Document:

STOCK PURCHASE AGREEMENT

 

between

 

CORNING NATURAL GAS CORPORATION,

 

AND

 

MIRABITO REGULATED INDUSTRIES, LLC

 

 

 

 

 

Dated as of December 31, 2021

 

 

 

     

     

    

 

This STOCK PURCHASE AGREEMENT (this "Agreement"),
is dated as of December 31, 2021 (“Effective Date”) by and between CORNING NATURAL GAS CORPORATION, a New York corporation
with an address at 330 West William Street, , Corning, New York ("Seller") and MIRABITO REGULATED INDUSTRIES, LLC a New York
limited liability company, with an address at 49 Court Street, The Metrocenter, Binghamton, New York (the "Purchaser").

 

WHEREAS, Seller and Purchaser each own fifty
(50) shares of the issued and outstanding shares of the common stock of LEATHERSTOCKING GAS COMPANY OF NEW YORK, INC., a New York corporation
with an address of 49 Court Street, The Metrocenter, Binghamton, New York (the “Company”), which constitute all of the outstanding
shares of the capital stock of the Company (all such outstanding common stock of the Company being hereinafter referred to collectively
as the "Stock"); and

 

WHEREAS, Seller desires to sell its fifty (50)
shares of the Stock (“Shares”) to Purchaser, and Purchaser desires to purchase all of the Shares from Seller, upon the terms
and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the mutual
covenants and agreements contained herein, the parties agree as follows:

 

ARTICLE I

 

PURCHASE AND SALE OF SHARES

 

SECTION 1.1       Sale of Shares.       Seller shall
sell to Purchaser all of the Shares and Purchaser shall purchase from Seller all of the Shares for the aggregate purchase price specified
in Section 1.2.

 

SECTION 1.2       Purchase Price.       The aggregate
price for all the Shares (the "Purchase Price") shall be One Hundred Thousand Dollars ($100,000.00). Purchaser shall also reimburse
Seller $2,822 for the Purchaser’s share of accounts payable. The Purchase Price shall be paid at Closing on the Effective Date.

 

SECTION 1.3       Delivery of the Shares.       Seller
shall deliver to Purchaser certificates representing the purchased Shares, each duly endorsed in the name of Purchaser or accompanied
by a duly executed stock power, all in good form for transfer of good, legal and marketable title to the Shares to Purchaser, free and
clear of all liens, claims, options, encumbrances or restrictions whatsoever.

 

SECTION 1.4       Closing.       The closing of the
purchase and sale of the Shares (“Closing”)) shall take place via mail and electronic transfer of the Purchase Price on or
about the Effective Date, or at such other location and on such other date as the parties may mutually agree. The date on which each Closing
shall occur is sometimes referred to herein as the "Closing Date".

 

     

     

    

ARTICLE II

 

REPRESENTATIONS AND WARRANTIES OF SELLER

 

Seller hereby represents and warrants to Purchaser,
knowing and intending that Purchaser is relying hereon in entering into the transactions contemplated hereby, as follows:

 

SECTION 2.1       Authority Relative to Agreement.       The
Seller has all requisite power and authority and legal capacity, to enter into and to perform its obligations hereunder. The execution
and delivery of this Agreement by the Seller and the consummation by the Seller of the transactions contemplated hereby have been duly
authorized by the Board of Directors of Seller, and no other corporate proceedings on the part of Seller are necessary to authorize this
Agreement and transactions contemplated hereby.

 

SECTION 2.2       Seller's Title to Stock.       The
Shares have been duly and validly issued to Seller.

 

SECTION 2.3       Organization, Standing and Qualification.       The
Seller is a corporation, duly organized, validly existing and in good standing under the laws of the State of New York and has the corporate
power and lawful authority to own and hold its properties and conduct its business as now owned, held and conducted.

 

SECTION 2.4       Ownership.       The Shares are
owned by Seller free and clear of all liens, claims, options, encumbrances or restrictions whatsoever. Seller has the full legal right
and power and all authorizations and approvals required by law or otherwise to sell, transfer and deliver the Shares hereunder and to
make the representations, warranties and agreements set forth in this Agreement.

