Knoll, Inc. 2007 Incentive Compensation Letter Agreement with Stephen A. Grover
This letter agreement from Knoll, Inc. informs Stephen A. Grover that he is eligible to participate in the company's 2007 Incentive Compensation Program. If Mr. Grover meets specific performance goals related to gross profit, SCCOT, and overall company operating profit, he may receive a target incentive payment of $275,000. The final award is subject to approval by Knoll's Board of Directors, who may adjust the amount based on company and individual performance. Mr. Grover must be employed at the time of payment to receive the incentive.
December 5, 2006
Steve Grover
East Greenville, PA
Dear Steve:
It is our great pleasure to inform you that you will be a participant in the 2007 Knoll, Inc. Incentive Compensation Program.
We need to do three things to succeed in 2007. Improve our gross margins, continue to build on the sales and marketing initiatives that allowed us to gain share in 2005 and 2006, and diligently manage our spending.
Our success in 2007 will be a direct result of your ability to accomplish these objectives and assist Knoll in achieving its 2007 operating profit plan.
If you meet the gross profit plan for North America, achieve 95% SCCOT, and Knoll makes the 2007 operating profit plan, you can qualify for a total target incentive payment of $275,000.00.
This award is subject to our approval and that of the Knoll, Inc. Board of Directors, which may exercise discretion in adjusting your award up or down based on factors the Board of Directors deems appropriate, including Knoll's performance relative to the industry, other macroeconomic factors and your individual performance. 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 2008.
/s/ Kass Bradley /s/ Andrew Cogan
Kass Bradley Andrew Cogan
