Document:

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                                                                  Exhibit 10.3

                      FIRST AMENDMENT TO CREDIT AGREEMENT

     THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is entered
                                                     ---------
into as of December 20, 2000 among KNOLL, INC., a Delaware corporation (the
"Borrower"), each of the Domestic Subsidiaries of the Borrower (individually
 --------
a "Guarantor" and collectively the "Guarantors"), the Lenders party hereto,
   ---------                        ----------
and BANK OF AMERICA, N.A., as Administrative Agent for the Lenders (in such
capacity, the "Administrative Agent").  Capitalized terms used herein and not
               --------------------
otherwise defined shall have the meanings ascribed thereto in the Credit
Agreement (as defined below).

                                R E C I T A L S
                                ---------------

     WHEREAS, the Borrowers, the Guarantors, the Lenders and the Agents entered
into that certain Credit Agreement, dated as of October 20, 1999 (as amended
or modified from time to time, the "Credit Agreement");
                                    ----------------

     WHEREAS, the Borrowers have requested that the Required Lenders agree to
certain changes to the Credit Agreement; and

     WHEREAS, the Required Lenders are willing to agree to certain changes to
the Credit Agreement as more fully set forth below.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants
contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

                               A G R E E M E N T
                               -----------------

     1.    Interest Coverage Ratio.  The definition of "Interest Coverage
           -----------------------
Ratio" in Section 1.1 of the Credit Agreement is amended in its entirety to
read as follows:

           "Interest Coverage Ratio" means, as of the end of each fiscal
            -----------------------
     quarter of the Credit Parties, for the twelve month period ending on such
     date, with respect to the Credit Parties and its Subsidiaries on a
     consolidated basis, the ratio of (a) EBITDA for the applicable period to
     (b) cash Interest Expense for the applicable period.

     2.    Release of Collateral Event.  Clause (b) of the definition of
           ---------------------------
"Release of Collateral Event" in Section 1.1 of the Credit Agreement is
amended in its entirety to read as follows:

           (b)    the Credit Parties shall have maintained for two successive
     fiscal quarters (at least one of which must be the fiscal quarter ending
     on December 31) a Leverage Ratio,

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     as of the end of each such fiscal quarter, of less than 2.0 to 1.0;
     provided that for the purposes of calculating the Leverage Ratio for this
     clause (b), any dividend declared during a fiscal quarter (and the Funded
     Debt to be incurred in connection therewith) shall be deemed to have
     occurred during that fiscal quarter whether or not such dividend is
     actually paid (and the Funded Debt incurred) during such fiscal quarter.

     3.    Restricted Payments.  Clause (b)(iv) of Section 8.7 of the Credit
           -------------------
Agreement is amended in its entirety to read as follows:

           (iv)    the Borrower may pay dividends or repurchase or redeem its
     Capital Stock so long as (A) after giving effect to such dividend,
     repurchase or redemption on a pro forma basis, as if such dividend,
     repurchase or redemption had occurred on the last day of the twelve month
     period ending on the last day of the Borrower's most recently completed
     fiscal quarter for which internal financial statements are available
     (1) if the Collateral has not been released pursuant to Section 11.17,
     the Leverage Ratio is less than 2.5 to 1.0, (2) if the Collateral has
     been released pursuant to Section 11.17, the Leverage Ratio is less than
     2.0 to 1.0 and (3) the ratio of (x) EBITDA to (y) the sum of cash Interest
     Expense for the applicable period plus amounts used to pay dividends or
     repurchase or redeem Capital Stock pursuant to this Section 8.7 during
     the applicable period is greater than or equal to 1.0 to 1.0, and the
     Borrower shall have delivered to the Administrative Agent a certificate
     of its chief financial officer to such effect setting forth in reasonable
     detail the computation necessary to make such determination of the ratios
     set forth above and (B) at the time of such dividend, repurchase or
     redemption and after giving effect thereto, no Default or Event of Default
     shall exist or be continuing.

