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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Herman Miller, Inc.    MLHR

HERMAN MILLER, INC.

(MLHR)
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MILLER HERMAN INC : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

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07/19/2019 | 03:13pm EDT
Item 5.02.   Departure of Directors or Certain Officers; Election of Directors;
             Appointment of Certain Officers; Compensatory Arrangements of
             Certain Officers


(e) Compensatory Arrangements of Certain Officers

On July 15, 2019, the Board of Directors and Executive Compensation Committee of Herman Miller, Inc. (the "Company") terminated the Company's 2013 Executive Incentive Cash Bonus Plan effective June 1, 2019 and adopted a new 2019 Executive Incentive Cash Bonus Plan effective June 2, 2019 (the "2019 Plan"). Since 2013, the Board has utilized an EBITDA performance measurement system to provide the framework for the Company's incentive compensation plans. The 2019 Plan replaced EBITDA with Adjusted Operating Income as the primary performance measure under the plan.

The following is a brief description of the 2019 Plan, which is qualified in its entirety by reference to the complete text of the 2019 Plan set forth in the attached Exhibit 10.

Eligibility for participation in the 2019 Plan is limited to select employees as determined by the Executive Compensation Committee or a subcommittee thereof (the "Committee") or by an executive officer pursuant to Section 3 of the 2019 Plan.

The 2019 Plan establishes a means of providing performance-based cash compensation to employees based upon the Company's Adjusted Operating Income, as defined in the 2019 Plan, as well as individual or other performance criteria for a particular participant as established by the Committee.

The actual bonus earned by a participant pursuant to the 2019 Plan may be a multiple (as low as zero or as much as two times) the target bonus established for the participant. All bonuses are required to be paid within 30 days after the Committee certifies the bonus factor for a particular fiscal year and determines whether the participants have met any other performance criteria established for that year.



Item 9.01.  Financial Statements and Exhibits
Exhibits.
10      Herman Miller, Inc. 2019 Executive Incentive Cash Bonus Plan



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