 

SECTION 2.5       Execution and Performance of Agreement;
Validity and Binding Nature. The execution and delivery of this Agreement, and the performance by the Seller of the terns of this
Agreement and the transactions contemplated hereby, will not result in a breach of any of the terms of, or constitute a violation of or
default under, the Certificate of Incorporation or By-Laws of the Seller or any statute or contract, indenture or other instrument by
which the Seller or any of its properties are bound, and no approval, authorization or order of any court or governmental authority is
required in connection with the execution and delivery of the Agreement by the Seller and the performance by the Seller of the terms of
this Agreement and the transactions contemplated hereby. This Agreement has been duly executed and delivered by the Seller. This Agreement
is, and the documents and agreements executed and delivered by Seller pursuant to the terms hereof, when duly executed and delivered by
all parties whose execution and delivery thereof is required, will be legal, valid, and binding obligations of the Seller, enforceable
against the Seller in accordance with its respective terms, except to the extent that enforceability may be limited by bankruptcy, receivership,
moratorium, conservatorship, reorganization or other laws of general application affecting the rights of creditors generally or by general
principles of equity.

    2 

     

    

SECTION 2.6       Taxes. The Company has properly
completed and filed all federal, state, county, municipal and other tax returns, reports and declarations which are required to be filed
by it and has paid all taxes, penalties and interest which have become due pursuant thereto or which became due pursuant to asserted deficiencies
or assessments.

 

SECTION 2.7       Litigation. There is no litigation,
investigation or proceeding pending or, to the knowledge of Seller, contemplated against the Seller or, to the knowledge of Seller, the
Company.

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES OF PURCHASER

 

Purchaser represents and warrants to Seller, knowing
and intending that Seller is relying thereon in entering into the transactions contemplated hereby, as follows:

 

3

 

SECTION 3.1       Authority Relative to Agreement.
Purchaser has all requisite power and authority to enter into this Agreement and to perform her obligations hereunder. This Agreement
has been duly executed and delivered by Purchaser and constitutes the legal, valid and binding obligation of Purchaser, enforceable against
Purchaser in accordance with its terms except to the extent that enforceability may be limited by bankruptcy, receivership, moratorium,
conservatorship, reorganization or other laws of general application affecting the rights of creditors generally or by principles of equity.

 

 

SECTION 3.2       Non-Contravention. The execution
and delivery of this Agreement by Purchaser and the consummation by Purchaser of the transactions contemplated hereby will not result
(with the giving of notice or the lapse of time or both) in any violation of or default or loss of a benefit under, or permit the acceleration
of any obligation under, any mortgage, indenture, lease, agreement, license, judgment, order, decree, statute, law, ordinance, rule or
regulation applicable to Purchaser.

 

ARTICLE IV

 

COVENANTS AND OTHER AGREEMENTS

 

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4

SECTION 4.1       Conduct of Business. From the
date hereof through each Closing, except as otherwise consented to by Purchaser in writing or as specifically contemplated by this Agreement,
Seller shall cause the Company to, and the Company shall: (i) carry on its business in, and only in, the usual, regular and ordinary course
in substantially the same manner as conducted heretofore, (ii) keep in full force and effect insurance now carried by it, (iii) perform
in all material respects all of its obligations under agreements, contracts and instruments binding upon it, (iv) maintain its books of
account and records in the usual, regular and ordinary manner, (v) comply in all material respects with all statutes, laws, ordinances,
rules and regulations applicable to it and to the conduct of its business and keep in full force and effect all licenses, permits and
approvals necessary for the conduct of its business as presently conducted, (vi) not merge or consolidate with, or agree to merge or consolidate
with, or purchase substantially all of the assets of, or otherwise acquire any business or any corporation, partnership, association or
other business organization or division thereof, and (vii) promptly advise Purchaser in writing of any materially adverse change in its
financial condition, operations, business, properties or prospects.

 

SECTION 4.2       Undertaking to Use Best Efforts.
From the date hereof to the, date of each Closing, Seller agrees to use its best efforts to cause fulfillment of the conditions precedent
set forth in Article V hereof.

 

SECTION 4.3       Indemnification. Seller shall
be liable to, and shall indemnify, protect, defend and hold harmless Purchaser against any and all claims, damages, liabilities and expenses
(including reasonable attorneys' fees) sustained by Purchaser (collectively, "Damages"), resulting from or in connection with
the breach of any representation, warranty, covenant or other agreement made by the Seller in or pursuant to this Agreement or any other
agreement or instrument executed and delivered by or on behalf of the Seller pursuant hereto or in connection herewith or any act or omission
of Seller prior to the initial Closing Date (such breaches or failures being hereinafter referred to individually as an "Indemnifiable
Breach" and collectively as "Indemnifiable Breaches").

