Leggett & Platt Announces Amendment to Deferred Compensation Program

On October 30, 2024, Leggett & Platt, Incorporated made an important amendment to its Deferred Compensation Program. The company’s Human Resources and Compensation Committee decided to eliminate Stock Options as an investment alternative for the 2025 calendar year and thereafter. This change impacts eligible participants, including key executives like Karl G. Glassman, President & CEO, Benjamin M. Burns, EVP & CFO, and J. Tyson Hagale, EVP, President – Bedding Products.

Previously, the Deferred Compensation Program allowed participants to defer up to 100% of salary, incentive awards, and other cash compensation in exchange for various investment options such as Stock Units with dividend equivalents and At-market Stock Options. Following the amendment, any At-market Stock Options previously elected and granted will remain outstanding. These options have a 10-year term and specific exercise dates based on when the compensation is earned and vested.

The amendment leaves Stock Units and Cash Deferrals as viable investment alternatives under the Program. Participants opting for stock units or cash deferrals can receive distributions either in a lump sum or in annual installments over a set period. While Leggett & Platt intends to settle Stock Units in shares of the Company’s common stock, they retain the right to distribute the balance in cash, subject to the Committee’s approval, if sufficient shares are unavailable under the Company’s Flexible Stock Plan.

This amendment to the Deferred Compensation Program was summarized in a recent Form 8-K filing with the Securities and Exchange Commission. For a comprehensive view of the changes made, interested parties are advised to refer to the Deferred Compensation Program, effective October 30, 2024, as attached to the Form 8-K as Exhibit 10.1.

Additionally, the company listed the Deferred Compensation Program in Exhibit 10.1 of the filing, while also referencing the amendment to The Company’s Flexible Stock Plan in Exhibit 10.2, which was amended and restated effective May 8, 2024.

Leggett & Platt, Incorporated signed off on the report through Jennifer J. Davis, Executive Vice President and General Counsel, on November 1, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Leggett & Platt’s 8K filing here.

Leggett & Platt Company Profile

Leggett & Platt, Incorporated designs, manufactures, and sells engineered components and products in the United States, Europe, China, Canada, Mexico, and internationally. It operates through three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. The company offers steel rods, drawn wires, specialty foam chemicals and additives, innersprings, specialty foam for use in bedding and furniture, private label finished mattresses, ready-to-assemble mattress foundations, static foundations, and adjustable beds, as well as machines for producing innersprings; industrial sewing and quilting machines; mattress-packaging; and glue-drying equipment for various industrial users of steel rod and wire, manufacturers of finished bedding, bedding brands and mattress retailers, E-commerce retailers, big box retailers, department stores, and home improvement centers.