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Herman Miller Offers Special Stock Option Grant to Non-Executive Employees in North America

Herman Miller Offers Special Stock Option Grant to Non-Executive Employees in North America

Published 06-30-00

Submitted by Herman Miller, Inc.

More than 7,000 Herman Miller employees throughout North America have been granted a stock option by the company in recognition of "great work during a tough year," according to Herman Miller's CEO Michael A. Volkema.

The award of an option for 100 shares of stock to each non-executive, North American-based employee was proposed by the company's executives and approved by the Herman Miller Board of Directors.

"Following a year of significant investment for the future of our business, the leadership team felt that our employee-owners should have a greater share when we realize the payoff of those investments," said Volkema. "This will allow our people to participate in the rewards of that investment in the future."

The special, one-time grant will be made to qualifying employees effective July 5, 2000. The exercise price for the options will be established at the close of the NASDAQ market that same day. The options will vest on July 5, 2001. The company is providing 706,300 shares to North American employees who have been with Herman Miller for the entire fiscal year. The company is exploring the legal and tax implications of providing 100 stock options to each non-executive employee based outside of North America, which would add another 54,600 shares for international employees.

"This broad-based option grant is consistent with Herman Miller's long history of employee ownership and our firm conviction that owners are more likely to create great economic value in the business," said Herman Miller's Chief Financial Officer Elizabeth Nickels. Nickels noted that the company also provides stock ownership opportunities to employee-owners through an Employee Stock Purchase Plan, a Profit Sharing Plan and through a 401K Plan.

Herman Miller creates great places to work by researching, designing, manufacturing and distributing innovative interior furnishings that support companies all over the world. The company's award-winning products, generating nearly $2 billion in revenue during FY 2000, are complemented by primary furniture-management services, which are provided corporately and through a dealer network of independent distribution. Based in Zeeland, Michigan, Herman Miller is widely recognized both for its products and business practices, including the use of industry-leading, customer-focused technology. The company's stock is traded on the NASDAQ exchange under the symbol MLHR.

This press release includes "forward-looking statements" that involve uncertainties and risks. There can be no assurance that actual results will not differ from the company's expectations. Factors that could cause such differences include the company¹s ability to improve operations and realize cost savings, competitive and general economic conditions, the future profitability of acquired companies, and other risks described in the company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and its other filings with the Securities and Exchange Commission.

Herman Miller, Inc.

Herman Miller, Inc.

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