Document:

EX-10.1

EXHIBIT 10.1

STEELCASE INC.

RESTORATION RETIREMENT PLAN

Restated Effective January 1, 2009

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	Article 1 Establishment and Purpose
	 	 	1	 
	 
	 	 	 	 
	1.1 History of the Plan
	 	 	1	 
	1.2 This
Document
	 	 	1	 
	1.3 Purpose
	 	 	1	 
	1.4 Status of Plan Under ERISA
	 	 	1	 
	1.5 Compliance With Section 409A
	 	 	1	 
	 
	 	 	 	 
	Article 2 Definitions
	 	 	1	 
	 
	 	 	 	 
	Article 3 Administration of Plan
	 	 	8	 
	 
	 	 	 	 
	3.1 Administrative Committee
	 	 	8	 
	3.2 Responsibility; Indemnification
	 	 	8	 
	 
	 	 	 	 
	Article 4 Eligibility
	 	 	8	 
	 
	 	 	 	 
	4.1 Participation
	 	 	8	 
	4.2 Termination of Participation
	 	 	9	 
	 
	 	 	 	 
	Article 5 Vesting
	 	 	9	 
	 
	 	 	 	 
	5.1 Vesting Service
	 	 	9	 
	5.2 Vested Percentage
	 	 	9	 
	 
	 	 	 	 
	Article 6 Benefits
	 	 	9	 
	 
	 	 	 	 
	6.1 Amount and Form of Benefit
	 	 	9	 
	6.2 Payment of Pre-2005 Accounts
	 	 	10	 
	6.3 Payment of Post-2004 Account
	 	 	10	 
	6.4 Forfeiture of Benefits
	 	 	11	 
	 
	 	 	 	 
	Article 7 Change In Control
	 	 	12	 
	 
	 	 	 	 
	7.1 Vesting
	 	 	12	 
	7.2 Payment
	 	 	12	 
	 
	 	 	 	 
	Article 8 Amendment and Termination
	 	 	12	 
	 
	 	 	 	 
	8.1 Amendment
	 	 	12	 
	8.2 Termination
	 	 	12	 
	 
	 	 	 	 
	Article 9 General Provisions
	 	 	13	 
	 
	 	 	 	 
	9.1 No Right to Participate
	 	 	13	 
	9.2 No Employment Right
	 	 	13	 
	9.3 No
Assignment or Transfer
	 	 	13	 
	9.4 Withholding and Payroll Taxes
	 	 	13	 
	9.5 Incompetent Payee
	 	 	13	 
	9.6 Governing Law
	 	 	13	 

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	 	 	Page
	9.7 Construction
	 	 	14	 
	9.8 Disputes
	 	 	14	 
	 
	 	 	 	 
	Signature
	 	 	14	 

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STEELCASE INC.

RESTORATION RETIREMENT PLAN

Article 1

Establishment and Purpose

          1.1 History of the Plan

          Steelcase Inc. (the “Company”) established the Steelcase Inc. Restoration Retirement Plan
(the “Plan”) as of March 1, 1998. The Plan has periodically been amended.

          1.2 This Document

          By this document, the Company is amending and restating the Plan as of January 1,2009.

          1.3 Purpose

          The Company desires to retain the services of a select group of executives who contribute to
the profitability and success of the Company. The Company maintains the Plan to restore, to an
extent, the retirement benefits lost by executives due to the limits on the Compensation that may
be considered under qualified retirement plans by the Internal Revenue Code.

          1.4 Status of Plan Under ERISA

          The Plan is intended to be “unfunded” and maintained “primarily for the purpose of providing
deferred compensation for a select group of management or highly compensated employees” for
purposes of ERISA. Accordingly, the Plan is not intended to be covered by Parts 2
through 4 of Subtitle B of Title I of ERISA. The existence of any Trust Fund is not intended
to change this characterization of the Plan.

          1.5 Compliance with Section 409A

          To the extent the Plan provides deferred compensation under Section 409A of the Internal
Revenue Code, the Plan is intended to comply with Section 409A. The Plan is intended to be
interpreted consistent with the requirements of Section 409 A of the Internal Revenue Code.

Article 2

Definitions

          The following terms shall have the definition stated, unless the context requires a different
meaning:

 

 

          2.1 Account

          “Account” means the bookkeeping account set up by the Company to record amounts contributed
under Section 6.1.

          2.2 Administrative Committee

          “Administrative Committee” means the Chief Executive Officer, the Chief Financial Officer, the
Chief Administrative Officer and the Assistant Secretary of the Company and/or any other
individuals designated by the Compensation Committee of the Company’s Board of Directors to
administer this Plan and any other plan designated by the Compensation Committee.

          2.3 Affiliate

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

          2.4 Beneficial Owner or Beneficial Ownership

          “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.

          2.5 Beneficiary

          “Beneficiary” means the individual, trust, or other entity designated by the Participant to
receive any amounts payable with respect to the Participant under the Plan after the Participant’s
death. A Participant may designate or change a Beneficiary by filing a signed designation with the
Administrative Committee in a form approved by the Administrative Committee. A Participant’s
will is not effective for this purpose. If the Participant has not designated a Beneficiary or
none so designated survive, the Beneficiary will be the Participant’s surviving Spouse, if any;
otherwise the Participant’s children, including those by adoption, dividing the distribution
equally among the Participant’s children, with the living issue of any deceased child taking their
parent’s share by right of representation; if none, the Participant’s parents, in equal shares; if
none, the Participant’s living brothers and sisters in equal shares; if none the Participant’s
estate, if under active administration, and if not, the Participant’s heirs under the laws of
Intestacy of the State of Michigan. Notwithstanding the above, if the Participant designates his
or her Spouse as a Beneficiary, and the Participant later divorces that Spouse, the Participant’s
designation of his or her Spouse as Beneficiary shall be null and void, and the portion of the
Participant’s benefits that would, but for this provision, be payable to the Participant’s Spouse
will be payable instead as designated in the Participant’s designation of Beneficiary as if the
Spouse had predeceased the Participant.