 

(1)       Purchaser
shall be liable to, and shall indemnify, protect, defend and hold harmless Seller and its respective successors against, any and all claims,
damages, liabilities and expenses (including reasonable attorneys' fees) sustained by Seller, resulting from or in connection with the
breach of any representation, warranty, covenant or other agreement made by Purchaser in or pursuant to this Agreement or any other agreement
or instrument executed and delivered by or on behalf of Purchaser pursuant hereto or in connection herewith.

 

(2)       Notwithstanding
anything herein to the contrary, any party hereto shall be entitled to seek specific performance of this Agreement.

 

(3)       In the event
of an audit of a previously filed tax return by any taxing authority, each party shall be entitled to receive all notices and correspondence
from any such agency and shall be entitled to be fully involved in any decision making or management of the audit. Seller and Purchaser
shall cooperate fully with one another in the event of any audit or examination of a previously filed return and shall each, promptly
and without charge, deliver to the party being examined, or their designee, all papers, records, powers of attorney, documents, authorizations,
and information as may be needed in connection with the audit or examination. No settlement shall be made or entered with any taxing authority
without the mutual consent and agreement of both parties.

 

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SECTION 4.4       Purchaser, on the one hand, and the
Company and Seller, on the other, shall hold, and shall use their respective best efforts to cause their respective consultants, advisors
and agents to hold, in confidence, unless compelled to disclose by judicial or administrative process or by other requirements of law,
all confidential documents and information concerning the other parties furnished to such party in connection with the transactions contemplated
by this Agreement, except to the extent that such information can be shown to have been (a) previously known on a nonconfidential basis
by such party; (b) in the public domain through no fault of such party; or (c) later lawfully acquired by such party from sources other
than the other parties; provided that each party may disclose such information to its accountants, lenders and attorneys or as
required by any governmental agency or court.

 

ARTICLE V

 

CONDITIONS PRECEDENT TO THE OBLIGATIONS OF PURCHASER

 

All obligations of Purchaser under this Agreement shall
be subject to the fulfillment of each of the following conditions, except to the extent any such conditions are expressly waived in writing
by Purchaser at or prior to each Closing

 

5

SECTION 5.1       Accuracy of Representations and Warranties.
All of the representations and warranties made by the Seller in this Agreement shall be true and correct in all material respects as if
made at and as of the Closing.

 

SECTION 5.2       Covenants Performed. Prior to
or at the Closing, the Company and Seller shall each have performed or complied with all covenants and agreements required of each under
this Agreement.

 

SECTION 5.3       Certificates Delivered. Purchaser
shall have received the certificate representing the Shares, each duly endorsed in the name of Purchaser or accompanied by a duly executed
stock power, all in good form for transfer of good, legal and merchantable title to the Shares to Purchaser, free and clear of all liens,
claims, options, encumbrances or restrictions whatsoever.

 

SECTION 5.4       Additional Documentation. Purchaser
shall have received (i) a good standing certificate of Seller from the Secretary of State of State of New York.

 

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ARTICLE VI

 

CONDITIONS PRECEDENT TO THE OBLIGATIONS OF SELLER

 

All obligations of Seller under this Agreement shall
be subject to the fulfillment of each of the following conditions, except to the extent any such conditions are expressly waived in writing
by Seller at or prior to the Closing.

 

6

SECTION 6.1       Accuracy of Representations and Warranties.
All of the representations and warranties made by Purchaser shall be true in all material respects as of the Closing.

 

SECTION 6.2       Covenants Performed. Prior to
or at the Closing, Purchaser shall have performed or complied with all covenants and agreements required of it under this Agreement.

 

ARTICLE VII

 

ADDITIONAL AGREEMENTS AND PROVISIONS

 

7

SECTION 7.1       Reliance Upon Representations, Warranties
and Agreements. The Seller acknowledges and agrees that, notwithstanding any right of Purchaser to fully investigate the affairs of
the Company, and notwithstanding the existence of any facts determinable pursuant to such right of investigation, Purchaser has the right
to rely fully upon the representations, warranties and agreements of the Seller contained in this Agreement and on the accuracy of any
document, certificate, schedule or exhibit given or delivered pursuant to the terms of this Agreement.

 

SECTION 7.2       Survival of Certain Representations,
and Warranties. The representations and warranties of Seller in this Agreement and in any instrument delivered pursuant hereto shall
survive the last Closing Date for a period of one (1) year.

 

SECTION 7.3       Fees and Expenses. Purchaser,
on the one hand, and the Seller, on the other hand, hereby agree that each party shall be responsible for its own costs and expenses incurred
in connection with this Agreement and the transactions contemplated hereby.

