Item 5.02 Departures of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers
(e) Compensatory Arrangements of Certain Officers
As announced in the press release filed with Item 9.01 of this Form 8-K, Herman
Miller, Inc. (the "Company") is implementing a 10% reduction in cash
compensation for a majority of the Company's salaried workforce (including each
of the executive officers named in the next paragraph of this Item 5.02), is
immediately suspending certain employer-paid retirement contributions, is
suspending previously-planned compensation increases, and is suspending its cash
incentive bonus program for the upcoming fiscal year that will end in May 2021.
In addition to these changes, an additional 50% of the salary payable to Andrea
R. Owen, the Company's President and CEO, will be deferred, and an additional
15% of the salary payable to the rest of the leadership team, including each of
Jeffrey M. Stutz (EVP and CFO), Gregory J. Bylsma (President - North America
Contract), Jeremy J. Hocking (President - Herman Miller International), and B.
Ben Watson (Chief Creative Officer), will be deferred. The Company currently
expects the deferred amounts to be payable no later than March 2021.
Item 7.01 Regulation FD Disclosure
On April 3, 2020, Herman Miller, Inc. issued a press release announcing a set of
actions related to cost reductions and temporary dividend actions in response to
the uncertain economic outlook from the COVID-19 pandemic.
The information in this Item 7.01 shall not be deemed filed for purposes of
Section 18 of the Securities Act of 1934, as amended, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933, as
amended, except as shall be expressly set forth by specific reference in such
filing.
Item 9.01 Financial Statements and Exhibits
Exhibits
99.1 Herman Miller, Inc. Press Release dated April 3, 2020
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