UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
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Emerging growth company
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Termination of Arrangement for Karl G. Glassman Personal Use of Corporate Aircraft
As previously reported, Karl G. Glassman will retire as an executive officer of the Company as of the Company’s 2023 Annual Meeting of Shareholders, which is expected to be held May 4, 2023. In connection with Mr. Glassman’s retirement as an executive officer, Mr. Glassman and the Company, on April 25, 2023, mutually agreed to terminate the arrangement he has with the Company to use the Company’s aircraft for personal use. The termination will be effective May 4, 2023.
The arrangement was entered into on May 8, 2017, when the Compensation Committee of the Board adopted resolutions regarding the personal use of corporate aircraft by Mr. Glassman, who at the time served as President & CEO. Mr. Glassman’s use of corporate aircraft for personal travel by him and his guests was subject to the aircraft not being scheduled for business purposes, and was also subject to an annual limit of $100,000 in aggregate incremental cost to the Company, including the cost of “deadhead” flights necessitated by such personal use. Under the arrangement, the Company did not provide tax reimbursements to Mr. Glassman for any taxes arising from imputed income relating to his use of the corporate aircraft for personal travel by him or his guests.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
EXHIBIT INDEX
| Exhibit No. |
Description | |
| 10.1* | Description of Personal Use of Corporate Aircraft by Karl G. Glassman, filed February 22, 2022 as Exhibit 10.7 to the Company’s Form 10-K, is incorporated herein by reference. (SEC File No. 001-07845) | |
| 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 management contract or compensatory plan or arrangement. |
| ** | Denotes filed herewith. |
2
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: April 26, 2023 | By: | /s/ SCOTT S. DOUGLAS | ||||
| Scott S. Douglas | ||||||
| Senior Vice President – | ||||||
| General Counsel & Secretary | ||||||
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Document and Entity Information |
Apr. 25, 2023 |
|---|---|
| Cover [Abstract] | |
| Entity Registrant Name | LEGGETT & PLATT INC |
| Amendment Flag | false |
| Entity Central Index Key | 0000058492 |
| Document Type | 8-K |
| Document Period End Date | Apr. 25, 2023 |
| Entity Incorporation State Country Code | MO |
| Entity File Number | 001-07845 |
| Entity Tax Identification Number | 44-0324630 |
| Entity Address, Address Line One | No. 1 Leggett Road |
| Entity Address, City or Town | Carthage |
| Entity Address, State or Province | MO |
| Entity Address, Postal Zip Code | 64836 |
| City Area Code | 417 |
| Local Phone Number | 358-8131 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Security 12b Title | Common Stock, $.01 par value |
| Trading Symbol | LEG |
| Security Exchange Name | NYSE |
| Entity Emerging Growth Company | false |
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