Document:

exv10w4

 

Exhibit 10.4

2007-1 AMENDMENT

TO THE

STEELCASE INC.

MANAGEMENT INCENTIVE PLAN

(Most recently amended and restated effective as of March 1, 2002)

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

     Pursuant to Section 9.1 of the Plan, the Company amends the Plan as follows:

A.

     Section 2 of the Plan is amended to replace the language in Section 2.2 with the following:

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

B.

     Section 2 of the Plan is amended to replace the language in Section 2.5 with the following:

““Company” means Steelcase Inc., including all consolidated subsidiaries,
unconsolidated or consolidated partnerships and joint ventures of Steelcase Inc. and in the
case of determining whether a Change in Control has occurred, the Company shall mean
Steelcase Inc.”

C.

     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.

“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

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	 	(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.

“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.

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“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.”

D.

     There shall be a new Section 8 of the Plan and then the sections shall be re-numbered
thereafter:

          “SECTION 8: CHANGE IN CONTROL

          8.1 Annual Component. Upon a Change in Control, the annual component of the
Participant’s incentive compensation dollar amount for the Plan Year, if any, shall be prorated at
target, based on the Participant’s time of active employment as a Participant during the Plan Year
through the date of the Change in Control. The prorated bonus shall be paid as a single lump sum
payment to the Participant as soon as reasonably practicable following the date of the Change in
Control.

          8.2 Long-Term Component.

     (a) Upon a Change in Control, the long-term component of the Participant’s incentive
compensation for the Plan Year, if any, shall be prorated at target, based on the Participant’s
time of active employment as a Participant during the Plan Year through the date of the Change in
Control. The prorated bonus shall be paid as a single lump sum payment to the Participant as soon
as reasonably practicable following the date of the Change in Control.

     (b) Upon a Change in Control, the balance in the Participant’s long-term incentive
compensation account as of the date of the Change in Control, after appropriate crediting or
debiting for such period, shall be fully paid to the Participant on an accelerated basis as a
single lump sum payment 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.”

E.

     Section 10 of the Plan is amended to add a new Section 10.2 and then the sections shall be
renumbered thereafter:

     “10.2 Clawback. If the Company’s financial results are materially restated, the Committee
may review the circumstances surrounding the restatement and

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determine whether and which the
Participants will be required to forfeit the right to receive any future payments under Section 7
of the Plan and/or repay any prior payments determined by the Committee to have been
inappropriately received by the Participant. If the Company’s financial results are restated due
to fraud, any Participant who the Committee determines participated in or is responsible for the
fraud causing the need for the restatement forfeits the right to receive any future payments under
Section 7 of the Plan and must repay any amounts paid in excess of the amounts that would have been
paid based on the restated financial results. Any repayments required under this Section 10.2 must
be made by the Participant within ten (10) days following written demand from the Company. This
Section 10.2 applies only to Participants in the Plan who also participate in the Steelcase Inc.
Executive Severance Plan.”

G.

     In all other respects, the Plan remains unchanged.

     IN WITNESS OF WHICH, Employer executes this 2007-1 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 	 
	 	 	 	 
	 

5exv10w5

 

Exhibit 10.5

2007-1 AMENDMENT

TO THE

STEELCASE INC.

INCENTIVE COMPENSATION PLAN

(Most recently amended and restated effective as of March 1, 2002)

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

     Pursuant to Section 18.1 of the Plan, Employer amends the Plan as follows:

A.

     Section 2 of the Plan is amended to replace the language in Section 2.7 with the following:

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

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

 

 

	 		 	on the date hereof or whose appointment, election or nomination for
election was previously so approved or recommended; or

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

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

	Notwithstanding the foregoing, a Change in Control shall not be deemed to have occurred by virtue
of the consummation of any transaction or series of integrated transactions immediately following
which the record holders of the common stock of the Company

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	 	 	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.”

B.

     Section 2 of the Plan is amended to replace the language in Section 2.12 with the following:

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

C.

     Section 2 of the Plan is amended to replace the language in Section 2.14 with the following:

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

D.

     Section 2 of the Plan is amended to replace the language in Section 2.29 with the following:

          “2.29 “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.”

E.

     Section 2 of the Plan is amended to delete Section 2.20 “IPO Date” and the defined terms will
be re-numbered thereafter.

F.

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

3

 

          “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.”

G.

     The Plan is amended to add a new Article 19 and then the articles shall be renumbered
thereafter:

          “Article 19 Clawback

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

F.

     In all other respects, the Plan remains unchanged.

     IN WITNESS OF WHICH, Employer executes this 2007-1 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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