Annual report
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2025 ANNUAL REPORT AND 2026 PROXY STATEMENT Leggett & Platt
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Leggett & Platt (NYSE: LEG) is a diversified manufacturer that designs and produces a broad variety of engineered components and products. Steel Rod Drawn Wire U.S. Spring • Innersprings • Static foundations • Semi-finished mattresses Specialty Foam • Private label finished mattresses • Mattress toppers and pillows • Specialty foam Adjustable Bed International Bedding • Innersprings • Finished mattresses • Specialty foam • Wire-coiling machines BEDDING PRODUCTS Home Furniture • Steel mechanisms and motion hardware for reclining and lift chairs, sofas, and sleeper sofas Work Furniture • Components and private label finished goods for collaborative soft seating • Controls, bases, and frames for office chairs Flooring Products • Carpet cushion • Hard surface flooring underlayment Fabric Converting • Structural fabrics for bedding, upholstered furniture, home furnishing accessories, and industrial uses Geo Components • Synthetic fabrics and other products used in ground stabilization, drainage protection, and erosion control Automotive • Seating Comfort – Mechanical and pneumatic lumbar support and massage systems for automotive seating • In-Car Motion Systems – Motors, actuators, and cables Hydraulic Cylinders • Engineered hydraulic cylinders primarily for material handling and heavy construction equipment 38% FURNITURE, FLOORING & TEXTILE PRODUCTS SPECIALIZED PRODUCTS 34%28% Percentage of 2025 net trade sales Quick Facts Strong competitive positions Broad customer base; mainly manufacturers Solid operating cash flow Financial stability, healthy balance sheet Engaged management team LEGGETT & PLATT AT A GLANCE 1
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Fellow Shareholders, Since returning as CEO in May of 2024, I’m continually amazed at the unwavering commitment and resilience demonstrated by our employees across the globe. Guided by our values of putting people first and doing the right thing, our teams have faced challenges with determination, ingenuity, and a strong sense of shared purpose. By doing great work together and taking ownership while raising the bar, they have driven meaningful progress as we solidified Leggett & Platt’s financial foundation. These efforts produced notable results in 2025 – a year in which our markets continued to experience soft demand, yet one in which we maintained our commitments to strengthen the balance sheet, improve profit margins, and position the company for profitable long-term growth. 2025 Financial Performance – Achievements Amid Challenging Markets Our residential markets, which account for roughly half of the company’s revenue, experienced continued weakness as they remain in a multi-year depression with demand well below average cycle levels. Lower volume and divestitures reduced company sales by 7% compared to 2024. While we cannot predict the timing of demand recovery, we are poised to capitalize on the incremental volume when it materializes. Adjusted(1) EBIT was $263 million, a decrease of $4 million versus 2024 adjusted(1) EBIT. The decline was primarily due to lower volume partially offset by restructuring benefits and metal margin expansion. With the actions we’ve taken to optimize our footprint and drive efficiency, we are well positioned to drive margin growth once our markets recover. LETTER TO SHAREHOLDERS (1) For non-GAAP reconciliations, please refer to page 6. Sales Margins Earnings Cash from Operations $4.05 billion down 7% vs. 2024 EBIT: 8.8% Adj. EBIT: 6.5% EBITDA: 11.8% Adj. EBITDA: 9.5% EPS: $1.69 Adj. EPS: $1.05 $338 million up 11% vs. 2024 This letter contains forward-looking statements; please refer to “Forward-Looking Statements” in our 2025 Form 10-K, which is part of this document. 2
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Optimizing Our Portfolio A key priority for Leggett & Platt is to concentrate resources on businesses we believe will drive the best long-term value for our shareholders. In 2024, we announced that we were exploring strategic alternatives for our Aerospace Products Group, and in late August 2025, we completed the sale of this business. We used the after-tax proceeds to accelerate our deleveraging efforts by retiring all of our outstanding commercial paper borrowings. We also divested a facility in our Work Furniture business unit and right- sized our Adjustable Bed business unit. Collectively, these transactions sharpened our focus on markets where we have scale, competitive advantages, and a clear path to sustainable value creation. Going forward, we will continue to evaluate our portfolio and ensure we are investing in businesses that will generate attractive returns over the long term. LETTER TO SHAREHOLDERS Restructuring Update The restructuring plan we launched in early 2024 was substantially completed in 2025 and delivered si gnificantly better EBIT contribution benefits with lower associated costs than originally estimated. While weaker demand over the past two years has partially offset these cost benefits, the improvements from these activities are sustainable and will support improved profitability and cash flow. Additionally, they place us in a strong position to benefit when our residential end markets begin to recover. We expect additional real estate sales in 2026 and will continue to evaluate opportunities pp to improve our cost structure and profitability across our businesses. Strengthening Our Balance Sheet We generated $338 million of cash from operations during 2025. Proceeds from divestitures, along with operating cash flow and cash from real estate sales, allowed us to reduce debt by $376 million in 2025. Our net debt to adjusted EBITDA improved from 3.8x at the beginning of the year to 2.4x, moving us significantly closer to our long-term leverage target of 2.0x. Our long-term capital allocation priorities remain the same: invest in organic growth, pursue strategic acquisitions, and return cash to shareholders through dividends and share repurchases. As we move closer toward our leverage target, we will begin to shift our use of capital from net debt reduction toward these long-term priorities. Net Debt to Adjusted EBITDA 4.0 3.5 3.0 2.5 2021 2022 2023 2024 2025 2.0 $ in millions 2024 Actuals 2025 Actuals* 2026 Estimate EBIT Benefit $ $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 Restructuring Costs Sales Attrition Cash From Real Estate $20 $22 $48 $15 * Sales Attrition and EBIT Benefit are incremental, which represents year-over-year change, for 2025. $28 $41 $30 $38 3
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LETTER TO SHAREHOLDERS Karl Glassman President and CEO February 26, 2026 Positioning for Long-Term Profitable Growth We have made tremendous progress over the past two years in positioning our businesses for long-term success. In Bedding Products, we’ve significantly streamlined our operating footprint in response to the evolving market landscape. We continue to successfully commercialize more advanced and innovative technologies, such as Eco-Base® and CombiCore®, supporting our content growth strategy. These innovations, along with newer specialty foam technologies that improve comfort, response, and airflow, differentiate our semi-finished and finished mattress products and allow us to pursue strategic sales o pportunities. In Automotive, we made strides in building our innovation pipeline and strengthening our OEM and Tier 1 customer relationships, both with our long-standing customers and new Chinese manufacturers. Under new leadership in 2026, the team is focused on aggressively pursuing available growth opportunities. Textiles continues to have opportunities for future growth both organically and through small strategic, accretive acquisitions. As we move closer toward our long-term leverage target, we expect to accelerate our investments in these opportunities. Finally, across all of our business units, we are improving our management processes to enhance our focus and accountability on the key strategic initiatives that will drive profitable growth. Looking Ahead While near-term demand in several of our markets remains challenged, Leggett & Platt is poised for future success. Our streamlined manufacturing network, strengthened balance sheet, and portfolio of innovative products have us well positioned to build on our progress in 2026 and beyond. We will continue to invest in our businesses, pursue targeted acquisitions, and return value to you, our shareholders. In closing, I would like to thank our employees, customers, suppliers, and shareholders for their trust and partnership. The progress made in 2025 reflects the hard work and resilience of our teams. We move into 2026 with confidence in our strategy and in the capabilities of our people. Thank you for your continued support. 4
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SIX-YEAR FINANCIALS (1) Effective January 1, 2021, domestic steel-related inventory valuation methodology changed from LIFO to FIFO; all prior years have been retrospectively adjusted to apply the effects of the change. (2) For non-GAAP reconciliations, please refer to page 6. (Dollar amounts in millions, except per share data) 2025 2024 2 023 2022 2 021 2 020 Financial Results (1) Trade sales $4,055 $4,384 $4,725 $5,147 $5,073 $4,280 EBIT (earnings before interest and taxes) 356 (430) (90) 485 596 408 Adjusted EBIT (2) 263 267 334 485 568 453 EBIT margin 8.8% (9.8%) (1.9%) 9.4% 11.7% 9.5% Adjusted EBIT margin (2) 6.5% 6.1% 7.1 % 9.4% 11.2% 10.6 % Earnings (1) Net earnings 235 (511) (137) 310 403 253 Net earnings attributable to L&P 235 (512) (137) 310 403 253 EPS (earnings per diluted share) 1.69 (3.73) (1.00) 2.27 2. 94 1.86 Adjusted EPS (2) 1.05 1.05 1.39 2.27 2.78 2.16 Common Stock Data Cash dividends declared per share 0.20 0.611 . 82 1.74 1. 66 1. 60 Dividend yield (based on stock price at start of year) 2.1% 2.3% 5.6% 4.2% 3.7% 3.1% End-of-year shares outstanding (millions) 135.5 134.4 133.4 132.6 133.4 132.6 Average diluted shares outstanding (millions) 139.7 137.3 136.3 136.5 136.7 135.9 Year-End Financial Position (1) Cash and cash equivalents $587 $350 $365 $317 $362 $349 Total assets 3,536 3,662 4,635 5,186 5,307 4,800 Long-term debt + current debt maturities 1,498 1,864 1,988 2,084 2,090 1,900 Equity 1,023 690 1,334 1,641 1,649 1,425 Net debt to adjusted EBITDA (2) 2.4x 3.8x 3.2x 2.7x 2. 3x 2.4x Return on invested capital (2) 8.7% 7.4% 7.4% 10.4% 13.1% 11.0% Cash Flow Components Net cash provided by operating activities $338 $306 $497 $441 $271 $603 Capital expenditures 57 82 114 100 107 66 Acquisitions, net of cash acquired - - - 83 1 53 - Dividends paid 27 136 239 229 218 212 Stock repurchases, net 2 5 6 60 6 9 5
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(1) Calculations impacted by rounding. (2) Effective January 1, 2021, domestic steel-related inventory valuation methodology changed from LIFO to FIFO; all prior years have been retrospectively adjusted to apply the effects of the change. NON-GAAP RECONCILIATIONS Reconciliation of Reported (GAAP) to Adjusted (non-GAAP) Financial Measures (1)(2) (Dollar amounts in millions, except per share data) 2025 2024 2023 2022 2021 2020 Non-GAAP adjustments Gain from sale of business $(91) $- $- $- $- $- Net gain from insurance proceeds (35) (2) (9) - - - Gain from sale of real estate (29) (31) (11) - (28 ) - Restructuring-related charges 36 50 - - - 8 Pension settlement charge 22 - - - - - Somnigroup unsolicited offer evaluation costs 3 - - - - - Goodwill impairment - 676 - - - 2 5 CEO transition compensation costs - 4 - - - - Long-lived asset impairment - - 444 - - - Note impairment - - - - - 8 Stock write-off for prior year divestiture - - - - - 4 Non-GAAP adjustments, pre-tax (93) 696 424 - (28) 45 Income tax impact 1 (46) (98) - 7 (4) Special tax items 2 5 - - - - Non-GAAP adjustments, after tax $(90) $656 $326 $- $(21) $41 Diluted shares outstanding 139.7 137.3 136.3 136.5 136.7 1 35.9 EPS impact of non-GAAP adjustments $(0.64) $4.78 $2.39 $- $(0.16) $0.30 Adjusted EBIT, EBITDA, Margin, and EPS Trade sales $4,055 $4,384 $4,725 $5,147 $5,073 $4,280 EBIT (earnings before interest and taxes) $356 $(430) $(90) $485 $596 $408 Non-GAAP adjustments, pre-tax (93) 696 424 - (28) 45 Adjusted EBIT $263 $267 $334 $485 $568 $453 EBIT margin 8.8% (9.8%) (1.9%) 9.4% 11.7% 9.5 % Adjusted EBIT margin 6.5% 6.1% 7.1% 9.4% 11.2% 10.6% EBIT $356 $(430) $(90) $485 $596 $408 Depreciation 105 112 109 110 117 1 1 9 Amortization 18 24 71 7 0 71 7 0 EBITDA 478 (294) 90 665 7 83 597 Non-GAAP adjustments, pre-tax (93) 696 424 - (28) 45 Adjusted EBITDA $385 $403 $513 $665 $755 $642 EBITDA margin 11.8% (6.7%) 1.9% 12.9% 15.4% 13.9% Adjusted EBITDA margin 9.5% 9.2% 10.9 % 12.9% 14.9 % 15.0% 6
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NON-GAAP RECONCILIATIONS (1) Calculations impacted by rounding. (2) Effective January 1, 2021, domestic steel-related inventory valuation methodology changed from LIFO to FIFO; all prior years have been retrospectively adjusted to apply the effects of the change. Reconciliation of Reported (GAAP) to Adjusted (non-GAAP) Financial Measures (1)(2) (Dollar amounts in millions, except per share data) 2025 2024 2023 2022 2021 2020 Diluted EPS $1.69 $(3.73) $(1.00) $2.27 $2.94 $1.86 EPS impact of non-GAAP adjustments (0.64) 4.78 2.39 - (0.16 ) 0.30 Adjusted EPS $1.05 $1.05 $1.39 $2.27 $2.78 $2.16 Net Debt to Adjusted EBITDA Current maturities of long-term debt $2 $1 $308 $9 $301 $51 Long-term debt 1,496 1,863 1,680 2,074 1,7 90 1,849 Total debt 1,498 1,864 1,988 2,084 2,090 1,900 Less: cash and cash equivalents (587) (350) (365) (317) (362) (349) Net debt $910 $1,514 $1,622 $1,767 $1,729 $1,551 Adjusted EBITDA $385 $403 $513 $665 $755 $642 Net debt to adjusted EBITDA 2.4x 3.8x 3.2x 2.7x 2.3x 2.4x Return on Invested Capital EBIT $356 $(430) $(90) $485 $596 $408 Non-GAAP adjustments, pre-tax (93) 696 4 24 - (28 ) 45 Adjusted EBIT 263 267 334 4 85 568 4 53 Less: taxes (68) (61) (82) (113) (129) (96) NOPAT (net operating profit after tax) $195 $205 $252 $372 $438 $357 Total debt $1,498 $1,864 $1,988 $2,084 $2,090 $1,900 Operating lease liabilities 158 185 208 203 198 165 Equity 1,023 690 1,334 1,641 1,649 1,425 Less: cash and cash equivalents (587) (350) (365) (317) (362) (349) Invested capital $2,091 $2,389 $3,164 $3,612 $3,575 $3,141 Average invested capital $2,240 $2,776 $3,388 $3,593 $3,358 $3,257 ROIC (return on invested capital), adjusted 8.7% 7.4% 7.4% 10.4% 13.1% 11.0% 7
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Mailing Address: Leggett & Platt, Incorporated P.O. Box 757 Carthage, MO 64836 (417) 358-8131 Website: www.leggett.com Transfer Agent and Registrar: EQ Shareowner Services Attn: Leggett & Platt, Inc. P.O. Box 64854 St. Paul, MN 55164 Phone: (800) 468-9716 www.shareowneronline.com Independent Registered Public Accounting Firm: PricewaterhouseCoopers LLP St. Louis, Missouri Form 10-K The Company’s Form 10-K is part of this document. The exhibits to the Form 10-K are listed in this document and available on Leggett & Platt’s website or may be obtained from Investor Relations for a reasonable fee. Annual Meeting: May 21, 2026, at 10:00 a.m. (local time) The event will be virtual. Contacting Investor Relations: Ryan M. Kleiboeker, Executive Vice President Kate lyn J. Pierce, Analyst Janna M. Fields, Specialist Email: invest@leggett.com Phone: (417) 358-8131 Contacting the Board of Directors: Email: leaddirector@leggett.com Write: L&P Lead Director P.O. Box 637 Carthage, MO 64836 Contacting the Audit Committee: Email: auditcommittee@leggett.com Write: L&P Audit Committee Attn: Rachel Krenz P.O. Box 757 Carthage, MO 64836 Phone: (888) 401-0536 CORPORATE INFORMATION 8
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Notice of 2026 Annual Meeting of Shareholders Virtual Meeting Only –N oP hysical Meeting Location Thursday, May 21, 2026 | 10:00 a.m. Central Time Dear Shareholders: The annual meetingo fs hareholders of Leggett & Platt, Incorporated (the “Company”)will be held on Thursday, May 21, 2026 at 10:00 a.m. Central Time in a virtual meetingf ormat only, via a live webcast. You will be able to attend and participate in the annual meetingo nline by registering in advance at register.proxypush.com/leg no later than 5:00 p.m. Central Time on May 20, 2026. Upon completing your registration, you will receive further instructions via email,i ncluding your unique link that will allowy ou to access the meeting and to submit questions during the meeting. The virtual annual meeting has been designedt o provide substantially the same rights to participate as you would havea t ani n-person meeting. The annual meeting is being held for the followingp urposes: 1. To elect eight directors; 2. To ratify the selection ofP ricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for the yeare nding December 31, 2026; 3. To providea n advisory vote to approve Named Executive Officer compensation; 4. To approve the amendment and restatement of the Company’sFlexible Stock Plan; and 5. To transact such other business as may properly come beforet he meeting ora ny postponement or adjournment thereof. Youa re entitled to vote only if youw ere aL eggett &P latt shareholdera tt he close of business on March 13,2 026. The Company’snotice of internet availability of proxy materials was first sent to our shareholders on April 7, 2026. By Order of the Board of Directors, S. Scott Luton Secretary Carthage, Missouri April 7, 2026 Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to Be Held on May 21, 2026 The proxy materials and access to the proxy voting site are available to you on the Internet. You are encouraged to review all of the information contained in the proxy materials before voting. The Company’s Proxy Statement and Annual Report to Shareholders are available at: www.leggett.com/proxymaterials The Company’s proxy voting site can be found at: www.proxypush.com/leg
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Table of Contents PROXY STATEMENT SUMMARY 1 CORPORATE GOVERNANCEA ND BOARD MATTERS Director Independence andB oard Service 5 Board Leadership Structure 5 Communication with the Board 6 Board and Committee Composition and Meetings 6 Board and Committee Evaluations 7 Board’s Oversight of Risk Management 7 Consideration of Director Nominees and Diversity 8 Transactions with Related Persons 9 Director Compensation 10 PROPOSALS TO BE VOTED ON AT THE ANNUALM EETING PROPOSAL ONE: Election of Directors 13 PROPOSAL TWO: Ratification of Independent Registered Public Accounting Firm 18 Audit and Non-Audit Fees 18 Pre-Approval Procedures for Audita nd Non-Audit Services 19 Audit Committee Report 19 PROPOSAL THREE: Advisory Vote to Approve Named Executive Officer Compensation 21 PROPOSAL FOUR: Approval of the Amendment andR estatement oft he Flexible Stock Plan 22 EXECUTIVE COMPENSATION AND RELATED MATTERS Compensation Discussion &A nalysis 31 Human Resources and Compensation CommitteeR eport 44 Summary Compensation Table 45 Grants of Plan-Based Awards in 2025 48 Outstanding Equity Awards at 2025 Fiscal Year-End 49 Option Exercises and Stock Vested in 2025 50 PensionB enefits in 2025 50 Non-QualifiedD eferredC ompensation in 2025 51 Pay Versus Performance 52 Potential Payments upon Termination or Change in Control 55 CEO Pay Ratio 59 SECURITY OWNERSHIP Security Ownership of Directors and Executive Officers 60 Security Ownership of Certain Beneficial Owners 61 Delinquent Section 16(a) Reports 61 EQUITYCTT OMPENSATION PLAN INFORMATION 62 Q&A – PROXY MATERIALS ANDA NNUAL MEETING 63 APPENDIX: FLEXIBLE STOCK PLAN A-1
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1 Proxy Statement Summary This summaryh ighlights informationc ontained elsewhere in this proxys tatement. It does not contain all the information that you should consider— pleaser ead the entire proxy statement before voting. Our principal executive offices are located at 1 Leggett Road, Carthage, Missouri 64836. 2026 Annual Meeting of Shareholders Thursday, May 21, 2026 10:00 a.m. Central Time Virtual Meeting Only – advance registration required to attend. Visit register.proxypush.com/leg Record Date: March 13, 2026 Proposal Recommendation Page 1 – Election of EightD irectors FOR 13 2– Ratification of PWC as Independent Registered Public Accounting Firm FOR 18 3– Advisory Votet oA pprove Named Executive Officer Compensation FOR 21 4– Approve Amendment and Restatement of theF lexible Stock Plan FOR 22 Board Nominees All of Leggett’s directors are elected for ao ne-year term by am ajority of shares present and entitled to vote at the 2026 Annual Meeting of Shareholders (the “Annual Meeting”). The2 026 director nominees are: Angela Barbee Independent Former SVP — Technology and Global R&D Weber Inc. Robert E. Brunner Independent Lead Director Retired Executive VP Illinois Tool Works Mary Campbell Independent Retired President — vCommerce Ventures Qurate Retail, Inc. Karl G. Glassman Board Chairman, President and CEO Leggett &P latt, Incorporated Joseph W. McClanathan Independent Retired President & CEO — Household Products Division Energizer Holdings, Inc. Srikanth Padmanabhan Independent Retired Executive Vice President and President, Operations Cummins Inc. Jai Shah Independent Group President Masco Corporation Phoebe A. Wood Independent Retired Vice Chair & CFO Brown-Forman Corp. Proxy Statement
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2 2026 DIRECTOR NOMINEES Angela Barbee Robert Brunner Mary Campbell Karl Glassman Joseph McClanathan Srikanth Padmanabhan Jai Shah Phoebe Wood Independent Director L&P Director since 2022 2009 2019 2002 2005 2018 2019 2005 Age 60 68 58 67 73 61 59 72 L&PB oard Committees Audit Chair Human Resources and Compensation Chair Nominating, Governance and Sustainability Chair Other Public Company Boards 0 1 1 0 1 1 0 2 EXPERIENCE AND QUALIFICATIONS Financial/Accounting Global Business R&D/Innovation/Tech Manufacturing/Operations Governance/Sustainability Strategic Planning HR/Compensation Risk Management IT/Cybersecurity L&P Industry Experience Tenure – We nominate directors for election based upon merit, experience, and background relevant to theB oard’s current and anticipated needs, as well as the Company’s businesses. We aim to achieve balance between directors whose yearso fs ervice has given them historical insight into the Company and its operations, and those who provide an ew, freshp erspective to the boardroom. Over the past several years,w e have undertakena Board refreshmentp rocess, including the addition of four of our seven independent director nominees since 2018. The Board believes that its currentc omposition reflects the right mix of experiencea nd newv oices to function effectively. Diversity – Our Nominating, Governance and Sustainability Committee (NGS Committee) recognizes the value of cultivating aB oard with ad iverse mix ofo pinions, perspectives, skills, experiences, and backgrounds. A diverse board enables moreb alanced, wide-ranging discussion in the boardroom, which, we believe, supports effectiveo versight and enhances thed ecision-makingp rocesses. In addition, five of our seven independent director nominees reflect ar angeo fb ackgrounds, including three women andt hree nominees who self- identify as racial or ethnic minorities. Proxy Statement
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3 Executive Compensation We seek to align oure xecutives’and shareholders’interests through pay-for-performance. In 2025, 87% of the target payo fo ur CEO, Mr. Glassman, was allocated to variable compensation and 69% was allocated to equity-based awards. Our compensation structure strives to strike an appropriate balance between short-terma nd long-term compensation that reflects the short- and long-term interests of the business. We believe this structure helps us attract,r etain andm otivate high-performing executives who willa chieve outstanding results for our shareholders. Key Components of Our Executive Officers’ 2025 Compensation Program Base Salary: Our executives’ salaries reflect their responsibilities, performance and experience while taking into account market data, peer benchmarking and internal equity. Annual Incentive: Short-term cash incentive with payouts ranging from 0% to 200% basedo na djustede arnings before interest, taxes, depreciation and amortization (EBITDA)a nd cash flow or free cash flow targets based on theC ompany’s earnings guidancef or the year. Long-Term Incentive –6 0% allocated to PSUs: Three-year Performance Stock Units (PSUs) with payouts ranging from 0% to 200%, with 50% based on total EBITDA and 50% based on return on invested capital (ROIC), subject to ap ayoutm ultiplier of 0.75 to 1.25 based upon relative total shareholderr eturn (TSR)m easured againstt he industrial, materials andc onsumer discretionary sectorso ft he S&P 500 and S&PM idCap 400. Long-Term Incentive –4 0% allocated to RSUs: The Restricted Stock Units (RSUs) generally vest in 1/3 increments on the first, second and third anniversarieso f the grant date, further tying oure xecutives’p ay to the Company’s performance. Proxy Statement
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4 Key Features of Our Executive Officer Compensation Program ɰ Pay for Performance – As ignificant majority of our NEOs’compensationi s at-riskv ariable compensation. ɰ Multiple Performance Metrics –V ariable compensationi sb ased on more than one measure to encourage balanced incentives. ɰ Incentive Award Caps – All of our variable compensation plans have maximum payout limits. ɰ Benchmarking – We compare ourc ompensation package to market surveys and ac ustomized peer group, andt he HRC Committeee ngages an independent consultant. ɰ Stock Ownership Requirements –A ll NEOs are subject to robusts tock ownership requirements. ɰ Confidentiality &N on-Competition –A ll NEOs are subject to contractual confidentiality and non- compete obligations. ɰ Clawbacks –M andatory recoupment of excess compensation followinga financial restatement and the ability to cancel awards and recoup compensation due to fraud, dishonesty, or violations of Company policies orl aws. ɰ Minimum Vesting Period – Awards under our Flexible Stock Plan are subject to am andatory one- year minimumv esting period (subject to a5 %c arve- out for vesting in certain circumstances). ɰ Annual Say-on-PayV ote – Our Board has adopted a policy to hold an advisory vote to approvet he Company’sexecutive compensationo n an annual basis. × No Single-Trigger Change in Control (CIC) –O ur CIC-related cash severance ande quity awards have a double trigger, consisting ofa CIC and aq ualifying termination of employment (unless the acquirer requires outstanding awards be terminated). × No Hedging or Pledging – We do not permit our executive officers to engage in either hedging or pledginga ctivities with respect to Leggett shares. × No ExcessiveP erquisites –P erquisites represent less than 1% of our NEOs’combined compensation. × No Employment Agreements – All of our NEOs are employed at-will. × No Repricing of Options orC ash Buyouts × No Liberal Share Recycling × No Dividends Paid on Equity Awards Prior to Vesting × No Tax Gross-Ups Board Oversight of Sustainability and Related Matters Leggett’sBoard of Directors and its Committees regularly review the oversight structure for certain sustainability matters. The NGS Committee’s charter responsibilities includeo versight of the Company’s corporate responsibility and sustainability policies and programs, including environmental and climate change, sociala nd governance matters, reviewing the Company’ssustainability report anda ny sustainability targets,a nd annually reviewing the Company’spolitical and charitable contributions. The HRC Committee’scharter responsibilities include, among otheri tems, overseeing the Company’shuman resources strategies, policies and programs, executive succession planning, and senior management leadership development. Althought he Boardh as delegated direct oversight of certain sustainability matters to its committees, the Board has retained primary oversight responsibility of the Company’scybersecurity programs. What We Do What We Don’t Do Proxy Statement
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5 Corporate Governance and Board Matters Leggett &P latt has a long-standing commitment to sound corporate governance principles and practices. TheB oardo f Directors has adopted CorporateG overnance Guidelines that establish the rolesa nd responsibilities of the Boarda nd management.T he Board has also adopted a Code of Business Conduct and Ethics applicable to all Company employees, officers and directors, as well as as eparate Financial Code of Ethics applicable to the Company’s CEO, CFO, and Chief Accounting Officer. These documents can be found at www.leggett.com/governance.Ie nformation on our website does not constitute part of this proxy statement. Director Independence and Board Service The Board reviews director independence annually andd uring they ear upon learning of any change in circumstances that may affect ad irector’s independence. The Company has adopted director independence standards (the “Independence Standards”) that satisfy the NYSE listing requirements and can be found at www.leggett.com/governance.Ae director who meets all the Independence Standards will be presumed to be independent. While theI ndependence Standards help the Board to determine director independence, they are not the only criteria. The Board also reviewst he relevant facts and circumstances of any material relationshipsb etween the Company and its directors during the independence assessment. Based on its review, the Boardh as determined that all director nominees and directors who served during any part of 2025 are,o rw ere during their service, independent, with the exception of Karl Glassman, our President and CEO. The director biographies accompanying ProposalO ne:E lection of Directors identify our independent directors on the ballot. The independentd irectors meet the additional independence standards for audit committee service under NYSE and SEC rules and are financiallyl iterate, as defined by NYSE rules. In addition,A udit Committee members Srikanth Padmanabhan, Jai Shah, and Phoebe Wood meet the SEC’sdefinition of an “audit committee financial expert.” No Audit Committee member serves on the audit committee of more than three public companies. The independentd irectors satisfy the enhanced independence standards required by the NYSE listing standards and SEC rules for service on the HRC Committee. As provided in our Corporate Governance Guidelines, non- employeed irectors can sit on no more than four public companyb oards (including our own) and our executive officff ers can sit on no more than one other public company board without Board approval. The NGSC ommittee conducts an annual reviewo f directorc ommitment levels anda ffirmed that all the nominees for the 2026 Annual Meeting were compliant. Board Leadership Structure Our Corporate Governance Guidelines allow the roleso f Chairmano ft he Board and CEOt ob ef illed by the sameo r different individuals.T his approach allows the Board flexibility to determine whether the two roles should be separate or combined based upon the Company’sneeds and the Board’s assessment of the Company’s leadership from time to time. Mr. Glassman has serveda st he Board Chairman since 2020 and Chief Executive Officeff rs ince 2024, and Mr. Brunner has served as independent Lead Director since 2023. The Board believes this leadership structure best serves theB oard, the Company and our shareholders. The Lead Director’sresponsibilities include: Serving as the liaison between the independent directors andt he Chairman. Acting as the principal representative of the independent directors in communicating with shareholders. Working with the Chairman to set the schedule and agenda for Board meetings, ando verseeing delivery of materials to the directors. Calling special executive sessions of the independent directors upon notice to the full Board. Presidingo ver meetings of the independent directors and over Board meetings in the Chairman’s absence. Our independent directors regularly hold executive sessions without management present. At least one executive session pery ear is attended by only independent, non-management directors, and such executive sessions were held at each quarterly Board meeting in 2025. Proxy Statement
