Management ChangeMay 21, 2026, 04:42 PM
HNI CORP CFO Berger Gets New Change in Control Agreement
AI Summary
HNI CORP's Board approved a new Change in Control (CIC) Employment Agreement for Executive Vice President and CFO Vincent P. Berger II, effective June 1, 2026. This agreement, substantially identical to the prior one, aims to ensure management continuity during a potential change in control. It outlines severance benefits, including a lump-sum payment and continued benefits, upon a double-trigger event. Additionally, the company held its annual shareholders' meeting on May 20, 2026, with 63,426,629 shares voted.
Key Highlights
- HNI CORP approved a new Change in Control (CIC) Employment Agreement for CFO Vincent P. Berger II.
- The new agreement is effective June 1, 2026, replacing a prior agreement from June 1, 2016.
- Severance benefits include a lump-sum payment of two times base salary plus average two-year incentive.
- Benefits also cover annual salary through termination, a bonus, and up to 18 months of medical/dental.
- Mr. Berger is subject to confidentiality and non-competition for one year post-termination.
- The Corporation's annual shareholders' meeting was held on May 20, 2026.
- There were 71,992,908 shares outstanding, with 63,426,629 shares voted at the meeting.
Price Impact
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