ESOPMay 22, 2026, 04:28 PM
Leggett & Platt Shareholders Approve Flexible Stock Plan, Adding 4M Shares
AI Summary
Leggett & Platt shareholders approved the amendment and restatement of the Company's Flexible Stock Plan at the Annual Meeting on May 21, 2026. The amended plan increases shares available for future grants by 4.0 million, extends the term to 2036, adds a $750,000 annual compensation limit for non-employee directors, and requires the CEO to hold net shares from stock option exercises for at least one year. Additionally, the Aircraft Time Sharing Agreement with CEO Karl G. Glassman was terminated, effective May 30, 2026. Shareholders also elected eight directors and ratified PricewaterhouseCoopers LLP as the independent auditor.
Key Highlights
- Shareholders approved the amendment and restatement of Leggett & Platt's Flexible Stock Plan.
- The Plan increases the number of shares available for future grant by 4.0 million.
- Approximately 8.2 million shares are now available for future grant under the Plan.
- The Plan's term was extended by one year to May 21, 2036.
- A non-employee director annual compensation limit of $750,000 was added.
- CEO Karl G. Glassman's Aircraft Time Sharing Agreement was terminated, effective May 30, 2026.
- All eight director nominees were elected at the Annual Meeting of Shareholders.
- PricewaterhouseCoopers LLP was ratified as the independent registered public accounting firm for 2026.
Price Impact
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