Leggett & Platt Reports Executive Changes & Compensation on Feb 26

TL;DR

**Leggett & Platt just filed an 8-K about executive and director changes, plus new compensation plans, effective February 26th.**

AI Summary

Leggett & Platt, Incorporated filed an 8-K on February 28, 2024, reporting events that occurred on February 26, 2024. The filing primarily concerns the departure, election, or appointment of certain officers and directors, along with related compensatory arrangements. It also includes Regulation FD Disclosure and information regarding financial statements and exhibits.

Why It Matters

Changes in executive leadership and their compensation can signal strategic shifts or operational adjustments within a company, potentially impacting future performance and investor confidence. This filing indicates such changes are underway at Leggett & Platt.

Risk Assessment

Risk Level: medium — Executive and director changes, especially when details are not fully disclosed in the snippet, can introduce uncertainty regarding future company direction and stability.

Key Players & Entities

• LEGGETT & PLATT INC (company) — registrant
• February 26, 2024 (date) — date of earliest event reported
• February 28, 2024 (date) — filing date

FAQ

Key Financial Figures

• $502,000 — received an annual base salary rate of $502,000 in 2023. Mr. Douglas' annual base salar
• $251,000 — annual base salary rate was reduced to $251,000 from January 1, 2024 until his retireme
• $750,000 — n. His 2023 annual base salary rate was $750,000 until his retirement on May 4, 2023. Je
• $627,000 — , 2023. His annual base salary rate was $627,000 in 2023 until his departure. Messrs. Gl
• $350,000 — His base salary rate was increased from $350,000 to $500,000 effective June 26, 2023.
• $500,000 — ary rate was increased from $350,000 to $500,000 effective June 26, 2023. 3 On Februa
• $413 million — ll be paid for EBITDA achievement below $413 million or Cash Flow below $325 million. The ma
• $325 million — t below $413 million or Cash Flow below $325 million. The maximum payout percentages for EBI
• $413.00M — ment Payout Achievement Payout < $413.00M 0 % <$ 325.00M 0 % $413.00M
• $441.00M — 0 % Threshold $ 325.00M 50 % $441.00M 100 % Target $ 350.00M 100 %
• $551.25M — 100 % Target $ 350.00M 100 % $551.25M 200 % Maximum $ 437.50M 200 %
• $1,320.00M — Vesting % ROIC % ROIC Vesting % <$1,320.00M 0% <7.9% 0% $1,320.00M 70% 7.
• $1,485.00M — % 0% $1,320.00M 70% 7.9% 50% $1,485.00M 100% 9.3% 100% $1,650.00M 200%
• $1,650.00M — 50% $1,485.00M 100% 9.3% 100% $1,650.00M 200% 10.7% 200% Payouts will be

Filing Documents

• d780099d8k.htm (8-K) — 128KB
• d780099dex101.htm (EX-10.1) — 16KB
• d780099dex102.htm (EX-10.2) — 36KB
• d780099dex103.htm (EX-10.3) — 34KB
• d780099dex106.htm (EX-10.6) — 71KB
• d780099dex991.htm (EX-99.1) — 10KB
• g780099g0222114308526.jpg (GRAPHIC) — 9KB
• g780099g0227130423686.jpg (GRAPHIC) — 4KB
• g780099g0227130423869.jpg (GRAPHIC) — 2KB
• 0001193125-24-050650.txt (&nbsp;) — 485KB
• leg-20240226.xsd (EX-101.SCH) — 3KB
• leg-20240226_lab.xml (EX-101.LAB) — 17KB
• leg-20240226_pre.xml (EX-101.PRE) — 11KB
• d780099d8k_htm.xml (XML) — 4KB

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits . EXHIBIT INDEX Exhibit No. Description 10.1* , ** Summary Sheet of Executive Cash Compensation 10.2* , ** Company's Key Officers Incentive Plan, amended and restated, effective February 26, 2024 10.3* , ** 2024 Key Officers Incentive Plan Award Formula 10.4** Company's Flexible Stock Plan, as amended and restated effective May 15, 2020, filed March 31, 2020 as an Appendix to the Company's Proxy Statement, is incorporated by reference. (SEC File No. 001-07845) 10.5** Agreement between the Company and Steven K. Henderson, dated November 4, 2019 (regarding annual award of 4,000 restricted stock units) filed February 24, 2021 as Exhibit 10.4 to the Company's Form 8-K, is incorporated by reference. (SEC File No. 001-07845) 10.6* , ** 2024 Form of Performance Stock Unit Award Agreement 10.7** 2021 Form of Restricted Stock Unit Award Agreement, filed February 24, 2021 as Exhibit 10.6 to the Company's Form 8-K, is incorporated by reference. (SEC File No. 001-07845) 99.1*** Press Release dated February 27, 2024 101.INS Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document) 101.SCH* Inline XBRL Taxonomy Extension Schema 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase 104 Cover Page Interactive Data File (embedded within the inline XBRL document contained in Exhibit 101) * Denotes filed herewith. ** Denotes management contract or compensatory plan or arrangement. *** Denotes furnished herewith. 10

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. LEGGETT & PLATT, INCORPORATED Date: February 28, 2024 By: /s/ J ENNIFER J. D AVIS Jennifer J. Davis