 

SECTION 7.4       Execution in Counterparts. For
the convenience of the parties, this Agreement may be executed in one or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument.

 

SECTION 7.5       Notices. All notices that are
required or may be given pursuant to the terms of this Agreement shall be in writing and shall be sufficient in all respects if given
in writing and delivered by hand, mailed by national overnight courier service or mailed by registered or certified mail, postage prepaid,
as follows:

 

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If to Purchaser, to:

 

Mirabito Regulated Industries, LLC

49 Court Street, The Metrocenter

Binghamton, New York 13901

Attn: President

 

If to the Seller, to:

 

Corning Natural Gas Holdings Corporation

330 West William Street

Corning, New York

Attn: Michael German, Chief Executive Officer

 

or such other address or addresses as any party hereto shall have designated
by notice in writing to the other parties hereto.

 

SECTION 7.6       Waivers. The Seller, on the one
hand, and Purchaser, on the other hand, may, by written notice to the other, (a) extend the time for the performance of any of the obligations
or other actions of the other under this Agreement; (b) waive any inaccuracies in the representations or warranties of the other contained
in this Agreement or in any document delivered pursuant to this Agreement; or (c) waive compliance with any of the covenants and agreements
of the other contained in this Agreement. Except as provided in the preceding sentence, no action taken pursuant to this Agreement, including,
without limitation, any investigation by or on behalf of any party, shall be deemed to constitute a waiver by the party taking such action
of compliance with any representations, warranties, covenants or agreements contained in this Agreement. The waiver by any party hereto
of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach.

 

SECTION 7.7       Entire Agreement. This Agreement
and the respective Schedules and the agreements and documents executed at each Closing in connection herewith and therewith constitute
the entire agreement among the parties hereto with respect to the subject matter hereof and supersede all prior agreements and understandings,
oral and written, among the parties hereto with respect to the subject matter hereof. No representation, warranty, promise, inducement
or statement of intention has been made by any party that is not embodied in this Agreement or such other documents, and none of the parties
shall be bound by, or be liable for, any alleged representation, warranty, promise, inducement or statement of intention not embodies
herein or therein.

 

SECTION 7.8       Applicable Law. This Agreement
shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflict of laws.

 

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SECTION 7.9       Binding Effect, Benefits. This
Agreement shall inure to the benefit of and be binding upon the parties Notwithstanding anything contained in this Agreement to the contrary,
nothing in this Agreement, expressed or implied, is intended to confer on any person other than the parties hereto or their respective
permitted successors and assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement.

 

SECTION 7.10       Assignability. Neither this
Agreement nor any of the parties' rights hereunder shall be assignable by any party hereto without the prior written consent of the other
parties hereto.

 

SECTION 7.11       Amendments. This Agreement may
not be modified, amended or supplemented at any time except by an instrument in writing, signed by the parties hereto.

 

SECTION 7.12       Post-Closing Access. For a period
of one (1) year after the Closing Date, Purchaser shall, upon reasonable notice, afford Seller (or his agents) reasonable access to the
books, records and employees of the Company (including the opportunity to make copies of such books and records), during normal business
hours. Purchaser shall retain all books and records of the Company pertaining to the period prior to the initial Closing Date for not
less than one (1) year after the last Closing Date.

 

 

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IN WITNESS WHEREOF, intending to be legally bound hereby, the parties
have executed and delivered this Stock Purchase Agreement as of the day and year first above written.

 

 

	 	SELLER:
	 	 	 
	 	CORNING NATURAL GAS HOLDINGS CORPORATION
	 	 	 
	 	 	 
	 	By: 	 /s/ Michael German
	 	 	Michael German
	 	 	President
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	PURCHASER
	 	 	 
	 	MIRABITO REGULATED INDUSTRIES, LLC
	 	 	 
	 	By: 	 /s/ Joseph P. Mirabito
	 	 	Joseph P. Mirabito
	 	 	President

 