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Corporate Governance and Board Matters 6 Communication with the Board Shareholders and all other interestedp arties who wish to contact our Boardo fD irectors may email our Lead Director, Mr. Brunner, at leaddirector@leggett.com.Tm hey can also write to Leggett &P latt Lead Director,P .O.B ox 637, Carthage, MO 64836. The Corporate Secretary’s office reviews this correspondence and periodically providest he Lead Director all communications except items unrelated to Board functions. TheL ead Director may forward communications tot he full Boardo rt oa ny of theo ther independent directors for further consideration. Board and Committee Composition and Meetings Leggett’s Board of Directors helde leven meetings in 2025, and its committees mett he number of times listed below. All incumbent directors attended at least7 5% of the Board and their respective committeem eetings.D irectorsa re expected toa ttend the Company’s Annual Meeting, and all of thema ttendedt he virtual 2025 Annual Meeting (excluding Messrs. MarkA . Blinn andM anuelA . Fernandez who retired effective immediately prior to the beginningo ft he 2025 Annual Meeting). The Board has as tanding Audit Committee, HRC Committee, and NGS Committee. These committees consist entirely of independent directors, and each operates under a written charter adopted by the Board. The Audit, HRC, and NGS Committeec harters are posted on our website at www.leggett.com/governance. Audit Committee Phoebe A. Wood (Chair) Angela Barbee Mary Campbell Srikanth Padmanabhan Jai Shah Meetings in 2025: 4 The Audit Committee assists the Board int he oversight of: Independent registered public accounting firm’s qualifications, independence, appointment, compensation, retention and performance. Internal control over financial reporting. Guidelines and policies to govern risk assessment and management. Performance of the Company’sinternal audit function. Integrity of the financial statements and external financial reporting. Legal and regulatory compliance. Complaints and investigations of anyq uestionable accounting, internal control or auditing matters. Human Resources and Compensation Committee Jai Shah (Chair) Angela Barbee Robert E. Brunner Mary Campbell Joseph W. McClanathan Meetings in 2025: 10 The HRC Committee assists the Board in the oversight and administration of: The Company’s human resources strategies, policies and programs. CEO, executive officer, andd irector compensation. Incentive compensation ande quity-based plans. Executive succession planning. Senior management leadership development. Employment agreements, change-in-control agreements, and severance benefit agreements with the CEOa nd executive officers, as applicable. Related person transactionso fa compensatory nature. Nominating, Governance and Sustainability Committee Joseph W. McClanathan (Chair) Robert E. Brunner Srikanth Padmanabhan Phoebe A. Wood Meetings in 2025: 5 The NGS Committee assists the Board in the oversight of: Corporate governance principles,p oliciesa nd procedures. Identifying qualified candidates for Board membership and recommending director nominees. Recommending committee members andB oard leadership positions. The Company’s policies and programs relating to corporate responsibility and sustainability matters. The Company’s political and charitable contributions. Director independence and related person transactions. Proxy Statement
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Corporate Governance and Board Matters 7 Board and Committee Evaluations The Board and each of its Committees conduct an annual self-evaluation of their practices andc harterr esponsibilities. In addition, the Board periodically retains an outside consultant to assist in the evaluations and solicit surveyr esponses from individual directors on Board and Committee effectiveness, and conduct reviews of the qualifications and contributionso f its members. Board’s Oversight of Risk Management The Company’sCEO and other senior managers are responsible for assessing and managing various riske xposureso n a day- to-day basis. OurE nterprise Risk Management Committee (the “ERM Committee”), comprised of a broad group of executives and chaired by ourC FO, adopted guidelinesb y which the Company identifies, assesses, monitors and reports financial and non-financial risks materialt o the Company. The ERM Committee meets at leastq uarterly. Identified risks, including emergingr isks, are assigned to a teamo fs ubject matter experts whom eet regularly throughoutt he year and provide an updated assessment report to the ERMC ommittee twice each year (or as circumstances require) for their respective riska reas. On as emi-annual basis, these reports are compiledi nto ar isk summary report which is further reviewed and discussed with the ERM Committee tod etermine if any additional actions need to be taken. A summary is providedt o senior management and the Audit Committee concerning (i) the likelihood, significance, and impact velocity ofe ach risk, (ii) management’s actions to monitor and control risks, and (iii) identified emerging risks.T he Audit Committee also performs an annual review of the guidelinesa nd policies that govern the process by which riska ssessmenta nd managementi s undertaken, as well as reviews and discusses major riskso na semi-annual basis. In addition, ad esignatedB oard member receives a copy of all reports received through the Company’s ethics hotline. Our Board has oversight of all cybersecurityt hreats and incidents. On a quarterly basis,a nd more often if warranted, the Company’s Chief Information Officer (“CIO”), or the CFO in coordination with the CIO, each after consultationw ith the Company’s Chief Information Security Officer (“CISO”),reports to the full Board any potentially material cybersecurity threat or incident and our activities regarding the prevention, detection, mitigation, and remediationo f cybersecurityt hreats and incidents. Cybersecurity riski s evaluated as part of our overall ERM process by a cross-functional group of leaders, led by our CISO.B ased on the ERM analysis, we adjust, if necessary, our process for the identification, assessment, and monitoring of cybersecurity threats and incidents. The HRC Committee’s oversight of executive officer compensation, including the assessment of compensation risk for executive officers, is detailed in the Compensation Discussion & Analysis section on page 31. The Committee also assesses our compensation structure for employees generally and has concluded thato ur compensation policies and practices do not create risks that are reasonablyl ikely to have a material adverse effect on the Company. The following factors contributed to this determination: We use ac ombination of short-term and long-term incentiver ewards thata re tied to varied and complementary measures of performance and have overlapping performance periods. We use common annual incentive plans across all business units. Our annual incentive plan and our omnibus equity plan contain clawback provisions thate nable the Committee to recoup incentive payments, when triggered. Our employees below keym anagementl evels have a small percentage of their total pay in variable compensation. We promote an employee ownership culture to better align employees with shareholders, with approximately 2,100 employees contributing their own funds to purchase Company stock under various stock purchase plans in 2025. Proxy Statement
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Corporate Governance and Board Matters 8 Consideration of Director Nominees and Diversity The NGS Committee is responsible for identifying ande valuating the best available qualified candidatesf or election to the Board of Directors. The Committee’sprocedure and the Company’s bylaws can be found at www.leggett.com/governance.Fe ollowing its evaluation, the NGS Committee recommends to the full Boarda slate of director candidates to be nominated for election by the Company’s shareholders on an annual basis. Incumbent Directors. Int he case ofi ncumbent directors, the NGS Committee reviews each director’s overalls ervice during hiso rh er current term, including the number of meetings attended, level ofp articipation,q uality of performance and anyt ransactions between the director and the Company. New Director Candidatesdd . Int he case of new director candidates, the NGS Committee first determines whether the nominee will be independent under NYSEr ules,t hen identifiesa ny special needso ft he Board. The NGS Committeew ill consider individuals recommended by Board members, Company management, shareholders and, if it deems appropriate, a professional search firm. The NGS Committeeb elieves director candidates should meet andd emonstrate the followingc riteria: Character and integrity. A commitment to the long-term growth and profitability of the Company. A willingness and ability to make as ufficff ient time commitment to the affairso ft he Company to effectively performt he dutieso f a director, including regular attendance at Board andc ommittee meetings. Significant business orp ublic experience relevanta nd beneficial to the Boarda nd the Company. Board Diversity.yy In accordance with our Procedure for Identifyinga nd Evaluating Director Candidates, the NGS Committee's policyi st o actively seek director candidates from a wide variety of backgrounds, without discrimination basedo n race, ethnicity, color, ancestry, national origin, religion, sex, sexual orientation, gender identity, age, disability, or any other status protectedb y law. The NGS Committee recognizes the valueo f cultivating aB oard with ad iverse mix of opinions, perspectives, skills, experiences, and backgrounds and implements this policy by considering how a particular candidate’s attributes wouldc omplement the existing composition of the Board. We believe ad iverse board enablesm ore balanced, wide-ranging discussion in the boardroom,w hich, we believe, supports effective oversight and enhances the decision-making processes. Having diverse representationa nd av arietyo fv iewpoints is also importantt o our shareholdersa nd other stakeholders. The NGS Committee assesses the effectiveness of itsa pproach to diversity as part of its ongoing evaluation of the Board’s overall composition and performance, includingc onsiderationo ft he mix of opinions, perspectives, skills, experiences, and backgrounds represented on the Board. All nominations to the Board will be based upon merit, experience andb ackground relevant to the Board’s current and anticipated needs, as well as Leggett’s businesses. Director Recommendationsdd fromff Shareholders. The NGS Committee does not intend to alter its evaluation process, including the minimum criteria set forth above,f or candidates recommendedb ya shareholder. Shareholders who wish to recommend candidates for theN GS Committee’s considerationm ust submit a written recommendation to the Secretary of the Company at 1L eggett Road, Carthage, MO 64836. Recommendations (other than director nominations by shareholders in accordancew ith the Company’s bylaws, as described below) must be sent by certified orr egistered mail and received by December 15th for the NGS Committee’sconsideration for the following year’sAnnual Meeting. Recommendations must include the following: Shareholder’s name, number ofs hares owned, length of period helda nd proof of ownership. Candidate’s name, address, phone numbera nd age. Ar esume describing, at a minimum, the candidate’seducational background, occupation, employment history and material outside commitments (memberships on otherb oards and committees, charitable foundations, etc.). A supporting statement which describes the shareholder’sand candidate’sreasons for nomination to the Board of Directors and documents thec andidate’s abilityt os atisfy the director qualificationsd escribeda bove. Proxy Statement
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Corporate Governance and Board Matters 9 The candidate’sconsent to ab ackground investigation and to standf or election if nominatedb yt he Board and tos erve if elected by thes hareholders. Any other information that will assist the NGS Committeei ne valuating the candidate in accordance with its procedure. DirectorN ominatNN ionstt forff Inclusion in Leggett’sP’ roxyPP Materials(ll Pro(( xyoo Access). The Board has approved a proxy access bylaw, which permits a shareholder, or group of up to 20s hareholders,o wning at least3 %o f our outstanding shares continuously for at least three years, to nominate andi nclude in Leggett’s proxy materials up to the greater of two nominees or 20% of the Board, provided the shareholders and nomineess atisfy the requirements specified in our bylaws. Noticeo f proxy access nominees fort he 2027 Annual Meeting must be received noe arliert han January2 1, 2027 and no later than February 20, 2027. Notice of Other Director Nominees. For shareholders intending to nominate a director candidate for election at the 2027 Annual Meeting outside of the Company’snomination process, our bylaws require that the Company receiven otice of the nomination no earlier than January 21, 2027 and no later than February 20, 2027. This noticem ust provide the information specifiedi nS ection 2.2 of the bylaws, including the information required byR ule 14a-19 under the Securities Exchange Act of 1934. Transactions with Related Persons According to our Corporate Governance Guidelines, the NGS Committee reviews transactions in which a relatedp erson has ad irect or indirect material interest, the Company or as ubsidiary is ap articipant, and the amount involved exceeds $120,000. If thet ransaction with ar elated person concerns compensation,t he HRCC ommittee conducts the review. The Company’sexecutive officers and directors are expected to notify the Company’sCorporate Secretary of anyc urrent or proposed transaction that may be ar elated person transaction. The Corporate Secretaryw ill determinei f iti sa related person transaction and, if so, will include it for consideration at the next meetingo ft he appropriate Committee. The appropriate Committee will conduct a reasonable prior review and oversight of any relatedp erson transaction for potential conflicts of interesta nd will prohibit anys uch transaction if the Committee determines it to be inconsistent with the interests of the Companya nd its shareholders.I f it becomesn ecessary to review a related person transaction between meetings,t he Chair of the appropriate Committee is authorized to act on behalf of theC ommittee. The Chair will provide ar eporto nt he matter tot he fullC ommittee at its next meeting. The full policy for reviewing transactions with related persons, including categories of pre-approved transactions, is foundi no ur Corporate Governance Guidelinesa vailable on our website at www.leggett.com/governance. The Company employs certain relatives of its executiveo fficers, buto nly one had total compensation (consisting of salary, annual incentivee arned in 2025, the grant date fair value of equity awards granted in 2025, and the Company's matching contributions under the Executive Stock Unit Program (the "ESU Program")) in excesso ft he $120,000 related person transactiont hreshold: Ashley Hiatt, Senior Director - Accounting, the sister-in-law of Benjamin M. Burns, ExecutiveV Pa nd Chief Financial Officer, had total 2025 compensation of $284,647. Proxy Statement
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Corporate Governance and Board Matters 10 Director Compensation 2025, our non-management directors received an annual retainer, consisting of a mix of cash ande quity, as setf orthi n the table below. Cash Compensation Director Retainer $100,000 Audit Committee Retainer Chair 25,000 Member 10,000 HRC Committee Retainer Chair 20,000 Member 8,000 NGS Committee Retainer Chair 15,000 Member 7,000 Equity Compensation – Restricted Stock or RSUs Director Retainer 160,000 Lead Director Additional Retainer 30,000 The HRC Committee reviews director compensation annually and recommends any changes tot he fullB oard for consideration at its Novemberm eeting and at other meetings as appropriate. TheC ommitteec onsiders national survey data and trends, as well as peer company benchmarking data (see discussion of the executivec ompensation peer group at page 41) but does not target director compensation to any specific percentage of the median. The directors’ annual cash and equity retainers were noti ncreasedi n2 025. Directorsm ay elect to receive the equity retainer in restricted stock or RSUs. Electing RSUs enablesd irectors to defer receipt of the shares for two to ten years while accruing dividend equivalent shares at a2 0% discount to market price over the deferralp eriod. Both restricted stock and RSUs vest ont he day prior tot he next year’s Annual Meeting. Directors may elect to defer their cash retainer intoL eggett stock units at a2 0% discount or an interest-bearing cash deferral under the Company’sDeferred Compensation Program, described on page 39. As of March 13, 2026, our non-managementd irectors currently comply with the stock ownership guidelines requiring them to hold Leggett stock with a value of five times theira nnual cash retainer within five years of joining the Board. The Company pays for allt ravel expenses the directors incur to attend Board meetings, and reasonablec osts related to director education. Proxy Statement
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Corporate Governance and Board Matters 11 Director Compensation in 2025 Our non-management directors received the following compensation in 2025. Director Fees Earned or Paid in Cash(1)(2) Stock Awards(3) Non-Qualified Deferred Compensation Earnings(4) All Other Compensation(5) Total Angela Barbee $118,000 $160,000 $682 $2,728 $281,410 Mark A. Blinn 59,000 789 59,789 Robert E. Brunner 115,000 190,000 3,813 15,251 324,063 Mary Campbell 117,500 160,000 1,663 7,440 286,602 Manuel A. Fernandez 57,500 1,092 18,745 77,337 Joseph W. McClanathan 123,000 160,000 2,030 38,869 323,898 Srikanth Padmanabhan 117,000 160,000 625 3,289 280,914 Jai Shah 130,000 160,000 4,315 16,153 310,468 Phoebe A. Wood 132,000 160,000 1,394 5,574 298,968 (1) These amounts include cash compensation deferred under ourD eferred CompensationP rogram, describeda t page 39. The following directors deferred cash compensation into stock units: Fernandez— $57,500a nd McClanathan— $123,000. Mr. Shah deferred $130,000 into an interest-bearing cash deferral. (2) The amount shown for Messrs. Blinn and Fernandez reflect the quarterly cash payments for ap artial year of service prior to their retirement as directors at the end of their terms effective immediately prior to the beginning of the 2025 Annual Meeting. (3) Thesea mounts reflect the grant datef air valueo ft he annual restricted stock or RSU awards, which was $160,000 fore ach director,p lus an additional $30,000 retainer for Mr. Brunner’ss ervice as Lead Director.T he grant date value of thesea wardsi s determined by the stock price on thed ay of the award. (4) These amounts include the 20% discount on stocku nit dividends and premium interesto nc ashd eferrals under our Deferred Compensation Program and RSUs. (5) Items in excess of $10,000 that are reported in this column consist of (i) dividend equivalents on annual RSU awards,a nd dividend equivalents paid on stock units acquired under our Deferred Compensation Program: Brunner—$15,251 ; and (ii) the 20% discount on the purchase of stock units under our Deferred Compensation Program: Fernandez— $14,375, and McClanathan— $30,750. Mr. Glassman, the Company'sB oard Chairman, Presidenta nd CEO, did not receivec ompensation forh is Board service in 2025, except for $1,528 in dividends froma restricted stock award grantedf or his service as a non-management directorp rior to his appointment as President and CEO on May 20,2 024. This amount is included in the Summary Compensation Table on page 45. As set forthb elow, all directors heldu nvested restricted stocko rR SUs as of December 31,2 025,e xcept for Mark A. Blinn and Manuel A. Fernandez. The restricted stock and RSUs will vest onM ay 20, 2026. Director Restricted Stock Restricted Stock Units Angela Barbee 16,532 Mark A. Blinn(1) Robert E. Brunner 20,085 Mary Campbell 16,913 Manuel A. Fernandez(1) Joseph W. McClanathan 16,532 Srikanth Padmanabhan 16,913 Jai Shah 16,913 Phoebe A. Wood 16,913 (1) Mark A. Blinn and Manuel A. Fernandez retired in May 2025a nd therefored id not receivea ny restricted stock or RSU grants in 2025. Effective in 2025, stock options were eliminated as an investment alternative under our Deferred Compensation Program. However, previously granted stock options remain outstanding. Three directorsh eldo utstanding stock options as of December 31, 2025, which Proxy Statement
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Corporate Governance and Board Matters 12 were granted in lieu ofp rior years’cashc ompensation under our Deferred Compensation Program:M s. Campbell—4,274 options, Mr. Fernandez—21, 822 options, and Mr. Shah— 25,886 options. Proxy Statement
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13 Proposals to be Voted on at the Annual Meeting PROPOSAL ONE: Election of Directors the 2026 AnnualM eeting, eight directors are nominated to hold office until the 2027 AnnualM eeting of Shareholders, or until their successors are elected and qualified. All nominees have been previously elected by our shareholders. If any nominee named below is unablet o serve as ad irector (an event the Board does not anticipate), proxiesw ill be votedf or a substituten ominee, if any, designated by the Board. In recommending the slate of director nominees, our Board has chosen individuals of character and integrity, with a commitment to the long-term growth and profitability of the Company. Web elieve each of the nomineesb ringss ignificant business or public experience relevant and beneficial to the Board and the Company, as well as a worke thic and disposition that foster the collegiality necessary for the Board and its committees to function efficiently and best representt he interests of our shareholders. Additional information concerning the directors is foundi nt he ProxyS ummary atp age 1. Angela Barbee Independentdd Director Director Since: 2022 Age: 60 Committees: Audit HRC Professional Experience: Ms. Barbee was Senior Vice President—T echnology and Global R&D ofW eber Inc., am anufacturer of charcoal, gas, pellet, and electric outdoor grills and accessories, from2 021 to 2022. She previously serveda s Vice President—A dvance Development, Global Kitchen &B ath Group of Kohler Company,a globall eader in the design,i nnovation and manufacture of kitchen andb ath products, engines and power systems, and luxury cabinetry and tile, from 2020 to 2021, and as ViceP resident— New Product Developmenta nd Engineering, Global Faucets from 2018 to 2020. Ms. Barbees erved as Director— Global Creative Design Operationso f General Motors, ag lobal company that designs, builds, and sells trucks, crossovers,c ars, and automobile parts and accessories, from 2013 to 2017,a nd in various other capacities since 1994. Education: Ms. Barbee holdsa bachelor’s degree in mechanical engineering from WayneS tate University, a master’sdegree in mechanical engineering from Purdue University, andh as completed the Executive Education Program in the Ross Business School at the University of Michigan. Director Qualifications: Through herp ositions at Weber, Kohler and General Motors, Ms. Barbee has aw ide-ranging knowledge of manufacturing, engineeringa nd innovation, management, and operations in the consumer products and automotive industries. She also hase xtensive international experience in leading engineering, development and innovation efforts. Proxy Statement
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Election of Directors 14 Robert E. Brunner Lead Independent Director Director Since: 2009 Age: 68 Committees: HRC NGS Professional Experience: Mr. Brunner was the Executive Vice President ofI llinois Tool Works (ITW), a Fortune 250 global, multi- industrial manufacturer of advanced industrial technology, from 2006 until his retirement in 2012. He previously served ITW as President—Gl obal Auto beginningi n2 005 andP resident—Nort h American Auto from 2003. Education: Mr. Brunner holds a degree in finance from the University of Illinois and anM BA from Baldwin-Wallace University. Public Company Boards: Mr. Brunner currently serves as the independent BoardC hair of LindsayC orporation, ag lobal manufacturer ofi rrigation equipment and road safety products, and previously served as ad irector of NN, Inc.,a diversified industrial company that designs and manufactures high-precision components and assemblies on ag lobalb asis. Director Qualifications: Mr. Brunner’s experience and leadership with ITW, ad iversified manufacturer with a global footprint, provides valuable insight to our Board on the automotive strategy, business development, mergers and acquisitions,o perations, and international issues. Mary Campbell IndependentD irectrr ortt Director Since: 2019 Age: 58 Committees: Audit HRC Professional Experience: Ms. Campbells erved as President, vCommerce Ventures of Qurate Retail,I nc., from 2022 until her retirement at the end of 2023. Qurate Retail is comprised of as elect group of retailb rands including QVC, HSN, Ballard Designs,F rontgate, Garnet Hill, and Grandin Roada nd is a leader in video commerce,a nd a leader in mobile and socialc ommerce. During her moret han 20y earsw ith the company, Ms. Campbell held various leadership positions across the Merchandising, Planning andC ommerceP latforms functions. Most recently, and prior to her most recentp osition, she served as Chief Merchandising Officer of Qurate Retail Group and Chief Commerce Officer of QVC from 2018 to 2022, as Chief Merchandising and Interactive Officer in 2018, as Chief Interactive Experience Officer from 2017 to 2018, and as Executive Vice President, Commerce Platforms for QVC from 2014 to 2017. Education: Ms. Campbell holds a bachelor’s degree in psychology from Central Connecticut State University. Public Company Boards: Ms. Campbell currently serves as a director of Kontoor Brands, Inc., ag lobal lifestyle apparel company. Director Qualifications: Through her positions at Qurate Retail Group andQ VC,Q Ms. Campbell hase xtensive knowledge in consumer driven product innovation, marketing andb rand building, and traditional and new media platforms, as well as leading teams for long term growth and evolution. Proxy Statement
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Election of Directors 15 Karl G. Glassman Board Chairman Director Since: 2002 Chairman Since: 2020 Age: 67 Committees: None Professional Experience: Mr. Glassman has served as the Company’sPresident and Chief Executive Officer since May 2024, and served as segment manager of Specialized Products on at emporaryb asis until February 2025. Mr. Glassman previously served as the Company’sExecutive Chairman of the Board from 2022 untilh is retirement in May 2023 andw as first appointed Chairman of the Boardi n 2020. Mr.G lassman also served ast he Company’sChief Executive Officer from 2016 to 2021, as President from 2013 to 2019, Chief Operating Officer from 2006 to 2015, Executive Vice Presidentf rom2 002 to 2013, President of the former Residential Furnishings segment from 1999 to 2006, Senior Vice President from 1999 to 2002, and in various capacities since 1982. Education: Mr. Glassman holds a degreei n businessm anagement and finance from California State University— Long Beach. Director Qualifications: As the Company’sPresident and CEO with decades of experience in Leggett’s senior management team, Mr.G lassman offers exceptional knowledge of the Company’s operations, strategy, and governance, as well as its customers and end markets. Mr. Glassman also served on the Board of Directors of the National Association of Manufacturers through the endo f 2022. Joseph W. McClanathan Independentdd Director Director Since: 2005 Age: 73 Committees: HRC NGS, Chair Professional Experience: Mr. McClanathan served as Presidenta nd Chief Executive Officer of the Household Products Division of Energizer Holdings, Inc., am anufacturer of portable power solutions, from 2007 throughh is retirement in 2012. Previously, he served Energizer as President and Chief Executive Officer of the Energizer Battery Divisionf rom 2004 to 2007, as President—N orth America from 2002 to 2004, and as Vice President—N orth America from 2000 to 2002. Education: Mr. McClanathanh olds ad egree in managementf rom ArizonaS tate University. Public Company Boards: Mr. McClanathan currently serves as ad irector of Brunswick Corporation, am arket leader in the marine industry. Director Qualifications: Through his leadership experience at Energizer and asa former director of the Retail Industry Leaders Association, Mr.M cClanathano ffers an exceptionalp erspective to the Boardo nm anufacturing operations,m arketing and development of internationalc apabilities. Proxy Statement
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Election of Directors 16 Srikanth Padmanabhan Independent Director Director Since: 2018 Age: 61 Committees: Audit NGS Professional Experience: Mr. Padmanabhan served as Executive Vice President and President, Operations of Cummins Inc., a global manufacturer of engines and power solutions, from 2024 until his retirement in April 2025. He previously served as Presidento f its EngineB usiness segment from 2016 to 2023, as Vice President—Eng ine Business from 2014 to 2016, Vice Presidenta nd General Manager of Emission Solutions from 2008 to 2014, andi n various other capacities since 1991. Education: Mr. Padmanabhan holds a bachelor’s degree in mechanical engineering from the National Institute of Technology in Trichy, India, aP h.D. in mechanical engineering from Iowa State University, and has completed the Advanced Management Program at Harvard Business School. Public Company Boards: Mr. Padmanabhan is ad irector of Terex Corporation,a global manufacturer of advanced specialty vehicles, materials processing machinery, mobilee levating work platforms, ande quipment for the electric utility industry. Director Qualifications: With over 30 years at Cummins in a variety of leadership roles, Mr. Padmanabhan offers considerable knowledgeo f the automotive industry and the industrials ector.H eb ringse xtensive experiencei n managing operations, technology andi nnovation across am ulti-billion-dollar globalb usiness. He has lived and worked in India, the United States, Mexico, and the United Kingdom. Jai Shah Independent Director Director Since: 2019 Age: 59 Committees: Audit HRC, Chair Professional Experience: Mr. Shah serves as a Group President of Masco Corporation,a Fortune 500 global leader in the design, manufacture and distribution of branded home improvement and building products. In this position since 2018, Mr. Shah currently has responsibility for operating companies with leading brands in global decorative and rough plumbingi nN orth America and previously headed Masco’splatform of decorative architectural and wellness businesses. Mr. Shahi sa lso responsible for Masco’s Corporate Strategic Planning activities. He previouslys erved as Presidento f Delta Faucet Company, a Masco business unit, from 2014 to 2018, as Vice Presidenta nd Chief Human Resources Officer forM asco from 2012 to 2014, and in various capacities since 2003. Prior to Masco, Mr. Shah helda number of seniorm anagement positions at Diversey Corporation and served as Senior Auditor for KPMG PeatM arwick Chartered Accountants. Education: Mr. Shah is a Certified Public Accountant and Chartered ProfessionalA ccountant (Canada) and holds an MBA from the University of Michigan, as well as bachelor’s and master’sdegrees in accounting from the University of Waterloo in Ontario, Canada. Director Qualifications: Mr. Shah’s range of experience at Masco in a variety of operational, financial and corporate roles offerff s the Board ab road perspective on relevant issues facingg lobal corporations, including growth strategy development and implementation,t alent management, and adapting to e-business and market innovations. Proxy Statement
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Election of Directors 17 Phoebe A. Wood Independent Director Director Since: 2005 Age: 72 Committees: Audit, Chair NGS Professional Experience: Ms. Wood has been a principal in CompaniesWood, ac onsulting firm specializing in early stage investments,s ince her 2008 retirement as Vice Chair andC hief Financial Officer of Brown-Forman Corporation, a diversified consumer products manufacturer,w here she had served since 2001. Ms. Wood previously held various positions at Atlantic Richfield Company, ano il and gas company, from 1976 to 2000. Ms.W ood has also serveda sC hief Executive Officer of KirtleyWood LLC, a board advisory firm, since January 2025. Education: Ms. Wood holds a degree in psychology from Smith College and anM BA from UCLA. Public Company Boards: Ms. Wood is ad irector of Invesco, Ltd., an independent globali nvestment manager, and PPL Corporation, a utilitya nd energy services company. Ms. Wood previously served as ad irector of Pioneer Natural Resources, an independent oil and gasc ompany, from 2013 to 2024. Director Qualifications: From her career in business and various directorships, Ms. Wood providest he Board with a wealtho f understanding of the strategic, financial and accounting issues the Board addresses in its oversight role. The Board recommends that you vote FOR the election of each of the director nominees. Proxy Statement
