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MLHR > SEC Filings for MLHR > Form 8-K on 18-Jul-2014All Recent SEC Filings

Show all filings for MILLER HERMAN INC

Form 8-K for MILLER HERMAN INC


18-Jul-2014

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 14, 2014, the Herman Miller, Inc. Board of Directors and the Executive Compensation Committee (1) awarded long terms incentive awards to the CEO and other named executives under the Long Term Incentive Plan (LTIP) for the 2014 fiscal year at the target award amounts established in July 2013; (2) approved new base salary 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 2015 fiscal year. Achievement of the targets under the Executive Incentive Cash Bonus Plan 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 FY2015 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 for the named executives whose compensation was changed.

Named Executive      FY 2015 Base Salary    FY 2015 Target     FY 2015 Target
                                           Bonus as a % of    Value of Grants
                                                Salary        under LTIP as %
                                                                 of Salary
Brian C. Walker      $875,000              100%               280%
Gregory J. Bylsma    $407,000              65%                120%
Curtis S. Pullen     $407,000              65%                120%
Andrew J. Lock       251,639              65%                95%


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