     4.    Release of Collateral.  The first sentence of Section 11.17 of the
           ---------------------
Credit Agreement is amended in its entirety to read as follows:

           Upon the occurrence of a Release of Collateral Event, the Lenders
     agree, upon the request and the expense of the Borrower, to take such
     action as is necessary to release all Collateral securing the Credit
     Party Obligations; provided, however, that the Borrower may not request
     the release of the Collateral if the Borrower has declared or paid a
     dividend and the effect of such dividend is to cause the Leverage Ratio,
     as of the end of the fiscal quarter in which such dividend is declared or
     paid, to be greater than or equal to 2.0 to 1.0.

     5.    Conditions Precedent.  This Amendment shall not be effective until
           --------------------
the following conditions have been satisfied or waived by the Required Lenders:

           (a)    Receipt by the Administrative Agent of copies of this
     Amendment duly executed by the Borrower and the Required Lenders.

           (b)    The payment by the Borrower of an amendment fee to each
     Lender who executes and delivers this Amendment to the Administrative
     Agent (or its designee) on or

                                       2

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     before Wednesday, December 20, 2000, in an amount equal to .15% of each
     such Lender's total Commitment.

           The Administrative Agent agrees to inform the Borrower and the
     Lenders in writing when the conditions set forth above have been
     satisfied.

     6.    Ratification of Credit Agreement.  The term "Credit Agreement" as
           --------------------------------
used in each of the Credit Documents shall hereafter mean the Credit Agreement
as amended by this Amendment.  Except as herein specifically agreed, the
Credit Agreement is hereby ratified and confirmed and shall remain in full
force and effect according to its terms.  The Credit Parties hereby reaffirm
the Liens granted in favor of the Lenders pursuant to the Collateral Documents.

     7.    Authority/Enforceability.  Each of the Credit Parties, the Agents
           ------------------------
and the Lenders party hereto represents and warrants as follows:

           (a)    It has taken all necessary action to authorize the execution,
     delivery and performance of this Amendment.

           (b)    This Amendment has been duly executed and delivered by such
     Person and constitutes such Person's legal, valid and binding obligations,
     enforceable in accordance with its terms, except as such enforceability
     may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent
     conveyance or transfer, moratorium or similar laws affecting creditors'
     rights generally and (ii) general principles of equity (regardless of
     whether such enforceability is considered in a proceeding at law or in
     equity).

           (c)    No consent, approval, authorization or order of, or filing,
     registration or qualification with, any court or governmental authority or
     third party is required in connection with the execution, delivery or
     performance by such Person of this Amendment.

     8.    No Default.  Each Credit Party represents and warrants to the
           ----------
Lenders that (a) the representations and warranties of the Credit Parties set
forth in Section 6 of the Credit Agreement are true and correct as of the date
hereof, unless they specifically refer to an earlier date, (b) no event has
occurred and is continuing which constitutes a Default or an Event of Default,
and (c) it has no claims, counterclaims, offsets, credits or defenses to its
obligations under the Credit Documents or to the extent it has any they are
hereby released in consideration of the Required Lenders entering into this
Amendment.

     9.    No Conflicts.  Neither the execution and delivery of this Amendment,
           ------------
nor the consummation of the transactions contemplated herein, nor performance
of and compliance with the terms and provisions hereof by the Credit Parties
will (a) violate, contravene or conflict with any provision of its respective
articles or certificate of incorporation, bylaws or other organizational or
governing document, (b) violate, contravene or conflict with any law, rule,
regulation, order, writ, judgment, injunction, decree or permit applicable to
any Credit Party, (c) violate, contravene or conflict with contractual
provisions of, or cause an event of default under,

                                       3

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any indenture, loan agreement, mortgage, deed of trust, contract or other
agreement or instrument to which a Credit Party is a party or by which it or
its properties may be bound or (d) result in or require the creation of any
Lien upon or with respect to a Credit Party's properties.

     10.    Counterparts/Telecopy.  This Amendment may be executed in any
            ---------------------
number of counterparts, each of which when so executed and delivered shall be
an original, but all of which shall constitute one and the same instrument.
Delivery of executed counterparts by telecopy shall be effective as an original
and shall constitute a representation that an original will be delivered if
requested.

     11.    GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF
            -------------
THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

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                                       4

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     Each of the parties hereto has caused a counterpart of this Amendment to
be duly executed and delivered as of the date first above written.

