Form 4: MillerKnoll CFO Jeffrey Stutz Receives Stock Grants

Jeffrey Stutz, CFO of MillerKnoll, received restricted stock units (RSUs) on July 16, 2024, according to a Form 4 filing.

Summary

• Jeffrey M. Stutz, the Chief Financial Officer of MillerKnoll, Inc., received two grants of restricted stock units (RSUs) on July 16, 2024.
• The first grant consists of 20,696 RSUs that vest over three years, with 33% vesting on July 22nd of each of the first two years and 34% vesting on July 22nd of the third year.
• The second grant consists of 32,066 RSUs that will cliff vest on July 22, 2025.
• These RSUs were granted because the executive elected to receive their fiscal 2024 annual incentive bonus in the form of RSUs under the Company's Long-term Incentive Plan, instead of a cash bonus under the Company's Annual Incentive Plan.
• Following these transactions, Stutz directly owns 55,488 RSUs from the first grant and 87,554 RSUs from the second grant.

Sentiment

Score: 7

Explanation: The document reflects a standard executive compensation practice, suggesting stability and alignment of interests. It's a neutral-positive indicator.

Positives

• The grant of RSUs to the CFO aligns his interests with those of the shareholders.
• The vesting schedules of the RSUs incentivize the CFO to remain with the company for the long term.

Future Outlook

The document does not contain specific forward-looking statements beyond the vesting schedules of the RSUs.

Management Comments

• The document does not contain direct quotes, but it implies that the company is using RSUs as part of its long-term incentive plan to reward executives.

Industry Context

Granting RSUs to executives is a common practice in publicly traded companies to align management's interests with those of shareholders and incentivize long-term performance.

Comparison to Industry Standards

• RSU grants are a standard form of executive compensation, comparable to practices at companies like Herman Miller (now part of MillerKnoll) and Steelcase, which also utilize equity-based compensation.
• The vesting schedules described are typical, with three-year vesting being a common structure.

Stakeholder Impact

• The RSU grants align the CFO's interests with those of shareholders, potentially leading to better long-term performance.
• Employees may view the RSU grants as a positive sign of the company's commitment to its executives.

Key Dates