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          2.6 Board or Board of Directors

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

          2.7 Change in Control

          “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):

          (1) 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 (1) of
paragraph (c) below; and

          (2) 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:

          (1) 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

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          (2) 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 Company

          “Company” means Steelcase Inc.

          2.9 Compensation

          “Compensation” has the same meaning given to it under the Steelcase Inc. Retirement Plan,
except that it is not limited as required by Internal Revenue Code Section 401(a)(17).

          2.10 Determination Period

          “Determination Period” means the Calendar Year preceding the Calendar Year during which an
Employee has a Separation from Service.

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          2.11 Director

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

          2.12 Eligible Compensation

          “Eligible Compensation” means a Participant’s Compensation in excess of the limit described in
Internal Revenue Code Section 40l(a)(17) during a Fiscal Year, but not in excess of twice that
limit.

          2.13 Employee

          “Employee” means any individual who is on the payroll of the Company or a Related Employer
and is considered to be a common-law employee of the Company or a Related Employer. An individual
who is treated by the Company or a Related Employer as an independent contractor for tax purposes
is not an Employee.

          2.14 ERISA

          “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

          2.15 Exchange Act

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

          2.16 Initial Holder

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

          2.17 Key Employee

          “Key Employee” means any Employee who at any time during the Determination Period was:

          (a) An officer of the Company or a Related Employer whose annual Compensation from the
Company and all Related Employer is more than $145,000 (as adjusted under Section 416(i)(l)
of the Internal Revenue Code for Plan Years beginning after December 31, 2007);

          (b) A person having more than a 5% ownership interest in the Company or a Related
Employer; or

          (c) A person having more than a 1% ownership interest in the Company or a Related
Employer and whose annual Compensation from the Company and all Related Employers is more
than $150,000.

-5-

 

          The determination of who is a Key Employee shall be made in accordance with Sections 409A and
416(i)(l) of the Internal Revenue Code and the applicable regulations and guidance.

          2.18
MIP

          “MIP” means the Steelcase Inc. Management Incentive Plan.

          2.19 Participant

          “Participant” means an Employee who is a member of the MIP for the full Fiscal Year and whose
Compensation is in excess of the compensation limit specified in Internal Revenue Code Section 401
(a)(l7).

          2.20 Permitted Transferee

          “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.

          2.21 Permitted Trust

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

          2.22 Permitted Trustee

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

          2.23 Person

          “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:

          (a) The Company or any of its subsidiaries;

          (b) A trustee or other fiduciary holding securities under an employee benefit plan of
the Company or any of its Affiliates;

          (c) An underwriter temporarily holding securities pursuant to an offering of such
securities; or

          (d) 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.

-6-

 

          2.24 Plan Year

          “Plan Year” means the fiscal year of the Company, as in effect from time to time, or such
other 12-month period as the Compensation Committee of the Board of Directors of the Company shall
establish.

          2.25 Pre-2005 Account

          “Pre-2005 Account” means the vested amount that was credited to the Participant’s Account on
December 31, 2004, as adjusted for earnings or losses under Section 6.1(b).

          2.26 Post-2004 Account

          “Post-2004 Account” means the amount credited to the Participant’s Account minus the
Participant’s Pre-2005 Account.

          2.27 Related Employer

          “Related Employer” means

          (a) Any member of a controlled group of corporations in which the Company is a member,
as defined in Section 414(b) of the Internal Revenue Code; or

          (b) Any other trade or business under common control of or with the Company, as defined
in Section 414(c) of the Internal Revenue Code.

          2.28 Separation from Service

          “Separation from Service” means a “separation from service” under Section 409A of the
Internal Revenue Code. Generally, this occurs if the Employee is reasonably anticipated to have a
substantial permanent reduction in the bona fide level of services provided to the Company and all
Related Employers (whether provided as an employee or an independent contractor). The reduction
shall be “substantial” only if the reduced bona fide level of services is less than 20% of the
average bona fide level of services provided by the Employee to the Company and all Related
Employers during the immediately preceding 36 months (or the Participant’s entire period of
service, if less than 36 months).

-7-

 

          2.29 Spouse

          “Spouse” means the husband or wife to whom a Participant is married on the date benefit
payments are scheduled to begin to the Participant. The legal existence of the spousal
relationship shall be governed by the law of Michigan.

Article 3

Administration of Plan

          3.1 Administrative Committee

          The Plan shall be administered by the Administrative Committee. The Administrative Committee
shall have full discretionary authority in the operation and administration of the Plan. The
Administrative Committee shall act by vote or consent of a majority of its members. To the extent
necessary or appropriate, the Administrative Committee will adopt rules, policies, and forms for
the administration, interpretation, and implementation of the Plan. All decisions, determinations,
and interpretations of the Plan by the Administrative Committee shall be final and binding on all
parties. The Administrative Committee may delegate any of its responsibilities to others and may
allocate any of its responsibilities among its members.

          A member of the Administrative Committee shall not participate in and shall not be counted as
a member with respect to any action of the Administrative Committee directly affecting only that
member.

