Incentive Compensation Agreement between Knoll, Inc. and Steve Grover (2005)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Knoll, Inc. has entered into an agreement with Steve Grover, making him a participant in the company's 2005 Incentive Compensation Program. If Steve meets specific performance goals—achieving 99% manufacturing on-time and geographic scheduling, and if Knoll reaches an operating profit of $86.9 million—he may receive a target incentive payment of $240,000. The award is subject to approval by Knoll's senior leadership and Board of Directors, and Steve must be employed at the time of payment to qualify.

Read More Arrow
EX-10.32 7 dex1032.htm INCENTIVE COMPENSATION AGREEMENT ENTERED INTO BY KNOLL, INC. AND STEVE GROVER Incentive Compensation Agreement entered into by Knoll, Inc. and Steve Grover

Exhibit 10.32

 

February 7, 2005

 

Steve Grover

East Greenville, PA

 

Dear Steve:

 

It is our great pleasure to inform you that you will be a participant in the 2005 Knoll, Inc. Incentive Compensation Program.

 

As you know, 2004 was another very challenging year. Although our industry is beginning to grow again, our operating profits declined in 2004. At these lower levels of profitability, the dollars available for base incentive payments have declined.

 

In 2005 our objectives are aligned across the company to grow our sales and profits through new product introductions, expanded sales efforts and continued service enhancements while improving our gross and operating margins through a single minded focus on cost control and efficiency. Our success in 2005 will be a direct result of our ability to accomplish these objectives and achieve $86.9M in Operating Profit. Additionally, your award will be based on 99% Mfg on Time and Geographic Scheduling.

 

If you achieve this goal and Knoll reaches an Operating Profit of $86.9M, you can qualify for a total target incentive payment of $240,000.

 

This award is subject to the approval of the Chief Executive Officer of Knoll, Inc., the President and Chief Executive Officer of Knoll, NA and 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 grow and look forward to being able to present you with your target award early in 2006.

 

Kass Bradley   Andrew Cogan