SEC Contract Filing

Filing Date: 2022-07-26

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<DIV><FONT size="1" style="font-size:1pt;color:white"> June 13, 2021 Christopher Baldwin 3235 Meadow Ln Collegeville, PA 19426 Dear Chris, We are excited about the acquisition of Knoll, Inc. (&#8220;Knoll&#8221;) by Herman Miller, Inc. (&#8220;Herman Miller&#8221;) and we believe that your leadership role is essential to the transition and future long terms growth of the combined organization and will be a key to its future success. We are pleased to extend this offer for you to join Herman Miller as our Group President &#8211; Newco (Company name to be determined), reporting to our Chief Executive Officer, effective upon the completion of the acquisition. Your responsibilities will include, but not be limited to, the Knoll brand, the Group brands and the International business unit. Reference is made to the Agreement and Plan of Merger (the &#8220;Merger Agreement&#8221;) among Herman Miller, Heat Merger Sub, Inc. (&#8220;Merger Sub&#8221;) and Knoll, dated as of April 19, 2021, pursuant to which Merger Sub will merge with and into Knoll (the &#8220;Merger&#8221;) with Knoll surviving as a wholly owned subsidiary of Herman Miller. This letter (this &#8220;Letter&#8221;) is intended to memorialize our agreement regarding the terms of your employment with Herman Miller, and your related compensation and benefits, upon and following the closing of the Merger (the &#8220;Closing&#8221;). In the event that (i) your employment with Knoll terminates for any reason prior to the date on which the Closing occurs (the &#8220;Effective Date&#8221;), or (ii) the Merger Agreement is terminated without the occurrence of the Merger, this Letter will be void ab initio and will have no further force or effect and none of the parties will have any obligations hereunder. Capitalized terms used but not otherwise defined herein will have the meanings given to them in the Merger Agreement Base Salary Your annual base salary will be $561,000 (less deductions required by law) payable every other week in accordance with Herman Miller&#8217;s standard payroll procedures. Any future base pay increases will be driven by job performance, pay administration program guidelines and review of competitive market data. Bonus In accordance with the terms of the Merger Agreement, in respect of calendar year 2021 you will receive an annual cash bonus payment of $500,000, which is equal to your target bonus opportunity under the Knoll annual bonus program, subject to your continued employment with Herman Miller through December 31, 2021. Such annual cash bonus payment will also be payable to </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> 2 you if experience a Qualifying Termination (as defined below) on or after the Effective Date and prior to December 31, 2021. If the requirements for payment are met, this bonus will be paid to you within 30 days following the earlier of December 31, 2021 and your Qualifying Termination. Beginning in January 2022, you will be eligible to participate in Herman Miller&#8217;s annual Executive Cash Incentive Bonus, with a target award equal to 70% of your annual base salary. The amount of the award will be based on the level of achievement of such corporate and/or individual performance goals as are determined by the Herman Miller Board Executive Compensation Committee (&#8220;BECC&#8221;) from time to time. Your actual bonus award payout for Herman Miller&#8217;s 2022 fiscal year will be prorated for the period from January 2022 through May 2022 to avoid duplication with respect to your Knoll annual bonus payment for calendar year 2021, and will be paid to you at the same time as fiscal year 2022 bonuses are paid to other executives who participate in Herman Miller&#8217;s annual Executive Cash Incentive Bonus. The details of the Executive Cash Incentive Bonus are provided separately and are governed by the BECC. Long-Term Incentive You will also be eligible to participate in our Long-Term Incentive (&#8220;LTI&#8221;) Program; the first grant will be provided on the later of (i) the date that other Herman Miller executives receive their 2021 annual LTI award, which is expected to occur in in the third quarter of the 2021 calendar year and (ii) the first business day following the Effective Date. The target grant date value for your first LTI grant is $315,600, which represents an annualized opportunity of 135% of your annual base salary, prorated for the period from January 2022 through May 2022 to avoid duplication with respect to your Knoll long-term incentive award granted in calendar year 2021. The targeted award value, amount granted, and type of equity-based instrument used to deliver award value is subject to annual adjustment by the BECC. The LTI grant award agreements include a confidentiality covenant that applies during employment and for 12 months thereafter, as well as a non-competition and non-solicitation covenant that applies during employment and for 12 months thereafter. Assumed Awards Upon the Closing, the equity awards granted to you by Knoll prior to the Closing (the &#8220;Assumed Awards&#8221;) will be assumed by Herman Miller in accordance with the terms of the Merger Agreement and will otherwise continue to be subject to their terms and conditions in effect as of immediately prior to the