Form 4: MillerKnoll Director Michael R. Smith Reports Stock Option Grant and Phantom Stock Transactions

Director Michael R. Smith reports acquisition of stock options and phantom stock, along with disposition of phantom stock for MillerKnoll, Inc.

Summary

• On January 15, 2025, Michael R. Smith, a director of MillerKnoll, Inc., reported transactions involving the company's stock.
• Smith acquired 9,905 non-qualified stock options with an exercise price of $21.9, expiring on January 15, 2035.
• He also acquired 3,835.6164 shares of phantom stock.
• Additionally, Smith disposed of 508.3291 shares of phantom stock.
• The transactions also included the acquisition of 508.3291 shares of common stock at a price of $21.9.
• Smith also disposed of 0.3291 shares of common stock in lieu of fractional shares at $21.9.
• Following these transactions, Smith directly owns 1,793 shares of common stock.
• Smith also holds 9,905 non-qualified stock options and 19,247.8237 shares of phantom stock.

Sentiment

Score: 6

Explanation: Neutral sentiment as it's a standard disclosure of insider transactions. The acquisition of stock options and phantom stock could be seen as a slightly positive sign, indicating confidence in the company's future performance.

Positives

• The grant of stock options and phantom stock may incentivize the director to align their interests with the company's long-term success.

Future Outlook

The document does not contain specific forward-looking statements, but the stock option grant suggests an expectation of future value creation.

Industry Context

This filing is a routine disclosure related to insider transactions, common in publicly traded companies. It provides transparency regarding the holdings and transactions of company directors.

Comparison to Industry Standards

• Stock option grants to directors are a common practice in publicly traded companies to align their interests with shareholders.
• The size and terms of the grant would need to be compared to similar companies in the furniture and design industry to assess its competitiveness.
• Companies like Herman Miller (now part of MillerKnoll), Steelcase, and Knoll (prior to the merger) have similar compensation structures for their directors.

Stakeholder Impact

• Shareholders may view the stock option grant as a positive sign, aligning director interests with company performance.
• The transactions have a minimal direct impact on employees, customers, suppliers, or creditors.

Key Dates