunder as may be in
effect from time to time, and any amendments, revisions or successor provisions and any changes
thereto. The Board (or the Committee with respect to Awards designed to qualify for the
Performance-Based Exception) shall have full authority and discretion to, from time to time, as the
Board deems necessary or appropriate, modify the accounting principles and components applied in
the determination of the degree of attainment of the preestablished performance goals with respect
to all Awards.

     In the event that applicable tax and/or securities laws change to permit Board discretion to
alter the governing performance measures without obtaining shareholder approval of such changes,
the Board shall have sole discretion to make such changes without obtaining shareholder approval.
In addition, in the event that the Board determines that it is advisable to grant Awards which
shall not qualify for the Performance-Based Exception, the Board may make such grants without
satisfying the requirements of Code Section 162(m).

ARTICLE 13. Beneficiary Designation

     Each Participant under the Plan may, from time to time, name any beneficiary or
beneficiaries (who may be named contingently or successively) to whom any benefit under the Plan is
to be paid in case of his or her death before he or she receives any or all of such benefit. Each
such designation shall revoke all prior designations by the same Participant, shall be in a form
prescribed by the Company, and will be effective only when filed by the Participant in writing with
the Company during the Participant’s lifetime. In the absence of any such designation, benefits
remaining unpaid at the Participant’s death shall be paid to the Participant’s estate.

ARTICLE 14. Deferrals

     The Board may permit or require a Participant to defer such Participant’s receipt of the
payment of cash or the delivery of Shares that would otherwise be due to such Participant by virtue
of the exercise of an Option or SAR, the lapse or waiver of restrictions with respect to Restricted
Stock, or the satisfaction of any requirements or goals with respect to Performance Units/Shares.
If any such deferral election is required or permitted, the Board shall, in its sole discretion,
establish rules and procedures for such payment deferrals and such deferrals shall comply with
Section 409A of the Code and any regulations or guidance promulgated thereunder.

ARTICLE 15. Rights of Employees/Directors

     15.1 Employment. Nothing in the Plan shall interfere with or limit in any way the right of
the Company to terminate any Participant’s employment at any time, nor confer upon any Participant
any right to continue in the employ of the Company.

     15.2 Participation. No Employee or Director shall have the right to be selected to receive an
Award under this Plan, or, having been so selected, to be selected to receive a future Award.

     15.3 Termination of Employment/Directorship/Relationship. Each Participant’s Award Agreement
shall set forth the extent to which the Participant shall have the right to

16

 

exercise and/or receive payment for any Award following termination of the Participant’s employment or directorship with
the Company, or termination of relationship with the Company. Such provisions shall be determined
in the sole discretion of the Board, shall be included in the Award Agreement entered into with
each Participant, need not be uniform among Awards and may reflect distinctions based on the
reasons for termination.

     15.4 Competition. In the event the Participant engages in any Competition with the Company,
the Participant immediately and permanently forfeits the right to exercise and/or receive payment
for any Award, whether or not vested. The Participant must return to the Company the Participant’s
gain resulting from Options exercised at any time within the twelve-month period preceding the date
the Participant became engaged in competition with the Company.

     15.5 Nontransferability. Except as otherwise provided in a Participant’s Award Agreement or
determined by the Board, Awards may not be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated, other than by will or by the laws of decent and distribution. Further,
except as otherwise provided in a Participant’s Award Agreement or determined by the Board, a
Participant’s rights under the Plan shall be exercisable during the Participant’s lifetime only by
the Participant or the Participant’s legal representative.

ARTICLE 16. Change in Control

	 	16.1	 	Treatment of Outstanding Awards.

	 	(a)	 	Vesting on Change in Control. Upon the occurrence of a Change
in Control, unless otherwise specifically prohibited under applicable laws, or
by the rules and regulations of any governing governmental agencies or national
securities exchanges:

	 	(i)	 	Any and all Options and SARs
granted hereunder shall become immediately exercisable, and
shall remain exercisable throughout their entire term;
	 
	 	(ii)	 	Any restriction periods and
restrictions imposed on Shares of Restricted Stock which are
not performance-based shall lapse;
	 
	 	(iii)	 	The target payout opportunities
attainable under all outstanding Awards of performance-based
Restricted Stock, Performance Units, Performance Shares, and
Cash-Based Awards and Share-Based Awards shall be deemed to have
been fully earned for the entire Performance Period(s) as of
the effective date of the Change in Control. The vesting of all Awards denominated in Shares shall be accelerated as of
the effective date of the Change in