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Audit-Relatedtt Matterstt 18 PROPOSAL TWO: Ratification of Independent Registered Public Accounting Firm The AuditC ommittee is directly responsible for the appointmento ft he Company’s independent registeredp ublic accounting firm and has selected PricewaterhouseCoopers LLP (“PwC”) for the fiscal year ending December 31, 2026. PwC hasb een our independent registered public accountingf irm continuously since 1991. The Audit Committee regularly evaluates activities to assure continuing auditor independence, including whether there should be a regular rotation of the independent registered public accounting firm. As with all matters, the members of the Audit Committee perform assessments in the best interests of the Company ando ur investors and believe that the continuedr etention of PwCm eets this standard. Although shareholder ratification of the Audit Committee’sselection of PwC is not required by the Company’sbylaws or otherwise, the Board is requesting ratification as a matter ofg ood corporate practice. If our shareholders fail to ratifytff he selection, it will be considered a direction to the Audit Committeet oc onsider ad ifferent firm. Even if this selection is ratified, the Audit Committee, in its discretion, may select a different independent registeredp ublic accounting firm ata ny time during the year if it determines that such a change is in the best interest of the Company and our shareholders. PwC representatives are expected to bea vailable at the Annual Meeting. Theyw ill havea no pportunity to make a statement if they desire to do so and will be available to respond to appropriate shareholder questions. The Board recommends that you vote FOR the ratification of PwC as the independent registered public accounting firm. Audit and Non-Audit Fees The Audit Committee is directly responsible for the appointment, compensation, retention, and oversight of thei ndependent extxx ernal audit firm, directly involved in the selection of the lead engagement partner, and responsible for the audit fee negotiations associated with retaining PwC. The fees billedo r expected tob eb illedb yP wC for professional services rendered in fiscal years 2025 and 2024 are shown below. Type of Service 2025 2024 Audit Fees(1) $2,911,061 $3,095,800 Audit-Related Fees(2) 168,846 176,689 Tax Fees(3) 268,292 459,598 All OtherF ees(4) 5,837 5,246 Total $3,354,036 $3,737,333 (1) Includes rendering an opinion on the Company’sc onsolidated financial statements and the effectivenesso f internal control over financialr eporting; quarterly reviews of the Company’s financial statements; statutory audits, where appropriate; comforta nd debt covenant letters;a nd services in connection with regulatory filings. (2) Includesa udits of employeeb enefit plans and other attest services. (3) Includes preparation and review of tax returns andt ax filings; tax consulting and advice related to compliance with tax laws;t ax planning strategies; and tax due diligence related to acquisitions and joint ventures. (4) Includes use of an international tax reporting software and subscription fees to access accounting and financial reporting content. Proxy Statement
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Audit-Relatedtt Matterstt 19 Pre-Approval Procedures for Audit and Non-Audit Services The Audit Committee has established a procedure for pre-approving the services performed by the Company’sauditors. All services provided by PwC in 2025 were approvedi na ccordance with the adopted procedures. There were no services provided or fees paid in 2025 for which the pre-approval requirement was waived. The procedure provides standing pre-approval for: Audit Services : quarterly reviews of the Company’s financial statements; statutory audits, where appropriate; services related to SEC registration statements (including comfort and debt covenant letters); consents and assistancei n responding to SEC comment letters; consultations as to accounting or disclosure treatmento f transactions or events; and services in connectionw ithr egulatory filings. Audit-Related Services : consultationo nn ew or proposed transactions, statutory requirements, ora ccountingp rinciples; reports related to contracts,a greements, arbitration, or government filings;c ontinuing professional education; financial statement audits of employee benefit plans; and dued iligence and audits related to acquisitions, dispositionsa nd joint ventures. TaxS ervices : preparation and review of Company and related entity income, sales, payroll, property, ando ther tax returns and tax filings andp ermissible tax audit assistance; preparation and review of expatriate ands imilar employee tax returnsa nd tax filings; taxc onsulting anda dvice related to compliance with applicable tax laws and transfer pricingm atters; tax planning strategiesa nd implementation; and tax due diligence related toa cquisitions, dispositionsa nd joint ventures. Any other audit, audit-related, or tax servicesp rovidedb yt he Company’s auditors require specific Audit Committeep re-approval. The procedure requires the Audit Committeet os pecifically pre-approve the terms of the annual audit services engagement letter witht he Company’sauditor, including all audit procedures required to render an opinion on the Company’sannual financial statements and on the effectiveness of the Company’sinternal controlo ver financial reporting. The Audit Committee must specifically approve, if necessary, any changes in terms of the annual audit engagementr esultingf rom changes in audit scope, Company structure or other matters. The Audit Committee must alsos pecifically approve in advancea ll other permissible Non-Audit Services tob e performed by the Company’s auditors. The procedure prohibits certain non-audit services from beingp rovided by the independent auditoru nderS EC rules. Management provides quarterly reports to the Audit Committee regarding the nature and scope of any non-audit services performed and any fees paid tot he auditors for all services.T he Audit Committee hasd etermined thatt he provisiono f the approved Non-Audit Services by PwC in 2025 is compatible with maintaining PwC’s independence. Audit Committee Report The current Audit Committee is composedo ff ive non-management directors who are independent as requiredb y SEC and NYSEr ules. The Audit Committee operates undera written charter adoptedb y the Board which is posted on the Company’s website at www.leggett.com/governance. Management is responsible for the Company’s financial statements andf inancial reporting process, including the system of internal controls. PwC, our independent registered publica ccountingf irm, is responsible for expressinga no pinion on the conformityo ft he audited consolidated financial statements with accounting principles generally accepted in the United States. The Audit Committee is responsible for monitoring, overseeing, and evaluating these processes, providing recommendations to the Board regarding the independence of and risk assessment procedures used by our independent registered public accounting firm, selecting and retaining ouri ndependent registered public accounting firm, and overseeingc ompliance with various laws and regulations. At its meetings, the Audit Committee reviewed and discussed the Company’s audited financial statements with management and PwC. The Audit Committee also discussed with PwC alli tems required to be discussed by the applicable requirements of theP ublic Company Accounting Oversight Board (PCAOB) and the SEC. The Audit Committee received the written disclosures and letter fromP wC required by applicable requirementso ft he PCAOB regarding PwC’sc ommunications with the Audit Committee concerning independence and has discussed PwC’s independence with them. Proxy Statement
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Audit-Relatedtt Matterstt 20 The Audit Committee has relied on management’s representation that the financial statements have been prepared in conformity with accounting principles generally accepted in the UnitedS tatesa nd on the opinion of PwC includedi n their report on the Company’s financial statements. Based on review and discussions with management and PwC referred to above,t he Audit Committee recommended to the Board of Directors that the audited financial statements be included in the Company’s 2025 Annual Report on Form 10-K. Phoebe A. Wood (Chair) Mary Campbell Jai Shah Angela BarbeeS rikanthP admanabhan Proxy Statement
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Say-on-Pay 21 PROPOSAL THREE: Advisory Vote to Approve Named Executive Officer Compensation Pursuant to Section 14A of the Securities Exchange Act of 1934, Leggett’sshareholders have the opportunity to vote on an advisory resolution, commonly known as “Say-on-Pay,” to approve the compensation of Leggett’s Named Executive Officers (NEOs), as described in the Executive Compensation and Related Matters section beginning on page 31. Since Say-on-Pay was implemented in 2011, our shareholders have supported the compensation of our NEOs with over 90% or more of the vote (with 95% support in 2025).O ur Board has adopted a policy providing for an annual Say-on-Pay vote. Our HRC Committee is committed to creating ane xecutive compensation programt hat enables us to attract and retain a superior management team that has targeted incentives to build long-term value for our shareholders. The Company’scompensation package uses am ix of cash and equity-baseda wards to align executive compensation with our annual andl ong-termp erformance. These programs reflect the Committee’sphilosophy that executive compensation should provide greater rewards for superior performance, as well asa ccountability for underperformance. At the same time, we believe ourp rograms don ot encourage excessiver isk-taking by management. The Board believes that our philosophy and practices have resulted in executive compensation decisions that are appropriate and that have benefited the Company over time. For these reasons, the Board requests our shareholders approve the compensation paid to the Company’s NEOs as described in this proxy statement, including the Compensation Discussion and Analysis, thee xecutivec ompensationt ables and the related footnotes and narrative accompanying the tables. Because your vote is advisory, it will notb e binding upon the Board; however, the HRC Committee and theB oardh ave considered and will continue to consider the outcome of the vote when makingd ecisions for futuree xecutive compensation arrangements. The Board recommends that you vote FOR the Company’s Named Executive Officer compensation package. Proxy Statement
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Flexible Stocktt Plan 22 PROPOSAL FOUR: Approval of the Amendment and Restatement of the Flexible Stock Plan Thea mended and restated FlexibleS tock Plan (the "Plan") was last approved by our shareholders in 2025 (the "2025 Plan"). The Plan providesf or the award of stock-based benefits to attract and retain valuable employees, directorsa nd other keyi ndividuals, align the interests of participants with shareholders, and reward outstanding performance. At its meeting on February 26, 2026, the Board of Directors recommended our shareholders approve the amended andr estated Plan set forth inf ulli n the Appendix (the “2026 Restatement”). If approved by the Company’sshareholders, the 2026 Restatement will become effective as of May 21, 2026 (the “Effective Date”) and will continuei n effect until the tenth anniversary of the Effective Date. Under the 2025 Plan, each share grantedu nder anyt ype of award (including full value awards, options, and stock appreciation rights) count as one share against the sharesa vailable under the Plan. The Company has largely discontinuedg ranting options (although previously granted options remain outstanding primarily under the Deferred Compensation Program). As of March 13, 2026, there were approximately 4.8 million shares potentially issuable from prior awards undert he 2025 Plan (4.5 million full value awards and 0.3 million options), while approximately 4.2 million shares remained available under the 2025 Plan for future grants. If shareholders approve the 2026 Restatement, thes hares available will be increased by 4.0 millions hares for a total of approximately 8.2 million sharesa vailable for future grants under the Plan (excluding forfeitureso f existing awards that again become available for issuance under the Plan). In addition to increasing the numbero f shares availableu ndert he Plan, the 2026 Restatementa lso (i) extexx nds the term of the Plan by one year, (ii) adds a non-employee director annual compensation limit, and (iii) adds ar equirement for the CEO to hold any net shares received (i.e., shares remaining after payment of taxes) from the exercise of options or stock appreciation rights. Shareholder approval of the 2026 Restatement will constitute approval oft he material terms of the Plan. If our shareholders fail to approve the 2026 Restatement, the 2025 Planw ill continue as currently in effeff ct. While we have tax-qualifieds tock purchase plans for employees generally, the Flexible Stock Plan is our only vehicle for granting non- qualifiede quity benefits. The Plan’sflexible design permits equity-based awards to be tailored to the needs of the Company and to comply with changing business, tax and regulatory environments. Key Features of the Plan Double-ll Trigrr gergg Vestitt ngii of Awards upon aC hanCC gen in Control.Tll he Plan doesn ot permit awards to vest solely upon the occurrence of a change in control (unless the acquirer requires that outstanding awards be terminated as a resulto f the change in control), but awards vesti nc onnection withc ertain terminations of employment following ac hangei nc ontrol. Minimum Vesting.F or Awards issued afterM ay 8, 2024, the Plan requires a mandatory minimum vesting period of at least one year for at least 95% of the shares, excepti n the case of disability, death or in certain circumstances followinga change in control. Clawbll ack. The Committee is authorized to cancel cash ande quity time-based and performance awards and require repayment to the Company under the circumstancesd escribedb elow at page 28. No Reprie ciii ngii . The Plan prohibitst he cancellationo fa no utstanding,u nderwater option or stocka ppreciation right ("SAR") for the purpose of reissuing to the participant at a lower exercisep rice or granting ar eplacementa ward of a differentff type. Unless following a change ino ur capitals tock, the exercise price of an option or SAR may notb er educed without shareholdera pproval. No Cash Buyouts. The Plan prohibits the cash buyout of an underwater option or SAR without shareholdera pproval. Proxy Statement
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Flexible Stocktt Plan 23 No Discounted Options or SARs. Options and SARs may not be granted with exercise prices lower thant he fair market value of the underlying shares on the grant date. No Evergreen Provision. There is no “evergreen” feature pursuant to which the shares authorized for issuanceu nder the Plan can be automatically increased. No TaxGaa roGG ss-upsuu . The Plan does not provide for any tax gross-ups. No Dividend or Dividend Equivalents on Unvested Awards.rr The Plan allows for dividend and dividend equivalents, based on dividends declared on common stock, to be credited aso f the applicabled ividend payment date, during the period between the dateo fg rant and the date thea ward vests, but prohibits the payment of dividendo rd ividend equivalents unless the underlying award becomes vested. Limiii tsii on Compensation to Non-Employee Directorsrr . The Plan contains an annuall imitation on non-employee director compensation of $750,000,w hich includest he grant date fair value of equity awards and cash or other consideration. CEOSEE tockH olHH dill ngii Requirement.Ttt he Plan requires our CEO to hold for at least one year any nets hares received (i.e., shares remaining aftff er payment of taxes) from Option or SAR exercises. Ten-Year Termrr .T he Plan will terminateo nM ay 21, 2036, the tenth anniversary of the date of shareholder approval, provided that if our shareholders fail to approve the 2026 Restatement, the 2025 Plan will continue as currentlyi n effect, including that the Plan will terminateo n May 7, 2035. IndependentA dministration.T he HRC Committee, an independent committee of the Board of Directors, currently administers the Plan. How We Use Stock Compensation We have encouraged and promotede mployees tock ownership at all levelso ft he Company for many years.I n 2025,a pproximately 2,100 employeesc ontributed their own funds top urchase Company stock under variouss tockp urchase plans.T he HRC Committee has weighted our executives’compensation towardL eggett equity granted anda dministered throught he Plan. Performance Stock Units.L eggett’slong-term focus emphasizes sustained, profitable growth ands hareholder alignment. We grant PSUs as a primary component of our senior executives’compensation to drive and reward those results, with 60% of the long-term incentive granted as PSUs. The PSUs grantedi n 2024, 2025 and 2026 supporto ur operational goals by allocating 50%o ft he payout to total adjusted earnings before interest, taxes, depreciation anda mortization( EBITDA)g enerated over thet hree-year performance period and5 0% of the payout to return on investedc apital (ROIC).T hese results ares ubject to ap ayout multipliero f0 .75 to 1.25 based on our relative total shareholder return (TSR).F ifty percent of the PSUs ares ettled in shares of common stock, while fiftyff percent are settled in cash, although the Company reserves the right, except for distributions to persons subject to Section 16 of the Securities Exchange Acto f 1934, to settle all PSUs in cash. The PSUs, including the calculation of adjusted EBITDA, ROIC and relative TSR, ared escribed on page3 7. Restricted Stock Units.T he remaining 40% of our senior executives’long-term incentive is granted as RSUs, along with RSU grants to a broad group of managers and key employees. These RSUs vest in one-third increments at 12, 24 and 36 months after the grant date. RSUs are also awarded intermittently to select new hiresa nd existing employees for retention, motivation or recognition. Deferred Compensation. Leggett had 71 managers andd irectors eligible for the Deferred Compensation Program in2 025, and they collectively deferred approximately $1.5 million of their cash compensation into stock units. Stock unitsa nd reinvested dividend equivalent accrualsa re acquired at a2 0% discount to the market price of Company common stock. Prior to 2025, participantsc ould also choose at-market stock options with the underlyings hares of common stock havinga n initial market value five times the amount of compensation forgone, with an exercise price equal to the closing market price of our common stock on theg rant date. Effective in 2025, stock options were eliminated as an investment alternative in the Deferred Compensation Program. However, previously granted stock options remain outstanding. Proxy Statement
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Flexible Stocktt Plan 24 .Wtt ea lso uses hares from the Plan for our executives’primary retirementp lan, the ESUP rogram. Executives contribute up to 10% of their cash compensation above ac ertain thresholdi nto diversified investments in their accounts, which are held until they retire or terminate employment. The Company matches 50% of the executives’contributions with stocku nits acquired at a 15% discount to the market priceo fC ompany common stock and provides an additional match of up to 50% if the Company meetsc ertainp erformance targets. Directorsrr . Our seven non-employee directors receive ap ortion of their annual compensation at their election either in restricted stock or RSUs, consisting of ana ward with ag rant date value of $160,000, and an additional value of $30,000 for the Lead Director. The restricted stock or RSUs vest the day before the following year’sannual shareholder meeting. Electing RSUs enables directors to defer receipt of the shares for two to ten years while accruing dividend equivalent shares at a2 0% discount to market price over thed eferral period. Directors may also participate in the Deferred Compensation Program described above by deferring someo ra ll of their cash retainers for board and committee service. Stock Options.N on-qualified stocko ptions (“NQSOs”) have been occasionally granted to senior executives in connection with promotions or forr etention purposes. These options areg ranted with an exercisep rice equal to the closingp rice of the Company’s common stock on the grant date. Options vest and become exercisable in threea nnual installments beginning 18 months after the grant date and have am aximum 10-year term. CompanySn tock Price. The closing marketp rice for our common stock on March 13,2 026 was $10.18. Burn Rate and Overhang We believe weh ave been judicious in our use ofs hares previously authorized by shareholdersu nder theP lan, and we are committed to closely monitoring share usage.T wo commonm easures of as tock plan’scost are known as “burn rate”and “overhang.” Burn rate refers to the rate at which sharesi ssued undert he Plan increase the number of shares outstanding. Over thel ast three years, we have maintained an average burn rate of 1.10% per year. We calculate burn ratea s the sum ofo ptions granted during each year plus fullv alue awards grantedo rv estedd uring eachy ear (as detailedb elow), as a percentageo f the weighted average common shares outstanding. Burn Rate Year Options Full Value Awards(1) Total Awards Weighted Average Shares Outstanding Burn Rate 2025 40,561 1,980,032 2,020,593 135,470,265 1.49% 2024 17,160 1,506,873 1,524,033 134,300,605 1.13% 2023 24,953 898,264 923,217 133,319,071 0.69% 3-year average 1.10% (1) Full value awards included stock units issued under the DeferredC ompensation Program and the ESU Programd uring the year, restricted stock and RSU awards granted during the year, and PSUs vested during the year. The details for the lastt hree years’PSU grants, vesting and forfeitures are in the following chart. The numbers reflectt he stock-settled PSUsa t a2 00% maximum payout. Proxy Statement
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Flexible Stocktt Plan 25 Performance-Based Awards Shares Non-vested at 12/31/2022 526,604 Granted 295,514 Vested 3,196 Forfeited 260,160 Non-vested at 12/31/2023 558,762 Granted 797,278 Vested 2,503 Forfeited 260,745 Non-vested at 12/31/2024 1,092,792 Granted 1,140,046 Vested — Forfeited 295,514 Non-vested at 12/31/2025 1,937,324 Overhang measures the degreet o which our shareholders’ownership may be diluted by stock-based compensation awarded under the Plan. Our overhang as of March 13,2 026, was determined by dividing the stock awardso utstanding by the commons hareso utstanding. Overhang 279,342 Options Outstanding: Weighted Average Exercise Price: $38.20 Weighted Average Term: 4.12 4,480,250 Full-Value Awards Outstanding 4,759,592 TTotal Awards Outstanding Divided by 136,375,853 Common Shares Outstandingo n March1 3, 2026 3.5% Overhang as of March 13, 2026 The4 ,480,250 full-valuea wards outstanding consist of 1,765,768 unvested, time-baseda wards,2 ,651,692 unvested, stock-settled performance-based awards at 200% maximum payout, and6 2,790 unvested awards under the ESU Program, bute xcludes 3,806,076 vesteds tock units in the ESU Program, the Deferred Compensation Program, and the Plan,a nd 2,651,530u nvested, cash-settled performance-based awards at 200% maximump ayout. The 4,159,883 shares available for grant under the 2025 Plan aso f March 13, 2026 are not included in the above calculation. Addingt hose sharest ot he total awardso utstanding wouldi ncreaset he overhangp ercentage to 6.54%. Adding the new 4,000,000 shares tob ea vailable for grantu nder the 2026 Restatement wouldi ncrease the overhang percentage to 9.47%. We are strongly committedt o a culture of employee stock ownership. Accordingly, we believe the approval of the2 026 Restatement is critical to our ability toa ttract, retain and reward the caliber of employees necessary to achieve superiorp erformance. Description of the Plan The following description of the Plan is qualified ini ts entirety by the full 2026 Restatement, which isa ttached as an Appendix. If approved by the Company’sshareholders, the 2026 Restatement will become effective as of the Effective Date and will continue in effect until the tentha nniversary of the Effective Date. The Plan provides fora wards to eligible participants in the formo fs tock options, SARs, restricted stock, stock units, performance awards, other stock-baseda wards and other awards, which may include cash awards. Proxy Statement
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Flexible Stocktt Plan 26 Awards may be granted to (i) employees, (ii) non-employeed irectors, and (iii) individuals or entities providing services to the Company or an affiliate of the Company, to attract and retain valuable employees, directorsa nd other keyi ndividuals, alignt he interestso f participants with shareholders, and reward outstanding performance. As of March 13,2 026, a total of approximately 334 employees, and seven non-employee directors were eligible and participating in the Plan, and therew ere no other individuals or entities providing services to the Company or an affiliate of the Company participating in the Plan.T he number of awards that may be granted to a participant under the Plan is in the discretion of the HRC Committee and thereforec annotb ed etermined in advance. See the Grants of Plan-Based Awards in 2025 table at page 48 for information regarding equity-based awards granted to our named executive officers. Awards settled in cashd o not reduce then umber of shares available for grant. If an award expireso ri st erminated, cancelled or forfeited, the shares covered by that award will again be available for issuance under the Plan. The following shares will not become available for reissuance under the Plan: Shares tendered by participants or withheld as fullo rp artial payment to the Company upon exerciseo fo ptions granted under the Plan; Shares subject to a SAR or an option that are not issued upon net settlement ore xercise of the SARo r the option; Shares withheld by, oro therwise remitted to, the Company tos atisfy ap articipant’stax withholdingo bligations on awards granted under the Plan; and Shares that have been repurchased by the Company usingc ash proceeds received by the Company fromt he exercise of options granted under the Plan. Under the 2026 Restatement, all awards (including full-valuea wards, optionsa nd SARs) will counta so ne share against the shares available under the Plan. All sharesa vailable under the Plan may be granteda sa ny type of award. Up to oneh undredp ercento f the shares available under the Plan may be granteda si ncentive stock options( “ISOs”). Outstanding awards, as well as the number of shares reserved under the Plan and the maximum number of shares issuable to participants, will be appropriately adjusted to reflect anys tock dividend, stock split, spin-off or similar change to theC ompany’sc apital stock. The Committee administering the Plan consists ofa t least two directors who are intended toq ualifyaff s “non-employee directors” as defined in Rule 16b-3o f the Securities Exchange Act of 1934( the “Exchange Act”). Members of the Committee are appointed by the Board. Currently, the HRC Committee of the Board serves as the Committee administeringt he Plan. TheH RC Committee has full authority and discretion to (i) select participants, (ii) determine the type, size, andc onditions applicable to awards, (iii) determine to what extent awards may bes ettled in cash, shares, or otherp roperty, or may bec ancelled or suspended, (iv) determine to whate xtent amounts payable from an award undert he Plan may be deferred, either automatically or at the election of thep articipant, (v) interpret and administer the Plan and any agreement issued thereunder, and (vi) establish rules, appoint agents, andt ake anyo ther action it deems necessary or desirable for the administration of the Plan. To the extexx nt permitted by law, the HRCC ommittee may delegate all or any part of its authority under the Plan, except for grants to individuals who ares ubject to Section 16 of the Exchange Act. The Board has the sole right and power to amendo r terminate the Plan at any time, exceptt hat it may not amend the Plan, without approval of Company shareholders, ina manner that would cause ISOs to fail to qualify as such, increase the number of shares available under the Plan (other than in connection with a stock split or similar change to the Company’scapital stock), expand the classes of individuals eligible to receive awards, otherwise require shareholdera pproval under the rules of thea pplicable exchange, or violate applicable law.T he amendment or termination of the Plan will not adversely affect ap articipant’s right to any outstanding awards without such participant’sconsent. Vesting upon aC hange in Control. The Plan provides for double-trigger vestingi nt he evento fa change in control of the Company (as definedi nt he Plan). If, following a change in control, the participant’semployment is terminated by the Company for reasons other than disability or cause (as defined in thea pplicable awarda greement),o rt he participant terminatese mployment for good reason (as defined in thea pplicable award agreement), then awards that ares ubject to time-based vesting conditions shall immediately vest and performance awards shall be deemed earned att he maximum payout level and immediately vest. However, if the acquirer in the change in controlr equires that outstanding awardsb et erminated as ar esult of the change in control, then awards that are subjectt o time- based vesting conditions shall immediately vest andp erformance awardss hall be deemed earned at them aximum payout level and Proxy Statement
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Flexible Stocktt Plan 27 immediately vest. To the extentc onsistent with the foregoing,i nt he event of aC hange in Control, the HRCC ommittee may, among other things: (i) accelerate any time periods relating to thee xercise or realization of awards; (ii) purchase an award, upont he participant’s request, for the amount which could have been attained upon the exercise or realization of the award hadi tb een currently exercisable or payable; (iii) adjusto utstanding awards as it deemsa ppropriate to reflect such transaction, and (iv)c ause outstanding awards to be assumed or substituted by the surviving corporation. Description of Awards Restricted Stock.Tkk hese are awards of common stock, the grant, vesting, issuance, or retention of which is subjectt oc ertain conditions expressed in the award agreement. Shareso fr estricted stock have full voting rights, anda ccrue dividends duringt he restricted period; provided, however, dividends accrued during the restricted period shall be paid only if, and when, the underlying restricted stock vests. The HRC Committee will determine the price,i f any, at which restricted stock is soldo ra warded. Stock Units.Ts hese represent the right to receive the value of an umber of shares of common stock,tk he grant, vesting, issuance, or retention of which is subjectt o certain conditions expressed in the award agreement. Stocku nits may be settled in cash or in stock, as determined by the HRC Committee, and as specified in the award agreement. Stocku nits represent an unfunded and unsecured obligation of the Company. Stock units have no voting or dividend rights, but may accrue dividende quivalents, as determined by the HRC Committee. Dividende quivalents may accrueo n unvested stock units and entitlet he holder to acquire additional stock units, but such additionals tock units shall be converted into common stock and distributed only if, and when, theu nderlying stock unitsb ecome vested. The HRC Committee will determine the price,i fa ny, at which stock units ares oldo ra warded to participants. Performance Awards.As performance award entitles ap articipant to receive as pecifiedn umber of shares of common stock (or cash equal to the fair market valueo f such shares) at the endo f a performancep eriod, as specified in the award agreement.T he ultimate number of shares distributed (or cashp aid) dependsu pon the extentt ow hich pre-established performance objectives are met during the applicable performance period. Stock Options.As stock option ist he right to acquire shares of common stock at af ixed exercise price for af ixed period of timen ot to exceed ten years. Theo ption pricep er sharec annot bel ess than the fair market value of the Company’s common stock on the grant date. Options cannot be exercised until theya re vested. All option terms andc onditions will be determined by theH RC Committee. The HRC Committee may grant options intended to qualify as ISOs pursuant to Section 422o ft he InternalR evenue Code, as well as NQSOs under the Plan. However, we currently do notg rant ISOs and do not have any outstanding ISOs. As previously referenced, the Company no longer grants broad-based option awards on a regular basis. In 2025, options were removed as an investment alternative in the DeferredC ompensation Program. Stock Appreciation Rights.Ts his award gives ap articipantt he right to receive, for each SAR exercised, an amounte qual tot he excess of the fair market valueo f as hare of common stock ont he date the SAR is exercised over the fair market value of as hare on the date the SAR was granted. SARs may have termsu p tot en years, may be settled in cash or in stock,ak sd etermined by the HRCC ommittee, and are subject to the terms and conditions of the award agreement. We currently do not grant SARs. OtherS tock-BasedA wards.Ts he HRC Committee may grant other stock-based awardsw hich may include, without limitation, the grant of shares ofc ommon stock and the grant of securities convertible into shares of common stock. Others tock-baseda wards may be settled in stock or in cash. OtherA wards.Ts he HRC Committee may provide types of awards under the Plan in addition to those specifically listed,s uch asc ash awards, if the HRC Committee believest hat such awards would further the purposes for which the Plan was established. Award Conditions and Administration Awardsa re typically evidenced by an agreement describing the award’s terms and conditions.S uch an agreement may include: description of the type of award; the award’s duration; if an option, the exercise price, the exercisep eriod and the person or persons who may exercise the option; the effeff ct of the participant’s disability, death or termination of employmento n the award; the award’s Proxy Statement
