Leggett & Platt Reports Agreement Termination, Director Changes
Ticker: LEG · Form: 8-K · Filed: May 21, 2024
Sentiment: neutral
Topics: agreement-termination, management-change, board-of-directors
Related Tickers: LGT
TL;DR
LGT terminates major deal, shakes up board & execs.
AI Summary
Leggett & Platt, Incorporated announced on May 20, 2024, the termination of a material definitive agreement. The company also reported changes in its board of directors and certain officers, including the election of new directors and the appointment of new officers. Additionally, compensatory arrangements for certain officers were disclosed.
Why It Matters
This filing indicates significant corporate governance changes and the unwinding of a material contract, which could impact the company's strategic direction and financial stability.
Risk Assessment
Risk Level: medium — The termination of a material definitive agreement and changes in leadership suggest potential instability or strategic shifts that could affect the company's performance.
Key Players & Entities
- Leggett & Platt, Incorporated (company) — Registrant
- May 20, 2024 (date) — Date of earliest event reported
FAQ
What was the material definitive agreement that was terminated?
The filing does not specify the details of the material definitive agreement that was terminated.
Who are the newly elected directors or appointed officers?
The filing indicates that there were elections of directors and appointments of officers, but does not name the individuals involved.
What are the details of the compensatory arrangements for certain officers?
The filing mentions compensatory arrangements for certain officers but does not provide specific details within the provided text.
What is the reason for the termination of the material definitive agreement?
The provided text does not state the reason for the termination of the material definitive agreement.
What is the impact of these changes on Leggett & Platt's financial performance?
The filing does not provide information on the financial impact of the agreement termination or leadership changes.
Filing Stats: 2,886 words · 12 min read · ~10 pages · Grade level 11.1 · Accepted 2024-05-21 07:33:54
Key Financial Figures
- $1,275,000 — . Glassman's annual base salary will be $1,275,000. (ii) Mr. Glassman will participate i
- $13 — TI award multiple, and then dividing by $13.117, which is the average closing share
- $4,360,500 — 2026, with a grant date target value of $4,360,500. The Interim Award Agreement is substan
- $2,907,000 — RSUs have a grant date target value of $2,907,000 and are time-based and generally vest,
- $1,120,000 — ent benefits: (i) consulting fees of $1,120,000 paid in bi-weekly installments during t
Filing Documents
- d839757d8k.htm (8-K) — 57KB
- d839757dex101.htm (EX-10.1) — 71KB
- d839757dex102.htm (EX-10.2) — 55KB
- d839757dex103.htm (EX-10.3) — 33KB
- d839757dex104.htm (EX-10.4) — 51KB
- d839757dex991.htm (EX-99.1) — 8KB
- g839757g0518072809948.jpg (GRAPHIC) — 9KB
- g839757g0519081716137.jpg (GRAPHIC) — 2KB
- g839757g46i10.jpg (GRAPHIC) — 10KB
- 0001193125-24-143324.txt ( ) — 489KB
- leg-20240520.xsd (EX-101.SCH) — 3KB
- leg-20240520_lab.xml (EX-101.LAB) — 17KB
- leg-20240520_pre.xml (EX-101.PRE) — 11KB
- d839757d8k_htm.xml (XML) — 3KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits . EXHIBIT INDEX Exhibit No. Description 10.1* 2024 Interim Performance Stock Unit Award Agreement between the Company and Karl G. Glassman 10.2* Severance Benefit Agreement between Company and Karl G. Glassman, dated May 20, 2024 10.3* Time Sharing Agreement between the Company and Karl G. Glassman, dated May 20, 2024 10.4* Transition and Consulting Agreement between the Company and J. Mitchell Dolloff, dated May 20, 2024 99.1** Press Release dated May 21, 2024 104 Cover Page Interactive Data File (embedded within the inline XBRL document contained in Exhibit 101) * Denotes filed herewith. ** Denotes furnished herewith. 6
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: May 21, 2024 By: /s/ JENNIFER J. DAVIS Jennifer J. Davis Executive Vice President & General Counsel 7