    9mlkn10q_11272021ex101

-1- AMENDED AND RESTATED  MILLERKNOLL, INC.  DIRECTOR DEFERRED COMPENSATION PLAN  The MillerKnoll, Inc. Director Deferred Compensation Plan (the “Plan”) is intended  to allow nonemployee directors of MillerKnoll, Inc. (the “Company”) to defer a portion of their  income from the Company into certain permitted investments. This is an amendment and  restatement of the Plan dated November 17, 2021 (the “Restatement Date”). The Plan was  formerly known as the Herman Miller, Inc. Nonemployee Officer and Director Deferred  Compensation Plan.  1. Purpose. The purposes of the Plan are to: (a) Allow nonemployee directors of the Company to defer a portion of their income from the Company into certain, permitted investments; and  (b) Attract and retain highly qualified individuals to serve as nonemployee directors of the Company.  To achieve these purposes, the Plan permits each nonemployee director of the Company  to defer receipt of all or a portion of the total annual fees for Board or Committee chair services  (collectively referred to as the “Annual Fees”) to his or her account under the Plan.  2. Effective Date and Term. This restatement of the Plan is dated and effective as of the Restatement Date. The Plan shall remain in effect until terminated by the Board.   3. Administration. The Plan shall be administered by the Committee and the Committee shall have the authority to administer the Plan as set forth in Section 12(b).  4. Eligibility and Participation. Each nonemployee director of the Company shall be eligible to participate in the Plan. A nonemployee director may begin participation in the Plan  by electing to defer the payment of Annual Fees in accordance with Section 5.  5. Election to Participate. (a) Time and Filing. A nonemployee director may defer all (subject to the restrictions of any applicable Company policies) or a portion of the total Annual Fees for  a Plan Year by filing with the Committee a completed election to participate for such  Plan Year (an “Election to Participate”). The Election to Participate for a Plan Year must  be submitted on or before December 15 of the previous calendar year. A person who first  becomes eligible to participate in the Plan during a Plan Year must submit an Election to  Participate within 30 days after becoming a nonemployee director, in order to be eligible  to participate in the Plan for that Plan Year.  (b) Form. The Election to Participate shall be made in writing on a form prescribed by the Committee (the “Election to Participate Form”).  Exhibit 10.1 

 

  -2-  (c) Content. On the Election to Participate Form, a Participant must:  (i) Designate the dollar amount of the Annual Fees payable in cash to  be deferred for the Plan Year (the “Cash Deferred Amount”);  (ii) Designate the percentage of the Cash Deferred Amount to be  allocated to each of the various investment funds selected by the Company;  (iii) Designate the dollar amount of the Annual Fees payable in  Common Stock to be deferred for the Plan Year (the “Stock Deferred Amount”);  (iv) Specify the year of payment, with payment to be made in January  (the “Deferred Termination Date”);  (v) Elect one or more of the following payment events prior to the  Deferred Termination Date (the events so elected, “Alternative Payment Events”):  (A) The termination of the Participant’s service as a director of  the Company;  (B) The Participant’s death;  (C) The Participant’s Disability; or  (D) A Change in Control of the Company.  (vi) Designate the type of payment in accordance with Section 8(c);  and  (vii) Designate one or more Beneficiaries to receive any credits in the  Participant’s Account as of the date of his or her death.  A Participant may change the Deferred Amount from Plan Year to Plan Year but may not  change the Deferred Amount for a particular Plan Year after the election is made for that  Plan Year.   A Participant may not change the type of payment or extend the Deferred Termination  Date unless (i) the Participant elects to make such changes at least 12 months prior to the  original Deferred Termination Date and (ii) payment under the new election may begin  no sooner than five years after the original Deferred Termination Date, unless the  distribution occurs as a result of the Participant’s Alternative Payment Event.   6. Accounts.   (a) Individual Accounts. The Company will create and maintain accounts to  disclose the interest in the Plan of each Participant and Beneficiary. Credits and charges  will be made to each account in accordance with the provisions of this Plan. Distributions  and withdrawals will be charged to the account as of the date paid. Accounts will be  adjusted for net income or loss from investments, including realized and unrealized gains  and losses on securities and other investment transactions, less expenses paid. All assets  

 