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Flexible Stocktt Plan 28 conditions, vesting orp erformance criteria; when, if, and how it mayb ef orfeited, converted into another award, modified, exchanged for another award, or replaced; and the trading restrictions on anys hares purchased or granted under the Plan. The HRC Committee may require the satisfaction of certain performancec riteria as a condition to theg rant or vesting of any award. The HRC Committee may allow the exercise priceo f an option or payment price of an award to be paid in cash,w ith shares owned by the participant, or a combination of both. Options also may be exercised in ab roker-assisted, cashless exerciseo ro ther cashless exercise, as permitted by the HRC Committee. The Company may withhold from option exercises or other awards any amount necessary to satisfy tax withholding requirements arising from the option exerciseo ra ward. The HRCC ommittee may, at any time, require ap articipant to pay inc ash the amount necessary to comply with withholding requirements. An award may be grantedi n tandem with anothera ward, except that only SARs may be granted in tandemw ith an ISO. Subject to the requirements of Code Section 409A, andu pon the terms established by the HRC Committee, participants may defer receipt of awards, interest may be earned on cash deferrals, and dividends or dividend equivalents may accrue on deferrals denominated in stock units but will be payable only to the extent that the deferrals vest. Unless the HRC Committee provideso therwise (except with respect to ISOs), awards may not be pledged, encumbered or charged and are not transferrable or assignable exceptb yw illo r the laws of descenta nd distribution. Modifications to Awards Any award may be converted, modified, forfeited or cancelled, in whole or in part,b yt he HRC Committeet ot he extexx nt permitted in the Plano ra pplicable award agreement,o r with the participant’s consent. The HRC Committee may permit ap articipant to surrender an award in exchange for an ew award tot he extexx nt such surrender would not result in adverse tax consequences under CodeS ection 409A; provided however,t he HRC Committee may not cancel an outstanding option or SAR that is underwater for the purpose of reissuingt he option to the participanta ta lowere xercisep rice, provide the participant ac ash buyout of the underwater option or SAR, or grant a replacement award of ad iffff erent type for the underwater option or SAR, without shareholder approval. Unless followinga change in the Company’s capital stock, the exercise price of an option or SAR may not be reduced without shareholder approval. If an award is subject to Code Section 409A,a n award may be modified, replacedo rt erminated in thed iscretion of the HRC Committee to the extent necessary to comply with such provision. In addition, in the eventt hat ap articipant is determined to be a specified employee under Code Section 409A, any payment upon separation from service will be made or begin, as applicable, six months following the date of separation from service to the extentn ecessary toa void adverse tax consequences under CodeS ection 409A. Clawbacks The HRC Committee may, in its discretion, cancela ll or any portion of ac ash or equity time-based or performance award if the recipient (i) violates any confidentiality, non-solicitationo rn on-compete obligations or terms in an award agreement, employment agreement, confidentiality agreement, separation agreement, and/or any other similara greement, (ii) engages in improper conduct contributing to the need to restate any external Company financial statement, (iii) commits an acto ff raud or significant dishonesty, or (iv) commits a significant violation of any of the Company’s written policies or applicable laws. The HRC Committee may require an award recipientt of orfeit and repay to the Company any or all of the incomeo ro therb enefit received on thev esting, exercise, orp ayment ofa casho re quity time-basedo rp erformance award (i) int he preceding three years if,if n its discretion, the HRC Committee determines that the recipiente ngaged in any oft he foregoing activities andt hat such activity resulted in a significant financial orr eputational loss tot he Company,( ii) to the extent required under applicable law or securitiese xchange listing standards, or (iii) to the extent requiredo r permittedu nder any written policy of the Company dealing with recoupment of compensation, subjectt oa ny limits ofa pplicable law. Proxy Statement
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Flexible Stocktt Plan 29 New Plan Benefits The HRC Committee has discretion to select the individuals who will receivea wards under the Plana nd thea mounto fa ny such awards. As ar esult, the future recipients of awards( and the amounts of those awards) under the Plan are not presently determinable. In addition, since our directors and executive officers are eligiblet o receive awards under the Plan, they have an interesti nt his proposal. Federal Income Tax Consequences The following is as ummaryo ft he current general federal incomet ax consequences of awards granted under the Plan toU .S. taxpayers. Tax consequences for any particular individualo r transaction may be different anda re subject to change. Non-Qualified StockO ptions and Stock Appreciation Rights.Ars ecipient recognizes no taxable income upon the granto fN QSOs or SARs. Upon exercise of either, the recipient will recognize taxable ordinary income equal to the differencff eb etween thef air market value of Company stock on the exercise datea nd the exercise price. Anya dditional gain or loss recognized upon the subsequents ale or exchange of the stock will be taxed asas hort-term or long-term capitalg aino rl oss, as the case may be. IncentiveS tock Options.As recipient recognizes no taxable income upon the granto r exercise of anI SO (except for purposes of the Alternative MinimumT ax, in which case income recognition is thes ame as for NQSOs).I far ecipient exercises an option and sells the shares more than two years after the grant date andm oret han one year afterff thee xercise date,t hey will recognizea long-term capital gaino r loss equal to the difference between the salep rice and the exercise price. If ar ecipiente xercises an option ands ells the shares beforet he end of either of the two-year or one-year holdingp eriods, they will generally recognize: (1) taxable ordinary income equal to thee xcess of (i) the fair marketv alue of the sharesa te xercise (or at sale, if less) over (ii) the exercisep riceo f the option, plus (2) if the sale price exceeds the sum of the exercise pricea nd the amount of the ordinary income recognized as ar esulto f the sale, short-term or long-term capital gain, as the case may be, equal to such difference. Restricted Stock, Stock Units and Performance Awards.Ars ecipient of restricted stock,sk tock units, performance awards or other awards thata re subject to forfeiture prior to vesting generally will recognize no taxable income at the time of grant. As to restricted stock, when ther estrictions have lapsedo rt he performancec riteria haveb een met (upon vesting), the recipient will recognize taxable ordinary incomee qual to the excesso f the fair market valueo ft he Company’sstock on the vesting date over the amount paid, ifa ny, for the shares; however, the recipient may elect to be taxedb ased on the fair market value of the award at thet imeo fg rant. As to stocku nits or performance awards,w hen vested shares are issued, the recipient will recognize taxable ordinary incomee qual to thee xcess of the fair market value of the Company’sstock on the issuance date over the amount paid, if any, for the shares,o r, if the units or awards are settled in cash, equal to the cashp aid. Deferred Compensation. Participants mayd efer receipt of certain compensation by electing af utured istribution date under the terms of an award or program under the Plan. Generally, such deferred compensation becomes taxable when thea mountsa re distributed. Code Section 409A significantly restricts the ability to defer taxation of compensation,i ncluding the deferralo fi ncome related to awards granted under the Plan. Any deferral of compensation under the Plan or the terms of an award that does not meet the requirements of Code Section 409A may cause the recipient to be subject to additional taxation and penalties. Change in Control.Il ft here is an acceleration of the vesting or paymento fb enefits or an acceleration of the exercisability of options upon a change in controlo ft he Company, all or ap ortion oft he accelerated benefits may constitute “excessp arachute payments”under Code Section 280G. The recipient of an excess parachute payment generally incurs an excise tax of2 0% of thea mounto ft he payment in excess of their average annual compensation over the fivec alendar years preceding the year of the change in control. The Company is not entitled to ad eduction for excess parachutep ayments. The Companyd oesn ot make gross-up paymentst oe mployees in the event Code Section 280G excise taxes are triggered. Tax Effect to the Company.Ty he Company will generally receive a tax deduction equalt ot he taxableo rdinary income recognized by a recipient from an award grantedu ndert he Plan, subject to certain limitations. The Company’s deduction will be taken in the same year ther ecipient recognizes taxablei ncome. Proxy Statement
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Flexible Stocktt Plan 30 Vote Required to Approve the Amendment The adoption of this proposal requirest he affirmative vote of (i) a majority of the shares present in person or represented by proxya nd entitled to vote at the annual meeting and (ii) am ajority of the votesc ast on this proposal. The Board recommends that you vote FOR the amendment of the Flexible Stock Plan. Discretionary Vote on Other Matters We are not aware ofa ny business to be acted upon at the AnnualM eeting other than the four itemsd escribed in this proxys tatement. Your signed proxy, however, will entitle the persons named asp roxy holders to vote in their discretion if another matter is properly presenteda tt he meeting. If one of the director nominees is not available as a candidate for director, the proxy holders will vote your proxy for such other candidate as the Board may nominate. Proxy Statement
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31 Executive Compensation and Related Matters Compensation Discussion & Analysis Our HRC Committee, consisting solely of independent directors, is committed to creating and overseeing an executive compensation program that enables Leggett &P latt to attract and retain as uperior management team that receives targeted incentives to build long- term valuef or our shareholders. To meet theseo bjectives, the HRC Committee hasi mplementeda compensation package that: Emphasizes performance-based equity programs. Sets incentive compensation targets intended to drive performance and shareholder value. Balances rewards between short-term and long-termp erformance to foster sustained excellence. Motivateso ur executiveo fficers to take appropriate business risks. This Compensation Discussion and Analysis describes oure xecutive compensation program and the decisions affecting the compensation of our Named Executive Officers (NEOs): Name Title Karl G. Glassman President andC hief Executive Officer Benjamin M. Burns Executive Vice President and Chief Financial Officer J. Tyson Hagale Executive Vice President, President—B edding Products R. Samuel Smith, Jr. Executive Vice President, President— Specialized Products and Furniture, Flooring & Textile (FF&T) Products Jennifer J. Davis Executive Vice President and General Counsel Executive Summary This section provides an overview ofo ur NEOs’compensation structure, Leggett’spay practices, and the HRC Committee’sa pproach to compensation risk management. Additional details regarding the NEOs’ pay packages, the HRC Committee’s annual review of the executive officers’compensation, and oure quity pay practices arec overed in the sectionst hat follow. The charts below highlight the overallm ix of target compensationf or our CEOa nd all other NEOs as a group for 2025. Proxy Statement
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Compensationii Discussion &A nalysis 32 Structuring the Mix of Compensation The HRC Committeeu ses its judgment to determine the appropriate percentage of fixeda nd variable compensation, theu se of short-term and long-term performance periods, and the split between cash and equity-basedc ompensation. The value of the variable elements depends on the Company’sperformance and stock prices, aligning our executives’pay with our shareholders’interests. The following table shows the key attributeso f our 2025 executive compensation structure used to drive performance and build long-term shareholder value. Compensation Type Fixed or Variable Cash or Equity-Based Term Basis for Payment Base Salary Fixed Cash 1y ear Individual responsibilities, performance and experience with reference to external benchmarking Annual Incentive VariableC ash 1y ear Adjusted earningsb efore interest,t axes, depreciation and amortization (EBITDA) (65%w eighting) and cash flow or free cash flow (35% weighting) Long-Term Incentive –6 0% allocated to Performance Stock Units Variable Equity- Based 3y ears 50% based upon total EBITDA and 50% based upon return on invested capital (ROIC), subject to a payout multiplier of ±25% based upon total shareholder return (TSR)(1) relative to peer group Long-Term Incentive –4 0% allocated to Restricted Stock Units Variable Equity- Based 3 years 1/3 of the award vestse ach year following theg rant date, with the value of the awards depending upon the Company’s share price at the time of vesting (1) TSR is the change in stock price over the performance period plus reinvested dividends, dividedb yt he beginning stock price. Leggett’sthree-year TSR is measured relative to approximately 320p eer companies making up the industrial, materials and consumer discretionary sectorso ft he S&P 500 and S&P MidCap 400. Incentive Payouts in 2025 For corporate participants,o ur executives’ 2025a nnual incentive payouts under the Key OfficersI ncentive Plan (KOIP) tracked the Company’s operational results in 2025, in which the adjusted EBITDA was $383.7 million (versus a target of $389.1 million, resulting in a 96.5% payout) and cash flow was $378.8 million (versus at arget of $262.2 million, resulting in a 200% payout). The KOIP, including the calculations and targets for adjusted EBITDA andc ash flow, as well as performance metrics, targets and results foro ur profit center participants, can be found beginningo n page3 5. The PSUs granted in 2023 vested on December 31, 2025, with payouts based 50% on the Company’s total EBITDA generated over the three-year performance period and 50% of the payout to ROIC. Leggett’stotal EBITDA from 2023 to 2025 was$ 1,293.3 million, which placed us below the $1,408.5m illion payout threshold. The Company’s 8.3% ROIC over the three-year performance period was below the 10.8% payout threshold. The Company’s PSUs, including the calculation of total EBITDA andR OIC, which resulted in 0% payout in 2025, as well as the vesting schedules, are described on page 37. Proxy Statement
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Compensationii Discussion &A nalysis 33 Sound Pay Practices Company is committed to executive compensation practices thata lign the interests of our executives with our shareholders: ɰ Pay for Performance –A significant majority of our NEOs’compensation is at-risk variable compensation. ɰ Multiple Performance Metrics –V ariable compensationi sb ased on more than one measure to encourage balanced incentives. ɰ Incentive Award Caps – All of ourv ariable compensation plans have maximum payout limits. ɰ Benchmarking – Wec ompare ourc ompensation package to market surveys and ac ustomized peer group, and the HRC Committeee ngages an independent consultant. ɰ Stock Ownership Requirements –A ll NEOs are subject to robust stock ownershipr equirements. ɰ Confidentiality & Non-Competition –A ll NEOs are subject to contractual confidentiality and non- compete obligations. ɰ Clawbacks –M andatory recoupment of excess compensation following af inancial restatement and the ability to cancel awards and recoup compensation due to fraud, dishonesty, or violations of Company policies or laws. ɰ Minimum Vesting Period – Awards under our Flexible Stock Plan are subject to a mandatory one- year minimum vesting period (subject to a5 %c arve- outf or vesting in certainc ircumstances). ɰ Annual Say-on-Pay Vote – Our Board has adopted a policy to hold an advisory vote to approvet he Company’sexecutive compensation on an annual basis. × No Single-Trigger Change in Control (CIC) –O ur CIC-related cash severance and equity awards have a double trigger, consistingo fa CIC and a qualifying termination of employment( unless the acquirer requires outstandinga wards be terminated). × No Hedging orP ledging – We do not permit our executive officers to engage in either hedging or pledging activities with respect to Leggett shares. × No ExcessiveP erquisites –P erquisites represent less than 1% of our NEOs’combined compensation. × No EmploymentA greements – All of our NEOs are employed at-will. × No Repricingo fO ptions orC ash Buyouts × No Liberal Share Recycling × No Dividends Paid on Equity Awards Prior to Vesting × No Tax Gross-Ups What We Do What We Don’t Do Proxy Statement
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Compensationii Discussion &A nalysis 34 Additional Investment in Leggett Stock In addition to pay packagest hat are heavily weighted towards equity-based awards, for many years our NEOs have voluntarily deferred substantial portions of their cash compensation into Company stock through the ESU Program and/ort he Deferred Compensation Program. Through participation in thesep rograms, particularly the ESU Program, in which Company equity is held until the executive leaves the Company, our NEOs are further invested in the long-term success of the Company. Managing Compensation Risk The HRC Committee regularly reviews whether our executive compensation policies and practices (as well as those that apply to our employees generally) are appropriate and do not create risks or misalignments that are reasonably likely to have am aterial adverse effect on the Company. We believe that our compensation programs align our executives’incentives for risk taking with the long-term best interests of our shareholders. We mitigate risk bya llocating incentive compensation across multiple components. This structure is designed to reduce the incentive to take excessive risk because it: Rewards achievement on ab alanceda rray of performance measures, minimizing undue focus on any single target. Stresses long-term performance, discouragings hort-terma ctionst hat might endanger long-term value. Combines absolutea nd relative performance measures. Uses multiple long-term incentive vehicles, including PSUs and RSUs with 3-year vesting schedules. Additional safeguards againstu ndue compensation risk include stock ownership guidelines, caps on alli ncentive payouts, and clawbacks for performance-based compensation. Impact of 2025 Say-on-Pay Vote Since Say-on-Pay was implemented in 2011, our shareholders have supported the compensation of our NEOs with over 90% or more of the vote. At our 2025 Annual Meeting, 95% of the voteso nt he Say-on-Pay proposal approved the compensation ofo ur NEOs. The HRC Committee believes that this shareholder vote strongly endorses the Company’s compensation philosophy and programs. The HRC Committee took this support into account as one ofm any factorsc onsidered in connection with thed ischarge of its responsibilities (as described in this Compensation Discussion and Analysis) and in exercising its judgmentt oe stablisha nd oversee our executive compensation arrangements throughout the year. Proxy Statement
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Compensationii Discussion &A nalysis 35 Our Compensation Components and Programs Base Salary Base salary is the only fixed portiono f our NEOs’compensation package. Salary levels are intended to reflect specific responsibilities, performance and experience, while taking into account marketc ompensation levels for comparable positions. Althoughb ase salary makes up less than one-fourth of our NEOs’aggregate target compensation, it is the foundation for the total package with the variable compensation components set as percentageso f bases alary: Name 2025 Base Salary 2025 Annual Incentive: Target Percentage of Base Salary 2025 LTI Awards: Target Percentage of Base Salary Karl G. Glassman, CEO $1,275,000 135% 570% Benjamin M. Burns, CFO 600,000 80% 200% J. Tyson Hagale, EVP 600,000 80% 200% R. Samuel Smith, Jr., EVP 525,000 80% 200% Jennifer J. Davis, EVP 490,000 70% 170% The HRC Committee reviews and determines the NEOs’base salaries (along with the rest of their compensation packages) during the annual review, which is discussedo n page 41. Annual Incentive Our NEOs earn their annual incentive, a cash bonusp aidu nder the Key Officers Incentive Plan, basedo na chieving certain performance targetsf or the year. Our executive officers are dividedi nto two groups undert he KOIP for 2025, depending upon their areas of responsibility: (i) corporate participants (Glassman, Burns and Davis),w hose performancec riteria and payouts areb ased on the Company’soverall results, and (ii) profit center participants (Hagale and Smith),w hose performance targets ares et for the operations for which they arer esponsible. Each NEO has a target incentive amount—t he amount received for achieving exactly 100% of all performance goals. The target incentive amount is the officer’s bases alary multiplied by his target incentive percentage. At the end of the year,t he target incentivea mount is multiplied by the payout percentages for the various performance metrics (each with its own weighting) to determine the annual incentive payout. Performance Metrics. For the 2025 KOIP, the HRC Committee chose adjusted earningsb efore interest, taxes, depreciation and amortization (EBITDA) as the primary incentive targetw ith a6 5% weighting to focus on profitable operating performance. The other 35% of the annual incentive is based upon cash flow(1), which is critical to fund the Company’s ongoingo perations, capital expenditures, and dividends. Profit center participants are also subject to a formula-based adjustment ranging from ap otential 5% increase for exceptional safety performance to a 20% deduction for criticalc ompliancef ailures. (1) For corporate participants: Cash Flow = Earnings BeforeI nterest, Taxes, Depreciation and Amortization (EBITDA) +/- Change inW orking Capital (excluding cash and current maturities of long-term debt) +N on-Cash Impairments –C apital Expenditures. Forp rofit center participants: Free Cash Flow (FCF)u ses the same formula, except (i) EBITDA is adjusted for currency effects and (ii) change in working capital excludes balance sheet itemsn ot directly related too ngoing activities. The EBITDA and cash flow calculations are adjusted for alli tems of gain, loss or expense (i) from non-cash impairments; (ii) related to loss contingencies identifiedi nt he Company’s10-K relating to the fiscal year immediately precedingt he performance period; (iii) related to thed isposal of as egment of ab usiness;o r( iv) related to ac hange in accounting principle. Financialr esults froma cquisitions are excluded from calculations in the year of acquisition. Financial results from businesses divested during the year are included, but targets relating to the divested businesses will be prorated to reflect only thatp ortion of the year prior tot he divestiture. Financial results from businesses classified as discontinued operations arei ncluded in the calculations. Financialr esults are adjusted toe xclude (i) certain currency and hedging-related gains and losses, (ii) gainsa nd losses from asset disposals, and (iii) itemst hat are outside the scope of the Proxy Statement
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Compensationii Discussion &A nalysis 36 Company’s core, ongoing businessa ctivities, including changes to the Company’scapital allocation priorities and related uses of cash. For profit center participants, financial results also exclude results from non-operating branches and the impact of corporatea llocations. Targetsatt nd Payout Schedudd leuu s. Upon selecting the metrics, the HRC Committee established performancet argets and payout schedules. In setting the payout schedules, the Company evaluated various payout scenariosb efore selecting one that struck a balanceb etween accountability to shareholders and motivation for participants. In 2025, the payout for each portiono f the annual incentive was capped at 200%. 2025 Corporate Payout Schedule 2025 Profit Center Payout Schedule EBITDA (millions)(1) Cash Flow (millions)(1) EBITDA and Free Cash Flow(2) (Relative to Target) Achievement Payout Achievement Payout Achievement Payout <$311.3 0% <$209.8 0% <80% 0% 311.3 50% 209.8 50% 80% 50% 389.1 100% 262.2 100% 100% 100% 486.4 200% 327.8 200% 125% 200% (1) The 2025 results for corporate participants (Glassman, Burns,a nd Davis) were$ 383.7 million of EBITDA (which resultedi na 96.5% payout)a nd $378.8 million of cash flow (resulting in a 200% payout). As reflected int he above table, the EBITDA and cash flow targetsh ave been adjustedi n accordance with the terms of the 2025 KOIP Award Formula to take into account the divestiture of the Company'sA erospace Products Group. (2) As a profit center participant, Mr. Hagale’st arget for a1 00% payout was $152.0 million of EBITDA ($150.3 million actual, which resulted in a9 7.3% payout) and $119.7 milliono ff ree cash flow ($193.5 million actual resulting in a 200% payout) for the Bedding Products Segment.M r. Smith’starget for a1 00% payout was $269.6 million of EBITDA ($260.2 million actual resulting ina 91.3% payout) and $195.5 million of free cash flow ($246.0 million actual resulting in a2 00%p ayout) for the Specialized and FF&TP roducts Segments. These numbers reflectE BITDA and free cash flow targets for Mr. Smitha s adjustedi n accordance with the terms of the 2025 KOIP Award Formula to take into account the divestiture oft he Company's Aerospace Products Group. The 2025 cash flow, freec ashf low, and combinedS pecializeda nd FF&TP roducts' EBITDA targets were lower than 2024 actual performance. The HRC Committeeb elieves the2 025 targets werea ppropriately rigorous becauset heyw ere aligned with the mid-point of the Company's 2025 annual sales, EPSa nd operatingc ash flow guidance issued in February 2025, which reflected lower volume in all segments and lower expectations regarding the Company's ability to make further significant reductions to working capital levels. Proxy Statement
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Compensationii Discussion &A nalysis 37 The following table provides the details of the 2025 annual incentive payouts for our NEOs: Name Target Incentive Amount Weighted Payout Percentage Annual Incentive Payout Karl G. Glassman $1,721,250 x 132.7% = $2,284,099 Salary x Target % Metric Payout % x Weight $1,275,000 135% EBITDA 96.5% 65% Cash Flow 200.0% 35% Benjamin M. Burns $480,000 x 132.7% = $636,960 Salary x Target % Metric Payout % x Weight $600,000 80% EBITDA 96.5% 65% Cash Flow 200.0% 35% J. Tyson Hagale $480,000 x 135.2% = $648,960 Salary x Target % Metric Payout % x Weight $600,000 80% EBITDA 97.3% 65% FCF 200.0% 35% 2% Compliance Adjustment R. Samuel Smith, Jr. $420,000 x 130.3% = $547,260 Salary x Target % Metric Payout % x Weight $525,000 80% EBITDA 91.3% 65% FCF 200.0% 35% 1% Compliance Adjustment Jennifer J. Davis $343,000 x 132.7% = $455,161 Salary x Target % Metric Payout % x Weight $490,000 70% EBITDA 96.5% 65% Cash Flow 200.0% 35% Long-Term Incentive, Equity-Based Awards In 2025, the long-term incentive (LTI) awards for our executive officers were allocated as follows: 60% of the target award value wasg ranted as PSUsh aving a three-year performance period with payouts ranging from 0% to 200%, with 50% based on total EBITDAa nd 50% based on return on investedc apital (ROIC),s ubject to ap ayout multiplier of 0.75t o1 .25 based onr elative total shareholder return (TSR). 40% of the target award value was granteda sR SUs vesting in one-third increments over three years. The PSUs and RSUs are grantedu ndert he Company’sFlexible Stock Plan, and are subject to the provisionso f that plan, in addition to the terms and conditionso ft he PSU and RSU award agreements. Performance Stock Units. We grant PSUs to our NEOs ando ther senior managerst ot ie their pay to the Company’s performance and shareholder returns.T he payouts from thesee quity-baseda wards reflect our philosophy that executivec ompensations hould provide greaterr ewards for superior performance, as well asa ccountability for underperformance.F ifty percent of the PSUs are settled in shares of common stock, while fifty percent are settledi n cash. 2025 and2 024 Performance Stock Units. Leggett’s long-term focus emphasizes sustained, profitable growth and shareholder alignment. The 2025 and 2024 PSU awardss upport our operationalg oals by allocating 50% of payout to total EBITDA generated over the three-year performance period and 50% of the payout to ROIC. These results ares ubject to ap ayout multipliero f 0.75 to 1.25 based on our Proxy Statement
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Compensationii Discussion &A nalysis 38 relative TSR performance. The vesting schedules for the 2025 and2 024 PSU awards area sf ollows, withp ayoutsi nterpolatedf or results falling between the levelss hown: 2025 2024 EBITDA (1) (in millions) EBITDA Vesting % EBITDA (1) (in millions) EBITDA Vesting % 10 Threshold 50% $1,287.33 Threshold 70% $1,242.60 Target 100% $1,448.25 Target 100% $1,553.30 Maximum 200% $1,609.17 Maximum 200% 2025 2024 ROIC(2) ROIC Vesting % ROIC (2) ROIC Vesting % 8.4% Threshold 50% 9.5% Threshold 50% 10.5% Target 100% 11.2% Target 100% 13.1% Maximum 200% 12.9% Maximum 200% Relative TSR(3) Percentile Relative TSR Multiplier 25th Threshold 0.75 50th Target 1.00 75th Maximum 1.25 (1) EBITDA is the Company’st otal earnings before interest, taxes, depreciation and amortization (EBITDA), as adjusted, during the three-year performance period. The calculation of EBITDA includes results from businesses acquired during the performance period ande xcludes results for any businessesd ivested during the performance period. EBITDAa lso excludes (i) certain currency and hedging-related gains and losses, (ii) gains and losses from asset disposals, (iii) items that are outside the scopeo f the Company’sc ore, on-going business activities, including changes to the Company’s capitala llocation priorities and related uses of cash, and (iv) withr espect to Profit Centers,t he impact ofc orporate allocations. EBITDA is adjusted toe liminate gain, loss or expense, as determinedi na ccordance with standards established under accounting principles generally accepted in the UnitedS tates of America, (i) fromn on-cash impairments, (ii) related to loss contingencies identified in footnotes to the financial statements in the Company’s 10-K relating to the fiscal year immediately preceding the performance period, (iii) related to the disposal of as egment of ab usiness, or (iv) related to a change in accounting principle. As reflected in the above tables, the EBITDA targets were adjusted in accordance with the termso f the awardd ocuments to takei nto account the divestitureo ft he Company's AerospaceP roducts Group. (2) ROIC is (i) the Company’saverage net operating profit after tax in the first, second and third years of the performance period divided by( ii) the Company’s average Invested Capital on the last day of the fiscal year immediately preceding the performance period and the last day of the first, second and third years of the performance period. “Invested Capital” is the sum of shareholder equity, long-term debt and short-term debt, lessc ash and cash equivalents. The calculation of ROIC is subject to the same adjustments described above for EBITDA. As reflected in the above tables, the 2024 ROICt argets were adjustedi n accordance with the terms of the awardd ocuments to take into accountt he divestitureo f the Aerospace Products Group. (3) Relative TSR is the Company’sT otal Shareholder Return compared to ap eerg roup consisting of all the companies in the industrial, materials and consumer discretionary sectors of the S&P5 00 and S&P MidCap 400 (approximately 320 companies). The three-year 2025-2027 PSU EBITDA targets were lower thant he Company’s actual EBITDA performance for the three-year performance period ending in 2024. The HRC Committee believes thatt hese targets were appropriately rigorous because they were aligned with the mid-point of the Company's2 025 annual sales and EPSg uidance issued in February 2025, which reflected lower volume in all segments. In connection with Mr. Glassman’s appointment as CEO on May 20, 2024, Mr. Glassman was granted an award of PSUs pursuant to terms substantially identical to thosea pplicable to the Company’s2024 PSU awards, except that vesting of the award, in the event of retirement prior tot he end of the performance period,w as modified toc larify that Mr. Glassman, because he is retirement eligible, will receive a prorateda ward based on the number of days in the performancep eriodb eginning on January 1, 2024 and ending on his retirement date. Performance Stock Units Prior to 2024.22 The 2023P SU awards were substantially similar tot he 2024 and 2025 PSU awards as noted above, except for the vesting, the schedules for which area sf ollows, with payouts interpolated forr esults falling between the levels shown: Proxy Statement