          3.2 Responsibility; Indemnification

          A member of the Administrative Committee shall not be personally responsible or liable for
any act or omission in connection with performance of powers or duties or the exercise of
discretion or judgment in the administration and implementation of the Plan. The Company shall
hold harmless and indemnify each member of the Administrative Committee, and any other individual
exercising delegated authority or responsibility with respect to the Plan, from any and all
liabilities and costs arising from any act or omission related to the performance of duties or the
exercise of discretion and judgment with respect to the Plan.

Article 4

Eligibility

          4.1 Participation

          Participation in the Plan is limited to Employees designated by the Administrative Committee
for participation in the MIP and whose Compensation exceeds the limit in Internal Revenue Code
Section 401(a)(17).

-8-

 

          4.2 Termination of Participation

          Participation in the Plan shall terminate upon the earlier of the date the Participant is not
an Employee and has been paid the full amount due under the Plan or the date of the Participant’s
death. Active participation by any Employee will cease if the Employee no longer meets the criteria
for participation in Section 4.1 above, and any Employee’s active participation may be terminated
by the Administrative Committee at any time. If an Employee’s active participation terminates,
subsequent employment by the Employee with the Company or a Related Employer will continue to count
for vesting purposes.

Article 5

Vesting

          5.1 Vesting Service

          A Participant’s years of vested service for purposes of determining the vesting percentage
under the Plan shall be equal to the “Years of Vested 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 Vested Service	 	Vested Percentage
	Less than 2 years
	 	    0%
	2 years or more
	 	100%

Article 6

Benefits

          6.1
Amount and Form of Benefit

          (a) Principal Credits The Company shall credit to the Participant’s Account for
each Fiscal Year a percentage of the Participant’s Eligible Compensation that is equal to
the percentage of Compensation allocated to the Participant’s account under the Steelcase
Inc. Retirement Plan for that Fiscal Year, taking into account only the Participant’s
Compensation up to the Internal Revenue Code Section 401(a)(17) limit. Contributions will be
deemed to have been credited as of the last day of each Fiscal Year, and will only be
credited if the Participant is still employed and still a member of the MIP on that last
day.

          (b) Investment Credits Each Participant’s Account shall be credited with
earnings or debited with losses at a rate equal to the Participant’s actual rate of return
on the assets credited to the Participant’s Account in the Steelcase Inc. Retirement

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Plan. On and after the date of the Participant’s Separation from Service, however, no earnings
or losses will be credited.

          6.2 Payment of Pre-2005 Accounts

          (a) During Life The vested portion of the Participant’s Pre-2005
Account shall be paid or begin to be paid on or about the April 1 following the end of the
Fiscal Year in which the Participant has a Separation from Service. A Participant may
elect, subject to the approval of the Administrative Committee, to have the payment made
in either of the following ways or any combination thereof:

          (1) In one lump sum, or

          (2) In annual installments over four years using the “declining digits” method (i.e.,
the first payment is 1/4 of the vested portion of the Pre-2005
Account balance, the second 1/3
of the remaining vested balance, the third 1/2 of the remaining vested balance and the
fourth the entire remaining vested balance).

          The Participant’s election under this Section shall be filed in writing with the
Administrative Committee. The Participant’s initial election shall be effective if filed with the
Administrative Committee within 30 days of the date the Administrative Committee provides notice
of the election to the Participant, but in any event prior to the date payment would otherwise be
made. Elections filed after that time, and any change in an election, shall be effective only if
the individual remains employed for the following 12-month period.

          (b) Death In the event of the death of a Participant before payment of all benefits
due, the vested amount remaining in the Participant’s Pre-2005 Account will be paid to the
Participant’s Beneficiary in a single lump sum or in annual installments over a four year
period, using the declining digits method, provided the Participant so elected in accordance with
subsection (a) above.

          (c) Cash Outs Notwithstanding anything in this Section 6.2 to the contrary, the
Administrative Committee may elect to distribute the entire vested balance of the Participant’s
Pre-2005 Account in a single lump sum payment to the Participant or his or her Beneficiary if the
vested balance of the Participant’s Pre-2005 Account is less than $50,000, or in the event of the
Participant’s Total Disability or death.

          6.3 Payment of Post-2004 Account

          (a) During Life The vested portion of the Participant’s Post-2004 Account shall be
paid or begin to be paid on the April 1 following the end of the Fiscal Year in which the
Participant has a Separation from Service. A Participant may elect to have the payment made in
either of the following ways or any combination thereof:

          (1) In one lump sum, or

-10-

 

          (2) In annual installments over four years using the “declining digits” method
(i.e., the first payment is 1/4 of the vested portion of the Post-2004 Account
balance, the second 1/3 of the remaining vested
balance, the third 1/2 of
the remaining vested balance and the fourth the entire remaining vested balance).

          The Participant’s election under this Section shall be filed in writing with
the Administrative Committee. The Participant’s election shall be effective if
filed with the Administrative Committee by the later of December 31, 2008 or the
last day of the Fiscal Year preceding the first Fiscal Year for which an amount is
credited to the Participant’s Account. If no timely election is made by a
Participant, payment shall be made in one lump sum payment.

          (b) Death In the event of the death of a Participant before payment of all
benefits due, the vested amount remaining in the Participant’s Post-2004 Account will be
paid to the Participant’s Beneficiary in a single lump sum or in annual installments over a
four year period, using the declining digits method, provided the Participant so elected in
accordance with subsection (a) above.