  -3-  will be valued at their fair market value in determining unrealized gains and losses. If any  assets are segregated for any purpose, the income from the segregated assets will not be  included in account adjustments. The income of the account will be determined in  accordance with the rules established by the Committee.  (b) Cash Account Investments. A Participant may direct the investment of  the portion of his or her Account resulting from Cash Deferred Amounts (the “Cash  Account”) into hypothetical investment funds selected by the Company in its sole  discretion, which shall not include Common Stock or other securities of the Company.  (For clarification, the restriction in the preceding sentence does not limit the use of Stock  Deferred Amounts for the investment in Common Stock Units under Section 6(c) that are  ultimately payable in Common Stock.) The earnings, gains, and losses for a Participant  shall be determined as if the portion of the Participant’s Cash Account which was deemed  to be invested in the investment fund had actually been invested in the investment fund  during the relevant time period. The Company may add or remove hypothetical  investment funds at any time. If a Cash Account is split between two or more investment  funds, the Participant must specify the percentage of the Cash Account to be invested in  each fund in accordance with the rules established by the Company. Each Participant may  establish or revise investment directions as often as permitted by the Company and  pursuant to the procedures established by the Company. The Company shall be under no  obligation to make investments that correspond to the Participant’s investment elections,  even though the Participant’s elections are used to determine the Participant’s earnings,  gains, and losses.  (c) Stock Account Investments. The portion of a Participant’s account  resulting from Stock Deferred Amounts (the “Stock Account”) will be invested in  Common Stock Units. “Common Stock Units” are hypothetical investments denominated  in units of Common Stock. Participant’s Stock Account will be credited with a number of  Common Stock Units equal to number of shares of Company Common Stock deferred.  Unless determined otherwise by the Company, each Common Stock Unit will entitle a  Participant to one share of Common Stock upon payment. Each time a dividend is paid  on Common Stock, a Participant shall receive a credit to his or her Stock Account. The  amount of the dividend credit shall be a number of Common Stock Units equal to the  number of shares (rounded to the nearest 100th of a share) determined by multiplying (1)  the dividend amount per share by (2) the number of Common Stock Units credited to the  Participant’s Stock Account as of the record date for the dividend and dividing the  product by the Fair Market Value on the dividend payment date. If the number of shares  of Common Stock outstanding changes by reason of a stock dividend, stock split,  recapitalization, or other general distribution of Common Stock or other securities to  holders of Common Stock, the Company shall provide that the number of Common Stock  

 

  -4-  Units in Participants’ Stock Accounts shall be adjusted in an equitable manner, as  determined in the sole discretion of the Company.  7. Vesting. All amounts credited to a Participant’s account shall at all times be fully  vested and nonforfeitable.  8. Payment.  (a) Time of Payment. Payment to a Participant shall be made or, if  installment payments have been elected, shall begin within 30 days after the Deferred  Termination Date specified by the Participant in his or her Election to Participate or, if an  Alternative Payment Event occurs prior to the Deferred Termination Date, 30 days after  the first such Alternative Payment Event to occur.  (b) Form of Payment. Payments from a Participant’s Cash Account will be  made in the form of cash. Payments from a Participant’s Stock Account will be made in  the form of Common Stock.   (c) Type of Payment. If payment to a Participant is triggered by the  occurrence of the Participant’s Deferred Termination Date, payment will be made in  whichever of the following methods the Participant elects in his or her Election to  Participate Form (the “Payment Election”):  (i) A single lump sum payment within 30 days after the Deferred  Termination Date; or  (ii) Payment in annual installments over a period not to exceed 10  years, as the Participant shall elect, beginning 30 days after the Deferred  Termination Date and annually thereafter on each anniversary date of the first  payment, until fully distributed.  If payment to a Participant is triggered by the occurrence of an Alternative Payment  Event prior to the occurrence of the Participant’s Deferred Termination Date, the  Participant’s entire account will be distributed in a single lump sum payment within 30  days after the Alternative Payment Event.  9. Termination or Amendment of Plan. At any time, the Board may terminate,  suspend, or amend this Plan, with or without notice to Participants. If the Plan is terminated by  the Board, no Deferrals may be credited after the effective date of such termination. The Board  may make such changes in the design and administration of this Plan as may be necessary or  appropriate to comply with the rules and regulations of any government authority.  10. Unfunded Plan. The Company may establish a deferred compensation fund for  the amounts to be credited under this Plan. The Company will be the owner of the fund and may  invest the assets of the fund with the other assets of the Company, or may invest the assets in a  separate account or accounts as determined by the Company. The Company may establish a trust  for the fund and transfer the assets of the fund to the trust, but the assets of the trust will remain  subject to the claims of the creditors of the Company.  