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Compensationii Discussion &A nalysis 39 EBITDA (1) (in millions) EBITDA Vesting % $1,408.50 Threshold 50% $1,878.00 Target 100% $2,347.50 Maximum 200% ROIC(1) ROIC Vesting % 10.8% Threshold 50% 12.7% Target 100% 14.6% Maximum 200% (1) As reflected in the above tables, the EBITDA and ROICt argets werea djusted ina ccordance with the termso f the award documentst ot ake into account the divestiture of the Aerospace Products Group. Three-Year Restricted Stock Units. The remainder of our executives’LTI awards are granted as RSUs vesting in one-third increments over three years. Dividends or dividend equivalents aren ot accrued or paid on RSUs grantedu nder the executive LTI awards. The value of the RSUs is based on the Company’sstock price at the time of vesting which ties the executives’compensation to the Company’s performance, but the time-based vesting offers an appropriate level of stability to their equity-based compensation. Other Compensation Programs The NEOs voluntarily defer substantial portions oft heir cash compensation into Leggett equity through theE SU Program and/or the Deferred CompensationP rogram to build an additional long-term stake in the Company. The Company also providesa 401(k) Plan and a non-qualified Retirement KE xcess Plan in which some of our executives participate. Executive Stock Unit Program. All our NEOs participated in the ESUP rogram, our primary executive retirementp lan. These accounts are held until the executive’s employment is terminated. The ESUP rogram is a non-qualified retirement program that allows executives to makep re-tax deferrals of up to 10% of their cash compensation into diversifiedi nvestments. The Companym akesa n additional 17.65%c ontributiont ot he diversified investments acquired with executive contributions. We match 50% of the executive’s contributioni n Company stock units, purchased at a 15% discount, whichm ay increase up toa1 00% match if the Company meets annual adjusted EBITDA targetsl inked to the KOIP. Stock units credited to ap articipant’saccount resulting from Company contributions generally vest once the participant has reached five years of service. Leggett stock units held in the ESU Program accrue dividend equivalents, which are used to acquire additionals tock units at a 15% discount. At distribution, the balance of the diversified investments is paid in cash, and the stock unitsa re settled in shares of the Company’scommon stock, less requiredt ax withholdings. However, the additional stock units acquired pursuant to dividend equivalents are notc onverted into commons tock unless the underlyings tock units become vested. Deferred Compensation Program. The Deferred Compensation Program allows our executives andk ey managers to defer up to 100% of salary, incentive awards and other cashc ompensation in exchange for any combination of the following: Stocku nits with dividend equivalents, acquired at a2 0% discount to the fair market value of our common stock on the dates the compensationo rd ividends otherwise would have been paid. Cash deferrals accruing interest at a rate intended to be slightlyh igher than otherwise available forc omparable investments. Participants who elect a casho r stock unit deferral can receive distributionsi n a lump sumo r in annual installments. Distribution payouts must begin no more than 10 years from the effectiveff date of the deferral and all amounts subject to the deferral must be distributed within1 0 yearso f the first installment. Although the Company intends to settle thes tock units in shares of the Company’scommon stock, it reserves the rightt od istribute the balance in cash, subject to HRC Committee approval, if suffiff cient shares are not available under the Flexible Stock Plan.P rior to 2025, participants coulde lect to defer into at-market stock options, having an initial market value of five times the amount of compensation foregone, with an exercisep rice equal tot he market price of our common stock on the grant date. The Proxy Statement
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Compensationii Discussion &A nalysis 40 outstanding options, which have a 10-year term, mayb ee xercised approximately 15 months afterff the starto ft he year in which the deferral was made. Retirement KE xceEE ss Plan. Effective December 31, 2024, the Company terminated its defined benefit RetirementP lan, applicable to non- unione mployees, which had been frozen since 2006 (see description on page 50). Employees who had previously participated in the Retirement Plan prior to the freeze were offered a replacementb enefit: at ax-qualified defined contribution Section 401(k) Plan (Retirement K). The Retirement Ki ncludes an age-weighted Companym atchingc ontribution designed to offsff et the benefits lost by the Retirement Plan freeze. Employees who did notp articipate in the RetirementP lan when it was frozen in 2006 are eligible to contribute to the Company’s401(k) plan with an alternate matching contribution schedule. Many of our officers cannot fully participate in the Retirement K due to limitations imposedb yt he InternalR evenue Code or the Employee Retirement Income Security Act, or due to their participation in the ExecutiveS tock Unit Program or Deferred Compensation Program. Consequently, wem aintain an on-qualified Retirement KE xcess Plan which permits affectede xecutives to receive the full matching benefit they would otherwise have been entitled to under the RetirementK . Amounts earned in theR etirement KE xcess Plan are paid out in cash no later than March 15 oft he following year and aree ligible for the Deferred Compensation Program. Perquisites and Personal Benefits.ff The HRC Committee believes perquisites should not be as ignificant part of our executive compensation program. In 2025, perquisites were less than1 %o fo ur NEOs’combined compensation. Given the location oft he Company’sheadquarters away from any major metropolitan area, the HRC Committee wished to facilitateM r. Glassman’s schedule and allowh im to more efficieff ntly attend to Company business by offerff ing him limited personal use of Company aircraft. Although Mr. Glassman was permitted to useC ompany aircraft for personalt ravel forh im and his guests, provided that he reimbursed the Company for the aggregate incremental cost of such flights, including the costs of any deadhead flights necessitated by such personal use, he did notu se Company aircraft for personal traveli n2 025. We believe these benefits are appropriate whenv iewed in the overall context of our executive compensation program. How Compensation Decisions Are Made The HRC Committee uses its judgment to determine the appropriate type and mix of compensation elements; to select performance measures, target levels and payout schedules for incentive compensation; and tod eterminet he level of salarya nd incentive awards for each executive officer. The HRC Committee may delegatei ts duties and responsibilities to one or moreH RC Committee members or Company officers, as it deemsa ppropriate,b ut may not delegate authority to non-members for any actioni nvolving executive offiff cers. The full Board of Directors must reviewa nd approve certain actions, including any employment agreements, severance benefit agreements, and amendments to stock plans. The HRC Committee has the authority to engage its own external compensation consultant as needed and engaged Meridian Compensation Partners,L LC as its independent consultant for 2025. The Company conducts an annual conflict of interest assessment, which the HRC Committeer eviews to verify Meridian’s independence and that no conflicts of interest exist. Meridian does not provide any other services to the Company and works with the Company’s managemento nly on matters for which the HRC Committee is responsible. In 2025, Meridian advised on selecting a peer group of companies for executivec ompensationb enchmarking, consulted on incentive plan design and performance metrics, provided comparative data for the annual executive compensation review described below, and assisted with other compensation matters as requested. Representatives from Meridian alsoa ttend HRC Committeem eetings on request. The Company’s Human Resources and Legal Departments also provide compensation data, research anda nalysisa t the request of the HRC Committee, and personnelf rom those departments, together with our CEO, attend HRC Committee meetings. However, the HRC Committee regularly meets in executive session without managementp resent to discuss CEO performance andc ompensation, as well as any other mattersd eemeda ppropriate by the HRC Committee. The CEO recommendst ot he HRC Committeec ompensation levelsf or the other executive officers, including salaryl evels, annual incentive targets and long-term incentive award values, based on exterxx nal benchmarking andh is assessment of eache xecutive’s performance and level of responsibility. The HRC Committeee valuates those recommendationsa nd accepts or makes adjustments as it deems appropriate. Proxy Statement
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Compensationii Discussion &A nalysis 41 The Annual Review and Use of Compensation Data The HRC Committee conducted the annual reviewo fe xecutive compensation at its February 2025 meetings to sett he executive officers’ compensation for the year. During the annual review, the HRC Committee evaluates the three primary elements of the annual compensation package for executive officers: base salary, annual incentive, and long-term incentive awards. As discussed above, increasest ob ase salary affeff ct the other elements of the compensation package because the variable compensation elements (annuali ncentive and long-term incentivea wards) are each set as ap ercentage of bases alary. The HRC Committee also reviews the secondary compensation elements, such as voluntary equity plans and retirement plans, retention payments, as wella s potential payments upon termination or change in control. Decisions about secondary and post-terminationc ompensatione lements arem ade as the plans ora greements giving riset o the compensation are reviewed. In connection with the annual review, the HRC Committee evaluates the following data presented by theC ompany and Meridian to consider each executive’s compensation package in the context of past decisions, internalp ay relationships andt he external market: Compensationd ata available from proxy filings of the executive compensation peer group and two general industry surveys published by national consulting firms (described more fully below). Current annual compensation for each executiveo fficer. The potential value of each executive officer’s compensation package under three Company performance scenarios (threshold, target and maximump ayout). The cash-to-equity ratio and fixed-to-variable pay ratio of each executiveo fficer’s compensation package. Compliance with ours tock ownership requirements andas ummary of outstanding equity awards. Among the factors the HRC Committee considers when making compensation decisionsi s the compensation of our NEOs relative to the compensation paid to similarly-situatede xecutives. We believe, however,t hata benchmark shouldb ej ust that— a pointo f referencef or measurement, not the determinative factor for our executives’compensation. Because the comparative compensation information is just oneo fs everal analytic toolsu sedi n setting executive compensation, the HRCC ommittee has discretioni n determining the nature and extent of its use. Benchmarkingkk Against Peer Companies.I n the annual review, the HRC Committee used ap eer group to provide additional insight into company-specific pay levels and practices.T he HRC Committee evaluates market data providedb yc ompensations urveys and views the use of a peer group as an additional reference point when reviewingt he competitiveness of NEO pay levels. In developing the peer group,t he HRC Committee directed Meridian to focuso nc ompaniesi n comparable industries withas imilar size ands cope of businesso perations as Leggett. The HRC Committee periodically reviews the composition of thep eer group to ensure these companies remain relevant for comparative purposes. Prior to the annual reviewt os et 2025 compensation, the HRCC ommittee approved the following peer group of 17 publicly traded manufacturing companies,m osto fw hich are U.S.b ased, to placeL eggett near the group’smedian revenue and assets. A. O. Smith Corporation Masco Corporation Allegion plc MillerKnoll, Inc. American Axle & Manufacturing Holdings, Inc. Owens Corning Carlisle Companies Incorporated Pentair plc Dover Corporation Snap-on Incorporated Fortune Brands Innovations,I nc. Somnigroup International Inc. Steelcase Inc.Griffon Corporation HNI CorporationT he Timken Company Lennox International Inc. Proxy Statement
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Compensationii Discussion &A nalysis 42 Compensation Survey Data.T he HRC Committee used broad-based compensation surveys published by Willis Towers Watson (General Industry Executive Compensation Survey, revenuer anging from $3 to $6 billion) andA on Hewitt (Total CompensationM easurement, revenue ranging from $3 to $5b illion) to develop a balanced pictureo ft he compensation market. TheH RC Committee referenced market benchmarks that most closelym atch the NEOs’job descriptions; however, the HRC Committee was not made aware oft he specific companies in the applicable survey groups. The HRC Committee usedt he peer group and compensation surveys to get a general sense of thec ompetitivem arket. These sources generally showed oure xecutive officers’compensation was in line with mediant otal compensation and average percentage of at-risk, performance-based pay. Individual pay levels may vary relative to the market median for a number of reasons, including, but not limited to, tenure, responsibilities, and performance. Additional Considerations. Although the HRC Committee views benchmarkingd ata as au seful guide, it gives significant weight to (i) the mixo ff ixed to variable pay, (ii) the ratio of cash to equity-based compensation, (iii) internal pay equity, and (iv) individualr esponsibilities, experience and merit when establishing base salaries, annual incentive percentages,a nd long-term incentive award percentages. While the HRC Committee monitors these pay relationships, it does not target any specific pay ratios. The HRC Committee also considers the Company’smerit increase budget for all salaried U.S. employees in determinings alary increases for executive officers. Changes to the NEOs’202500 Compensation. In connection with the 2025 executiveo fficers’compensation review: Mr. Glassman’sbases alary, and his Annual Incentive and LTI award percentages were unchanged. Mr.B urns’base salary was increased from $550,000 to $600,000 to alignm orec losely to his target total compensation with the competitive range of market median, and his Annual Incentive and LTI awardp ercentage wereu nchanged. Mr. Hagale’sbase salary was increased from $580,000 to $600,000, and his Annual Incentive andL TIL award percentages were unchanged. Mr. Smith's base salary was increased from $500,000 to $525,000, his Annual Incentive percentage was increased from 75%t o 80%, and his LTI award percentage was increased from 175% to2 00% to alignm orec losely to his target total compensation with thec ompetitive range of market median. Ms. Davis' base salary was increased from $470,000 to $490,000 to align morec losely to her target total compensation with the competitive range ofm arket median, and her AnnualI ncentive and LTI award percentages wereu nchanged. Equity Grant Practices The HRC Committee discussed the 2025 LTI awardsi nc onnection with its annual review of executive offiff cer compensationa nd approved the 2025 RSU and PSU awards at its February 2025 meetings. The Company hasa dopted a policy that it mayn ot, unless approved by the General Counsel, grant or issue Company securities tied to the current market price of such securities if the Company is aware of material non-public information. As such, the HRC Committee and Board take this policy into considerationw heng ranting awards. Finally, the Company does not time the disclosure of material non-public information for the purpose of affecting the value of any equity grant. Performance of Past Equity-Baseuu d Awards.dd The HRCC ommittee monitors the value of past equity-baseda wards to gain ano verall assessment of how current compensation decisions fit with past practices andt o determine thee xecutives’ accumulated variable compensation. However, the HRC Committee does not increasec urrent-yeare quity-baseda wards,o ra ny other aspecto ft he NEOs’ compensation, to adjust for below-expected performanceo fp ast equity-baseda wards. Clawbaww ck Provisirr ons.ii In November 2023, the Board approved the Company’s Incentive Compensation Recovery Policy in compliance with NYSE listing requirements.U nder this policy, following an accounting restatement, the Company willr ecover erroneously awarded incentive-based compensation paid to current and former executive officersd uring the three-yearr ecovery period. In addition, all equity-baseda wards (including time-based and performance awards) are subject to thec lawback provisions included in our Flexible Stock Plan, which allows the HRC Committee to cancel all ora ny portion of an award if the recipient (i) violates any Proxy Statement
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Compensationii Discussion &A nalysis 43 confidentiality, non-solicitationo r non-compete obligations or terms in an award,e mployment agreement, confidentiality agreement, separation agreement, or anyo thers imilar agreement, (ii) engages in improper conduct contributing to the need to restate any externalxx Company financial statement, (iii) commits an acto f fraud or significant dishonesty, or (iv) commits as ignificant violation of any of the Company’swritten policies ora pplicable laws. Under the Flexible Stock Plan, the HRC Committee may require an award recipientt o forfeit and repay to the Company any or all of the income or other benefit received on the vesting, exercise, or payment of an award (i) in the preceding three years if,if n its discretion, the HRC Committee determines that the recipient engaged in any oft he foregoing activities and that such activity resulted inas ignificant financial or reputational loss to the Company, (ii) to the extent required undera pplicable law or securities exchange listing standards, or (iii) to the extent required orp ermitted undera ny written policy of the Company dealing with recoupmento fc ompensation, subject to any limits of applicablel aw. In addition, our PSU awardsp rovide that the HRC Committee may require repayment of the entire award from any award recipients determined to be personally responsible for gross misconduct or fraud that caused the need for the restatement. Executive Stocktt Ownership Guidelinesdd .T he HRC Committee believes executive officers should maintaina meaningful ownerships take in the Companyt oa lign theiri nterests with those of our shareholders. Wee xpect executive officers to attaint he following levels of stock ownership within five years of appointment and to maintain those levels throughout their employment. Position Ownership Requirement CEO 5X base salary CFO and EVPs 3X bases alary All Other Executive Officers 2X base salary Shares of the Company’s stock owned outright, restricted stock,ak nd stock units countt owards atisfying theo wnership totals. A decline in the stock price can cause an executive officeff rw ho previously met the threshold tof allb elow itt emporarily. Afteff r five years from appointment, an executive officerw ho has not mett he ownership requiremento r falls below it due to a stock price decline, may not sell Company shares and musth old any nets haresa cquired upon the exercise of stocko ptions or vesting of restricted stock and stock units unless or until the ownership threshold is met. As of March 13,2 026, all of NEOs werei nc ompliance with their applicable stock ownership requirements. In addition, if the proposeda mendmenta nd restatement of the FlexibleS tock Plan is approvedb yt he Company's shareholders, our CEO will be required to hold fora period of one year any nets hares received from the exerciseo f options or stock appreciation rights grantedo no ra fter May 21, 2026. Hedgingan nd Pledging Policy.Tyy he Company’sInsider Trading Policy prohibits its directors, officersa nd employees from transactions related to Company securities involving short sales, having put equivalentp ositions, buyingo r selling exchange-traded options and hedging transactions, which include the purchase and sale of options, zero cost collars and forward sale contracts. The policy also prohibits all directors and Section 16 officers from pledgingC ompany securities as collateral for al oan, including in am argin account. Insider Trading Policy and Proceduresuu .T he Company has adopted an Insider Trading Policy and procedures governing the purchase, sale, and/or other dispositions of the Company’s securities by directors, officers ande mployees, and the Company itself, thatw eb elieve are reasonably designed top romote compliance withi nsidert rading laws, rules and regulations, and applicable NYSE listing standards. The Company’sInsider Trading Policy is attached asE xhibit 19 to its 2025 Annual Reporto n Form1 0-K filed February 26, 2026. Change in Control Agreements Our current NEOs do not have employment agreements and are all considered at-wille mployees. Each of our current NEOs has a severance benefit agreementw hichi s designed top rotect both thee xecutiveo fficer’sand the Company’s interests in thee vent of ac hange in control of the Company, as described on page 55. Proxy Statement
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Compensationii Discussion &A nalysis 44 The benefits provided under thes everance benefit agreements do not impact the HRC Committee’sdecisions regarding other elements of the executive officers’compensation. Becauset hesea greements provide contingent compensation, not regular compensation, they are evaluated separately in view of their intendedp urpose. Retention Agreements In December 2025, the HRC Committee and the Board approvedr etentiona greements (Retention Agreements) fora limited group of key management personnel, including ourN EOs namedi n the following table. The RetentionA greements are designedt o ensure continuity in leadership and ongoing success of the Company. Thed ollara mounts paid to each NEO and the multiple of those paymentsc ompared to the NEOs’2025 base salaries are found in the following table. Name(1) Retention Dollar Amount Retention Multiple of 2025 Base Salary Benjamin M. Burns, CFO $618,000 103% J. Tyson Hagale,E VP 618,000 103% R. Samuel Smith, Jr., EVP 540,750 103% Jennifer J. Davis, EVP 630,875 128.8% (1) Karl G. Glassman, the Company’s President and Chief ExecutiveO fficer, did not receivea retention agreement. Ther etention payments were madei n December 2025,b ut ares ubject to continued employment throughD ecember 23, 2026. The retention payments are subject to a1 00% clawbacki ft he executive voluntarily terminates employment (other than for death, disability or good reason)o r the Company terminatese mployment for cause on or before May 29, 2026, and a5 0% clawback afteff r May 29,2 026 but terminating on or before December 23, 2026o nt he same terms. The clawback provisions will terminate upon ac hange in control of the Company. Tax Considerations For tax years prior to 2018, Section 162(m) oft he InternalR evenue Code generally disallowed an income taxd eduction to public companies for compensation over $1 million paid to certain executive officers; however, qualifyingff performance-basedc ompensation wasn ot subject to the deduction limit if certain requirements were met. As a result of the Tax Cutsa nd Jobs Act eliminating the performance-based compensation exception under Section 162(m),t he Company currently expects that, with respect to 2018 and beyond, any compensation amounts over $1m illion paid to any NEO will no longer be tax deductible. Human Resources and Compensation Committee Report The HRCC ommittee has reviewed and discussed the Compensation Discussion &A nalysis with management,a nd, based on that review and discussion, the HRC Committee has recommended to the Board of Directors that this Compensation Discussion & Analysis be included in thisp roxy statement. Jai Shah (Chair) Angela Barbee Robert E. Brunner Mary Campbell Joseph W. McClanathan Proxy Statement
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Executive Compensationii and RelatedM atMM tett rs 45 Summary Compensation Table The following table reports the total 2025c ompensation of ourC hief Executive Officer, our Chief Financial Officer, and our three other most highlyc ompensated executive officers as of December 31, 2025. Collectively, we refer to these five executivesa s the “Named Executive Officers”ff or “NEOs.” Name and Principal Position Year Salary (1) Stock Awards(2) Non-Equity Incentive Plan Compensation(1) Change in Pension Value; Nonqualified Deferred Compensation Earnings(3) All Other Compensation (1)(4) Total Karl G. Glassman(5) 2025 $1,275,000 $6,692,318 $2,284,099 $14,412 $628,041 $10,893,870 President and Chief Executive Officer 2024 784,615 7,823,942 705,731 79,615 479,017 9,872,920 2023 256,731 522,307 239,190 149,547 73,841 1,241,616 Benjamin M. Burns 2025 588,462 1,105,031 636,960 1,125 199,872 2,531,450 Executive VP and Chief Financial Officer 2024 538,462 863,286 292,160 4,443 85,825 1,784,176 2023 416,346 236,146 309,540 5,977 117,571 1,085,580 J. Tyson Hagale 2025 595,385 1,105,031 648,960 1,228 180,794 2,531,398 Executive VP, President—Be dding Products 2024 575,385 910,363 255,200 4,332 76,807 1,822,087 2023 551,923 944,581 120,064 7,170 97,190 1,720,928 R. Samuel Smith, Jr.(5) 2025 519,231 966,894 547,260 1,686 179,627 2,214,698 Executive VP, President—Spec ialized Products 2024 404,295 470,879 491,625 5,150 85,324 1,457,273 and FF&T Products Jennifer J. Davis(5) 2025 485,385 767,077 455,161 669 136,928 1,845,220 Executive VP and GeneralC ounsel 2024 470,000 627,059 218,456 1,976 57,337 1,374,828 (1) Amounts reported in these columns include cash compensation (bases alary, non-equity incentive plan compensation and certain other cash items) that was deferred into the ESU Program (to acquire diversified investments) and/or the Deferred Compensation Program( to acquire,a tt he NEO’s election, interest-bearing cash deferrals, or Leggett stock units), as follows: Deferred Compensation Program Name Year Total Cash Compensation Deferred ($) ESU ($) Cash Deferral ($) Stock Options (#) Stock Units (#) Karl G. Glassman 2025 $352,677 $352,677 2024 2023 24,579 24,579 Benjamin M. Burns 2025 178,124 119,278 7,998 2024 133,672 79,826 4,931 2023 206,809 69,415 3,934 J. Tyson Hagale 2025 180,718 121,180 8,092 2024 137,398 79,859 5,246 2023 119,225 64,033 2,458 R. Samuel Smith, Jr. 2025 188,726 103,392 10,517 2024 149,164 86,418 7,674 Jennifer J. Davis 2025 115,056 90,787 3,299 2024 89,114 65,614 2,137 Seet he Grants of Plan-Based Awards Table on page 48f or further information on Leggett equity-based awards received in lieu of cash compensation in 2025. (2) Amounts reported in this column reflect the grant date fair value of the PSUa wards and RSU awards as detailedi n the table below. For ad escription of the assumptions used in calculating the grant date fair valueo fP SUs and RSUs in accordance with Financial Accounting Standards Board’s Accounting Standards Codification Topic 718, see Note L to ConsolidatedF inancial Statements to our AnnualR eport onF orm 10-K for the year ended December 31, 2025.T he grant date Proxy Statement
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Executive Compensationii and RelatedM atMM tett rs 46 fair value of the RSU awards is based on the closing market price of our common stock on the date of grant discounted for the expectedd ividends during the vesting period. The potential maximum value of the PSU awards on the grant date area lso included int he table below. Name Year PSU Awards: Grant Date Fair Value PSU Awards: Potential Maximum Value at Grant Date RSU Awards: Grant Date Fair Value Karl G. Glassman 2025 $4,050,516 $8,101,033 $2,641,802 2024 5,086,194 10,172,389 2,737,748 2023 522,307 Benjamin M. Burns 2025 668,820 1,337,640 436,211 2024 497,786 995,571 365,500 2023 143,297 286,593 92,849 J. Tyson Hagale 2025 668,820 1,337,640 436,211 2024 524,928 1,049,855 385,435 2023 573,157 1,146,314 371,424 R. Samuel Smith, Jr. 2025 585,213 1,170,426 381,681 2024 271,514 543,028 199,365 Jennifer J. Davis 2025 464,271 928,541 302,806 2024 361,570 723,139 265,489 (3) Amounts reported in this column for 2025 are set forthb elow. Name Change in Pension Value(a) ESU Program(b) Deferred Stock Units(c) Total(d) Karl G. Glassman $7,060 $7,352 $14,412 Benjamin M. Burns $(5,839) 662 463 1,125 J. Tyson Hagale 797 431 1,228 R. Samuel Smith, Jr. 437 1,249 1,686 Jennifer J. Davis 494 175 669 (a) Change in the pension value of the NEO’sa ccumulated benefit under the defined benefit Retirement Plan, as described on page 50. (b) 15% discount on dividend equivalents for stock units held in the ESU Program,a sd escribed on page 39. (c) 20% discount on dividend equivalents for stock units held in the Deferred Compensation Program, as describedo n page 39. (d) The total excludes negative amounts from Changei n Pension Value. (4) Amounts reported in this column for 2025 are set forth below: Name ESU Program(a) Deferred Stock Units(b) 401(k) Matching Contributions(c) Retirement K Excess Payments(c) Life and Disability Insurance Benefits Perks (d) Director Compensation(e) Total Karl G. Glassman $486,940 $12,600 $115,543 $11,430 $1,528 $628,041 Benjamin M. Burns 169,104 $14,712 4,176 10,530 1,350 199,872 J. Tyson Hagale 164,559 14,885 1,350 180,794 R. Samuel Smith, Jr. 154,423 21,334 3,870 179,627 Jennifer J.D avis 128,791 6,067 2,070 136,928 (a) This amount represents the Company’sm atching contributions under the ESU Program, the additional 17.65% contribution for diversified investments acquired with employee contributions, and the 15% discount on Leggett stock units acquired with Company matching contributions. (b) This amountr epresents the 20% discount on stock units acquired with employee contributions to the Deferred Compensation Program. (c) The Company’s 401(k) and Retirement KE xcess Plan are described on page 40. Proxy Statement
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Executive Compensationii and RelatedM atMM tett rs 47 (d) None of the NEOs received perquisites or other personal benefits with an aggregate valueo f $10,000 or more in 2025. For disclosure purposes, perquisites arev alued at the Company’saggregate incremental cost. (e) Reflects dividends on 15,281 shares of restricted stock granted toM r. Glassman for service as an on-management director prior to his appointment as CEO on May 20, 2024. (5) Mr. Glassman was an NEO in 2024 and 2025, but noti n 2023; however, his 2023 compensation is reporteda s well. Ms. Davis andM r. Smith eachb ecame an NEO for the first time in 2024. In December 2025, the HRC Committee and the Board approved RetentionA greements for a limited group of key management personnel, including some NEOs. Retention payments were made in December 2025 (Burns -$ 618,000; Hagale -$ 618,000; Smith -$ 540,750; and Davis - $630,875), but are subject to continued employmentt hrough December 23,2 026. The retention payments are subjectt o a1 00% clawback if the executive voluntarily terminates employment( othert hanf or death, disability or good reason)o r the Company terminates employment for cause on orb efore May 29, 2026, and a5 0% clawback after May 29, 2026 butt erminatingo n orb efore December 23, 2026 on the same terms. Because thea pplicable retention conditions have not yet been satisfied, andt he retention payments have not yet been earned, the payments have not been reported in the Bonusc olumn of the Summary Compensation Table fort he 2025 fiscal year. Proxy Statement
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Executive Compensationii and RelatedM atMM tett rs 48 Grants of Plan-Based Awards in 2025 The following table sets forth, for the yeare nded December 31,2 025, information concerning each grant of an awardm adet ot he NEOsi n 2025 under the Company’sFlexible Stock Plan and the Key Officers Incentive Plan. Estimated Future Payouts Under Non-Equity Incentive Plan Awards(2) Estimated Future Payouts Under Equity Incentive Plan Awards(3) All Other Stock Awards: Shares of Stock Grant Date Fair Value of Stock and Option Name Grant Date Approval Date Award Type(1) Threshold ($) Target ($) Maximum ($) Threshold (#) Target (#) Maximum (#) or Units(4) (#) Awards ($) Karl G. Glassman 2/25/25 2/25/25 AI $860,625 $1,721,250 $3,442,500 2/28/25 2/26/25 PSU 225,279 450,558 901,116 $4,050,516 2/28/25 2/26/25 RSU 300,372 2,641,802 — — DSU Benjamin M. Burns 2/25/25 2/25/25 AI 240,000 480,000 960,000 2/28/25 2/26/25 PSU 37,198 74,396 148,792 668,820 2/28/25 2/26/25 RSU 49,597 436,211 — — DSU 7,998 73,558 J. Tyson Hagale 2/25/25 2/25/25 AI 240,000 480,000 960,000 2/28/25 2/26/25 PSU 37,198 74,396 148,792 668,820 2/28/25 2/26/25 RSU 49,597 436,211 — — DSU 8,092 74,423 R. Samuel Smith, Jr. 2/25/25 2/25/25 AI 210,000 420,000 840,000 2/28/25 2/26/25 PSU 32,548 65,096 130,192 585,213 2/28/25 2/26/25 RSU 43,397 381,681 — — DSU 10,517 106,668 Jennifer J. Davis 2/25/25 2/25/25 AI 171,500 343,000 686,000 2/28/25 2/26/25 PSU 25,822 51,643 103,286 464,271 2/28/25 2/26/25 RSU 34,429 302,806 — — DSU 3,299 30,336 (1) Award Type: AI—Annua l Incentive PSU—Performance Stock Units RSU—Restricted Stock Units DSU— Deferred Stock Units (2) The performance metrics, payout schedules and other details of the NEOs’annual incentivea re described on page 35. (3) The 2025 PSU awards vest at the end of at hree-year performance period with 50%b ased on total EBITDA and 50% based upon ROIC,s ubject to ap ayout multiplier of 0.75 to 1.25b ased on our TSR as measured relative to ap eer group.I fE BITDA and ROIC are achieveda tt heir respective thresholds, and theR elative TSR Multiplier is 1.00, thep ayout percentagew ould be 50%. The 2025 PSU awards are described on page 37. (4) DSU amounts (from the Deferred Compensation Programd escribed on page 39) reported in this column represent stock units acquired in lieu of cash compensation. Stocku nits are purchased on ab i-weekly basis or as compensation otherwisei se arned, so there is no grant date for these awards. DSUs are acquired at a 20% discount to the market price of our common stock on the acquisition date. Wer ecognize compensation expense for this discount, which is reported in the All Other Compensation column of the SummaryC ompensation Table on page 45. Proxy Statement