          (c) Key Employees Notwithstanding the preceding provisions of this Section
6.3, no payment shall be made from a Key Employee’s Post-2004 Account for at least six
months after such Key Employee’s Separation from Service, unless the Participant dies prior
to the end of the six-month period.

          6.4 Forfeiture of Benefits

          The non-vested portion of the Participant’s Account shall be forfeited upon the commencement
of payments to the Participant or his or her Beneficiary pursuant to Section 6.2. A Participant’s
right to any portion of his or her Account remaining under this Plan shall be forfeited upon
occurrence of any of the following events:

          (a) Termination for Cause Termination of the Participant’s employment for
cause, as determined in the sole discretion of the Administrative Committee.

          (b) Competition The Participant directly or indirectly engages in competition
with the Company or any Related Employer at any time during employment with the Company or
a Related Employer, or during the three-year period following termination of employment
with the Company or a Related Employer, without prior approval of the Administrative
Committee. A Plan Participant engages in competition if that person participates directly
or indirectly in the manufacturing, design or distribution of any products of the same type
as those of the Company or a Related Employer, 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 or a Related
Employer and their 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

-11-

 

construed in a manner so as to permit its enforceability to the fullest extent permitted by
law.

Article 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, but in no event later than 60 days following
the date of the Change in Control; provided, however, that Participants’ Accounts that are in
payment status under Section 6.2 or 6.3 of the Plan shall continue to be paid in annual
installments in accordance with Section 6.2 or 6.3 of the Plan.

Article 8

Amendment and Termination

          8.1 Amendment

          This Plan may be amended in any manner at any time by the Board of Directors of the Company.
No amendment may, however, decrease or eliminate the Account of a Participant as of the date of
the amendment.

          8.2 Termination

          The Plan may be terminated at any time by the Board of Directors of the Company. Upon
termination of the Plan, the Board shall specify the extent to which the Pre-2005 Accounts of
Participants employed by the Company or a Related Employer shall be preserved or terminated. Upon
termination of the Plan, all benefits of previously retired and deceased Participants that are
being paid or are payable at a future date and all Post-2004 Accounts shall continue to be paid in
accordance with the terms of the Plan in effect at the time of termination. However, the Board of
Directors may pay the Accounts of previously retired and deceased Participants and all Post-2004
Accounts to Participants immediately after the Plan is terminated if the payment is permitted by
Internal Revenue Code Section 409 A.

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Article 9

General Provisions

          9.1 No Right to Participate

          Nothing in this Plan shall be deemed or interpreted to provide a Participant or any
non-participating Employee with any contractual right to participate in or receive benefits of
the Plan. The right to participate and the duration of active participation shall be determined
in the sole discretion of the Administrative Committee.

          9.2 No Employment Right

          Participation in this Plan shall not be construed as constituting a commitment, guarantee,
agreement, or understanding of any kind that the Company or a Related Employer or any subdivision
of the Company or a Related Employer will continue to employ any individual, and this Plan shall
not be construed or applied as any type of employment contract or obligation. Nothing herein shall
abridge or diminish the rights of the Company or a Related Employer or any employing subdivision
of the Company or a Related Employer to determine the terms and conditions of employment of any
Participant or other Employee or to terminate the employment of any Participant or other Employee
with or without cause at any time.

          9.3 No Assignment or Transfer

          Neither a Participant nor any Beneficiary or other representative of a Participant shall have
any right to assign, transfer, attach, or hypothecate any amount or credit, potential payment, or
right to future payments or any other benefit provided under this Plan. Payment of any amount
due or to become due under this Plan shall not be subject to the claims of creditors of the
Participant or to execution by attachment or garnishment or any other legal or equitable proceeding
or process.

          9.4 Withholding and Payroll Taxes

          The Company shall deduct from any payment made under this Plan all amounts
required by federal, state, and local tax laws to be withheld and shall subject any payments
made
under the Plan to all applicable payroll taxes and assessments.

          9.5 Incompetent Payee

          If the Administrative Committee determines that a person entitled to a payment hereunder is
incompetent, it may cause benefits to be paid to another person or entity for the use or benefit
of the Participant or the Participant’s Beneficiary at the time or times otherwise payable
hereunder, in total discharge of the Plan’s obligations to the Participant or Beneficiary.

          9.6 Governing Law

          The provisions of the Plan shall be construed and governed under the laws of the State of
Michigan, except to the extent preempted by ERISA or other federal laws.

-13-

 

          9.7 Construction

          The singular includes the plural, and the plural includes the singular, and terms connoting
gender include both the masculine and feminine, unless the context clearly indicates the
contrary. Capitalized terms, except those at the beginning of a sentence or part of a heading,
have the meaning defined in the Plan.

          9.8 Disputes

          In the event of any dispute under this Plan, the Administrative Committee will afford the
individual affected with a right to a review that complies with the claim review procedures of
ERISA. The Administrative Committee has the full discretionary authority to consider and resolve
any and all questions regarding the Plan and the Administrative Committee’s decision is intended
to be binding on all provided the Administrative Committee members act in good faith and do not
engage in intentional wrongdoing.

Signature

          The Company has signed the amended and restated Steelcase Inc. Restoration Retirement Plan this 3rd day of October, 2008.

	 	 	 	 	 	 	 
	 	 	STEELCASE INC.
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Nancy W. Hickey
	 	 	 	 	 
	 

	 	 	 	Its:
	 	Sr. VP, CAO
	 

	 	 	 	 	 	 

-14-EX-10.2

EXHIBIT 10.2

STEELCASE INC.