BORROWER:
--------
                                   KNOLL, INC.,
                                   a Delaware corporation

                                   By:  /s/  Barry L. McCabe
                                      --------------------------------
                                   Name:   Barry L. McCabe
                                   Title:  Senior Vice President

GUARANTORS:
----------
                                   KNOLL OVERSEAS, INC.,
                                   a Delaware corporation

                                   By:  /s/  Barry L. McCabe
                                      --------------------------------
                                   Name:   Barry L. McCabe
                                   Title:  Senior Vice President

                                   SPINNEYBECK ENTERPRISES, INC.,
                                   a New York corporation

                                   By:  /s/  Barry L. McCabe
                                      --------------------------------
                                   Name:   Barry L. McCabe
                                   Title:  Senior Vice President

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LENDERS:
-------
                                   BANK OF AMERICA, N.A.,
                                   in its capacity as Administrative Agent

                                   By:  /s/  Kathleen M. Carry
                                      --------------------------------
                                   Name:   Kathleen M. Carry
                                   Title:  Vice President

                                   BANK OF AMERICA, N.A., individually
                                   in its capacity as a Lender

                                   By:  /s/  David H. Strickert
                                      --------------------------------
                                   Name:   David H. Strickert
                                   Title:  Principal

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                                   THE CHASE MANHATTAN BANK

                                   By:  /s/  William J. Caggiano
                                      --------------------------------
                                   Name:   William J. Caggiano
                                   Title:  Managing Director

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                                   THE BANK OF NEW YORK

                                   By:  /s/  Walter C. Parelli
                                      --------------------------------
                                   Name:   Walter C. Parelli
                                   Title:  Vice President

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                                   THE BANK OF NOVA SCOTIA

                                   By:  /s/  Brian S. Allen
                                      --------------------------------
                                   Name:   Brian S. Allen
                                   Title:  Managing Director

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                                   CIBC INC.

                                   By:  /s/  Patricia Schaupp
                                      --------------------------------
                                   Name:   Patricia Schaupp
                                   Title:  Executive Director

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                                   CREDIT AGRICOLE INDOSUEZ

                                   By:  /s/  Michael Fought
                                      --------------------------------
                                   Name:   Michael Fought
                                   Title:  Vice President

                                   By:  /s/  Michael G. Haggarty
                                      --------------------------------
                                   Name:   Michael G. Haggarty
                                   Title:  Vice President

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                                   THE DAI-ICHI KANGYO BANK, LTD.

                                   By:  /s/  Andreas Panteli
                                      --------------------------------
                                   Name:   Andreas Panteli
                                   Title:  Senior Vice President

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                                   BANK ONE, NA

                                   By:  /s/  Steven F. Smith
                                      --------------------------------
                                   Name:   Steven F. Smith
                                   Title:  First Vice President

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                                   FIRST UNION NATIONAL BANK

                                   By:  /s/  David J.C. Silander
                                      --------------------------------
                                   Name:   David J.C. Silander
                                   Title:  Vice President

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                                   IKB DEUTSCHE INDUSTRIEBANK AG
                                   LUXEMBOURG BRANCH

                                   By:  /s/  Albrecht Perrin
                                      --------------------------------
                                   Name:   Albrecht Perrin
                                   Title:  Manager

                                   By:  /s/  Manfred Ziwey
                                      --------------------------------
                                   Name:   Manfred Ziwey
                                   Title:  Director

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                                   MERITA BANK Plc

                                   By:  /s/  Michael J. Maher
                                      --------------------------------
                                   Name:   Michael J. Maher
                                   Title:  Senior Vice President

                                   By:  /s/  Garry Weiss
                                      --------------------------------
                                   Name:   Garry Weiss
                                   Title:  Vice President

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                                   THE SUMITOMO BANK, LIMITED

                                   By:  /s/  Edward D. Henderson, Jr.
                                      --------------------------------
                                   Name:   Edward D. Henderson, Jr.
                                   Title:  Senior Vice President

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                                   SUMMIT BANK

                                   By:  /s/  Karen D. Budniak
                                      --------------------------------
                                   Name:   Karen D. Budniak
                                   Title:  Vice President

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                                   SUNTRUST BANK, ATLANTA

                                   By:  /s/  Jeffrey A. Howard
                                      --------------------------------
                                   Name:   Jeffrey A. Howard
                                   Title:  Director

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                                   CHANG HWA COMMERCIAL BANK, LTD.,
                                   NEW YORK BRANCH

                                   By:  /s/  Wan-Tu Yeh
                                      --------------------------------
                                   Name:   Wan-Tu Yeh
                                   Title:  Senior Vice President &
                                             General Manager<PAGE>
                                                                 Exhibit 10.11

                          [LETTERHEAD OF KNOLL, INC.]

