Kristine L. Juster - Jun 1, 2023 Form 4 Insider Report for KIMBALL INTERNATIONAL INC (KBAL)

Role: CHIEF EXECUTIVE OFFICER, Director
Signature: Mark W. Johnson, Attorney-in-Fact
Stock symbol: KBAL
Transactions as of: Jun 1, 2023
Transactions value $: $0
Form type: 4
Date filed: 6/1/2023, 02:18 PM
Previous filing: Jan 5, 2023
Next filing: Jul 27, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	KBAL	CLASS B COMMON STOCK	Disposed to Issuer		-193K	-100%		0	Jun 1, 2023	Direct	F1, F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	KBAL	RESTRICTED STOCK UNITS	Disposed to Issuer		-30K	-100%		0	Jun 1, 2023	CLASS B COMMON STOCK	30K		Direct	F4
transaction	KBAL	RESTRICTED STOCK UNITS	Disposed to Issuer		-113K	-100%		0	Jun 1, 2023	CLASS B COMMON STOCK	113K		Direct	F5
transaction	KBAL	RESTRICTED STOCK UNITS	Disposed to Issuer		-144K	-100%		0	Jun 1, 2023	CLASS B COMMON STOCK	144K		Direct	F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Kristine L. Juster is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	Includes 8,183.2892 shares acquired under the Kimball International Dividend Reinvestment Plan.
F2	On June 1, 2023, pursuant to the Agreement and Plan of Merger, dated as of March 7, 2023 (the "Merger Agreement"), by and among Kimball International, Inc. ("Kimball"), HNI Corporation ("HNI") and Ozark Merger Sub, Inc. ("Merger Sub"), Merger Sub merged with and into Kimball (the "Merger"), with Kimball surviving the Merger as a wholly-owned subsidiary of HNI.
F3	Pursuant to the Merger Agreement, each share of Kimball common stock issued and outstanding immediately prior to the effective time of the Merger was converted into the right to receive (A) $9.00 in cash, without interest (the "Cash Consideration"), and (B) 0.1301 (the "Exchange Ratio") of a share of HNI common stock, par value $1.00. On May 31, 2023 (the last full trading day prior to the Merger), the closing price of one share of HNI common stock was $25.50.
F4	At the effective time of the Merger, each outstanding Kimball restricted stock unit award that was not subject to performance vesting conditions and that was scheduled to vest on June 30, 2023, at the effective time of the Merger, vested and was cancelled and converted into the right to receive from HNI (shortly following the effective time of the Merger), in respect of each share of Kimball common stock subject to such vesting tranche, an amount of cash (without any interest thereon and subject to applicable withholding taxes) equal to the sum of (x) the Cash Consideration plus the dividend equivalents that have accrued thereon, and (y) the Parent Share Price multiplied by the Exchange Ratio.
F5	At the effective time of the Merger, each outstanding Kimball restricted stock unit award that is not subject to performance vesting conditions was assumed by HNI and thereafter constitutes a restricted stock unit award with respect to a number of shares of HNI common stock, determined by multiplying (i) each share of Kimball common stock subject to such Kimball restricted stock unit award by (ii) the sum of (A) the Exchange Ratio and (B) the quotient of the sum of the Cash Consideration plus the dividend equivalents accrued thereon, divided by $26.59, the volume weighted average price per share of HNI common stock on the New York Stock Exchange for the ten consecutive trading days ending the two trading days prior to the closing of the Merger as reported by Bloomberg, L.P. (such price, the ?Parent Share Price?).
F6	At the effective time of the Merger, each outstanding Kimball restricted stock unit award subject to performance-based vesting, (i) if such vesting was based on relative total shareholder return, the award vested at a pro rata portion of the target amount based on the portion of the performance cycle then completed, and (ii) if such vesting was based on earnings per share, the award vested at the target amount, and, in each such case of performance-based vesting restricted stock units, the full award was automatically be cancelled and converted into the right to receive from HNI (shortly following the effective time of the Merger), in respect of each share of Kimball common stock subject to the vested portion of such cancelled award, an amount of cash (without any interest thereon and subject to applicable withholding taxes), equal to the sum of (i) the Cash Consideration, plus (ii) the Parent Share Price multiplied by the Exchange Ratio.