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Get filing alertsLeggett & Platt shareholders approve 4M share addition to equity plan, CEO to sell aircraft
Filed May 22, 2026 · Period ending May 20, 2026 · ~1 min read
Key Changes
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Shareholders approved adding 4 million shares to the equity compensation plan, bringing total available shares to 8.2 million. This increases potential dilution but gives the company more capacity to retain talent through stock-based pay.
Item 5.02: Stock Plan verify on EDGAR → -
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Company now expects to sell its aircraft after CEO Karl Glassman terminated his time-sharing agreement effective May 30, 2026. The move suggests potential cost reduction or shift in corporate asset strategy.
Item 1.01: Aircraft view on EDGAR → -
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New CEO holding requirement mandates the chief executive hold net shares from stock option exercises for at least one year, aligning leadership interests with long-term shareholder value.
Item 5.02: CEO Hold verify on EDGAR → -
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Stock plan amendments include $750K annual compensation cap for non-employee directors and extend plan term to 2036, providing governance oversight on board pay.
Item 5.02: Director Cap verify on EDGAR → -
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All eight director nominees elected at May 21 annual meeting with strong support (lowest approval 93%). PricewaterhouseCoopers ratified as auditor and executive pay approved.
Item 5.07: Annual Meeting verify on EDGAR →
Summary
Leggett & Platt shareholders approved significant changes to the company's equity compensation program at the May 21, 2026 annual meeting. The headline item is the addition of 4 million shares to the Flexible Stock Plan, nearly doubling the available pool to 8.2 million shares.
While this increases potential dilution for existing shareholders, it gives management more runway to attract and retain key employees through stock-based compensation in a competitive labor market. The amendments also impose new governance guardrails, including a $750,000 annual cap on non-employee director pay and a one-year holding requirement for CEO stock option exercises.
Separately, the company disclosed that CEO Karl Glassman terminated his aircraft time-sharing agreement and the company now expects to sell its planes. This could signal a shift toward cost discipline or simply reflect changing executive preferences. For retail investors, the key question is whether the aircraft sale represents a broader cost-cutting initiative or is an isolated asset decision. Watch upcoming quarterly filings for any commentary on operating expense trends or capital allocation priorities that might indicate whether management is tightening its belt more broadly.
Section-by-Section Diff
Event · Item 1.02 — Termination of a Material Definitive Agreement
Item 1.02 — Termination of a Material Definitive Agreement filed; see Key Changes for terms.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
On May 20, 2026, Karl G. Glassman, the Company’s President and Chief Executive Officer, delivered a notice of termination of the Aircraft Time Sharing Agreement (the “Agreement”) previously entered into between the Company’s wholly-owned subsidiary, L&P Transportation LLC, and Mr. Glassman. The termination will be effective May 30, 2026, in accordance with the terms of the Agreement.
The CEO terminated an aircraft time-sharing agreement that allowed him to lease company aircraft for personal travel. The termination takes effect May 30, 2026, ending an arrangement that had been in place since May 2024.
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Shareholders approved amendment of Flexible Stock Plan, adding 4M shares, extending term to 2036, capping director comp at $750K, requiring CEO hold.
Added in current filing · verify on EDGAR →
The amendment and restatement of the Company’s Flexible Stock Plan (the “Plan”) was approved by shareholders at the Annual Meeting of Shareholders held May 21, 2026.
Shareholders approved amendments to the company's equity compensation plan at the May 21, 2026 annual meeting. The plan allows the company to grant stock options, restricted stock, performance awards and other equity-based compensation to employees, directors and key individuals to attract and retain talent and align interests with shareholders.
Added in current filing · verify on EDGAR →
adding a requirement for the CEO to hold for at least one year any net shares received (i.e., shares remaining after payment of taxes) from the exercise of stock options or stock appreciation rights.
The CEO must now hold net shares received from stock option or stock appreciation right exercises for at least one year after exercise. This holding requirement aligns CEO interests with long-term shareholder value by preventing immediate sale of exercised equity.
Show 2 minor / wording changes
Added in current filing · verify on EDGAR →
adding a non-employee director annual compensation limit of $750,000, which includes the grant date fair value of equity awards and cash or other consideration
The amended plan establishes a $750,000 annual compensation limit for non-employee directors, covering both equity awards and cash compensation. This cap provides governance oversight on director pay levels.
Added in current filing · verify on EDGAR →
extending the term of the Plan by one year to May 21, 2036
The plan's expiration date was extended by one year to May 21, 2036, giving the company a 10-year window to grant equity awards under the amended plan terms.
Event · Item 5.07 — Submission of Matters to a Vote of Security Holders
Leggett & Platt held its 2026 Annual Meeting; shareholders elected 8 directors, ratified auditor, approved Say-on-Pay, and approved stock plan amendment.
Show 3 minor / wording changes
Added in current filing · verify on EDGAR →
The Company held its Annual Meeting of Shareholders on May 21, 2026. In connection with this meeting, proxies were solicited pursuant to Section 14(a) of the Securities Exchange Act of 1934, as amended. Matters voted upon were (i) the election of eight directors; (ii) the ratification of the Audit Committee’s selection of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026; (iii) an advisory vote to approve named executive officer compensation as described in the Company’s Proxy Statement; and (iv) approval of the amendment and restatement of the Company’s Flexible Stock Plan.
Leggett & Platt disclosed the results of its May 21, 2026 Annual Meeting where shareholders voted on four proposals: director elections, auditor ratification, executive compensation approval, and stock plan amendment. All proposals passed with majority support.
Added in current filing · verify on EDGAR →
All eight nominees for director listed in the Proxy Statement were elected to hold office until the 2027 Annual Meeting of Shareholders, or until their successors are elected and qualified
All eight director nominees were elected with strong support. The lowest approval was Robert E. Brunner with 93,715,506 votes for versus 6,767,907 against, while Angela Barbee received the highest support with 98,172,016 votes for. This represents routine board continuity with no contested elections.
Added in current filing · verify on EDGAR →
The ratification of the Audit Committee’s selection of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026, was approved with the following vote: FOR | AGAINST | ABSTAIN | BROKER | NON-VOTE | 115,178,397 | 2,605,282 | 181,474 | N/A
Shareholders ratified PricewaterhouseCoopers LLP as the company's auditor for fiscal 2026 with overwhelming support (115,178,397 for versus 2,605,282 against). This represents continuity in the auditor relationship with no indication of accounting concerns.
Event · Item 9.01 — Financial Statements and Exhibits
Leggett & Platt amended and restated its Flexible Stock Plan, effective May 21, 2026, incorporating the plan by reference from its proxy statement.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
The Company’s Flexible Stock Plan, amended and restated, effective as of May 21, 2026, filed April 7, 2026 as an Appendix to the Company’s Proxy Statement, is incorporated herein by reference.
The company amended and restated its Flexible Stock Plan with an effective date of May 21, 2026. The plan document was previously filed as an appendix to the proxy statement on April 7, 2026 and is now being formally incorporated into this 8-K filing.
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Figures/quotes linked to EDGAR · Narrative written by AI · May 25, 2026 · How we verify