NON-EMPLOYEE DIRECTOR

DEFERRED COMPENSATION PLAN

(Restated Effective as of January 1, 2009)

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	Article 1 Establishment and Purpose
	 	 	1	 
	 
	 	 	 	 
	1.1 History of Plan
	 	 	1	 
	1.2 Purpose
	 	 	1	 
	1.3 This Document
	 	 	1	 
	1.4 Status of Plan Under ERISA
	 	 	1	 
	1.5 Compliance with Section 409A
	 	 	1	 
	 
	 	 	 	 
	Article 2 Definitions
	 	 	1	 
	 
	 	 	 	 
	Article 3 Participation
	 	 	5	 
	 
	 	 	 	 
	Article 4 Director Payment and Deferrals
	 	 	5	 
	 
	 	 	 	 
	4.1 Participant Election Between Deferral and Stock
	 	 	5	 
	4.2 Participant Election Between Cash and Deferral
	 	 	5	 
	4.3 Initial and Subsequent Election Periods
	 	 	6	 
	 
	 	 	 	 
	Article 5 Deferral Account
	 	 	6	 
	 
	 	 	 	 
	5.1 Deferral Accounts
	 	 	6	 
	5.2 Debits/Credits to Deferral Accounts
	 	 	6	 
	5.3 Investment Media
	 	 	6	 
	 
	 	 	 	 
	Article 6 Payments
	 	 	7	 
	 
	 	 	 	 
	6.1 Timing
	 	 	7	 
	6.2 Form of Payment
	 	 	7	 
	6.3 Payment Medium
	 	 	8	 
	 
	 	 	 	 
	Article 7 Miscellaneous
	 	 	8	 
	 
	 	 	 	 
	7.1 No Trust
	 	 	8	 
	7.2 Nonforfeitability
	 	 	8	 
	7.3 Spendthrift Provision
	 	 	8	 
	7.4 Successors, Etc
	 	 	9	 
	7.5 Severability
	 	 	9	 
	7.6 Governing Law
	 	 	9	 
	7.7 Number Construction
	 	 	9	 
	7.8 Amendment and Termination of Plan
	 	 	9	 
	7.9 Interpretation and Implementation
	 	 	9	 
	7.10 Administrative Committee
	 	 	10	 
	7.11 Claims and Appeals
	 	 	10	 
	 
	 	 	 	 
	Signature
	 	 	10	 

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Article 1

Establishment and Purpose

          1.1 History of Plan

          Steelcase Inc. (the “Company”) established the Steelcase Inc. Non-Employee Director Deferred
Compensation Plan. The Plan was established as of June 23, 1999 and has been periodically amended.

          1.2 Purpose

          The Company adopted the Plan to provide its Non-Employee Directors who participate in the
Plan with the opportunity to defer a portion of their Directors Fees and have additional
retirement income.

          1.3 This Document

          By this document, the Company is amending and restating the Plan as of January 1, 2009.

          1.4 Status of Plan Under ERISA

          Because the Plan does not cover employees, the Plan is not intended to be covered by any part
of ERISA. The existence of any Trust Fund is not intended to change this characterization of the
Plan.

          1.5 Compliance with Section 409A

          To the extent the Plan provides deferred compensation under Section 409A of the Internal
Revenue Code, the Plan is intended to comply with Section 409A. The Plan is intended to be
interpreted consistent with the requirements of Section 409A of the Internal Revenue Code.

Article 2

Definitions

          The following words and phrases, wherever capitalized, shall have the following meanings,
unless the context requires otherwise:

          2.1 Administrative Committee

          “Administrative Committee” means a committee consisting of the Company’s Chief Executive
Officer, Chief Financial Officer, Chief Administrative Officer and the Assistant Secretary of the
Company and/or any other individuals designated by the Compensation Committee of the Company’s
Board of Directors.

 

 

          2.2 Beneficiary

          “Beneficiary” means the individual, trust, or other entity designated by the Participant to
receive any amounts payable with respect to the Participant under the Plan after the Participant’s
death. A Participant may designate or change a Beneficiary by filing a signed designation with the
Administrative Committee on a form approved by the Administrative Committee. A Participant’s will
is not effective for this purpose. If the Participant has not designated a Beneficiary or none so
designated survive, the Beneficiary will be the Participant’s surviving Spouse, if any; otherwise
the Participant’s children, including those by adoption, dividing the distribution equally among
the Participant’s children, with the living issue of any deceased child taking their parent’s share
by right of representation; if none, the Participant’s parents, in equal shares; if none, the
Participant’s living brothers and sisters in equal shares; if none the Participant’s estate, if
under active administration, and if not, the Participant’s heirs under the laws of Intestacy of the
State of Michigan. Notwithstanding the above, if the Participant designates the Participant’s
Spouse as a Beneficiary, and the Participant later divorces that Spouse, the Participant’s
designation of the Spouse as Beneficiary shall be null and void, and the portion of the
Participant’s benefits that would, but for this provision, be payable to the Participant’s Spouse
will be payable instead as designated in the Participant’s designation of Beneficiary as if the
Spouse had predeceased the Participant.

          2.3 Deferral Account

          “Deferral Account” means the bookkeeping account established by the Administrative Committee
with respect to the Participant pursuant to Article 5 for the purpose of recording the amount of
the Director’s Fees being deferred pursuant to this Plan and the amount of any earnings, profits,
gains or losses credited/debited thereto pursuant to Article 5. A Participant’s Deferral Account
shall be divided into a Pre-2005 Deferral Account and a Post-2004 Deferral Account.

