EX-5 3 chi419059.txt EXHIBIT 5 EXHIBIT 5 Securities and Exchange Commission Judiciary Plaza 450 5th Street NW Washington, DC 20549 September 26, 2003 RE: OPINION REGARDING LEGALITY AS EXHIBIT 5 TO REGISTRATION STATEMENT ON FORM S-8 FOR DMI FURNITURE, INC. 1993 LONG TERM INCENTIVE STOCK PLAN FOR EMPLOYEES DMI FURNITURE, INC. 1998 STOCK PLAN FOR INDEPENDENT DIRECTORS DMI FURNITURE, INC. NONEMPLOYEE DIRECTORS STOCK OPTION PROGRAM AS ASSUMED BY FLEXSTEEL INDUSTRIES, INC. (COLLECTIVELY THE "PLANS") Ladies and Gentlemen: I have acted as counsel for Flexsteel Industries, Inc., a Minnesota corporation, (the "Registrant") for the limited purpose of rendering this opinion in connection with the issuance by the Registrant, of shares of Common Stock (the "Common Stock"), par value $1.00 per share, of the Registrant pursuant to the above named Plans. I have reviewed the Registrant's Restated Articles of Incorporation, and By-Laws and such other documents, records and matters of law I have deemed necessary as a basis for the opinion hereinafter expressed. This opinion is also based upon and conditioned upon the successful completion of the merger of Churchill Acquisition Corp. (a wholly owned subsidiary of Flexsteel Industries, Inc.) with DMI Furniture, Inc. pursuant to the Agreement and Plan of Merger dated as of August 12, 2003 ("Merger Agreement") and the completed assumption by the Registrant of the Plans. Based on the foregoing and having regard for such legal considerations as I deem relevant, I am of the opinion that shares of Common Stock, when issued and delivered in accordance with the terms of the Plans and authorized forms of agreement thereunder ("Agreements") will when sold, be legally issued, fully paid and non-assessable. I hereby consent to the filing of this opinion as an Exhibit to such Registration Statement. Very truly yours, /s/ IRVING C. MACDONALD Irving C. MacDonald Attorney