                                              March 23, 2001

John H. Lynch
166 Hopkins Green
Hopkinton, NH  03229

Dear John:

     Reference is made to the Employment Agreement dated as of February 29,
1996 between TKG Acquisition Corp, the predecessor of Knoll, Inc. (the
"Company"), and you, (the "Employment Agreement").  This letter agreement sets
forth our agreement with respect to the termination of your employment under
the Employment Agreement.

     The Company and you agree that, effective at 11:59 pm (New York time) on
March 31, 2001 (the "Effective Time"), your employment with the Company shall
be terminated by mutual consent of you and the Company.  Except as set forth
herein, our respective rights and obligations under the Employment Agreement
shall expire in their entirety at the Effective Time.

     The termination of your Employment Agreement shall not affect your
continuing obligations under Sections 4.03 [confidentiality; non-competition],
4.04 [equitable relief] and 4.05 [submission to jurisdiction] of the Employment
Agreement.

     The termination of your Employment Agreement shall not affect the
Company's continuing obligations under Sections 3.01(a) [payment of unpaid
Base Salary through March 31, 2001], 3.01(e) [payment for unpaid vacation],
3.01(f) [indemnification pursuant to Section 145 of the Delaware General
Corporation Law], 3.02 [unreimbursed business expenses], 3.03 [parachute
gross up] and the first sentence of Section 5.04(c) [continued coverage under
Company's health, disability and medical plans for a limited period of time]
of the Employment Agreement.  With respect to Section 3.03 of the Employment
Agreement, both you and we will cooperate to take appropriate steps to render
Sections 280G and 4999 of the Internal Revenue Code (the "Code") inapplicable
to such compensation and, in that regard, the Company will request that its
majority stockholder take such actions as may be necessary under the Internal
Revenue Code (the "Code") to approve all compensation that may accrue to you
upon any change of control of the Company.

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     The miscellaneous provisions set forth in Sections 6.02, 6.03, 6.05, 6.06
and 6.07 through 6.10 of the Employment Agreement shall continue to apply
unaffected by the termination of your employment.  This letter agreement and
the Employment Agreement (a) contain the entire agreement of you and the
Company with respect to the terms and conditions of the termination of your
employment and (b) supersede any and all prior agreements and understandings,
whether written or oral, between you and the Company with respect thereto.
This letter agreement may not be changed or modified except by an instrument
in writing signed by you and the Company.  This letter agreement shall be
governed by, and construed and interpreted in accordance with, the internal
laws of the State of New York without reference to the principles of conflict
of laws.

     Nothing herein shall affect our respective rights and obligations pursuant
to any stock options or other stock awards previously granted to you or any
shares of stock previously sold to you, each of which shall continue to be
governed by the terms and conditions of any applicable plans or agreements.

     We understand that, after the Effective Time, subject to the applicable
law and the applicable provisions of the Company's by-laws, you will continue
to serve as a non-executive director of the Company for as long as you and the
Company's principal stockholder so desire.  Nothing herein shall affect our
respective rights and obligations with respect to your service as a non-
executive director.

     Please confirm your agreement with the foregoing by signing all four
copies of this letter agreement and returning three to Pat Milberger at the
Company.  Pat will distribute the copies to the appropriate persons.

                                              Yours truly,

                                              KNOLL, INC.

                                              By:  /s/ Barry L. McCabe
                                                  ----------------------------
                                                  Name:  Barry L. McCabe
                                                  Title: Senior Vice President

Accepted and agreed
as of the above date

 /s/ John H. Lynch
--------------------
 John H. Lynch

                                     - 2 -

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