          2.4 Deferral Date

          “Deferral Date” means the date the amount of deferred Director’s Fees otherwise would have
been paid to the Participant but for the Participant’s deferral of the payment of such fees under
Article 4.

          2.5 Determination Period

          “Determination Period” means the Calendar Year preceding the Calendar Year during which an
Employee has a Separation from Service.

          2.6 Director’s Fees

          “Director’s Fees” means any amount payable to a Participant for service as a Non-Employee
Director, including quarterly retainer fees and fees for meetings of the Board of Directors or any
Committee of the Board of Directors.

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          2.7 Election Period

          “Election Period” means the period designated by the Administrative Committee before each Plan
Year during which elections under Article 4 must be made with respect to that Plan Year. For a new
Participant, the Election Period means the first 30 days of participation in the Plan. For all
other Participants, the Election Period shall end no later than December 31 of the calendar year
preceding the first day of the Plan Year.

          2.8 Key Employee

          “Key Employee” means any Non-Employee Director who at any time during the Determination
Period was:

          (a) An officer of the Company or a Related Employer whose annual
Compensation from the Company and all Related Employers is more than $145,000 (as
adjusted under Section 416(i)(l) of the Internal Revenue Code for Plan Years beginning
after December 31, 2007);

          (b) A common law employee of the Company or a Related Employer
having more than a 5% ownership interest in the Company or a Related Employer; or

          (c) A common law employee of the Company or a Related Employer
having more than a 1% ownership interest in the Company or a Related Employer and
whose annual Compensation from the Company and all Related Employers is more than
$150,000.

          The determination of who is a Key Employee shall be made in accordance with Sections 409A and
416(i)(l) of the Internal Revenue Code and the applicable regulations and guidance.

          2.9 Non-Employee Director

          “Non-Employee Director” means any individual who serves as a member of the Board of Directors
of the Company and who is not an employee of the Company or any Related Employer.

          2.10 Participant

          “Participant” means a Non-Employee Director of the Company who participates in the Plan
pursuant to Article 3.

          2.11 Payment Date

          “Payment Date” means the date payment of a Deferral Account is made pursuant to Section 6.1.

-3-

 

          2.12 Performance Deferral

          “Performance Deferral” means the amount of a Participant’s quarterly retainer
fees deferred, if any, pursuant to Section 4.1. The Performance Deferral includes the mandatory
deferrals that were required under the Plan for periods prior to September 1, 2003.

          2.13 Plan Year

          “Plan Year” means the fiscal year of the Company, as in effect from time to time, or
such other 12-month period as the Compensation Committee of the Board of Directors of the
Company shall establish.

          2.14 Pre-2005 Account

          “Pre-2005 Account” means the vested amount that was credited to the Participant’s
Account on December 31, 2004, as adjusted for earnings or losses under Section 5.2.

          2.15
Post-2004 Account

          “Post-2004 Account” means the amount credited to the Participant’s Account minus the
Participant’s Pre-2005 Account.

          2.16 Related Employer

          “Related Employer” means:

          (a) Any member of a controlled group of corporations in which the
Company is a member, as defined in Section 414(b) of the Internal Revenue Code;
or

          (b) Any other trade or business under common control of or with the
Company, as defined in Section 414(c) of the Internal Revenue Code.

          2.17 Separation from Service

          “Separation from Service” means a “separation from service” under Section 409A of the
Internal Revenue Code. Generally, this occurs if the Non-Employee Director resigns from the
Board of Directors of the Company, is not re-elected to the Board of Directors of the Company
or ceases being a member of the Board of Directors of the Company for any other reason.

-4-

 

          2.18 Spouse

          “Spouse” means the husband or wife to whom a Participant is married on the date benefit
payments are scheduled to begin to the Participant. The legal existence of the spousal relationship
shall be governed by the law of Michigan.

          2.19 Valuation Date

          “Valuation Date” means the last day of the Plan Year, or such other dates as may be designated
by the Administrative Committee.

Article 3

Participation

          A Non-Employee Director shall participate in the Plan on the first day of the individual’s
term as a Non-Employee Director. A member of the Board of Directors of the Company who becomes a
Non-Employee Director after the first day of his or her first term as a member of the Board of
Directors of the Company shall become a Participant on the day after the Valuation Date coincident
with or following the date the Participant becomes a Non-Employee Director.

Article 4

Director Payment and Deferrals

          4.1 Participant Election Between Deferral and Stock

          Fifty percent (50%) of the Participant’s quarterly retainer fees shall not be paid in the form
of cash, but shall instead be deferred and distributed later to the Participant (or in the event of
the Participant’s death, to his or her Beneficiary) in accordance with the provisions of Article 6
of this Plan. Notwithstanding the preceding sentence, a Participant may elect during the applicable
Election Period to receive such amount in the form of Steelcase Inc. Class A Common Stock in lieu
of deferral.

          4.2 Participant Election Between Cash and Deferral.

          During the applicable Election Period, a Participant may elect a percentage (in one percent
(1%) increments, up to one hundred percent (100%)) of the Participant’s Director’s Fees remaining
following application of Section 4.1, to be earned in the following Plan Year, that shall not be
paid in cash, but shall instead be deferred and distributed later to the Participant (or in the
event of the Participant’s death, to his or her Beneficiary) in accordance with the provisions of
Article 6. All elections under this Section 4.2 shall be made separately with respect to the
Participant’s meeting fees and the portion of quarterly retainer fees remaining following
application of Section 4.1.