17

 

	 	 	 	 Control, and there shall
be paid out to Participants within thirty (30) days following
the effective date of the Change in Control a pro rata number
of Shares based upon an assumed achievement of all relevant
targeted performance goals and upon the length of time within
the Performance Period which has elapsed prior to the Change
in Control. Awards denominated in cash shall be paid pro
rata to participants in cash within thirty (30) days
following the effective date of the Change in Control, with
the proration determined as a function of the length of time
within the Performance Period which has elapsed prior to the
Change in Control, and based on an assumed achievement of all
relevant targeted performance goals; and
	 
	 	(iv)	 	Notwithstanding anything to the contrary, if the Change in Control event does not constitute
a change in ownership or effective control of the Company or
a change in ownership of a substantial portion of the assets
of the Company under Section 409A of the Code, and if the
Company determines any Award constitutes deferred
compensation subject to Section 409A of the Code, then the
vesting of such Award shall be accelerated as of the
effective date of the Change in Control in accordance with
clauses (i), (ii) and (iii) above, but the Company shall pay
such Award on its original payment date, but in no event more
than 90 days following the original payment date.

	 	(b)	 	Cashout of Awards. Notwithstanding any other provision of the
Plan, in the event of a Change in Control in which the consideration paid to
the holders of Shares is solely cash, the Board may, in its discretion to the
extent such treatment does not result in tax penalties under Section 409A of
the Code, provide that each Award shall, upon the occurrence of a Change in
Control, be cancelled in exchange for a payment in an amount equal to (i) the
excess of the consideration paid per Share in the Change in Control over the
exercise or purchase price (if any) per Share subject to the Award multiplied
by (ii) the number of Shares granted under the Award.

     16.2 Termination, Amendment, and Modifications of Change in Control Provisions. Notwithstanding
any other provision of this Plan (but subject to the limitations of Section 18.3 hereof) or any
Award Agreement provision, the provisions of this Article 16 may not be terminated, amended, or modified on or after the date of a Change in Control to affect adversely any Award
theretofore granted under the Plan without the prior written consent of the Participant with
respect to said Participant’s outstanding Awards; provided, however, the Board may
terminate, amend, or modify this Article 16 at any time and from time to time prior to the date of
a Change in Control.

18

 

ARTICLE 17.Change in Capitalization

     In the event of any change in corporate capitalization, such as a stock split, or a
corporate transaction, such as any merger, consolidation, separation, including a spin off, or
other distribution of stock or property of the Company, any reorganization (whether or not such
reorganization comes within the definition of such term in Code Section 368) or any partial or
complete liquidation of the Company, the Board shall make such adjustment in the number and class
of Shares which may be delivered under Section 4.1, in the number and class of and/or price of
Shares subject to outstanding Awards granted under the Plan, and in the Award limits set forth in
Section 4.1 as it determines to be appropriate and equitable, in its sole discretion, to prevent
dilution or enlargement of rights; provided, however, that the number of Shares
subject to any Award shall always be a whole number; provided, further, that no such
adjustment shall cause any Award hereunder which is or becomes subject to Section 409A of the Code
to fail to comply with the requirements of such section.

ARTICLE 18.Amendment, Modification, and Termination

     18.1 Amendment, Modification, and Termination. Subject to Sections 18.3 and 18.4, the Board
may at any time and from time to time, alter, amend, suspend or terminate the Plan in whole or in
part; provided, that no amendment shall be made without shareholder approval if such
approval is necessary to comply with any applicable tax or regulatory requirements. Prior to such
approval, Awards may be made under the Plan expressly subject to such approval.

     18.2 Adjustment of Awards. The Board (or its delegate) may make adjustments in the terms and
conditions of, and the criteria included in, any Award in any situation it deems appropriate, as
long as the adjustment of such Award does not adversely affect the holder; provided, that
no such adjustment shall be authorized to the extent that such authority would be inconsistent with
the Plan’s meeting the requirements of Section 162(m) or 409A of the Code.

     18.3 Awards Previously Granted. Notwithstanding any other provision of the Plan to the
contrary (but subject to Article 16, 17, 19 and 23 hereof), no termination, amendment, or
modification of the Plan shall adversely affect in any material way any Award previously granted
under the Plan, without the written consent of the Participant holding such Award.

