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MLHR > SEC Filings for MLHR > Form 8-K on 19-Jul-2013All Recent SEC Filings

Show all filings for MILLER HERMAN INC



Change in Directors or Principal Officers

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Effective July 15, 2013, the Herman Miller, Inc. Board of Directors and the Executive Compensation Committee (1) awarded long term incentive awards to the CEO and other named executives under the Long Term Incentive Plan (LTIP) for the 2013 fiscal year at the target award amounts established in July 2012; (2) approved new base salaries levels and established target payout percentages under the Executive Incentive Cash Bonus Plan and the LTIP for the CEO and other named executives for the 2014 fiscal year. Achievement of the targets under the Executive Incentive Cash Bonus Plan (if approved by shareholders at our upcoming annual meeting) is primarily based on EBITDA (earnings before interest, taxes, depreciation and amortization) improvement from the prior year as determined by the Executive Compensation Committee. The table below presents the FY2014 base salary levels, the Executive Incentive Cash Bonus Plan target percent of base salary level, and the LTIP award target value as a percentage of base salary level.
Named Executive        FY 2014 Base    FY 2014 Target     FY 2014 Target
                          Salary       Bonus as a % of    Value of Grants
                                           Salary         under LTIP as %
                                                             of Salary
Brian C. Walker        $   840,000               100 %               280 %
Gregory J. Bylsma      $   395,000                65 %               115 %
Curtis S. Pullen       $   395,000                65 %               115 %
Kenneth L. Goodson     $   250,000                 - %                 - %
Andrew J. Lock            245,262                65 %                90 %

Herman Miller, Inc. entered into an agreement with Mr. Goodson on July 16, 2013, that provides for his transition from his current role as the Executive Vice President of Operations to Strategic Consultant - Operations for a two year period that will end in July 2015. While Mr. Goodson will continue to serve as an employee of the company, he will no longer participate in the LTIP, Executive Incentive Cash Bonus Plan, or any other bonus programs. The Executive Compensation Committee also approved the grant of 5,219 restricted stock units to Mr. Goodson. These grants will cliff vest after 3 years subject to certain vesting requirements including a non-competition and non-solicitation agreement that extends one year after the agreement expires.

Effective July 15, 2013 the Board of Directors designated H. Timothy Lopez, Senior Vice President, Legal Services & Secretary and Jeff Kurburski, Vice President, Information Technology as Section 16 Officers.

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