MILLERKNOLL INC
For the period ended Jun 1, 2024. Filed Aug 30, 2024.
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Jun 1, 2024 · Filed Aug 30, 2024
Contents
Compensation Program Changes for Fiscal 2025
| Table of Contents | Executive Compensation |
|---|
Compensation Program Changes for Fiscal 2025
For fiscal 2025, the Committee approved the following changes to the LTIP as presented in the table below.
| Change | Rationale |
|---|---|
| •Adopted a new LTI mix for all Leadership Team Members:•60% PSUs•40% RSUs•For 2025 PSU grants, modified the performance metrics to the following:•50% EBITDA, As Adjusted(1)•50% Revenue•Relative TSR (modifier) | •The Committee determined to increase the line of sight for executives and further emphasize long-term financial performance and bolster alignment with shareholders’ interests.•Stock options were not granted in favor of increased emphasis on PSUs.•RSUs provide additional focus on stock price appreciation and provide additional retention incentive. |
(1)EBITDA, As Adjusted is the Company’s net income or loss before interest, taxes, depreciation, and amortization, excluding earnings attributable to noncontrolling interests and plus or minus any adjustments approved by the Committee.
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