     18.4 Compliance with Code Section 162(m). At all times when Code Section 162(m) is
applicable, all Awards granted under this Plan shall comply with the requirements of Code Section
162(m); provided, however, that in the event the Board determines that such
compliance is not desired with respect to any Award or Awards available for grant under the Plan,
then compliance with Code Section 162(m) will not be required. In addition, in the event that
changes are made to Code Section 162(m) to permit greater flexibility with respect to any Award or
Awards available under the Plan, the Board may, subject to this Article 18, make any adjustments it
deems appropriate.

ARTICLE 19. Clawback

     If the Company’s financial results are materially restated, the Committee may review the
circumstances surrounding the restatement and determine whether and which Participants will be

19

 

required to forfeit the right to receive any future Awards or other equity based incentive
compensation under the Plan and/or repay any Awards or cash payments determined by the Committee to
have been inappropriately received by the Participant. If the Company’s financial results are
restated due to fraud, any Participant who the Committee determines participated in or is
responsible for the fraud causing the need for the restatement, forfeits the right to receive any
future Awards or other equity based incentive compensation under the Plan and must repay any Awards
or cash payments in excess of the amounts that would have been received based on the restated
financial results. Any repayments required under this Article 19 must be made by the Participant
within ten (10) days following written demand from the Company. This Article 19 applies only to
Participants in the Plan who also participate in the Steelcase Inc. Executive Severance Plan.

ARTICLE 20. Withholding

     20.1 Tax Withholding. The Company shall have the power and the right to deduct or withhold,
or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state,
and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to
any taxable event arising as a result of this Plan.

     20.2 Share Withholding. With respect to withholding required upon the exercise of Options or
SARs, upon the lapse of restrictions on Restricted Stock, or upon any other taxable event arising
as a result of Awards granted hereunder, Participants may elect, subject to the approval of the
Board, to satisfy the withholding requirement, in whole or in part, by having the Company withhold
Shares having a Fair Market Value on the date the tax is to be determined equal to the minimum
statutory total tax which could be imposed on the transaction. All such elections shall be
irrevocable, made in writing, signed by the Participant, and shall be subject to any restrictions
or limitations that the Board, in its sole discretion, deems appropriate.

ARTICLE 21. Indemnification

     Each person who is or shall have been a member of the Committee, or of the Board, shall be
indemnified and held harmless by the Company against and from any loss, cost, liability, or expense
that may be imposed upon or reasonably incurred by him or her in connection with or resulting from
any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may
be involved by reason of any action taken or failure to act under the Plan and against and from any
and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by
him or her in satisfaction of any judgment in any such action, suit, or proceeding against him or
her, provided he or she shall give the Company an opportunity, at its own expense, to handle and
defend the same before he or she undertakes to handle and defend it on his or her own behalf. The
foregoing right of indemnification shall not be exclusive of any other rights of indemnification to
which such persons may be entitled under the Company’s Articles of Incorporation of Bylaws, as a matter of law, or otherwise, or any power
that the Company may have to indemnify them or hold them harmless.

20

 

ARTICLE 22. Successors

     All obligations of the Company under the Plan with respect to Awards granted hereunder shall
be binding on any successor to the Company, whether the existence of such successor is the result
of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all
of the business and/or assets of the Company.

ARTICLE 23.Legal Construction

     23.1 Gender and Number. Except where otherwise indicated by the context, any masculine term
used herein also shall include the feminine; the plural shall include the singular and the singular
shall include the plural.

     23.2 Severability. In the event any provision of the Plan shall be held illegal or invalid
for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and
the Plan shall be construed and enforced as if the illegal or invalid provision had not been
included.

     23.3 Requirements of Law. The granting of Awards and the issuance of Shares under the Plan
shall be subject to all applicable laws, rules, and regulations, and to such approvals by any
governmental agencies or national securities exchanges as may be required.

     23.4 Securities Law Compliance. With respect to Insiders, transactions under this Plan are
intended to comply with all applicable conditions or Rule 16b—3 or its successors under the 1934
Act. To the extent any provision of the plan or action by the Board fails to so comply, it shall
be deemed null and void, to the extent permitted by law and deemed advisable by the Board.