-5-

 

          4.3 Initial and Subsequent Election Periods

          Any elections made pursuant to Sections 4.1 and 4.2 by a new Participant during the
Participant’s initial Election Period shall apply only to Director’s Fees earned for the
remainder of the Plan Year following the date of the election and shall be irrevocable. All other
deferral elections are irrevocable after the December 31 preceding the first day of the Plan Year
for which they are in effect. Elections shall remain in effect for all subsequent Plan Years
unless a new election is made during a subsequent Election Period.

Article 5

Deferral Account

          5.1 Deferral Accounts

          The Administrative Committee shall establish a Deferral Account for each Participant. The
portion of each Participant’s Director’s Fees deferred pursuant to Article 4 shall be credited to
the Participant’s Deferral Account as of the applicable Deferral Date. The Administrative Committee
shall maintain records for each Deferral Account until the balance of the Deferral Account has been
paid in full pursuant to Article 6. The Administrative Committee shall provide each Participant
with a written statement reflecting the amounts credited to his or her Deferral Account at least
annually. The Administrative Committee may engage the services of any third parties it deems
appropriate to provide assistance with record keeping.

          5.2 Debits/Credits to Deferral Accounts

          As of each Valuation Date subsequent to the establishment of the Participant’s Deferral
Account, until such time as the Deferral Account is paid to the Participant, the Administrative
Committee shall credit/debit the Deferral Account with earnings, profits, gains or losses that
would have been credited/debited if assets equal to the balance of the Deferred Account had been
invested since the preceding Valuation Date in the investment media described in Section 5.3.

          5.3 Investment Media

          The Administrative Committee, in its sole discretion may periodically designate certain
mutual funds or other investment media among which the Participant may request that his or her
Deferral Account should, for the purposes of Section 5.2, be deemed invested. Current investment
media include a Steelcase Stock Fund, an index equity fund, a balanced fund and a money market
fund. The Steelcase Stock Fund valuation will be based on the weighted average price of the stock
traded on the relevant Deferral Date or Valuation Date. The Performance Deferral shall be deemed
invested in the Steelcase Stock Fund. The remainder of the Participant’s Deferral Account shall be
deemed invested as the Participant elects. The Participant may alter his or her selection among
the investment media either for the Participant’s existing Deferral Account balance and/or future
deferrals in one percent increments (or such other increments that the Administrative Committee
may specify) once each Plan Year (or at such other intervals as the Administrative Committee may
specify); provided that Performance Deferral, as adjusted pursuant to Section 5.2, must remain
deemed invested in the Steelcase

-6-

 

Stock Fund. In the absence of any written direction, the Participant’s entire Deferral
Account shall be deemed invested in the Steelcase Stock Fund. A Participant’s deemed
investment selection shall remain in effect until changed by the Participant.

          The Administrative Committee may elect either to invest funds equal to the amounts
credited to the Participant’s Deferral Account as elected by the Participant, invest funds
targeted to pay Plan obligations in any other manner or not make investments in connection
with Plan obligations. The actual investment shall not affect the obligation of the
Company to provide a benefit as if the Deferral Account were actually invested as
suggested by the Participant. The Administrative Committee shall establish such procedures
and forms as are appropriate to implement the fund selection process of this Section 5.3.

Article 6

Payments

          6.1 Timing

          The Participant’s Deferral Account shall be paid or begin to be paid to the
Participant, or to his or her Beneficiary in the event of the Participant’s death, no later
than 90 days after the end of the Plan Year during which the Participant has a Separation
from Service. The amount to be paid shall be determined by the value of the Participant’s
Deferral Account as of the last day of that Plan Year. In no event, however, will any
payment be made to a Key Employee earlier than the six-month anniversary of the date of the
Participant’s Separation from Service, unless the Participant dies prior to the end of the
six-month period. The delay of a payment as a result of the Key Employee rule will not
delay the payment of any future payment to which the Participant is entitled.

          6.2 Form of Payment

          The Participant may elect the period over which the balance in his or her Deferral
Account shall be paid by the Company to the Participant (or to his or her Beneficiary, in
the event of the Participant’s death) from among the following:

          (a) One lump sum, or

          (b) Annual installment payments over five years, or

          (c) Annual installment payments over ten years.

          The Participant’s election with respect to Directors Fees earned prior to January 1,
2005 must be made prior to the Plan Year during which the Participant ceases to be a member
of the Board of Directors of the Company. The Participant’s election with respect to
Directors Fees earned on or after January 1, 2005 must be made during the first Election
Period that applies to Directors Fees earned after December 31, 2004, during which the
Non-Employee Director is a Participant. Any election made after the dates set forth above
shall not be effective.

-7-

 

          In the event the Participant fails to timely elect the form of payment for his or her
Pre-2005 Deferral Account or Post-2004 Deferral Account, his or her Pre-2005 Deferral Account
balance and/or Post-2004 Deferral Account balance shall be paid in one lump sum. The benefit of a
Participant who has elected an installment payment option and dies after beginning to receive
installment payments shall continue to be paid to the Participant’s Beneficiary in such
installments. The Participant may designate a form of payment for death benefits to be paid in the
event the Participant dies before benefits to him or her begin that is different than the election
for the payments to be made during the Participant’s lifetime.

          6.3 Payment Medium

          The payments made by the Company with respect to the Participant’s Deferral Account pursuant
to Sections 6.1 and 6.2 above shall be made in cash (reduced by applicable tax withholdings).
Annual payments made in accordance with Sections 6.2(b) and 6.2(c) shall be in an amount equal to
a percentage of the Participant’s Deferral Account balance as of the Valuation Date on or
immediately preceding the Payment Date, determined by dividing that balance by the remaining years
of the payment term.