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Executive Compensationii and RelatedM atMM tett rs 49 Outstanding Equity Awards at 2025 Fiscal Year-End The following table reports the outstanding stock options, PSUs, and RSUs heldb y each NEO as of December 31, 2025. Option Awards Stock Awards Unvested Stock Units Equity Incentive Plan Awards—Unearned Shares, Units or Other Unvested Rights Name Grant Date(1) Exercisable Securities Underlying Unexercised Options (#) Exercise Price ($) Expiration Date Grant Date Number of Units(2) (#) Market Value(3) ($) Performance Period(4) Number of Units(5) (#) Market or Payout Value(3) ($) Karl G. Glassman 1/4/2016 80,449 41.02 1/3/2026 RSU Awards PSU Awards(6) 12/30/2016* 40,917 48.88 12/29/2026 3/10/23 6,111 67,221 2024–2026 166,216 1,828,376 12/17/2018* 55,051 36.33 12/16/2028 5/20/24 147,748 1,625,228 2025–2027 450,558 4,956,138 2/28/25 300,372 3,304,092 Total 176,417 454,231 4,996,541 616,774 6,784,514 Benjamin M. Burns RSU Awards PSU Awards 3/10/23 1,087 11,957 2024–2026 16,268 178,948 2/26/2024 14,460 159,060 2025–2027 74,396 818,356 2/28/25 49,597 545,567 Total 65,144 716,584 90,664 997,304 J. Tyson Hagale RSU Awards PSU Awards 3/10/23 4,346 47,806 2024–2026 17,155 188,705 2/26/2024 15,249 167,739 2025–2027 74,396 818,356 2/28/25 49,597 545,567 Total 69,192 761,112 91,551 1,007,061 R. Samuel Smith, Jr. RSU Awards PSU Awards 3/10/23 649 7,139 2024–2026 8,873 97,603 2/26/2024 7,888 86,768 2025–2027 65,096 716,056 2/28/25 43,397 477,367 Total 51,934 571,274 73,969 813,659 Jennifer J. Davis RSU Awards PSU Awards 3/10/23 871 9,581 2024–2026 11,816 129,976 2/26/2024 10,504 115,544 2025–2027 51,643 568,073 2/28/25 34,429 378,719 Total 45,804 503,844 63,459 698,049 (1) No portion of the unexercised option awards reported above were unexercisable on December 31,2 025. Theseo ption grants were issued subject to our standard vestingt erms, became exercisable in one-third increments at 18 months,3 0m onths and 42 months following the grant date,a nd had a 10-year term. *Option grant under the Deferred Compensation Programw hich becomes exercisable on March 15,a pproximately 15 months following the grant date, and has a 10-year term. (2) Thesea mounts represent the unvested RSUs relatingt oe ach of the listed grants. One-thirdo fe achR SU award vests on thef irst, second,a nd third anniversaries of the grantd ate. (3) Values shown in these columns were calculated bym ultiplying the number of units shown in the prior column by the per sharev alueo f$ 11.00, the closing market price of our common stock on December 31, 2025. (4) PSU awards were granted inc onnection with ourH RC Committee’sfirst quarter meeting andh avea three-year performance period ending on December 31. (5) The 2024-2026 PSUa wards are disclosed at the threshold payout level (50% of the base award) because our projected EBITDA,R OICa nd TSR multiple for the performance period (based upon previous fiscaly ears' performance and remaining years'f orecasts) placed the anticipatedp ayouts below the threshold level. On the same basis, the 2025-2027 PSU awards are disclosed at the target level (100% of the basea ward) because thosea wards are projectedt o vest between the threshold level and the target level. The PSUs are described at page 37. Proxy Statement
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Executive Compensationii and RelatedM atMM tett rs 50 (6) Pursuant to Mr. Glassman’s2 024 Interim PSU Award Agreement, in the event of retirement prior to the end of thep erformance period, because Mr. Glassman is retiremente ligible, he will receive ap rorated award based on the number of days in the performance periodb eginning on January1 ,2 024a nd ending on his retirement date. Option Exercises and Stock Vested in 2025 The following table reports the stock awards vested in 2025 and the value realized by the NEOs upon such vesting. Except as provided below, the stock award amounts represent the payout of certain RSU awards that vested during they ear. In 2025,n o stock options were exercised by theN EOs and no PSU awards vested. Stock Awards Name Shares Acquired on Vesting (#) Value Realized on Vesting ($) Karl G. Glassman(1) 108,261 $992,154 Benjamin M. Burns 8,966 83,221 J. Tyson Hagale 15,003 136,652 R. Samuel Smith, Jr. 5,048 46,826 JenniferJ . Davis 6,572 60,909 (1) The amounts shown for Mr. Glassman include 15,281 shares of restricted stock previously grantedf or his servicea sa non-management director prior to his appointment asC EO on May 20, 2024. Dollar amounts shown above arec alculated basedu pon the closing price of the Company’s stocko n the vestingd ate. For those shares distributed to the NEOs upon the RSUs vesting, they may continue to hold the shares or sellt hemi n accordance with applicable laws and Company policies. The RSU awards were settled entirely in shares of Leggett stock. Pension Benefits in 2025 We had av oluntary, tax-qualified, definedb enefit pension plan (the “Retirement Plan”), which was frozen on December 31, 2006. Benefits accrued under the Retirement Plan were fixeda so f thatd ate, and the Retirement Plan was closed ton ew participants. Of our current NEOs, only Mr. Glassman and Mr. Burns participated in the Retirement Planb efore it was frozen. No participants accrued additional benefits under the Retirement Plan after it was frozen. The RetirementP lan was terminated on December 31, 2024 and was subsequently liquidated in November 2025 through the distribution of plan assets and transfer of benefit obligations to an unrelated third-party. The Retirement Plan required a contributionf rom participating employees of 2% of base salary. The normal monthly retirement benefit was the total of 1% oft he employee’s average monthly salary for each year of participation in the Retirement Plan. Benefits were calculated based on actual years of participation in the Retirement Plan, and benefits became payablew hen a participant reached age 65 (normal retirement age). The following table lists payments made during 2025 to the NEOs under the Retirement Plan: Name Number of Years Credited Service (#) Payments During Last Fiscal Year(1) ($) Karl G.G lassman 42 $13,579 Benjamin M. Burns 23 7,498 J. Tyson Hagale N/A R. Samuel Smith, Jr. N/A Jennifer J. Davis N/A Proxy Statement
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Executive Compensationii and RelatedM atMM tett rs 51 (1) In 2025, Mr. Glassman received $13,579, which represents the totala mount for the yearp ursuant to ac ontinuing monthly annuity arrangement, and Mr. Burns receivedal ump-sum distributiono f $7,498i nN ovember2 025. Non-Qualified Deferred Compensation in 2025 The following table provides the aggregate 2025 contributions, earnings, withdrawals, and ending balancesf or each NEO’sdeferred compensation accounts. The year-end balances are based on the $11.00 closing marketp rice of our common stock on December 31, 2025. Name Deferral Type or Program(1) Executive Contributions in 2025(2) Company Contributions in 2025(2) Aggregate Earnings In 2025(3) Aggregate Withdrawals/ Distributions Aggregate Balance at 12/31/2025(4) Karl G. Glassman ESU $352,677 $486,940 $884,927 $757,173 $6,726,496 DSU 269,595 225,695 1,589,069 Total 352,677 486,940 1,154,522 982,868 8,315,565 Benjamin M. Burns ESU 119,278 169,104 251,522 1,487,142 DSU 58,846 14,712 31,992 72,802 143,779 Total 178,124 183,816 283,514 72,802 1,630,921 J. Tyson Hagale ESU 121,180 164,559 184,503 1,184,233 DSU 59,538 14,885 27,185 28,737 148,376 Total 180,718 179,444 211,688 28,737 1,332,609 R. Samuel Smith, Jr. ESU 103,392 154,423 163,778 915,349 DSU 85,334 21,334 84,920 423,285 Total 188,726 175,757 248,698 1,338,634 Jennifer J. Davis ESU 90,787 128,791 174,603 1,070,901 DSU 24,269 6,067 10,991 11,030 60,464 Total 115,056 134,858 185,594 11,030 1,131,365 (1) Deferral Type or Program: ESU—E xecutive Stock Unit Program (see description at page 39) DSU—De ferred Compensation Program— Stock Units (see description at page 39) (2) Amounts reported in these columns are also included in the totals reported in the SummaryC ompensation Table. (3) Aggregate earnings include interest, dividends and the appreciation (or depreciation) of the investments in whicht he accountsa re held. The following amounts, representing preferential earnings relating to interest andd ividends paid in 2025 on the ESU and Deferred Compensation Programs, are reported in the Change in Pension Value and Non-Qualified Deferred Compensation Earnings column of the Summary Compensation Table: Glassman— $14,412; Burns— $1,125; Hagale—$1 ,228; Smith— $1,686; and Davis— $669. (4) Of the balances reported in this column (which are net of distributions from prior years’deferrals), the following aggregate amounts were included in thet otals reported in the Summary Compensation Table as executive contributions,c ompany contributions, or preferentiale arnings in 2023, 2024 and 2025: Glassman— $1,200,883; Burns— $895,395; Hagale— $800,812; Smith— $602,257 (2024 and 2025 only); and Davis— $397,726 (2024 and 2025 only). Proxy Statement
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Executive Compensationii and RelatedM atMM tett rs 52 Pay Versus Performance The following table reports thec ompensation of our currenta nd former CEO and the averagec ompensationo ft he othern on-CEO Named Executive Officers (the “Other NEOs”) as reported in the Summary Compensation Table for the past five fiscaly ears,a s well as their “Compensation Actually Paid”as calculated pursuant to SEC rules and certain performance measures required by SEC rules. Value of Initial Fixed $100 Investment Based on: Company- Selected Measure: Year Summary Compensation Table Total for Mr. Glassman (1) Compensation Actually Paid to Mr. Glassman(4) Summary Compensation Table Total for Mr. Dolloff(1) Compensation Actually Paid to Mr. Dolloff(4) Average Summary Compensation Table Total for Other NEOs(1) Average Compensation Actually Paid to Other NEOs(4) Leggett’s Total Shareholder Return(2) Peer Group Total Shareholder Return(2)(3) Net Income (in millions) Adjusted EBITDA(5)(6) (in millions) 2025 $10,893,870 $11,633,522 $2,280,692 $2,412,902 $31 $142 $235.4 $383.7 2024 9,872,920 4,537,359 $5,723,655 $920,477 1,609,591 923,762 26 131 (511.4) 402.2 2023 7,347,194 3,415,881 1,900,393 972,427 68 124 (136.8) 506.2 2022 7,647,818 3,585,036 2,453,626 (18,148) 79 95 309.9 656.6 2021 9,210,966 7,022,205 2,716,052 1,955,550 96 125 402.6 747.8 (1) In 2025, Mr. Glassman was the CEO, and the Other NEOs were Mr. Burns,M r. Hagale, Mr.S mith and Ms. Davis. In 2024, Mr. J. Mitchell Dolloffwff as the CEO until his resignation on May 20, 2024, at which time Mr. Glassman wasa ppointedC EO.T he 2024 Summary Compensation Total for Mr. Glassman includes $376,857 as compensation for a partial year of service as an on-management director prior to his appointment as CEO on May 20, 2024. The Other NEOs in 2024 were Mr. Burns, Mr. Hagale, Ms. Davis, and Mr. Smith. In 2023, Mr. Dolloff was the CEO, and the Other NEOs were Mr.B urns, Mr. Jeffrey L. Tate,M r. Steven K. Henderson, Mr. Hagale and Mr. Scott S. Douglas. In 2022, Mr. Dolloffwff as the CEO, and the Other NEOs wereM r. Glassman( Executive Chairman),M r. Tate, Mr. Henderson and Mr. Hagale. In 2021, Mr. Glassman was the CEO, and the Other NEOs were Mr. Dolloff, Mr.T ate, Mr.H enderson and Mr. Douglas. (2) Total Shareholder Return (TSR) for a five-year periodi sc alculated by assuming that $100 was investedo nD ecember3 1, 2020 in shares of Leggett stock and the Peer Group index,ax sa pplicable, and that all of the dividends were reinvested. (3) The peer group consists of the ten companies used for the stock performance graph in the Company’s2025 Annual Report on Form 10-K: AMETEK,IK nc., Core & Main, Inc., Fortune Brands Innovations, Inc., Gentherm Incorporated, La-Z-Boy Incorporated, Lear Corporation, Masco Corporation, MillerKnoll, Inc., Mohawk Industries, Inc., and Somnigroup International Inc. (4) The Summary Compensation Table totals reported fort he CEOa nd the Other NEOs for2 025 were subject to the following adjustments per Item 402(v)(2)(iii) of Regulation S-K to calculate “Compensation Actually Paid”: 2025 CEO Other NEOs Summary Compensation Table Total $10,893,870 $2,280,692 Adjustments Deduction for the change in actuarial present values reported in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings”column of the Summary Compensation Table 0 0 Increase for service cost for pension plans(a) 0 0 Deductionf or amountsr eported under the “StockAwards”column of the Summary Compensation Table(b) (6,692,318) (986,008) Increase for the fair value of awards grantedd uringt he year that remaino utstanding and unvesteda tt he end of the year 7,889,045 1,162,327 Increase/deductionf or the change in fair value of awards granted in a prior year that remain outstanding and unvested at thee nd of the year (416,800) (40,597) Increase/deductionf or the change in fair value of awards granted in ap rior year that vestedd uringt he year (40,275) (3,512) Compensation Actually Paid 11,633,522 2,412,902 (a) Following the Company’s Retirement Plan (described at page 50) being frozen in 2006, participants no longer earn additional benefits, resulting in no annuali ncrease in service costs. (b) The Company had no option awards to report in the Summary Compensation Table, no outstanding and unvestedo ption awards,a nd no option awards that vested during the applicable years. (5) The Company has identified Adjusted Earnings BeforeI nterest, Taxes, Depreciation and Amortization (Adjusted EBITDA) as the company-selectedm easure for this pay versus performance disclosure, as it represents the mosti mportant financial performance measureu sedt o link compensation actually paid to the CEO and Other NEOs in 2025 to the Company’s performance. Proxy Statement
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Executive Compensationii and RelatedM atMM tett rs 53 Adjusted EBITDA is the primary metric (weighted 65%) in the Company’s Key Officersff Incentive Plan (KOIP) for 2025 described at page 35,a nd total adjusted EBITDA over the three year performance period accounts for 50%o ft he payout of the 2025 PerformanceS tockU nits, describeda tp age 37. Adjusted EBITDA is a component of cash flow, a metric weighted at 35% of the KOIPa nd also described at page 35. Adjusted EBITDA is derived from earnings before interesta nd income taxes as reportedi n the Company’s Consolidated Statements of Operations, plus depreciation and amortization reported in the Company’s Consolidated Statements of Cash Flows and subject to the adjustments applied to the KOIP’s EBITDA calculation, including all items of gain, loss or expense (i) from non-cash impairments; (ii) related tol oss contingencies identified in the Company’s10-K relating to the fiscal year immediately preceding the performance period; (iii) related to the disposal of as egment of ab usiness; and (iv) related toa change in accounting principle. Financial results from acquisitions are excluded in the year of acquisition, andf inancial results from businessesc lassified as discontinued operations and businesses divested during the year are included. Adjusted EBITDA alsoe xcludes( i) certain currencya nd hedging-related gains and losses, (ii) gains and losses from asset disposals, and (iii) items that areo utside the scope of the Company’score, on-going business activities, including changes to the Company’s capital allocation priorities and related uses of cash. (6) Adjusted EBITDA was chosen from the following four most important financial performance measures usedb yt he Company to link compensation actually paid to each CEO and Other NEOs in 2025 to the Company’sp erformance: Performance Metrics Adjusted EBITDA Cash Flow (as defined in the KOIP, described atp age3 5) ROIC (as defined in the 2025 Performance Stock Unit Awards, described at page 38) Relative Total ShareholderR eturn (asd efined in the 2025 Performance Stock Unit Awards, described at page 38) Proxy Statement
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Executive Compensationii and RelatedM atMM tett rs 54 Compensation Actually Paid Versus Leggett TotalS hareholderSS Returnrr . The chart below reflects the Compensation Actually Paid too ur CEOs andt he average of the Other NEOs in 2021, 2022, 2023,2 024 and 2025 and the Company’sand Peer Group'sc umulative TSR over that same period, based upon the value of an initial $100 investment on December 31,2 020. See the tables and related footnotesb eginning on page 52 for the specific dollar amounts and additional details. As shown in the pay versus performance tableo n page5 2, the cumulative TSR of the peer group appreciably outperformed the Company’s TSR in the years reported. Compensation Actually Paid Versus Adjusted EBITDA.DD The chart below reflects the Compensation Actually Paid to our CEOs and the average of the Other NEOs in 2021, 2022, 2023, 2024 and 2025 and the Company’s Adjusted EBITDA over that same period. See the tables and related footnotes beginningo n page 52 for the specific dollar amounts and additionald etails. Proxy Statement
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Executive Compensationii and RelatedM atMM tett rs 55 Compensation Actually Paid Versus Net Income. Thec hart below reflects the Compensation Actually Paid to our CEOs and the average of the Other NEOsi n2 021, 2022, 2023, 2024a nd 2025a nd the Company’s Net Income over that same period. See the tables and related footnotes beginning on page 52 for the specific dollar amounts anda dditional details. Potential Payments upon Termination or Change in Control This section describes the payments and benefits that may be received by our NEOs upon termination of employment, ine xcess oft he amounts generally paid to our salaried employees upon termination of employment. Noneo fo ur current NEOs have employment agreements and all are considered at-will employees. Severance Benefit Agreemerr nts. Each of our NEOsh as as everance benefit agreement which providesf or specific paymentsa nd benefits over 24 months (Protected Period) upon certain termination events following a change in control of the Company. In general, ac hange in control is deemed to occur when: (i) as hareholder acquires shares giving it ownership of 40%o r more of our common stock, (ii) the current directors or their “successors”no longer constitute am ajority of the Board of Directors, (iii) after am erger or consolidation with another corporation, less than 65% of the votings ecuritieso ft he surviving corporation areo wned by our former shareholders, (iv) the Company is liquidated ors ells substantially all of its assets to an unrelatedt hird party, or (v) the Company enters intoa n agreement ora ny personp ublicly announces an intent to take actions which would resulti na change in control. Thep ayments and benefits payable under the severance agreements ares ubject to a“double trigger”; that is, they become payable only after both (i) ac hange in control of the Company and( ii) the executiveo fficer’s employment is terminated by the Company (except for cause or upon disability) or the executive officff er terminates his or her employment for “good reason.” In general, the executive officer would have good reason to terminate his or here mployment if he or she were required to relocateo re xperienced ar eduction in job responsibilities, compensation or benefits,o ri ft he successor company did not assume the obligations under the agreement. The Company may cure the “good reason”for termination within 30 days of receiving notice of such from the executive. If the Company terminates the executive for cause, the severance benefits do not become payable.E ventst riggering a terminationf or cause include (i) conviction of a felony or any crime involvingC ompany property, (ii) willful breach of the Codeo f Conducto r Financial Code of Ethics that causess ignificant injury to the Company, (iii) willful acto ro mission of fraud, misappropriationo rd ishonesty that causes significant injury to the Company or results in material enrichment of the executivea tt he Company’s expense, (iv) willful violation of specificw ritten directions of the Board following noticeo fs uchv iolation, or (v) continuing, repeated, willful failure to substantially performd uties after writtenn otice from the Board. Proxy Statement
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Executive Compensationii and RelatedM atMM tett rs 56 Once the double trigger conditions are satisfied, the executive becomes entitled to receive the following paymentsa nd benefits: Base salary through the date of termination. Pro-rata annual incentive award based upon the actual results under the Key Officers Incentive Planf or the year of termination. Severance payments equal to 200% of base salary and target annual incentive paid in bi-weekly installments over 24 months following the date of termination. Continuation of health insurance, life insurance and fringe benefits for 24 months following the date of termination, as permitted by the Internal Revenue Code, or an equivalent bi-weekly cash payment. Lump sum additional retirement benefit based upon the actuarial equivalent of an additional 24 monthso f continuous service following thed ate of termination. The executive is not requiredt o mitigate the amount of any termination payment or benefit providedu nder his orh er severance benefit agreement, but any health insurance or fringe benefits he or she may receivef rom a new job willr educe anyb enefitsp rovided under the agreement. In addition, receipt of severance payments and benefits is conditioned upon the executive's compliance with certain non- competition and non-solicitationp rovisions, which generally prohibit the executive from engagingi nc ompetitivea ctivities or soliciting customerso re mployees for ap eriod of two years after the termination date. The Company mayd iscontinue such paymentsa nd benefits upon ab reach of these restrictive covenants. Accelerated Vesting of PSUsaUU nd RSUs. The terms and conditionso ft he PSU and the RSU awards provide for “double trigger”vesting (a qualifying termination ofe mployment following a change inc ontrol, unless the acquirer requires theo utstanding awards to be terminateda sa result of the change in control), such thata ll outstanding PSUs will vest at the maximum 200% payout and all unvested RSUs become vested.T he accelerationo fa ne quity-based award vestingu pona change in control is designed to ensure that ongoing employees receive the benefit of the transaction by havingt he opportunity to realize value from their equity-based awards at the time of the transaction. The tables below provide the estimated potential payments andb enefits thatt he NEOs would receive in thee vent of any termination of employment. We have used the following assumptions and methodologyt oc alculatet hese amounts: Eacht erminationo f employment is deemed to have occurred on December 31,2 025. Potential payments reflectt he benefits anda rrangements in effect on that date. The tables reflect only the additional payments andb enefits the NEOs would be entitled to receive as ar esult of the termination of employment. Fully vested benefits described elsewhere in this proxy statement (such as deferred compensation accounts and pension benefits) andp ayments generally available to U.S. employees upon terminationo f employment (such as accrued vacation) are not included in the tables. To project the value of stock plan benefits, we used the December 31,2 025 closing market price of our common stock of $11.00p er share and ad ividend yield of 1.82%. The potential payments and benefits presentedi n the following tables are only estimates provideds olely ford isclosurep urposes and may vary from the amounts that are ultimately paid in connection with an actual termination of employment. Proxy Statement
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Executive Compensationii and RelatedM atMM tett rs 57 Potential Payments upon Termination Following aC hangei n Control Name Severance Payments(1) Vesting of PSU Awards(2) Vesting of RSU Awards (3) Retirement Benefits(4) Health and Life Insurance Benefits(5) Total Karl G. Glassman $5,992,500 $9,054,674 $4,996,541 $1,168,203 $43,601 $21,255,519 Benjamin M. Burns 2,160,000 1,332,801 716,584 327,473 65,591 4,602,449 J. Tyson Hagale 2,160,000 1,345,680 761,112 299,690 65,591 4,632,073 R. Samuel Smith, Jr. 1,890,000 1,088,351 571,274 257,607 59,869 3,867,101 Jennifer J. Davis 1,666,000 932,786 503,844 227,517 65,591 3,395,738 (1) This amount represents the total bi-weekly cash severance payments made during the Protected Period pursuant to thes everancea greements. The severance agreements for each NEO also provide for ap ro-rata annual incentivep ayment for the yeari n which the termination occurs; however, this amount vests under the KOIP on December 31 of each year,s on o incremental compensation would have been payable as of December 31,2 025. (2) These amounts represent the incremental portiono f the PSU awards attributable to the additional vesting beyond December 31, 2025–specifically, 33% of the 2024-2026 PSU awards and 67% of the 2025-2027 PSU awards. However,u pon a qualifying termination of employment following a change in control, all of the 2024-2026 and 2025-2027 PSU awards will vest andb ep aid at the maximum level (200%), resulting in thef ollowing aggregate values of PSUA wards: Glassman - $17,225,758; Burns - $2,352,482; Hagale - $2,391,510;S mith - $1,822,524; and Davis - $1,656,050. In addition, the2 023-2025 PSU awards are not included in thea bove table because those awards vested on December 31, 2025, so no incremental compensation would have been payable. (3) Upon a termination of employment following ac hange in control, the RSU awards provide for vesting of all outstanding RSUs. This amount represents thev alue of the NEOs’unvested RSUs on December3 1, 2025. (4) This amount representst he additional retirement benefit due under the severancea greements based upon additional Company contributions for the length of the Protected Period under the Executive Stock Unit Program and, for Mr. Glassman and Mr. Burns, the Retirement Ka nd RetirementK Excess Plan. (5) This amount represents the value of continued health insurance and life insurance premiums which continue through the Protected Period undert he severance agreements. Potential Payments Following Death or Disability Name Vesting of PSU Awards(1) Vesting of RSU Awards(2) Total Karl G. Glassman $4,527,337 $4,996,541 $9,523,878 Benjamin M. Burns 666,401 716,584 1,382,985 J. Tyson Hagale 672,840 761,112 1,433,952 R. Samuel Smith, Jr. 544,176 571,274 1,115,450 Jennifer J. Davis 466,393 503,844 970,237 (1) These amounts represent the incremental portiono f the PSU awards attributable to the additional vesting beyond December 31, 2025, thea ssumedd ate of death or disability–specifically, 33% of the 2024-2026 PSU awards and 67% of the 2025-2027 PSU awards,e acha t1 00% of the base award. Upon death or disability, however, all of the 2024-2026 and 2025-2027 PSU awards will vest immediately at 100% of the basea ward, resulting in the following aggregate values of PSU Awards: Glassman - $8,612,879; Burns - $1,176,241; Hagale - $1,195,755; Smith - $911,262; and Davis - $828,025. (2) Upon a termination of employment following death or disability, the RSU awards provide any outstanding portion of thea ward will vest immediately. In the event of a termination of employment due to aN EO’s death, the standard salaried employee’slife insurance benefit is payable at two times basic yearly earnings as defined in the applicable policy (which includes base salary), cappeda ta maximum benefit of $800,000. The insurance benefit doubles in the evento f death duet o an accident. Proxy Statement
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Executive Compensationii and RelatedM atMM tett rs 58 Potential Payments Following Retirement Name Vesting of RSU Awards(1) Karl G. Glassman $4,996,541 Benjamin M. Burns 716,584 J. Tyson Hagale 761,112 R. Samuel Smith, Jr. Jennifer J. Davis (1) Following a qualifying retirement, the RSU awards provide that any outstanding portion of thea ward will continue to vest on each future vesting date. As of December 31, 2025, Mr. Smith and Ms. Davis did noty et meet the agea nd service requirements for retirement eligibilityu nder theR SU awards. In the event of a qualifying retirement prior to the end of the performance period, PSU awards are prorated based on the number of days from the beginningo f the performance period throught he termination date, and paidb ased upon thea ctual achievement during the performance period. Proxy Statement
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Executive Compensationii and RelatedM atMM tett rs 59 CEO Pay Ratio The following pay ratio disclosure is the Company’sreasonable, good faith estimate based upon the methodologyd escribed below, pursuant to SEC rules. The annual compensationo fL eggett’s CEO for 2025 (as set forth in the Summary Compensation Table on page 45, plus the value of employer-providedh ealth benefits) was $10,909,229, and the annual compensation for our median employee (including employer- providedh ealth benefits)w as $56,199 resulting in a ratio of 194 to 1. As a multinational manufacturing company, am ajority of Leggett’s workforce is employed outside the United States. In addition, approximately two-thirds of Leggett’s employees arep roduction workers. Leggett operates over 100 manufacturingf acilities in 18 countries, and we offer competitive compensation and benefits in line with local labor markets and in accordance with applicable laws. There have been no significant changesi no ur employeep opulation or compensation arrangementsf or 2025 that we reasonably believe would result in a significant change too ur pay ratio disclosure since identifying the median employee in 2023. Therefore, the same individual identified as the median employee for 2023 has been used for the 2025 payr atio. In identifyingff the mediane mployee for 2023, we followed the methodology used in 2020. Aso f October 1, 2023,w eh ad at otal of 19,448 employees worldwide. In establishing the population from which to identify our median employee, we excludeda ll employees located in Brazil (259), Croatia (393) and India (308) under the5 %d em inimis exception of the applicabler ule, based upon the 19,448 total.W eg athered compensation data for as tatistically relevant, randomized sample of 400 employees from across our entire, worldwide employee base (lesst he de minimis exclusion described above and excluding the CEO). We usedc ash compensation paid during fiscal year 2023 as thec onsistently applied compensation measure, which consisted of wages, overtime, salary and bonuses. Compensationo f non-U.S. employees was converted from local currency to U.S. dollars using exchange rates in effect on December 31,2 023. For thosee mployees hired and/or separated from service in 2023, their cash compensation paid in 2023w as annualized. Proxy Statement
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60 Security Ownership Security Ownership of Directors and Executive Officers The following table reports the beneficialo wnership of our common stock on March 13, 2026, by theC ompany’sdirectors, the Named Executive Officers, as well as all directors and executive officersa sa group. Number of Shares or Units Beneficially Owned Directors and Executive Officers Common Stock Stock Units(1) Options Exercisable within 60 Days Total %o f Class(2) Angela Barbee, Director 20,431 28,377 48,808 Robert E. Brunner, Director 53,620 74,069 127,689 Benjamin M. Burns, Executive VP andC hiefF inancial Officer 68,509 123,222 191,731 0.14% Mary Campbell, Director 27,716 35,820 4,274 67,810 Jennifer J. Davis, Executive VP and General Counsel 31,182 86,851 118,033 Karl G. Glassman, President andC hief Executive Officer, Board Chairman, Director 765,348 936,705 95,968 1,798,021 1.30% J. Tyson Hagale, Executive VP, President—Be dding Products 61,705 128,294 189,999 0.14% Joseph W. McClanathan, Director 72,520 47,047 119,567 Srikanth Padmanabhan, Director 38,623 30,670 69,293 Jai Shah, Director 17,494 53,651 25,886 97,031 R. Samuel Smith, Jr., Executive VP, President—S pecialized Products and FF&T Products 16,267 130,640 146,907 0.11% Phoebe A. Wood, Director 62,836 30,950 93,786 All executive officers and directors as ag roup (15 persons) 1,327,334 1,918,274 126,128 3,371,736 2.44% (1) Stock units include shares under the Company’s Executive Stock Unit and Deferred Compensation Programsa nd RSU grants.P articipants have no voting rights with respect to stock units. In each program, stock units are converted to shareso fc ommon stock upon distribution, whicho ccurs at a specified date or upon termination ofe mployment. None of the stock units listed are convertible into common stock within 60 dayso f March1 3, 2026. (2) Beneficial ownership of less than .1%o f the class is nots hown. Proxy Statement