 

  -5-  11. Definitions. Whenever used in the Plan, the following terms shall have the  meanings set forth in this Section 11.  (a) “Account” means the account maintained to record a Participant’s share of  contributions to the Plan and allocation of income with respect to these contributions.  (b) “Alternative Payment Event” has the meaning set forth in Section 5(c).  (c) “Annual Fees” means the standard annual fees payable to each  nonemployee director for service as a director of the Company plus the additional fees, if  any, payable by the Company for his or her services as the chairperson of any committee  of the Board, including chairperson of the Board.  (d) “Beneficiary” means a person or persons, natural or otherwise, designated  in accordance with the Plan to receive any death benefit payable under this Plan.  (e) “Board” means the Board of Directors of MillerKnoll, Inc., a Michigan  corporation, at the time the term is applied.  (f) “Cash Deferred Amount” means the dollar amount of a Participant’s  Annual Fees payable in cash which is deferred in a particular Plan Year in accordance  with Section 5(c).  (g) “Change in Control” means the occurrence of one or more of the  following:  (i) The acquisition, by any one person or more than one person  “acting as a group” (as described in subparagraph (D), below), of Common Stock  that, together with Common Stock held by such person or group, constitutes more  than 50% of the total Fair Market Value or total voting power of Common Stock.  (A) If any one person, or more than one person acting as a  group, is considered to own more than 50% of the total Fair Market Value  or total voting power of Common Stock, the acquisition of additional  Common Stock by the same person or persons is not a Change in Control  of the Company.  (B) An increase in the percentage of Common Stock owned by  any one person, or persons acting as a group, as a result of a transaction in  which the Company acquires Common Stock in exchange for property  will be treated as an acquisition of Common Stock for purposes of  paragraph (i).  (C) Paragraph (i) applies only when there is a transfer of  Common Stock (or issuance of Common Stock), and Common Stock  remains outstanding after the transaction.  (D) For purposes of this subsection (g), persons will not be  considered to be acting as a group solely because they purchase or own  Common Stock at the same time, or as a result of the same public offering.  

 

  -6-  Persons will be considered to be acting as a group if they are owners of a  corporation that enters into a merger, consolidation, purchase, or  acquisition of stock, or similar business transaction with the Company. If a  person, including an entity, owns both Common Stock and stock of  another corporation and the Company and such corporation enter into a  merger, consolidation, purchase, or acquisition of stock, or similar  transaction, such shareholder is considered to be acting as a group with  other shareholders in the Company prior to the transaction giving rise to  the change and not with respect to the ownership interest in the other  corporation.  (E) For purposes of this subsection (g), Section 318 of the  Code applies to determine the ownership of Common Stock. Common  Stock underlying a vested option is considered owned by the individual  who holds the vested option, and the Common Stock underlying an  unvested option is not considered owned by the individual who holds the  unvested option. However, if a vested option is exercisable for Common  Stock that is not “substantially vested” (as that term is defined in Section  1.83-3(b) and (j) of the Treasury Regulations), the Common Stock  underlying the option is not treated as owned by the individual who holds  the option.  (F) For purposes of this subsection (g), a “person” means an  individual, a trust, estate, partnership, association, company, or  corporation;  (ii) The acquisition, by any one person or more than one person acting  as a group, or the acquisitions over a 12-month period ending on the date of the  most recent acquisition by such person or persons, of Common Stock possessing  35% or more of the total voting power of the Common Stock. If any one person,  or more than one person acting as a group, possesses 35% or more of the total  voting power of the Common Stock, the acquisition of additional control of the  Company by the same person or persons is not considered to cause a Change in  Control of the Company under this paragraph (ii) or under paragraph (i). A  Change in Control under this paragraph (ii) also may occur in any transaction in  which either of the two corporations involved in the transaction has a Change in  Control under paragraph (i) or (iv);  (iii) The replacement, during any 12-month period, of a majority of  members of the Board by directors whose appointment or election is not endorsed  by a majority of the members of the Board prior to the date of the appointment or  election. A Change in Control under this paragraph (iii) also may occur in any  transaction in which either of the two corporations involved in the transaction has  a Change in Control under paragraph (i) or (iv); or  (iv) The acquisition by any one person or more than one person acting  as a group, or the acquisitions over a 12-month period ending on the date of the  most recent acquisition by such person or persons, of assets from the Company  that have a total gross fair market value equal to or more than 40% of the total  

 