Article 7

Miscellaneous

          7.1 No Trust

          Nothing contained in this Plan and no action taken pursuant to the provisions hereof shall
create or deem to create a trust of any kind, or a fiduciary relationship between the Company and
the Participant, the Participant’s Beneficiary or any other person. To the extent that any person
acquires the right to receive benefits from the Company under this Plan, such right shall be no
greater than the right of any other unsecured general creditor of the Company, and such person
shall have no claim on, or any beneficial interest in, any assets of the Company. The Company may
establish bookkeeping reserves or any funding media, including grantor trusts, to cover its
obligation to make the payments contemplated under Article 6, but amounts designated in such
bookkeeping reserves or contained in such funding media as are established shall remain solely
those of the Company and shall be subject to the claims of the creditors of the Company until
actually paid to the Participant or to the Participant’s Beneficiary. The provisions of this Plan
do not operate as a guarantee that sufficient assets will exist for the Company to pay any Plan
benefits.

          7.2 Nonforfeitability

          The Participant’s rights to any payments under this Plan shall at all times be
nonforfeitable.

          7.3 Spendthrift Provision

          Benefits, payments, proceeds, claims, rights or interest of the Participant or the
Participant’s Beneficiary to or under this Plan shall not be subject in any manner to any claims,
attachments or encumbrances due to the death, contracts, liabilities, engagements or torts of the

-8-

 

Participant or the Participant’s Beneficiary, directly or indirectly, or be subject to any claim
of any creditor of the Participant or the Participant’s Beneficiary, through legal process or
otherwise; nor shall the Participant or the Participant’s Beneficiary be able or permitted in any
manner to transfer, encumber, pledge, anticipate, alienate, sell, or assign any such benefits,
payments, proceeds, claims, rights or interest, contingent or otherwise.

          7.4 Successors, Etc.

          This Plan shall be binding upon and benefit the Company and its successors, and the
Participant and the Participant’s Beneficiary, their heirs and personal representatives, all in
accordance and subject to the terms of this Plan.

          7.5 Severability

          Each provision of this Plan shall be independent of and separable from every other provision
of this Plan and should any provision of this Plan be deemed or be declared to be contrary to or
unenforceable under any law, whether constitutional, statutory or otherwise, all of the remaining
provisions of this Plan shall remain in full force and effect.

          7.6 Governing Law

          This Plan shall be governed in all respects, whether as to validity, construction, capacity,
performance or otherwise, under the laws of the State of Michigan, except to the extent superseded
by federal law.

          7.7 Number Construction

          In all cases where they would so apply, words used in the singular shall be construed to
include the plural.

          7.8 Amendment and Termination of Plan

          The Compensation Committee of the Board of Directors may amend or terminate this Plan at any
time. The amendment or termination of the Plan shall not reduce amounts already credited to the
Participant’s Deferral Account. In the event the Plan is terminated, the Administrative Committee
may, in its sole discretion, immediately distribute the balance of the Participant’s Pre-2005
Deferral Account.

          The Participant shall be entitled to receive the amount credited to his Post-2004 Deferral
Account upon satisfying the requirements for payment of benefits under the Plan. However, the
Company may pay the Participant the amount credited to the Participant’s Post-2004 Deferral
Account at any time after the Plan is terminated if the payment is permitted by Section 409A of
the Internal Revenue Code.

          7.9 Interpretation and Implementation

          The Administrative Committee shall have exclusive and final authority and sole and absolute
discretion with respect to (a) the interpretation and implementation of the terms and

-9-

 

provisions of this Plan, (b) exercising any of its powers or duties under this Plan and (c) the
adoption or amendment of such procedures or practices as it deems necessary, helpful or
appropriate, for purposes of administering this Plan.

          7.10 Administrative Committee

          The Administrative Committee may delegate any of its powers, authorities or responsibilities
under the Plan to any other person or committee so designated by it in writing. The Administrative
Committee may employ the agents or advisors it deems appropriate to fulfill its duties under the
Plan. No member of the Administrative Committee shall be personally liable to any person for any
action taken or omitted in connection with performing its duties under the Plan, unless due to
that member’s own willful misconduct, gross negligence, or lack of good faith.

          7.11 Claims and Appeals

          In the event Participants or Beneficiaries believe they are entitled to a payment from the
Company that has not been made, they may submit a claim for benefits to the Administrative
Committee. Any denial of a claim shall be made by the Administrative Committee in writing and
shall specify the Plan provisions upon which the denial is based and any additional information or
documentation which the Participant or Beneficiary would need to submit to perfect his or her
claim. The Participant or Beneficiary may appeal in writing to the Administrative Committee any
denial of his or her claim within 90 days following the denial, and shall include any additional
information or documentation helpful to support the claim. The Administrative Committee’s decision
shall be made in writing within a reasonable time period following receipt of the appeal and shall
be final and binding on the Participant, any Beneficiary and the Company.

Signature

     The Company has signed the amended and restated Steelcase Inc. Non-Employee Director Deferred
Compensation Plan this
3rd day of October,   2008.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	STEELCASE INC.
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Attest: By:	 	/s/ John Hagenbush	 	 	 	By:	 	/s/ Nancy W. Hickey
	 	 	 	 	 	 	 	 	 
	 

	 	Its:
Director Global Compensation
	 	 	 	 	 	Its:

Sr. VP, CAO

-10-

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