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61 Security Ownership of Certain Beneficial Owners The Company knows ofn ob eneficial owner of more than5 %o f its common stock as of March 13, 2026, except as seto ut below. Name and Address of Beneficial Owner Amount and Nature of Beneficial Ownership Percent of Common Stock Outstanding BlackRock,Ik nc.(1) 20,040,670 14.8% 50 HudsonY ards New York, NY 10001 The Vanguard Group(2) 18,707,102 13.82% 100 Vanguard Blvd. Malvern, PA 19355 (1) BlackRock, Inc. (“BlackRock”)is deemed to have sole voting power with respect to 19,709,199 sharesa nd sole dispositive powerw ith respect to 20,040,670 shares. This information isb asedo nS chedule 13G/Ao f BlackRock filed July 17, 2025,w hich reported beneficialo wnership as ofJ une 30, 2025. (2) The Vanguard Group (“Vanguard”)is deemed to have shared voting power with respect to 1,028,785 shares, sole dispositive power with respect to 17,515,615 shares, and shared dispositive power with respectt o1 ,191,487 shares.T his information is basedo nS chedule 13G/A of Vanguardf iled October3 1, 2025, which reported beneficial ownership as of September 30, 2025. Delinquent Section 16(a) Reports Section 16(a) of the Securities Exchange Acto f1 934 requires the Company’s executive officers and directors to file reports of ownership and changes in ownership of commons tock with the SEC. We must identify in this proxy statement those persons for whom reports were not filedo n a timely basis.B ased solelyo n a reviewo ft he forms that have been filed andw ritten representations from the reporting persons,w eb elieve that all Section 16 filing requirements applicable to such persons werec omplied withd uring 2025. Proxy Statement
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62 Equity Compensation Plan Information The following table reports the numbero f outstandingo ptions, warrants and rights, and shares available forf uture issuance under all the Company’s equity compensation plans as of December 31, 2025. Allo fo ur currente quity compensation plans have been approved by our shareholders. Plan Category Number of Securities to be Issued upon Exercise of Outstanding Options, Warrants and Rights (a) Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights (b) Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) (c) uity compensation plans approved by shareholders 7,391,633(1) $38.83 8,560,964(2) Equity compensation plans not approvedb y shareholders N/A N/A N/A Total 7,391,633 $38.83 8,560,964 (1) This number represents the stock issuable under the Flexible Stock Plan: Options 359,791 Vested Stock Units 4,557,780 Unvested Stock Units 2,474,062 This includes 359,791o ptions outstanding and 7,031,842 stock units convertible to common stock.T he stock units include grants of RSUs and stock-settled PSUs (at the maximum 200% payout) covering 2,440,173 shares that ares till subject to forfeiturei fv esting conditions are not satisfied. The remaining stock units are held in our ESU Program (described at page 39) and Deferred Compensation Program (described at page 39), and only 33,889 of those stocku nits are unvested. (2) Shares available for future issuance include: 6,305,968 shares under the Flexible Stock Plana nd 2,254,996 sharesu nder the Discount Stock Plan, a Section 423 employee stock purchase plan. Columns (a) and (b) are nota pplicable to stock purchase plans. Proxy Statement
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63 Q&A – Proxy Materials and Annual Meeting Why did I receive these materials? Our Board of Directors is soliciting proxiesf or the Company’sAnnual Meeting on May 21, 2026. As aL eggett shareholder, you are entitled and encouraged to vote on the proposals presented int hese proxy materials. We invite you to attend the virtualA nnual Meeting,b ut you do not have to attend to be able to vote. How are these materials being distributed? On or about April 7, 2026, we began mailing aN otice of InternetA vailability of Proxy Materials (the “Notice”) to certain shareholders of record as of March1 3, 2026, and posted our proxy materials for shareholdera ccess at www.leggett.com/proxymaterials. Asm ore fully describedi n the Notice, shareholders may also request printed proxy materials. The Noticea lsop rovidesi nformation regarding how you may request proxy materials in printed ore lectronic form on an ongoingb asis. Where can I obtain financial information about Leggett? Our Annual Report to Shareholders, includingo ur Form 10-Kw ith financials tatements for 2025, isa vailable at www.leggett.com/proxymaterials, along with this proxy statement. Information on our website doesn ot constitute part of this proxy statement. How do I register for and attend the virtual Annual Meeting? To register for the virtual Annual Meeting: No later than 5:00 p.m. CentralT ime on May 20, 2026 visit register.proxypush.com/leg on your smartphone, tablet or computer. You will need the latest version of Chrome, Safari, Edgeo r Firefox. You will then be required to enter your shareholder control numberl ocatedo ny ourp roxy cardo rv oteri nstruction card. Afterff completing the registration process, you will receive ac onfirmation email. Then, approximately oneh our priort ot he starto ft he Annual Meeting, you will receive an email at the address you provided during registration with au nique link toa ccess the virtual Annual Meeting via al ive webcast. The livew ebcast of the Annual Meeting will begin promptly at 10:00 a.m. Central Time. Online access to the audio webcast will open approximately 15 minutes prior to the start of the Annual Meeting toa llow time for you to log in and test your device’s settings. We encourage you to accesst he meeting in advance of the designated startt ime. Ify ou have difficulties logging into theA nnual Meeting, refer to the technical resources providedi n the meetinga ccess email. The virtual Annual Meeting has been designed to provide substantially the same rights to participate as youw ould havea ta n in-person meeting. How can I ask questions? During the registration process, you will be able tos ubmit a question to be addressed at the AnnualM eeting, subject to the rules and procedures established for the meeting. Shareholder attendees will also be able to submit questions during the Annual Meeting. We intend to answer questions pertinent to Companym atters as time allows during the Annual Meeting. Questions may bes ummarized, and questions that are substantially similar may be grouped anda nswered once to avoid repetition. Guidelinesf or submitting written questions will be available in the rules of conduct fort he Annual Meeting.I nt he event wea re unable to respond to all of thea ppropriate shareholder questions during the time allotted at the Annual Meeting, those questions and the Company’s responses will subsequently be posted to the Investor Relations section of our website. Proxy Statement
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Questions and Answers 64 What shares can I vote? The only class of outstanding voting securitiesi st he Company’scommon stock. Each share of common stock issued and outstanding at the close of businesso n March 13, 2026( the “Record Date”) ise ntitled to one vote on each matter submitted to a vote at the Annual Meeting. On the Record Date, weh ad 136,375,853 shares of common stock issued and outstanding. You may vote all shares of Leggett commons tocky ou owned on the Record Date. This includes shares held directly in your name as the shareholder of record and shares held for you as the beneficial owner through ab roker, trustee or other nominee, sometimes referred to as shares held in “street name.” Shareholder ofR ecord: If your shares are registered directly in your name with our transfer agent, Equiniti, you are the shareholder ofr ecord, and these proxy materials were sent to you directly. As the shareholder of record, youh ave the right to grant your proxy vote directly or to vote at the virtualA nnual Meeting. Beneficial Owner: If you hold shares in a brokerage account or throughs ome other nominee, you are the beneficial owner of the shares, and thesep roxy materials were delivered by the broker, trusteeo rn ominee, together with a voting instructionc ard. As the beneficial owner, youh ave the right to direct your broker, trusteeo rn ominee how to vote your shares by proxy.A lthough you are invited to attend the virtual Annual Meeting, you may not vote these shares at the virtual Annual Meeting unless (i) you obtain a legal proxy from the broker, trusteeo r nomineea nd (ii) sendac opy of your legal proxy to EQSS-ProxyTabulation@equiniti.com in advanceo f the meeting. How do I submit my vote? Youm ay vote your shares (i) online at www.proxypush.com/leg,(g ii) by signing and returning the proxy or voting instruction card, or (iii) by registering in advance to attend the virtual Annual Meeting and following the voting instructions provided in thev irtual meeting platform. If you vote online, you do not need to return your proxy or voting instruction card, but you will need to have it in hand when you access the voting website. Specificv otingi nstructionsa re foundo nt he proxy card or voting instructionc ardi ncluded with this proxy statement. Even if you plan to attend the virtual Annual Meeting, wee ncouragey ou to vote your shares in advance. TheB oard recommends you vote FOR each of the director nominees in Proposal One, FOR the ratification of PwC in Proposal Two, FOR the approval of Named Executive Officer compensation inP roposal Three, and FOR the amendment and restatement of the Flexible Stock Plan in Proposal Four. All shares for which proxies haveb een properlys ubmitted and not revoked will be voteda tt he Annual Meeting in accordance with your instructions.I f you return as igned proxy card without marking oneo rm orep roposals, your proxy will be votedi n accordance with the Board’s recommendations. Can I change my vote? Shareholder ofR ecord: If you are as hareholder of record, you mayc hangey our vote or revoke yourp roxy any time before the Annual Meeting by (i) submitting a valid, later-dated proxy, (ii) submittinga valid, subsequent voteo nline, (iii) notifying the Company’sSecretary that you have revoked yourp roxy, or (iv) by registering in advance toa ttend the virtual Annual Meeting and following the votingi nstructions providedi nt he virtual meetingp latform. Beneficial Owner: If you hold shares as the beneficial owner, you mayc hange your vote by (i) submitting newv oting instructions to your broker, trustee or nomineeo r (ii) voting at the virtual Annual Meeting if you have obtaineda legal proxy from your broker, trustee or nominee and sent ac opy of your legal proxy to EQSS-ProxyTabulation@equiniti.com in advance oft he meeting. Proxy Statement
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Questions and Answers 65 How many votes are needed to conduct business at the Annual Meeting? ajority of the outstanding shareso fc ommons tock entitled to vote must be presenta tt he virtual AnnualM eeting, orr epresented by proxy,i n order to meet the quorum requirement to transact business. Both abstentions, andb roker non-votes where theb roker, bank or other nominee voteso na tl east one routine matter, are counted in determining a quorum. If a quorum is not present,t he Annual Meeting will be adjourned for no more than 90 days to reach a quorum. What vote is required to elect a director? Ad irector nominee must receive the affirmative vote of a majority of those shares present (either byv irtual attendance at the Annual Meeting or by proxy) and entitled to vote. As required by our Corporate Governance Guidelines, each nominee has submitted a contingent resignationt o the NGS Committee in order to be nominated for election as a director. If an omineef ails to receive an affirmative vote of am ajority of the shares, represented in person or by proxy, and entitledt o vote at am eeting for the electiono f directors, the NGS Committee will make ar ecommendation to the Board of Directors whether toa ccept or reject the director’sresignation and whether any other action shouldb et aken. If ad irector’s resignation is not accepted, that director will continue to serve until the Company’snext Annual Meeting or until his or her successor is duly elected and qualified.I f the Board accepts the resignation, it may, in its sole discretion, eitherf ill the resulting vacancy or decrease the size of the Board to eliminate the vacancy. What vote is required to approve the other proposals? The affirmative vote of the holders of am ajority of the shares present virtually at the Annual Meeting or represented by proxya nd entitled to vote is required forr atification of PwC asL eggett’sindependent registered public accounting firm and to approve the amendment and restatement of the Flexible Stock Plan. NYSE rulesa lso require the amendmento ft he Flexible Stock Plan to be approved by the majority of votesc ast on thep roposal. Since the vote on Named Executive Officer compensation is advisory,t he Board will give due considerationt o the outcome; however,t he proposal is nota pproved as such. What is the effect of an abstention vote on the election of directors and other proposals? As hare voted abstain with respect to any proposal is considered present and entitled to vote with respectt ot hat proposal. For proposals requiring am ajority of the shares present and entitled to vote in order to pass, an abstention will have thee ffecto f a vote against the proposal. What is the effect of a broker non-vote? If you are the beneficial owner ofs hares held through ab roker or other nominee and do notv ote your shares or provide voting instructions, your broker may vote for you on routine proposals but not on non-routine proposals. Therefore, if youd on ot voteo n the non- routinep roposals or provide votingi nstructions, your broker will not be allowed to vote your shares— this willr esult in a broker non-vote. Broker non-votes are not counted ass hares presenta nd entitled to vote, so they willn ot affect theo utcome of thev ote. All proposals on thea genda are non-routine, other than the ratification of PwC as the Company’sauditor. Who pays the cost of soliciting votes at the Annual Meeting? Leggett is making this solicitation and will pay the full cost of preparing, printing, assembling and mailing these proxy materials. Upon request, we will also reimburse brokers and othern ominees for forwarding proxy ands olicitation materials to shareholders. We have hired Alliance Advisors,L LC to assist int he solicitation of proxiesb ym ail, telephone, in person or otherwise. Alliance’s solicitation fees are expected to bea pproximately $12,000, plus expenses. If necessary toe nsure suffiff cient representation att he meeting, Company employees, atn oa dditional compensation,m ay request the returno f proxies froms hareholders. Proxy Statement
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Questions and Answers 66 Where can I find the voting results of the Annual Meeting? We will announce preliminary voting results at the Annual Meeting and plan toi ssuea press release promptlya fter the meeting.W ithin four business days after the Annual Meeting, we will file aF orm8 -K reporting the vote count. What should I do if I receive more than one set of proxy materials? may receive multiple Notices or sets of proxy materials if you hold shares in more thano ne brokeragea ccounto ri f you are a shareholder of record and have shares registered in moret hano ne name.P lease vote the shareso n each proxy card or voting instruction card you receive. We have adopted householding which allows us, unless as hareholderw ithholds consent, to send ones et of proxy materials to multiple shareholders sharing the same address.E ach shareholdera ta given address will receivea separate Notice or proxy card. If you currently receive multiple sets of proxy materials and wish to have your accountsh ouseholded, or if you want too pt out of householding, call EQ Shareowner Services at 800-468-9716 or send written instructions to EQ ShareownerS ervices, Attn:L eggett & Platt, Incorporated, P.O. Box 64854, St. Paul, MN 55164-0854. You will need top rovide your Equiniti account number, which can be found on yourp roxy card. Many brokerage firms practice householding as well. Ify ou havea householdingr equest fory our brokerage account, please contact your broker. How may I obtain another set of proxy materials? If you received only one Notice or set of proxy materialsf or multiple shareholders of record and wouldl ikeu st os end you another set this year, please call 800-888-4569 or write to Leggett &P latt, Incorporated, Attn:I nvestor Relations, 1L eggett Road,C arthage, MO 64836, and we will deliver these documents to you promptly upon yourr equest. You can also access ac ompletes et of proxy materials (Notice, Proxy Statement, and Annual Report to Shareholders including Form 10-K) online at www.leggett.com/proxymaterials. To ensure that you receive multiple copies in the future, please contacty our broker or Equiniti at the number or address in thep receding answer to withhold your consent for householding. What is the deadline to propose actions for next year’s Annual Meeting? Shareholders may propose actions for consideration at futureA nnual Meetings either by presenting them for inclusion in the Company’s proxy statement or by soliciting votes independent ofo ur proxy statement. To be properly brought before them eeting, all shareholder actions must comply with our bylaws, as wella s SEC requirements under Regulation 14A. Leggett’s bylaws are posted on our website at www.leggett.com/governance.Ne otices specified for the types of shareholdera ctions set forth below must be addressed to Leggett& Platt, Incorporated, Attn: Corporate Secretary, 1 Leggett Road, Carthage, MO 64836. Shareholder Proposal Includedi nP roxy Statement: If you intend top resent ap roposal at the 2027 Annual Meeting, SEC rules requiret hat the Corporate Secretary receive the proposal at the address given above by December 8, 2026 forp ossible inclusion in thep roxy statement. We will decide whether to includea proposal in the proxys tatement in accordance with SEC rules governing the solicitation of proxies. Shareholder Proposal Not Included in Proxy Statement: If you intend to presenta proposal att he 2027 Annual Meeting by soliciting votes independento f the Company’s proxy statement, Section 1.2 of our bylaws requires thatt he Company receive timely notice of the proposal—n o earlier than January 21, 2027 andn ol ater than February 20, 2027. This noticem ust include a descriptiono ft he proposed business, your namea nd address, the number of shares youh old, any of your material interests in the proposal, and other matters specified in the bylaws. The natureo ft he business also must be appropriate for shareholder action under applicable law. The bylaw requirements also apply in determining whether notice is timely under SEC rules relating to thee xercise ofd iscretionary voting authority. Director Nominees: If you wisht or ecommend a director candidate for the NGS Committee’sconsideration,s ubmit ap roxy access director nominee, or nominate ad irector candidate outside of the Company’s nomination process, see the requirements described under Consideration of Director Nominees and Diversity on page8 . Proxy Statement
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A-1 APPENDIX: Flexible Stock Plan LEGGETT &P LATT, INCORPORATED FLEXIBLE STOCK PLAN Amended and Restated Effective as of May 21, 2026 1. ESTABLISHMENT OF PLAN 1.1 Name. The name of the Plan is the “Leggett&P latt, Incorporated Flexible Stock Plan.” 1.2 Purpose. Thep urpose of the Plan is to advance the Company’slong-term interests by providing awards thata llow the Company to attract and retain valuable employees, align the interests of directors, employees and other key individuals witht he interestso f shareholders, and reward outstanding performance. 1.3 Effectiveff Date and Term. This amended and restated Plan (the “Plan”)is an amendment and restatemento ft he Leggett &P latt, Incorporated Flexible Stock Plan that was effeff ctive May 7, 2025 (the “PriorPlan”). The Plan will become effective as of May 21, 2026 (the “EffectiveDate”), subject to approval by the Company’sshareholders, and shall continue in full force and effect until the tenth anniversary of the Effective Date. 2. DEFINITIONS Unless otherwise specifically definedo ru nless the contextcxx learly otherwise requires,t he words andp hrasesu sedi n the Plan are defined as set forth below. In addition tot he definitions below, certain wordsa nd phrases used in the Plan and any agreement may be defined in other portions of the Plan or agreement. (a) Affiliate. A Parent, Subsidiary, or any directly ori ndirectly owned partnership or limited liability company oft he Company. (b) Agregg ement.Ttt he documentt hate vidences the grant of any Awardu nder the Plan and sets forth the terms,c onditions, and restrictions relating to, such Award. (c) Award. Add ny Option, SAR, Restricted Stock, Stock Unit, Performance Award, Other StockB ased Award or Other Award granted or acquired pursuant to the Plan. (d) Board. The Board of Directors of the Company. (e) Change in Control.Cll hange in Controls hall mean the acquisition, without the approvalo f the Board,b y any person or entity, other than the Company or aR elated Entity, of moret han2 0% of the outstanding Shares througha tender offer,ff exchange offerff or otherwise; the liquidation or dissolution oft he Company following the sale or other disposition of all or substantially all of its assets; am erger or consolidation involving the Companyw hich results in the Companyn ot being the surviving parent corporation; or any time during any two-year period in which individuals who constituted the Board att he starto f such period (or whosee lection was approvedb y at least two-thirds of the then memberso ft he Board who were members at the starto ft he two-year period) don ot constitute at least 50% of the Board for any reason. AR elated Entity is aS ubsidiary or any employee benefit plan (including a trust forming ap art of such ap lan) maintainedb yt he Company or aS ubsidiary. Notwithstanding the foregoing, to the extent necessary to avoid the adverse tax consequences under Code Section 409A,a Change in Control shall mean one oft he foregoing eventsb ut only to the extent ita lso meets the requirements of an event qualifyingff for ad istribution of deferred compensation underS ection 409A(a)(2)(A)(v) of the Code. (f) Code. The InternalR evenueC odeo f 1986, as amended. (g) Company.Lyy eggett & Platt, Incorporated. (h) Committee.T he Committee described in Section 5.1 or, in the absence of the Committee, the Board. (i) Common Stock.Tkk he Company’s $.01 par value Common Stock. (j) Employee.A ny person employed by the Employer. (k) Employer.Trr he Company or any Affiliate. (l) Exchangen Act.Ttt he Securities Exchange Act of 1934, as amended. Proxy Statement
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Flexible Stocktt Plan A-2 (m) Fair Market Value.T he closing price of a Share on the New York Stock Exchange on a given date,o r, in the absence of sales on a given date, the closing price on the New York Stock Exchange on the last day on which as ale occurred prior tos uch date, or such other valuea sd eterminedi na manner that would not trigger adverse tax consequences under CodeS ection4 09A and in accordance witht he terms specified in an Award Agreement. (n) Fiscii al Year.Trr he Company’staxabley ear, which is the calendar year. (o) Non-EmployeeD irector.Anrr on-employee director, as defined in Rule 16b-3 under the Exchange Act, of the Company. (p) Parent.Att ny entity (other than the Company) in an unbrokenc hain of entities ending with the Company, if,af t the time of the grant of an Optiono r other Award, each of the entities (other than the Company) owns 50% or more of the total combined voting power of all classes of stock or ownership interests in one of the other entities in such chain. (q) Participant.Att n individual who is granteda n Award under the Plan, and anyb eneficiary or authorized transferee of such individual. (r) SECEE . The Securities and Exchange Commission. (s) Share.A share of CommonS tock. (t) Subsidiaryr .Ayy ny corporation, other than the Company, in an unbrokenc hain of corporations beginning with theC ompany if, at the time of grant of an Option or otherA ward, each of the corporations, other thant he last corporationi nt he unbroken chain, owns stock possessing 50% or moreo ft he total combined voting powero fa ll classeso fs tock in oneo ft he corporations in such chain. 3. COMMON STOCK 3.1 Number of Shares. The number ofS hares available for grant of Awardsa nd reserved for issuancea gainst outstanding Awards under theP lan after the Effective Date shall be thes um of (a) all Shares subject to outstanding Awards previously grantedu nder the Prior Plan aso ft he Effective Date, (b) all Shares authorized anda vailable for issuance or granta s Awards under the PriorP lan immediately prior to the Effective Datea nd (c) 4,000,000 Shares. Shares may be authorized but unissued Shares, Shares held in the treasury, or both. Notwithstanding the preceding sentence,o nly Shares heldi n the treasury may be used to provide an Award toaP articipant if the use of authorized but unissued Shares would violate any applicable law, ruleo rr egulation. 3.2 Share Usagea . Of the Shares available for grant under the Plan on and after the Effective Date, each Share issued pursuant to an Award shall reduce the number of Sharesa vailable under Section 3.1 by one (1) Share. Awardss ettled in cash shall not reducet he Shares available for grant under the Plan. If an outstanding Award granted under anyP riorP lano rt he Plan expires or is terminated, cancelled or forfeited,t he Shares associated with the expired,t erminated, cancelled or forfeited Awards shall again be available forg rant under the Plan. The following Shares shall not become available for issuanceu nder the Plan: (a)S hares tendered by Participants or withheld as full or partialp aymentt ot he Company upon exercise of Options granted under thisP lan; (b) Shares subject to a SAR or an Option settledi n Shares and that aren ot issued upon net settlement or net exerciseo ft he SAR or the Option; (c) Shares withheld by, oro therwise remitted to,t he Companyt o satisfy a Participant’s tax withholding obligations upon the lapse of restrictions on RestrictedS tock or the exercise of Options or SARs grantedu nder the Plan or upon any other payment or issuance of Shares under the Plan; and (d) Sharest hat have been repurchased by the Company directlyu singt he cash proceeds receivedb yt he Company from the exercise of Options grantedu ndert he Plan. 3.3 Adjustments. (a) If there is any change in the Common Stock of the Companyb y reason of anyn onreciprocal transaction between the Company and the holders ofc apital stock of the Company thatc ausest he per Share value of Shares underlyinga n Award to change, such Proxy Statement
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Flexible Stocktt Plan A-3 as as tock dividend,s tock split, or spin-off (each, an “Equity Restructuring”), the total number of Shares reserved fori ssuance under the Plan, the maximum number of Shares issuable for ag iven type of Award or to an individualP articipant, and any outstanding Awardsg rantedu ndert he Plan andt he price thereof, if any, shallb ep roportionately adjustedb yt he Committee; provided that the number of Sharess ubject to an Award shall always be aw hole number. (b)I n the event of a merger, consolidation, reorganization, extraordinary dividend, sale of substantially all of the Company’s assets, or other change in capital structure oft he Company, tender offer for shares of Stock or a Change in Control, that in each case does not constitute an Equity Restructuring, the Committee may take any of the actionsp ermittedb y Section 15. (c) The existence of the Plan and the Awards granted pursuant to the Plan shall not affect in any way ther ight or power of the Company to make ora uthorize any adjustment, reclassification,r eorganization or other change ini ts capital or business structure, anym erger or consolidation of the Company, any issue of debto r equity securities having preferences or priorities as to Common Stock or the rights thereof, the dissolution or liquidation of the Company, any sale or transfer of all ora ny part of its business or assets, ora ny other corporate act orp roceeding. 3.4 Awards Grantedu nduu erdd Prior Plan. Awards granted under the Prior Plan before the Effective Date shall be subject to the terms and conditionso f the Plan, except (a) if an Award granted under the Prior Plan incorporates a definitionb yr eference to the Prior Plan (other than the definition of Plan),t he definitioni n the Prior Plans hall govern if different from thed efinitioni nt he Plan or if no such definition appears in the Plan and (b) no termination,a mendment, suspension, or modification of the Prior Plan ora n Award granted under theP rior Plan shall adverselya ffect any Awardg rantedu ndert he Prior Plan, without the written consent of the Participant holding such Award. 3.5 ISO Limit.Utt p too ne hundred percent (100%)o ft he Shares available for grant under the Plan after the Effecff tive Date may be available for grants of ISOs. 4. PARTICIPANTS ANDE LIGIBILITY 4.1 Participants. Awards may be granted to: (a) Employees; (b) Non-Employee Directors; (c) Individuals who,a nd entitiest hat, render services to an Employer. 4.2 Eligibility.Tyy he Participants and the Awards they receive under the Plan shall be determined by the Committee. In making its determinations, the Committees hall consider any factorsi td eems relevant in selecting Participants and determining the amount and type of their respective Awards. Such factors shalli nclude,b ut are not limited to, past, present and expected future contributions of Participants and potential Participants to the Employer. No Participant shall havea ny claim to be granteda ny Award under the Plan, and there is no obligation for uniformity of treatment of Participants under the Plan. The Committee’s grant of an Award toa Participant in any year shall not require the Committee to grant an Award tot hat Participant in any other year. 5. ADMINISTRATION 5.1 Committee. The Plan shall be administeredb yt he Committee. The Committee shall consist of two or more members of the Board who are Non-Employee Directors. Them embers of the Committee shall be appointed by and shall serve at thep leasureo ft he Board. The Committee may select one of its members as its Chaira nd shall hold its meetings at such timesa nd places asi t may determine. A majority of its members shall constitute aq uorum. At any meeting of the Committee at which aq uorum is present, all questions and business shallb e determinedb yt he affirmative vote of am ajority of the membersp resent. Any action of theC ommittee may be taken without a meeting if ac onsents etting forth the actioni n writing is signedb ya ll the memberso ft he Committee. All determinations of the Committee shall be final and binding on all persons, including the Company, any Participant, any stockholdera nd anyE mployee of the Company or any Affiliate.N om ember of the Board ora ny of its committees shall be liable for anya ction or determination made in good faith with respect to the Plan or any Award granted under it. Proxy Statement
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Flexible Stocktt Plan A-4 5.2 Authority.Syy ubject to the terms of the Plan ands uch resolutionsa s may fromt ime to time be adoptedb y the Board, the Committee shall have full power and discretion to: (a) determine the Participants to whom Awards mayb e granted; (b) determine the type of Award to be grantedt oe ach Participant; (c) determine the number of Shares tob ec overed by each Award; (d) determine the terms and conditions of any Award; (e) determine whether, to what extenta nd under whatc ircumstances, Awards may be settled inc ash, Shares or other propertyo r cancelled or suspended; (f)d etermine, in accordance with applicable law, whether, to whate xtent, and under what circumstances cash, Shares, other property and other amounts payable with respect to an Award made under the Plan shall be deferred either automatically or at the electiono f the Participant; (g) interpret and administer the terms of the Plan and any instrument or Agreement entered into under the Plan; (h) establish such rules and regulations and appoint such agents as it shall deem appropriate for thep roper administration of the Plan; and (i) make any other determination and take any other action it deems necessary or desirable for administrationo f the Plan. 5.3 Delegation.T ot he extent permittedb y law, the Committee may delegate all or any part of its authority under the Plan to any Employeeo r ac ommitteeo ft he Board, exceptt hat it may not delegate any action related to grants of Awards to individuals who are subject to Section 16 of the Exchange Act. 6. OPTIONS 6.1 Description. An Option is ar ight to purchase an umber of Shares at ap rice, at such times, and upon such other terms and conditions specified in the documents evidencing the Award ("Option"). The Committee may grantO ptions intended to qualifyaff s incentive stock options (“ISOs”) pursuant to Section 422 of the Code, as well as non-qualified stock options (“NQSOs”) under the Plan. Excepta so therwise providedi nS ections 6.2,6 .3,a nd 12.11 the terms andc onditionso fa ll Options shallb ed etermined by the Committee. 6.2 ISOs.I SOs can be granted only to Employees of the Company, a Parent, or aS ubsidiary. Each ISO mustb eg ranted toa nE mployee for at erm not to exceed ten years from the dateo fg rant. The purchase price for Shares undera ny ISOs hall be no less than the Fair Market Value of the Shareso n the date the Optioni sg ranted.T he terms of an ISO shallm eet allr equirementso f Section 422 of the Code. 6.3 NQSOs.T he purchase price for Sharesu ndera ny NQSO shall be no less thant he Fair Market Value of theS hareso nt he date the Option is granted. The term of any NQSO shall not exceed ten years from the date of grant. 7. STOCKA PPRECIATION RIGHTS A Stock Appreciation Right (“SAR”)gives a Participantt he right to receive, for each SAR exercised, an amount equal to the excess of the Fair Market Value ofa Share on the date the SARi s exercised and the Fair Market Value of aS hare on the date the SAR was granted. The term of any SAR shall not exceed ten years from the date of grant. SARs may be settled inc ash or in Shares, asd etermined by the Committee, and are subject to the terms and conditions expressed in the documente videncing the Award. 8. RESTRICTED STOCK 8.1 Description. AR estricted Stock Award is an award of Shares, the grant, vesting, issuance, or retention of which is subject to certain conditions expressed in the document evidencing the Award. Restricted Stockm ay be issued in certificate form or held in book entry on the recordso f the Company’stransfer agent and registrar. If Restricted Stock is issued in certificate form, the Shares may be held by the Company (or other persond esignated by theC ommittee) as escrow agent until the restrictionso ns uch Sharesh ave lapsed or the Company may require the certificate to bear a legend stating that such Shares are non-transferable until all restrictions have been satisfieda nd the legend has been removed. Proxy Statement
