Knoll, Inc. 2006 Incentive Compensation Program Award Letter to Steve Grover
Knoll, Inc. informs Steve Grover that he is eligible to participate in the company's 2006 Incentive Compensation Program. The award, up to $250,000, is contingent on achieving specific financial and operational goals, including a $110.6 million operating profit, certain gross profit and budget targets. The award is subject to approval by Knoll's Board of Directors, and Steve must be employed at the time of payment to receive it. The letter outlines the company's confidence in Steve's ability to help meet these objectives.
January 23, 2006
Steve Grover
East Greenville, PA
Dear Steve:
It is our great pleasure to inform you that you will be a participant in the 2006 Knoll, Inc. Incentive Compensation Program.
We need to do three things to succeed in 2006. Improve our gross margins, continue to build on the sales and marketing initiatives that allowed us to gain share in 2005 and diligently manage our spending.
Our success in 2006 will be a direct result of your ability to accomplish these objectives and achieve $110.6M Knoll, Inc. operating profit. Additionally, your award will be based on 95% MCCOT for NA Operations, North America Gross Profit 34.7% and meeting the Sr. Operations budget of $1.5M.
If you achieve this goal and Knoll earns an operating profit of $110.6M, you can qualify for a total target incentive payment of $250,000.
This award is subject to our approval and that of the Knoll, Inc. Board of Directors. You must be employed by Knoll on the date this award is distributed in order to receive this incentive.
We have great confidence in your ability to help Knoll profitably grow and look forward to being able to present you with your award in early 2007.
/s/ Kass /s/ Andrew Cogan
Kass Bradley Andrew Cogan
