HNI Corporation (NYSE:HNI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
In order to more effectively align executive incentive compensation with the long term strategies of the Corporation, on March 20, 2018, the Human Resources and Compensation Committee of the Board of Directors of HNI Corporation amended Stock Option Award Agreements for all outstanding stock options previously granted to the Corporation's executives, including its named executive officers, and certain other members of the management team, under the Corporation's 2007 and 2017 Stock-Based Compensation Plans, to remove the restriction requiring stock options to be exercised within three years following retirement. Current Stock Option Award Agreements allow for a retired stock option holder to exercise vested options until the earlier of (i) the option expiration date; or (ii) the third anniversary date of retirement. The amendment removes the second clause, which was instituted many years ago and no longer furthers the goals of the Corporation and the Committee. The Committee made the same amendment to the form of the Corporation's Stock Option Award Agreement for future option grants under the 2017 Stock-Based Compensation Plan.
The above description of the amendments to the Stock Option Award Agreements is qualified in its entirety by reference to the amended forms of the 2007 and 2017 Stock-Based Compensation Plan Stock Option Award Agreements filed as Exhibits 10.1 and 10.2 to this Report.
Financial Statements and Exhibits
HNI CORP ExhibitEX-10.1 2 amendedformofstockoptionaw.htm EXHIBIT 10.1 Exhibit Exhibit 10.1HNI Corporation 2007 Stock-Based Compensation Plan:Stock Option Award AgreementCongratulations on your selection as a Participant who will receive an option grant under the HNI Corporation 2007 Stock-Based Compensation Plan. This Award Agreement (this “Agreement”) provides a brief summary of your rights under the Plan. Capitalized terms found but not defined in this Agreement are defined in the Plan.The Plan provides complete details of all of your rights under the Plan and this Agreement,…To view the full exhibit click
About HNI Corporation (NYSE:HNI)
HNI Corporation is a provider of office furniture and hearth products. The Company manufactures and markets gas and wood burning fireplaces. It operates through two segments: office furniture and hearth products. Its office furniture segment manufactures and markets a range of metal and wood commercial and home office furniture, which includes storage products, desks, credenzas, chairs, tables, bookcases, freestanding office partitions, and panel systems and other related products. Its hearth products segment manufactures and markets a range of gas, electric, wood and biomass burning fireplaces, inserts, stoves, facings and accessories, principally for the home. Its office furniture products are sold through dealers, wholesalers and office product distributors, and are also sold directly to end user customers, and federal, state and local governments. Its hearth products are sold through dealers and distributors, as well as through the Company-owned distribution and retail outlets.