Document:

exv10w2

 

Exhibit 10.2

2007-2 AMENDMENT

TO THE

STEELCASE INC.

RESTORATION RETIREMENT PLAN

(Effective March 1, 1998)

     This 2007-2 Amendment to the STEELCASE INC. RESTORATION RETIREMENT PLAN (“Plan”) is adopted by
Steelcase Inc. (“Steelcase”). The amendment is effective as of March 1, 2007.

A.

     Section 2 of the Plan is amended to add the following new defined terms and then all the
defined terms shall be re-numbered and re-ordered in alphabetical order:

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

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

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

“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 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

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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.

“Company” means Steelcase Inc.

“Director” means any individual who is a member of the Board.

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

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

“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.

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

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

“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 stockholders of the Company in
substantially the same proportions as their ownership of stock of the Company.”

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B.

     Section 5 of the Plan is amended to replace the language in Section 5 with the following:

     “5.1 Vesting Service

     A Participant’s years of service for purposes of determining the vesting percentage
under the Plan shall be equal to the “Years of Service” as determined and defined under the
Steelcase Inc. Retirement Plan.

     5.2 Vested Percentage

     The Participant’s vested percentage shall be determined by the following schedule:

	 	 	 	 	 
	Years of Service	 	Vested Percentage
	Less than 2

	 	 	0	%
	2, but less than 3

	 	 	25	%
	3, but less than 4

	 	 	50	%
	4, but less than 5

	 	 	75	%
	5 or more

	 	 	100	%” 

C.

     There shall be a new Section 7 of the Plan and the other sections shall be re-numbered
thereafter:

     “SECTION
7: CHANGE IN CONTROL

     7.1 Vesting

     A Participant shall be 100% vested upon a Change in Control.

     7.2 Payment

     Upon a Change in Control, amounts credited to the Participant’s Account shall be paid
in a single lump sum as soon as reasonably practicable following the date of the Change in
Control; provided, however, in the event such payment would be made during
2007, such payment shall instead be made as soon as reasonably practicable after January 2,
2008; and provided further, that Participants’ Accounts that are in payment
status under Section 6.2 of the Plan shall continue to be paid in annual installments in
accordance with Section 6.2 of the Plan.”

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D.

     In all other respects, the Plan remains unchanged.

     IN WITNESS OF WHICH, Employer executes this 2007-2 Amendment to the Plan.

	 	 	 	 	 
	 	STEELCASE INC.

 	 
	Dated: February 9, 2007 	By:  	/s/ Nancy W. Hickey
 	 
	 	 	Nancy W. Hickey 	 
	 	Its:  	Sr. Vice President & Chief
Administrative Officer 	 
	 

5exv10w3

 

Exhibit
10.3

2007-2 AMENDMENT

TO THE

STEELCASE INC.

DEFERRED COMPENSATION PLAN

(Effective as of September 1, 1999)

     This 2007-2 Amendment to the STEELCASE INC. DEFERRED COMPENSATION PLAN (“Plan”) is adopted by
Steelcase Inc. (the “Company”). The amendment is effective March 1, 2007.

     Pursuant to Section 6.10 of the Plan, the Company amends the Plan as follows:

A.

     Section 1 of the Plan is amended to add the following new defined terms and then the defined
terms shall be re-numbered and re-ordered in alphabetical order:

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

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

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

“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 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

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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.

“Director” means any individual who is a member of the Board.

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

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

“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.

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

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

“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 stockholders of the Company in
substantially the same proportions as their ownership of stock of the Company. “

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B.

     There shall be a new Section 5.6 of the Plan and the other sections shall be re-numbered
thereafter:

          “5.6 Change in Control. Upon a Change in Control, the Company shall pay the balance
of the Participant’s Deferral Account in a single lump sum as soon as reasonably practicable
following the date of the Change in Control; provided, however, in the event such
payment would be made during 2007, such payment shall instead be made as soon as reasonably
practicable after January 2, 2008; and provided further, that Deferral Accounts
that are in payment status under Section 5.2 of the Plan shall continue to be paid in annual
installments in accordance with Section 5.2 of the Plan.”

C.

     In all other respects, the Plan remains unchanged.

     IN WITNESS OF WHICH, Employer executes this 2007-2 Amendment to the Plan.

	 	 	 	 	 
	 	STEELCASE INC.

 	 
	Dated: February 9, 2007 	By:  	/s/ Nancy W. Hickey
 	 
	 	 	Nancy W. Hickey 	 
	 	Its: 	Sr. Vice President & Chief
Administrative Officer	 
	 	 	 	 
	 

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