Item 1.01 Entry into a Material Definitive Agreement

On June 14, 2022, HNI Corporation (the "Corporation") amended and restated its credit facility to extend the term of its current facility.

The Corporation, certain domestic subsidiaries of the Corporation, the lenders, Wells Fargo Bank, National Association, as administrative agent, and Bank of America, N.A., as syndication agent, entered into the Fourth Amended and Restated Credit Agreement (the "Credit Agreement") on June 14, 2022. The Credit Agreement amends and restates the Third Amended and Restated Credit Agreement, dated April 20, 2018 (the "Prior Facility").

The Credit Agreement, at the preference of the Corporation, decreases the revolving commitment of the lenders from $450,000,000 to $400,000,000 (while retaining the Corporation's option under the Prior Facility to increase its borrowing capacity by an additional $150,000,000) and extends the maturity date from April 2023 to June 2028. Additionally, a subsidiary guarantor under the Prior Facility was released as guarantor under the Credit Agreement.

The Credit Agreement contains customary affirmative and negative covenants, events of default, and acceleration provisions for credit facilities of this type. The covenants permit the Corporation to use proceeds of the loans to provide for the working capital and general corporate requirements of the Corporation, including acquisitions, payment of dividends, and stock repurchases. All other material terms and conditions of the Credit Agreement remain unchanged from the Prior Facility, a description of which can be found in "Note 7. Debt" in the Notes to Consolidated Financial Statements included in the Corporation's Annual Report on Form 10-K filed on March 1, 2022.

Some of the lenders or their affiliates perform commercial banking, investment banking, underwriting, and other financial advisory services for the Corporation, for which they receive customary compensation.

The foregoing description of the Credit Agreement and related matters is only a summary and is qualified in its entirety by reference to the Credit Agreement, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information contained in Item 1.01 is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits



(d) Exhibits

    Exhibit No.      Description
        10.1           Fourth Amended and Restated Credit Agreement, dated as of June 14, 2022, by
                     and among HNI Corporation, as borrower, certain domestic subsidiaries of HNI
                     Corporation, as guarantors, certain lenders and Wells Fargo Bank, National
                     Association, as administrative agent
        104          Cover Page Interactive Data File

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