     23.5 Section 409A. The intent of the parties is that payments and benefits under this Plan
comply with Section 409A of the Code, to the extent subject thereto, and accordingly, to the
maximum extent permitted, this Plan shall be interpreted and administered to be in compliance
therewith. Notwithstanding anything contained herein to the contrary, to the extent required in
order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, a
Participant shall not be considered to have terminated employment with the Company for purposes of
this Plan unless the Participant would be considered to have incurred a “separation from service”
from the Company within the meaning of Section 409A of the Code. Each amount to be paid or benefit
to be provided under this Plan shall be construed as a separate identified payment for purposes of
Section 409A of the Code, and any payments described in this Plan that are due within the “short
term deferral period” as defined in Section 409A of the Code shall not be treated as deferred
compensation unless applicable law requires otherwise. Without limiting the foregoing and
notwithstanding anything contained herein to the contrary, to the extent required in order to avoid
accelerated taxation and/or tax penalties under Section 409A of the Code, amounts that would
otherwise be payable and benefits that would otherwise be provided pursuant to this Plan during the six-month period immediately following a Participant’s
separation from service shall instead be paid on the first business day after the date that is six
months following the Participant’s separation from service (or death, if earlier). The Plan and

21

 

any Award Agreements issued thereunder may be amended in any respect deemed by the Board or the
Committee to be necessary in order to preserve compliance with Section 409A of the Code.

     23.6 Governing Law. To the extent not preempted by federal law, the Plan, and all agreements
hereunder, shall be construed in accordance with and governed by the laws of the State of Michigan.

ARTICLE 24. Execution

          IN WITNESS WHEREOF, Steelcase Inc. has caused this Plan, captioned “Steelcase Inc. Incentive
Compensation Plan,” as amended and restated effective as of February 27, 2010, to be executed by
its duly authorized officer this 5th day of May, 2010.

	 	 	 	 	 
	 	STEELCASE INC.

 	 
	 	By:  	/s/     Nancy S. Hickey
 	 
	 	 	Its: Senior Vice President, Chief Administrative Officer 	 
	 	 	 	 
	 

22exv10w1

Exhibit 10.1

CONSULTING AGREEMENT

THIS AGREEMENT is entered into effective as of June 30, 2010 (the “Effective Date”) between
William S. Shanahan (“Shanahan”) and Life Technologies Corporation, a Delaware corporation
(“Company”).

Shanahan has served as a member of the Board of Directors of Company since December 16, 2008.
Shanahan has retired from his position as a director of Company as of June 30, 2010. Company
desires to retain the services of Shanahan as a consultant so that Shanahan’s knowledge and
expertise concerning the operations of Company and his extensive experience in the consumer
products business will continue to be available to Company management. Shanahan is willing to
provide such services upon the terms and subject to the conditions of this Agreement.

The parties agree as follows:

1. Shanahan agrees to provide consulting services to Company at such times as may be mutually
agreed to by Shanahan and Company for a term (“Term”) commencing on the Effective Date and
continuing until the first anniversary of the Effective Date. The Company shall give Shanahan
reasonable advance notice of any request for services hereunder. The Company acknowledges that the
Services will be rendered on a non-exclusive basis and that Shanahan may be engaged during the Term
in other business activities that may require Shanahan’s time. Shanahan shall not be required to
render Services hereunder for any fixed or minimum number of hours and/or days during the Term.
Shanahan shall not be required to report to the Company on any regular or periodic basis to render
services hereunder, which may be rendered from Shanahan’s offices, home or elsewhere, or by
telephone or electronic mail.

2. In consideration of Shanahan’s agreement to provide consulting services as provided in this
Agreement, any of Shanahan’s restricted stock units that are unvested as of the Effective Date
shall continue to vest during the Term. In addition, Company shall reimburse Shanahan for
reasonable out-of-pocket expenses incurred by Shanahan in performing consulting services requested
under this Agreement provided that Shanahan submits appropriate documentation of such expenses to
Company.

3. In performing services hereunder, Shanahan shall not use any information or materials in which
Shanahan or any third party claims a proprietary interest without the express prior written consent
of Company. Shanahan shall indemnify, defend, and hold Company and its subsidiaries and their
respective affiliates, partners, directors, officers, employees, and agents (but only in their
capacities as such) harmless from and against any and all losses, liabilities, claims, damages,
fines, penalties, settlements, judgments, costs, and expenses (including reasonable attorneys’
fees) (collectively, “Losses”) arising out of or in connection with a claim by any third
party unrelated to the Company that the use of any such information or materials by Company or its
subsidiaries (a) infringes a patent, copyright, trademark, trade name, service mark, or similar
proprietary right; (b) constitutes misuse or misappropriation of any confidential or proprietary
information or trade secret; or (c) violates any other rights of a third party. Company and its
subsidiaries shall have the right to participate in such defense and negotiations to the extent of
its potential liabilities and responsibilities.