  -7-  gross fair market value of all of the assets of the Company immediately prior to  such acquisition or acquisitions.  (A) For purposes of this paragraph (iv), “gross fair market  value” means the value of the assets of the Company, or the value of the  assets being disposed of, determined without regard to any liabilities  associated with such assets.  (B) A transfer of assets by the Company is not treated as a  Change in Control if the assets are transferred to:  (I) A shareholder of the Company (immediately before  the asset transfer) in exchange for or with respect to Common  Stock;  (II) An entity, 50% or more of the total value or voting  power of which is owned, directly or indirectly, by the Company;  (III) A person, or more than one person acting as a  group, that owns, directly or indirectly, 50% or more of the total  value or voting power of all the outstanding stock of the Company;  or  (IV) An entity, at least 50% of the total value or voting  power of which is owned, directly or indirectly, by a person  described in clause (III).  For purposes of this subparagraph (B), a person’s status is determined  immediately after the transfer of assets.  (h) “Code” means the Internal Revenue Code of 1986, as amended.  (i) “Committee” means the Governance and Corporate Responsibility  Committee of the Board, or other Committee designated by the Board to be the  administrator of the Plan, at the time the term is applied.  (j) “Common Stock” means the common stock of the Company, par value  $.20 per share.  (k) “Common Stock Unit” means a hypothetical investment denominated in  units of Common Stock, as set forth in Section 6(c).  (l) “Company” means MillerKnoll, Inc., a Michigan corporation.  (m) “Deferred Amount” means the dollar amount of a Participant’s Annual  Fees which is deferred in a particular Plan Year, including the Cash Deferred Amount  and the Stock Deferred Amount, as applicable.  (n) “Deferred Termination Date” has the meaning set forth in Section 5(c).  

 

  -8-  (o) “Disability” means the inability to engage in any substantial gainful  activity by reason of any medically determinable physical or mental impairment which  can be expected to last for a continuous period of not less than 12 months.  (p) “Fair Market Value” means the consolidated closing bid price per share of  Common Stock, as determined in accordance with NASDAQ Marketplace Rules.  (q) “Participant” means a nonemployee director of the Company who has  filed an Election to Participate as provided in Section 5.  (r) “Plan Year” means the 12-month period beginning January 1 of any year  and ending December 31 of that year. For purposes of the Plan, a Plan Year is the period  during which the Annual Fees are payable.  (s) “Stock Deferred Amount” means the dollar amount of a Participant’s  Annual Fees payable in Common Stock which is deferred in a particular Plan Year in  accordance with Section 5(c).  12. Miscellaneous.  (a) Designation of Beneficiaries. A Participant may designate in writing a  Beneficiary or Beneficiaries to receive any distribution under the Plan which becomes  payable after the Participant’s death. A Beneficiary designation must be on a form  provided or approved by the Company. A valid Beneficiary designation will be effective  when received by the Company, and when received will automatically cancel all prior  Beneficiary designations, but only if the Beneficiary designation is received during the  participant’s lifetime. If a Participant fails to designate a Beneficiary, or if all  Beneficiaries die before the Participant, the Beneficiary will be the Participant’s estate.   (b) Administration. Subject to the provisions of the Plan, the Committee  shall administer the Plan, including the adoption of rules or the preparation of forms to be  used in its operation, and to interpret and apply the provisions hereof as well as any rules  which it may adopt. In addition, the Committee may appoint other individuals, firms, or  organizations to act as agent of the Company carrying out administrative duties under the  Plan. Except as may be provided in a Rabbi Trust, the decisions of the Committee,  including, but not limited to, interpretations and determinations of amounts due under this  Plan, shall be final and binding on all parties.  (c) Withholding. The Participant shall pay to the Company or make  arrangements satisfactory to the Company to do so, regarding the payment of federal,  state, local, or foreign taxes of any kind required by law to be withheld with respect to  any amount includable in the Participant’s gross income with respect to his or her  participation in the Plan.  (d) Section 409A. It is intended that the payments and benefits provided  under this Plan shall comply with the requirements of Section 409A of the Code, and this  Plan shall be construed in a manner that effects such intent. Neither any Participant nor  the Company shall intentionally take any action to accelerate or delay the payment of any  amounts in any manner which would not be in compliance with Section 409A without the  

 

  -9-  consent of the other party. Nevertheless, the tax treatment of the payments provided  under this Plan is not warranted or guaranteed. Neither the Company, its Affiliates, nor  their respective directors, officers, employees, or advisers (other than a Participant, as  applicable) shall be held liable for any taxes, interest, penalties, or other monetary  amounts owed by a Participant or any other taxpayer as a result of this Plan.  (e) Governing Law. The validity, construction, and effect of the Plan and any  actions taken or relating to the Plan, shall be determined in accordance with the laws of  the State of Michigan without regard to its conflict of law rules, and applicable federal  law.  (f) Notices. All notices or other communications made or given pursuant to  this Plan shall be in writing and shall be sufficiently made or given if hand delivered, or if  mailed by certified mail, addressed to the Participant at the address contained in the  records of the Company, or addressed to the Company or the Committee at the principal  office of the Company, as applicable.    ———————————  18728179

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