Steelcase (NYSE: SCS) details director share conversion under HNI–HNI Corporation deal

Rhea-AI Filing Summary

Steelcase Inc. reports that a director disposed of 265 shares of Class A common stock on December 10, 2025, leaving no shares beneficially owned directly after the transaction. The change occurred when Steelcase became a wholly owned subsidiary of HNI Corporation under a previously signed merger agreement.

At the first effective time of the merger, each share of Steelcase Class A common stock was converted, at the holder’s election and subject to automatic adjustment, into one of three forms of merger consideration: the mixed election of 0.2192 shares of HNI common stock plus $7.20 in cash, the cash election of $16.19 in cash plus 0.0009 shares of HNI common stock, or the stock election of 0.3940 shares of HNI common stock, with cash paid in lieu of fractional shares where applicable.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Brown Timothy C. E.

(Last) (First) (Middle)

STEELCASE INC.

901 44TH ST SE

(Street)

GRAND RAPIDS MI 49508

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
STEELCASE INC [ NYSE: SCS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock(1)	12/10/2025		D		265	D	(2)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On December 10, 2025, pursuant to that certain Agreement and Plan of Merger (the "Merger Agreement"), dated August 3, 2025, by and among HNI Corporation ("HNI"), Steelcase Inc. (the "Issuer"), Geranium Merger Sub I, Inc. and Geranium Merger Sub II, LLC, the Issuer became a wholly owned subsidiary of HNI.

2. At the First Effective Time (as defined in the Merger Agreement), pursuant to the Merger Agreement and subject to certain exceptions, each share of Issuer Class A Common Stock outstanding immediately before the First Effective Time was converted into, at the election of the holder thereof, subject to automatic adjustment, the right to receive the following consideration (collectively with, if applicable, cash in lieu of fractional shares, the "merger consideration"): (i) (a) 0.2192 shares of HNI common stock and (b) $7.20 in cash (together, the "mixed election consideration"); (ii) $16.19 in cash and 0.0009 shares of HNI common stock (the "cash election consideration"); or (iii) 0.3940 shares of HNI common stock (the "stock election consideration").

Remarks:

	Liesl A. Maloney, by power of attorney	12/12/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transaction did Steelcase Inc. (SCS) report in this filing?

The filing shows a director of Steelcase Inc. disposed of 265 shares of Class A common stock on December 10, 2025, resulting in 0 shares beneficially owned directly after the transaction.

How is Steelcase Inc. related to HNI Corporation after the reported transaction?

On December 10, 2025, Steelcase Inc. became a wholly owned subsidiary of HNI Corporation under an Agreement and Plan of Merger dated August 3, 2025.

What merger consideration did Steelcase (SCS) shareholders receive for each Class A share?

Each share of Steelcase Class A common stock was converted into one of three options: (i) 0.2192 shares of HNI common stock plus $7.20 in cash, (ii) $16.19 in cash plus 0.0009 shares of HNI common stock, or (iii) 0.3940 shares of HNI common stock, with cash paid in lieu of fractional shares.

Was the reported Steelcase (SCS) insider transaction part of a Rule 10b5-1 trading plan?

The form includes a checkbox to indicate transactions made under a Rule 10b5-1 trading plan, but the excerpt does not show that this box was selected for the reported transaction.

What type of security was involved in the Steelcase (SCS) insider transaction?

The transaction involved Class A Common Stock of Steelcase Inc., reported as a non-derivative security in Table I of the form.

Are there any derivative securities reported for the Steelcase (SCS) insider in this filing?

Table II for derivative securities is present but shows no specific derivative transactions or holdings for the reporting person in the provided excerpt.