 

 

4. Company shall indemnify, defend, and hold Shanahan harmless from and against any and all Losses
arising out of or in connection with the performance by Shanahan of his services under this
Agreement, except for (a) such Losses arising out of or in connection with the gross negligence,
recklessness, intentional misconduct, or a knowing violation of law by Shanahan and (b) such Losses
for which Shanahan is required to indemnify Company pursuant to this Agreement.

5. During the Term and thereafter, Shanahan agrees to keep confidential all non-public information
received or obtained by Shanahan from Company or its subsidiaries, including without limitation
information concerning the financial condition or results of operation, customers, suppliers,
processes, business and marketing plans, pricing, purchases, products, and personnel of Company or
its subsidiaries. Shanahan shall not use or disclose such non-public information except as
authorized in writing by Company. Upon expiration or termination of this Agreement, Shanahan shall
promptly return to Company all copies (in whatever form) of confidential information in Shanahan’s
possession and, at Company’s request, shall execute and deliver to Company written confirmation
that Shanahan has complied with this requirement.

6. During the Term and thereafter, Shanahan, individually or in a capacity as a representative of
another entity, shall not hire or solicit any existing or former employee of Company or its
subsidiaries to terminate his employment with Company or its subsidiaries (an employee of Company
or it subsidiaries shall cease to be considered a former employee if his employment with Company or
its subsidiaries terminated more than 6 months prior to the conduct in question).

7. Shanahan shall be an independent contractor and not an agent or employee of Company or its
subsidiaries. Shanahan hereby expressly waives for himself and his successors and assigns any and
all claims to receive any benefits under benefit plans of Company or its subsidiaries, including,
without limitation, vacation, disability, life insurance, bonus, leave, pension and annuity,
accidental death and dismemberment, hospital, surgical, or medical benefits.

8. Company shall not make deductions from any payments to Shanahan hereunder for withholding or
other taxes, unless otherwise required to do so by law or governmental regulation. Shanahan shall
be responsible for and shall withhold or pay any federal, state, or local tax with respect to
compensation, wages, or other remuneration received by Shanahan for any services performed pursuant
to this Agreement and shall indemnify, defend, and hold Company and its subsidiaries and their
respective affiliates, partners, directors, officers, employees, and agents harmless from and
against all such taxes which Shanahan is responsible to pay and shall comply with all governmental
regulations with respect thereto, including the filing of all necessary reports and returns.

9. Shanahan agrees not to trade, and not to allow any of his representatives to trade, in Company’s
securities when he is prohibited from trading in Company’s securities under applicable securities
laws. Company shall cooperate with Shanahan in the filing of documents required by the Securities
and Exchange Commission relating to his retirement as a member of the Board of Directors of Company
and/or the sale of Company securities made in accordance with this paragraph 9.

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10. This Agreement shall not be assigned by Shanahan nor shall Shanahan subcontract any services to
be performed under this Agreement without Company’s prior written consent.

11. Any notice required hereunder shall be hand delivered or be sent by U.S. Certified Mail, Return
Receipt Requested to the parties as follows:

Life Technologies Corporation

Attn: John A. Cottingham

5791 Van Allen Way

Carlsbad, California 92008

William S. Shanahan

5 Conant Place

Darien, CT 06820

12. This Agreement shall be governed by the laws of the State of Delaware without regard to the
conflicts of law provisions thereof. This Agreement constitutes the entire agreement between the
parties with respect to the subject matter hereof. This Agreement may not be terminated by the
Company or modified by the parties, and no waiver of this Agreement shall be binding upon either
party unless made in writing and signed by both parties and no failure or delay in enforcing any
right shall be deemed a waiver. This Agreement shall be construed as to its fair meaning and not
strictly for or against either party.

[Signature page follows.]

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The parties have executed this Agreement on June 29, 2010 to be effective on the Effective Date.

	 	 	 	 	 
	 	LIFE TECHNOLOGIES CORPORATION

 	 
	 	By:  	              /s/John A. Cottingham
 	 
	 	 	John A. Cottingham 	 
	 	 	Chief Legal Officer and Secretary 	 
	 

	 	 	 	 	 
	 	SHANAHAN

 	 
	 	                                                     /s/ William S. Shanahan
 	 
	 	William S. Shanahan 	 
	 	 	 
	 

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