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Flexible Stocktt Plan A-5 8.2 Voting Rights. Recipients of Restricted Stock shall have full voting rights with respect to such Shares during the restriction period, unless otherwised eterminedb yt he Committee. 8.3 Dividends. Subject to the restriction regarding the paymento f dividends on unvested Awards contained in Section1 2.11 of the Plan, recipients of RestrictedS tock shall be entitled to receive dividends and other distributions with respect to such Shares, unless otherwise determined by the Committee. Dividends may be paid in cash or in Shares, att he Committee’s discretion. Ifp aid in Shares, the dividend Shares shall be subject to Section 12.11 of this Plan ands hall be subjectt o the same restrictions as the Shares of Restricted Stock with respect to which they were paid. 8.4 Price of Restricted Stock. As permitted under applicablel aw,t he Committee shall determine the price, if any, at which Restricted Stock shall be sold or awarded to Participants. 8.5 Non-Transferff abilityrr . Syy hares of Restricted Stock shall notb et ransferable during the restriction periode xcept for transfer by bequest or inheritance or as otherwisep ermitted by the Committee. 9. STOCK UNITS 9.1 Description. A Stock Unit Award is the award of ar ight to receive as pecifiedn umbero f Shares or the Fair Market Value of such Shares,t he grant, vesting, issuance, retention andp aymento fw hich is subject to certain conditions expressed int he document evidencing the Award. Stock Units may be settled in cash or in Shares,a sd etermined by theC ommittee. Stock Units represent an unfunded and unsecured obligation of the Company. Participants shall have no rights as as hareholder, including dividend rights, with respect to Stock Units until such Stock Units have been converted to Shares and delivered to theP articipant. 9.2 Dividend Equivalentsvv . Subject to ther estriction regarding the paymento f dividend equivalents on unvested Awards contained in Section1 2.11 of the Plan, Stock Units may accrued ividend equivalents, as determined by the Committee. 9.3 Price of Stock Units. As permitted under applicablel aw,t he Committee shall determine the price, if any, at which Stock Units shall be sold or awarded to Participants. 10. PERFORMANCE AWARDS A Performance Award entitlesa Participant to receive as pecified number of Shares or cash equal to the Fair Market Value of such Shares at, or following,t he endo f a performance period, as specified, and subject to the termsa nd conditions in the document evidencing the Award. The ultimate number of Shares distributed or cash paid may depend upont he conditions expressed in the document evidencing the Award and the extxx ent to which pre-establishedp erformance objectives are metd uring the applicable performancep eriod. 11. OTHER STOCK BASED AWARDS AND OTHER AWARDS 11.1 Other Stock Based Awardsdd .T he Committee shall have the right to grant Other Stock Based Awards which may include, without limitation, the grant of Shares and the grant of securities convertible into Shares.“Other Stock Based Award”means an Award (other than the types of Awards specifiedi nS ections 6 through 10) that hasav alue that is derivative of the value of Shares, determined by reference to a numbero f Shares, ord etermined by reference to dividends payableo nS hares,a nd may be settled in Shares or in cash. 11.2 Other Awards.T he Committee shall have the right to provide other types of Awardsu nder the Plan (including cash) in addition to those specifically listed, if the Committee believes that such Awards wouldf urther the purposes forw hich theP lan was established. 12. AGREEMENTSA ND PROVISIONSO FA WARDS 12.1 GrantE videnii cedb yAb greemerr nt.Ttt he grant of any Award under the Plan may be evidenced by an Agreement which describes the specific Award granted and sets fortht he terms and conditions of the Award.I f required by the Committee, theg ranting of any Award may be subject to, and conditioned upon, the recipient’sexecution of any Agreement. Excepta so therwise provided in an Agreement,a ll capitalized termsu sed in the Agreement shall have the same meaning as in the Plan, and the Agreement shall bes ubject to all of the terms and conditions of the Plan in effeff ct on the date of the Award,u nless otherwise specified in the Agreement or in any amendment to the Plan or the Agreement. 12.2 Provisions of Agreement.Ett ach Agreement shall contain such provisions as the Committee shall determine necessary or appropriate for the Award, which may include: description of the type of Award; the Award’s duration; if an Option, the exercise price, the Proxy Statement
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Flexible Stocktt Plan A-6 exercise period and the person or persons who may exercise the Option; the effect upon such Award of theP articipant’sd eath or termination of employment; the Award’s conditions; when, if, and how any Award mayb e forfeited, converted into another Award, modified, exchanged for another Award, or replaced; and the restrictionso na ny Shares purchased or granted undert he Plan. Without limiting the foregoing, such restrictions may address the timing and mannero fa ny resales by theP articipant ofa ny Shares issued under an Award, including without limitation: (a) restrictions undera n insidert rading policy or pursuantt o applicable law, (b) restrictions designed to delay and/or coordinate the timing and mannero fs ales by Participants and holders of other Company equityc ompensation arrangements, (c)r estrictions as to the use of as pecified brokerage firm for such resales or other transfers, and (d) provisions requiring Shares to be sold on the open marketo r to the Company in order to satisfy taxw ithholding or other obligations. 12.3 Performance Conditionsdd . The Committee may require the satisfaction of certain performance goals as ac ondition to the grant or vesting of any Award providedu nder the Plan. 12.4 Payment.Utt pon the exerciseo f any Option or in the case of any Award that requires a payment to the Company, the amount due the Company is to be paid: (a) in cash; (b) by the tender to the Company of Shareso wned by the optionee andr egistered in his or her name having aF airM arket Value equal to the amount duet he Company; or (c) by any combination of the payment methods specified in (a) and (b) above. Notwithstanding the foregoing, any method of paymento ther than cash may beu sed only with thec onsent of theC ommittee or to the extent so provided in an Agreement. In addition, the Committeem ay, in its discretion, permit any other manner of exercise and methods by whicht he exercise may be paid as it determines, which may includeb roker-assisted cashless exercise arrangements or other cashless exercisea rrangements. Thep roceedso f the sale of Common Stock purchased pursuant to an Option anda ny payment to theC ompany for other Awards shall be addedt o the general fundso f the Company or to the Shares held in treasury, as the case mayb e, and used for the corporate purposes of the Company as the Board shall determine. 12.5 Deferral.Sll ubject to the requirements of Code Section 409A, the right to receivea ny Award under the Plan may, at either (a) the requesto f the Participant but subject to the approval of the Committee (whichm ay be withheld for any reason),o r (b) the requirement of the Committee, be deferred for such period and upon such terms as the Committee shall determine, which may include crediting of interest on deferrals of casha nd crediting of dividends or dividende quivalentso n deferrals denominated inS hares. 12.6 Withii holdill ngii .T he Company may, at the time any distribution is made under the Plan, or at the time any Option is exercised, or at any time requiredb yl aw,w ithhold from such distribution or Shares issuable upon the exercise of an Option, anya mount (but not in excess of the maximum statutory tax rates in the applicable jurisdiction) necessaryt os atisfy tax withholding requirements with respect to such distribution ore xercise of such Option. TheC ommittee may, at any time, require aP articipant to tender theC ompany cash in the amount necessary to comply with any such withholding requirements. 12.7 Tandem Awards.A wards may be grantedb yt he Committee in tandem. However, noA ward mayb eg ranted in tandem witha n ISO except a SAR. 12.8 Awardsrr Not Tranrr sferable. Except to the extent that the Committeem ay provide otherwise as to any Awards other than ISOs, Awards are not transferable or assignable exceptb yw illo rb yt he laws of descent and distribution, and are exercisable, during the Participant’slifetime only by the Participant, or in the event of disability of the Participant, by the legalr epresentative of theP articipant, or in the event of death of the Participant by the legal representativeo ft he Participant’sestate. Other than as provided herein, no benefit under the Plan may be subject in any mannert oa nticipation, alienation, sale, transfer, assignment, pledge, encumbranceo r charge, and any attempt to do so shall be void. 12.9 Awards to Non-U.S. Participantt ts.T he Committee shall have the power anda uthority to determine which Affiliates shall be covered byt hisP lan and whichP articipants residing outside the United Stateso f America shall be eligible to participate in the Plan. The Committee may adopt, amend or rescind rules, procedures or sub-plans relating to the operation and administration of the Plan to accommodate the specific requirements of local laws, procedures and practices. Without limiting theg enerality of the foregoing, the Committee is specifically authorized to adopt rules,p rocedures ands ub-plans with provisions that limit or modifyrff ights on death, Proxy Statement
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Flexible Stocktt Plan A-7 disability, retirement or termination of employment;a vailable methods of exercise or settlement of anA ward; payment of income, social insurance contributions and payroll taxes;a nd the withholding procedures and handling of any Share certificates or other indicia of ownership which vary with local requirements.T he Committee maya lso adopt rules, procedureso rs ub-plans applicable to particular Affiliates or locations. 12.10 Mandatory MinimumVuu estingVV Period of At Least One Year.Nrr otwithstandinga ny provision of the Plan to the contrary, Awards issued afteff rM ay 8, 2024, with respect to no less than 95% of the Shares subject to such Awards in the aggregate, shall be subject to a mandatory minimum vesting period of at leasto ne year, except in the case of death or “Disability”(as defined in the applicable Award agreement) or in thee vent that Section 15o f the Plan applies, andn oA ward may be amended afteff r the dateo fg rant to the extentxx that such amendment would result in the foregoing limitation beinge xceeded. 12.11 Restriction on Dividendd ds andD ividendE quiEE valentsll .U nless otherwise provided in this Section 12.11, the Committee may grant an Award with dividends or dividend equivalents, as applicable,b ased on dividends declared on Common Stock, to be credited as of the applicable dividend payment date, during the period between the date of grant and the date theA ward vests, andt hereafterff , as determined by the Committeea nd as set forth in the Award Agreement. Notwithstanding the foregoing, such dividends or dividend equivalents, whether creditedi nc ash or Shares, on all Awards shall only be paid if, and when, and tot he extexx nt the Award becomes vested. No dividends ord ividend equivalents shall bec redited or paid on Options orS ARs. 12.12 Limits on Director Compensation.T he aggregate value of allc onsideration grantedo rp aid, as applicable, including Awards with ag rant date fair value (determinedu nderU .S. Generally Accepted Accounting Principles), cash or any otherf orm of compensation, to any individual for service as am embero f the Boardo fD irectors or any committee thereof, shall not exceed $750,000 in any calendar year. Awards granted to an individual in respecto f his or her service as an Employee of or consultantt ot he Company will not count for purposes of this limitation. 12.13 CEO Stock Holding Requirementuu . Att sa condition to the grant of any Option or SAR to the Chief Executive Officer of the Company (the "CEO") aftert he Effective Date, the CEOs hall be required to holdf or at leasto ne yeara ny netS hares received (i.e., Shares remaining after payment of taxes)f rom the date of exerciseo fs uch Option or SAR. 13. AMENDMENT AND TERMINATION OF PLAN 13.1 Amendmenta nd Termination.T he Board shall have the sole right and power to amend or terminate the Plan at any time, exceptt hatt he Board may not amend the Plan, without approval of the shareholders of the Company, in am anner that would cause Options whicha re intended to qualify as ISOs to fail to qualify or in am anner which would violate applicable law,a nd the Board shall obtain shareholder approval for any amendment to the Plan that, (a) excepta sp rovided in Section3 .3 of the Plan, increases the number of Shares availableu nder the Plan, (b) expands thec lasseso f individuals eligible to receive Awards, or (c) wouldo therwise require shareholder approval under the ruleso f the applicable exchange. 13.2 Participants’Right.Ttt he amendment or termination of the Plans halln ot adverselya ffect a Participant’s right to any Award granted prior to such amendment or termination, without the consento ft he Participant to whoms uch Award was granted. 14. MODIFICATION OR TERMINATION OF AWARDS 14.1 Committee’sR’ ighRR t.Att ny Award granted may be converted, modified, forfeited or cancelled, in whole or in part, byt he Committee if and to the extent (a) not prohibitedb yt he Plan or the applicable Agreement( except to the extexx nt thats uch action would adversely affect the rights of the Participant in am anner note xpresslyc ontemplated byt he Plan or Agreement), or (b)w ith the consent of the Participant to whom such Award was granted.T he Committee shall have the right, in its discretion, to cancel all or anyp ortiono fa n Award (including time-based and Performance Awards) issued to aP articipant who (a)v iolates any confidentiality, non-solicitation or non-compete obligations or terms in his or herA wardo r Agreement, or an employmenta greement, confidentiality agreement,s eparation agreement, or any other similar agreement (including without limitation the EmployeeI nvention, Confidentiality, Non-solicitation and Non-interference Agreement) with the Company, (b)e ngages in improper conduct contributing to the need to restate any exterxx nal Company financial statement, (c)c ommits an act of fraudo r significant dishonesty, or (d) commits a significant violation of any of the Company’s written policies (including without limitation the Business Policies Manual) or applicable laws. 14.2 Clawbackskk .N otwithstanding anything to the contrary contained in the Award Agreement, the Committee shall have the right to requirea Participant to forfeit and repay to the Company all orp art oft he income or other benefit received on the vesting, exercise, or payment of an Award (including time-based and Performance Awards) (a) in the preceding three years if, in itsd iscretion, the Committee Proxy Statement
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Flexible Stocktt Plan A-8 determines that the Participant engaged in any activity referred to in Section 14.1 and that such activity resulted in as ignificant financial or reputationall oss to the Company, (b) tot he extent required under applicable law or securitiese xchange listing standards, or (c) to the extent required or permittedu nder any written policyo ft he Company,i ncluding without limitation, theC ompany’s Incentive Compensation Recovery Policy, dealing with recoupment of compensation,s ubject to any limits of applicable law. For the purposes of the clawback, improper conduct contributing to the need to restate any external Companyf inancial statements will always be deemed to result in a significant loss. 14.3 Replacement or Cash Buyoutu .Ttt he Committee may permit a Participant to elect to surrender an Award in exchange for an ew Award to the extent such surrendera nd exchange would not result in adverset ax consequences under Code Section 409A. However,t he Committee may not cancela no utstanding Optiono r SAR that is underwater for the purposeo f reissuingt he Optiono rS AR to the Participant at al ower exercise price, provide theP articipant ac ash buyout of the underwater Option or SAR, or grant ar eplacement Award of a different typef or the underwater Optiono r SAR, without shareholder approval. 14.4 No Repricingii . Other than as provided in Section 3.3, the exercise price of an Optiono rS AR may not be reduced without shareholder approval. 14.5 Not Exclusive Remedy.Tyy he remedies provided in this Article 14 are not exclusive and are in addition to, andn ot in lieu of,af ny otherr ights or remedies the Company may have at law or in equity. 15. CHANGE IN CONTROL OR CHANGE DESCRIBED IN SECTION 3.3(b) 15.1 Modification of Awards.T ot he end of preserving the intended economic benefits of Awards to the extent feasible, in the event of a Change in Controlo ro there vent described in Section 3.3(b), the Committee may, in any Agreement evidencing an Award, or at any time prior to or simultaneously with or after such event, make such adjustments with respect to Awards as it deems necessary or appropriate, but only to the extents uch action would not resulti na dverse tax consequences under CodeS ection4 09A. Without in any way limiting the generality of the foregoing, subject toS ection 15.2, the Committee may: (a) provide for the acceleration of any time periods relating tot he exerciseo rr ealization of such Award so that suchA ward may be exercised or realized in full on or before ad ate fixed by the Committee; (b) provide for the purchase of such Award, upon the Participant’srequest, for an amount of cash equal to the amount which could have been attained upon the exercise or realization of such Award had such Awardb een currently exercisable or payable; (c) make such adjustments to the Awards then outstandinga s the Committee deems appropriatet or eflects uch transactiono r change; and/or (d) cause the Awardst hen outstanding to be assumed, or new Awards substituted therefore, by the surviving corporation in such change. 15.2 Double-Triggergg Vesting upon Change in Control. Nll otwithstanding Section 15.1 or any other provision of the Plan: (a)u nless the acquirer in the Change in Control requires that outstanding Awardsb e terminated as ar esulto ft he Change in Control, (1) Awards shall not become vested solelyu pon the occurrence of the Change in Control,a nd (2) if the Change in Control occurs while the Participant is employed by the Employer and the Participant’semployment ist erminated (i)b y the Employer for reasons other than “Disability”or “Cause”(as such terms are defined in the applicable AwardA greement)o r( ii)b y theP articipant for“ Good Reason” (as defined in the applicable Award Agreement), then (A) Awardst hat are subject to time- based vesting conditions (other than Performance Awards),s hall immediately vest, subject to Section1 4, and (B) Performance Awards shall be deemed earned at the maximum payout level and shall immediatelyv est, subject to Section1 4. (b) if the acquirer in the Change in Control requires thato utstanding Awardsb e terminated as a result of the Change in Control, each time-based Award that remains outstanding immediately beforet he Change in Control shallu pont he Changei n Control become vested, and in addition, Performance Awards as to which the performance period has not yet completed shall become vested andd eemed earned at the maximum payout level. 16. MISCELLANEOUSP ROVISIONS 16.1 Headings and Subheuu adingsdd . The headings and subheadings contained in the Plan arei ncluded only for convenience and shall not be construed as a parto ft he Plan or in any respect affectinff go rm odifying its provisions. Proxy Statement
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Flexible Stocktt Plan A-9 16.2 Governing Law.Tww his Plan shall be construed anda dministered in accordance with the laws of the State of Missouri,w ithout reference to the principleso f conflict or choiceo fl aws that might otherwise refer to the laws of another jurisdiction. 16.3 Purcuu hase for Investment.Ttt he Committee may require each person purchasingS hares pursuant to an Option or other Award under the Plan tor epresent to and agreew ith the Company in writing that such person is acquiring the Shares fori nvestment and without a view to distributiono r resale. All certificates for Shares delivered under the Plan shall be subject to such stock transfer orders and other restrictions ast he Committee may deem advisable under all applicable laws, rules and regulations,a nd the Committee may cause al egend or legends to bep ut on any such certificates to make appropriate references to such restrictions. 16.4 No Employment Contract.Ttt he adoptiono f the Plan or grant of an Award under the Plan shall not confer upon any Employee any right to continued employment nor shall it interfere in any way with the right of the Employer to terminate thee mployment of any of its Employees at any time. 16.5 No Effect on Other Benefitsff .T he receipt of Awards under the Plan shall have no effect on any benefits to which a Participant may be entitled from the Employer, undera notherp lan or otherwise, or preclude a Participant from receiving any such benefits. 16.6 Conflicts in Plan. In the case ofa ny conflict in the terms of the Plan relatingt oa n Award, the provisions in theS ection of the Plan which specifically grants such Award shall controlt hose in a differentS ection. 16.7 Code Section 409A Compliance. Some of the Awards that may beg ranted pursuantt o the Plan may be considered non- qualifiedd eferred compensation subject to Code Section 409A. AllA wards under the Plan are intended to either (a) be exempt from Code Section 409A or (b) if subject to Code Section 409A, to meet all of the requirements of Code Section 409A and any applicableg uidance issued by theI nternal Revenue Service and the Department ofT reasury, and the Plana nd Award Agreements undert he Plan will be construed consistent with this intent. To the extent necessary to comply with CodeS ection 409A, an Award may be modified, replaced or terminatedi n the discretion of the Committee. Notwithstandinga ny provision of thisP lano ra ny Award Agreement to the contrary,i n the event that the Committeed etermines that any Award is or mayb ecome subject to Code Section 409A, the Company maya dopt such amendments to the Plana nd the related Award Agreements,w ithout the consent of the Participant, or adopt other policies and procedures (including amendments,p olicies and procedures with retroactive effective dates), or take anyo ther action that the Committee determines to be necessary or appropriate to complyw ith Code Section 409A, exclude or exempt the Plan or any Award from the requirements ofC odeS ection 409A, or mitigate the adverse tax ore conomic consequences to the Participant. Notwithstanding anything in the Plan or any Award to the contrary, to the extent necessary to avoid the adverse tax consequencesu nder Code Section 409A, in the event that a Participant is determined tob ea specified employeei na ccordance with Code Section4 09A, for purposes of any payment upons eparation from service hereunder, such payments shall be made or begin, as applicable, six months followingt he dateo f separation from service. Notwithstanding any other provision of the Plan, while the Committee intends that all Awards undert he Plan will be exempt from or compliant with Code Section 409A, the Company provides noa ssurances that any Award under the Plan will be exempt from or compliant with Code Section 409A, and each Participant will be solely responsible fort he Participant’s own taxes. 16.8 Compliance with Laws.T he granting ofA wards and the issuance of Shares undert he Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or stock exchangeso n which the Company’ssecurities arel isted as may be required. The Company shall have no obligation to issue or deliver evidence of title for Shares under the Plan before (a) obtaining any approvals from governmental agencies thatt he Company determines are necessaryo ra dvisable; and (b) completion of any registration or other qualification of the Shares undera ny applicable national or foreignl aw or ruling of any governmental body that the Company determines to be necessaryo ra dvisableo ra t a time when any such registration or qualification isn ot current, has been suspended or otherwise has ceased to be effective. The inability of the Company or impracticability to obtaino rm aintain authority from anyr egulatory body having jurisdiction, which authority is deemed by the Company to be necessaryt o the lawful issuancea nd sale of anyS hares hereunder, shall relieve the Company of any liability in respect of the failure to issues uch Shares as to which such requisite authority shall not have been obtained. Proxy Statement
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LEGGETT & PLATT, INCORPORATED—FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2025 TABLE OF CONTENTS Page Number Forward-Looking Statements 1 PART I Item 1. Business 3 Item 1A. Risk Factors 14 Item 1B. Unresolved Staff Comments 26 Item 1C. Cybersecurity 26 Item 2. Properties 28 Item 3. Legal Proceedings 30 Item 4. Mine Safety Disclosures 31 Supp. Item. Information About Our Executive Officers 31 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33 Item 6. Reserved 34 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 35 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 64 Item 8. Financial Statements and Supplementary Data 65 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 65 Item 9A. Controls and Procedures 65 Item 9B. Other Information 66 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 67 PART III Item 10. Directors, Executive Officers and Corporate Governance 68 Item 11. Executive Compensation 70 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 71 Item 13. Certain Relationships and Related Transactions, and Director Independence 71 Item 14. Principal Accountant Fees and Services 71 PART IV Item 15. Exhibits and Financial Statement Schedules 72 Exhibit Index 124 Item 16. Form 10-K Summary 127 Signatures 128
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Form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Form 10-K #.>C8G:6H:9B>AA>DC EG>B6G>AN9J:IDI=:N:6G DK:G N:6G8=6C<:H;GDBI=:>I:BHA>HI:97:ADL 6H L:AA6HB:I6AB6G<>C:ME6CH>DC G:HIGJ8IJG>C<7:C:;>I ;6KDG67A:H6A:HB>M>C-I::A,D96C9/ - -EG>C< 6C9 DE:G6I>DC6A:;;>8>:C8N>BEGDK:B:CIH>C-E:8>6AIN D6B .=:H:>C8G:6H:HL:G:E6GI>6AAND;;H:I7NADL:GKDAJB: ?4@>6 6IA6?D6 @==2C2>@F?ED:?>:==:@?D (:I<6>C;GDB>CHJG6C8:EGD8::9H U !6>CDCH6A:D;G:6A:HI6I: ,:HIGJ8IJG>C< G:HIGJ8IJG>C< G:A6I:9 6C9>BE6>GB:CI8=6G<:H !DD9L>AA>BE6>GB:CI U .DI6A -E:8>6A>O:9*GD9J8IH .G69:H6A:H9:8G:6H:9 .=:9>K:HI>IJG:D;I=::GDHE68:*GD9J8IH!GDJEG:9J8:9H6A:H )G<6C>8 H6A:H9:8G:6H:9 0DAJB:9:8G:6H:9;GDB9:8A>C:H>CJIDBDI>K:6C9"N9G6JA>8 NA>C9:GHE6GI>6AAND;;H:I 7N<GDLI=>C:GDHE68:>CI=:;>GHI=6A;D;I=:N:6G ,6LB6I:G>6A G:A6I:9H:AA>C<EG>8:>C8G:6H:H6C98JGG:C8N 7:C:;>I699:9IDH6A:H #.>C8G:6H:9B>AA>DC EG>B6G>AN9J:IDI=:N:6G DK:G N:6G8=6C<:H;GDBI=:>I:BHA>HI:97:ADL 6H L:AA6HEG>8>C<68I>DCH DE:G6I>DC6A:;;>8>:C8N>BEGDK:B:CIH 6C9G:HIGJ8IJG>C<7:C:;>I E6GI>6AAND;;H:I7NADL:G KDAJB:6C9:6GC>C<H6HHD8>6I:9L>I=I=:9>K:HI:9:GDHE68:7JH>C:HH ?4@>6 6IA6?D6 @==2C2>@F?ED:?>:==:@?D !6>CDCH6A:D;:GDHE68:*GD9J8IH!GDJE U !6>CDCH6A:D;G:6A:HI6I: U ,:HIGJ8IJG>C< G:HIGJ8IJG>C< G:A6I:9 6C9>BE6>GB:CI8=6G<:H !DD9L>AA>BE6>GB:CI U .DI6A JGC>IJG: ADDG>C<.:MI>A:*GD9J8IH .G69:H6A:H9:8G:6H:9 .=:9>K:HI>IJG:D;6HB6AA1DG@ JGC>IJG:DE:G6I>DCG:9J8:9H6A:HA:HHI=6C )G<6C>8H6A:HL:G:9DLC 0DAJB:L6H;A6IN:6GDK:GN:6G;GDB9:B6C9HD;IC:HH>C"DB: JGC>IJG: 6C9 ADDG>C<D;;H:I7N<GDLI=>C.:MI>A:H6C91DG@ JGC>IJG: ,6LB6I:G>6A G:A6I:9H:AA>C<EG>8:9:8G:6H:H C:I D;8JGG:C8N7:C:;>I G:9J8:9H6A:H #.>C8G:6H:9B>AA>DC EG>B6G>AN9J:IDI=:N:6G DK:G N:6G8=6C<:H;GDBI=:>I:BHA>HI:97:ADL E6GI>6AAND;;H:I7NEG>8>C<69?JHIB:CIH 8JGG:C8N>BE68I HI6GI JE8DHIH6HHD8>6I:9L>I=6C:L"DB: JGC>IJG: ;68>A>IN>C0>:IC6B 6C9I=:6<<G:<6I:D;DI=:GHB6AA:G>I:BH ?4@>6 6IA6?D6 @==2C2>@F?ED:?>:==:@?D !6>CDCH6A:D;G:6A:HI6I: U (:I<6>C;GDB>CHJG6C8:EGD8::9H U ,:HIGJ8IJG>C< G:HIGJ8IJG>C< G:A6I:9 6C9>BE6>GB:CI8=6G<:H !DD9L>AA>BE6>GB:CI U .DI6A ')+
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Form 10-K #C L:E6>9FJ6GI:GAN9>K>9:C9HD; E:GH=6G: #CI=:A6HIILDFJ6GI:GHD; L:E6>96 FJ6GI:GAN9>K>9:C9D; E:GH=6G:8DBE6G:9ID E:GH=6G:>CI=:A6HIILDFJ6GI:GHD; .=:9:8>H>DC IDG:9J8:I=:9>K>9:C9L6HB69:;DAADL>C<6I=DGDJ<=:K6AJ6I>DC7NI=: D6G96C9DJGB6C6<:B:CII:6B .=>H 68I>DC;G::HJE86E>I6AID688:A:G6I:I=:9:A:K:G6<>C<D;DJG76A6C8:H=::I6C9HDA>9>;NDJGADC< =:A9;>C6C8>6A HIG:C<I= *92C6)6AFC492D6D 1:=6K:7::C6JI=DG>O:97NI=: D6G9IDG:EJG8=6H:JEIDB>AA>DCH=6G:H:68=86A:C96GN:6G 7JIL: =6K::HI67A>H=:9CDHE:8>;>8G:EJG8=6H:8DBB>IB:CIDGI>B:I67A: .=:6BDJCID;;JIJG:G:EJG8=6H:H>H 9:E:C9:CIJEDCI=:EG>8:D;I=:HID8@ I=:6BDJCID;9>H8G:I>DC6GN86H=;ADL<:C:G6I:97NI=: DBE6CN 6AI:GC6I>K:JH:H;DGI=:86H=>C8AJ9>C<DG<6C>8<GDLI=DEEDGIJC>I>:H6C968FJ>H>I>DCH6C9DI=:G;68IDGH 1: :ME:8IH=6G:G:EJG8=6H:HIDD;;H:IH=6G:>HHJ6C8:H G:HJAI>C<>CB>C>B6A9>AJI>DC>C JG>C<I=:A6HII=G::N:6GH L:G:EJG8=6H:96IDI6AD;B>AA>DCH=6G:HD;DJGHID8@6C9>HHJ:9B>AA>DC H=6G:HI=GDJ<=:BEADN::7:C:;>IEA6CH )JGC:IH=6G:G:EJG8=6H:HL:G:B>AA>DC B>AA>DC 6C9B>AA>DC>C 6C9 G:HE:8I>K:AN #C L:G:EJG8=6H:9 B>AA>DCH=6G:H6I6C6K:G6<:EG>8:D; 6C9>HHJ:9B>AA>DCH=6G:H 4BF:D:E:@?D 1:H::@68FJ>H>I>DCHI=6I69986E67>A>I>:H>CDJG7JH>C:HH:H 1::ME:8I6AA68FJ>H>I>DCHID=6K:68A:6G HIG6I:<>8G6I>DC6A: 6HJHI6>C67A:8DBE:I>I>K:69K6CI6<: 6HIGDC<;>IL>I=I=: DBE6CN 6C97:>C6IIG68I>K:6C9 <GDL>C<B6G@:IH (D7JH>C:HH:HL:G:68FJ>G:9>CI=:A6HII=G::N:6GH *9@CE +6C>2?5#@?8 +6C>2D9)6BF:C6>6?ED #C699>I>DCIDI=::ME:8I:9JH:HD;86H=9>H8JHH:967DK: L:=6K:K6G>DJHB6I:G>6AH=DGI I:GBBDCI=H DGA:HH6C9ADC< I:GBBDG:I=6CBDCI=H86H=G:FJ>G:B:CIH6HD; :8:B7:G 6HA>HI:97:ADL 2D9)6BF:C6>6?ED *9@CE +6C> #@?8 +6C> @==2C2>@F?ED:?>:==:@?D JGG:CI6C9ADC< I:GB9:7I :M8AJ9>C<;>C6C8:A:6H:H U )E:G6I>C<6C9;>C6C8:A:6H:H *JG8=6H:D7A><6I>DCH #CI:G:HIE6NB:CIH .=:ADC< I:GB9:7IEG:H:CI:967DK:8DJA97:688:A:G6I:9>;L:L:G:CDI67A:IDB6@:I=:EG>C8>E6A 6C9>CI:G:HIE6NB:CIHL=:C9J: -::(DI:$DCE6<:>CI=:(DI:HID DCHDA>96I:9 >C6C8>6A -I6I:B:CIH;DGBDG:>C;DGB6I>DCG:<6G9>C<H8=:9JA:9B6IJG>I>:HD;DJGADC< I:GB9:7I -::(DI:%DCE6<:>CI=:(DI:HID DCHDA>96I:9 >C6C8>6A-I6I:B:CIH;DG699>I>DC6A >C;DGB6I>DCDCA:6H:H *JG8=6H:D7A><6I>DCHEG>B6G>AN>C8AJ9:DE:CH=DGI I:GB 96NHEJG8=6H:DG9:GHI=6I6G>H:>C I=:CDGB6A8DJGH:D;DE:G6I>C<DJG;68>A>I>:H #CI:G:HIE6NB:CIH6HHJB:9:7IDJIHI6C9>C<G:B6>CH8DCHI6CIL>I=6BDJCIH6I :8:B7:G 6C96IG6I:H>C:;;:8I6II=::C9D;I=:N:6G -::(DI:#DCE6<:D;I=:(DI:HID DCHDA>96I:9 >C6C8>6A-I6I:B:CIH;DG9:I6>AHG:<6G9>C<9:;:GG:9 >C8DB:I6M:H DI=:GG:H:GK:H;DGI6M8DCI>C<:C8>:H 688GJ:9:ME:CH:H 6C9DI=:GA>67>A>I>:HG:;A:8I:9DCDJG DCHDA>96I:9 6A6C8:-=::IH ')+
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Form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Form 10-K 7JIL:=69>HHJ:9B>AA>DCD;HI6C9 7NA:II:GHD;8G:9>IJC9:GDI=:G76C@6<G::B:CIHIDI6@:69K6CI6<:D; 7:II:GEG>8>C< )K:GI=:ADC<I:GB 6C9HJ7?:8IIDDJG8G:9>IG6I>C<H B6G@:I8DC9>I>DCH 86E>I6AC::9H 6C96AI:GC6I>K: 86E>I6AB6G@:IDEEDGIJC>I>:H L:B6N7DGGDLJC9:GI=:8DBB:G8>6AE6E:GEGD<G6B 1:K>:LI=:CDI:H6H6 HDJG8:D;ADC< I:GB;JC9H6C9=6K:8A6HH>;>:9I=:7DGGDL>C<HJC9:GI=:8DBB:G8>6AE6E:GEGD<G6B6HADC< I:GB 7DGGDL>C<HDCDJG76A6C8:H=::I 1:=6K:I=:>CI:CIIDGDAADK:GHJ8=D7A><6I>DCHDC6ADC< I:GB76H>H6C9=6K: I=:67>A>INIDG:;>C6C8:I=:H:7DGGDL>C<HDC6ADC< I:GB76H>H6H:K>9:C8:97NDJG6B:C9:9G:KDAK>C<8G:9>I ;68>A>INB6IJG>C<>C$JAN9>H8JHH:97:ADL>C G:9>I 68>A>IN .=: DBE6CN=6HBJAI>EA:8G:9>IG6I>C<6<:C8>:HI=6IEGDK>9:G6I>C<HD;DJGH=DGI 6C9ADC< I:GB9:7I #C I=:E6HI G6I>C<9DLC<G69:H=6K:G:HJAI:9>C 6C98DJA98DCI>CJ:IDG:HJAI>C =><=:G>CI:G:HIG6I:H &DL:G8G:9>I G6I>C<H8DJA969K:GH:AN6;;:8IDJGHDJG8:HD;7DGGDL>C<6C9DJG;>C6C8>6A6GG6C<:B:CIH >C8AJ9>C<688:HHIDI=: 86E>I6AB6G@:IH 8DBB:G8>6AE6E:GB6G@:I DJGA:C9>C<6<G::B:CIH 6C9HJEEAN8=6>C;>C6C8>C<6GG6C<:B:CIH #; L:6G:JC67A:IDB::IDJGH=DGI I:GB7DGGDL>C<C::9H>CI=:8DBB:G8>6AE6E:GB6G@:I L:B6NG:ANBDG: =:6K>ANDC76C@9:7IID;JC9H=DGI I:GBLDG@>C<86E>I6AC::9H6I=><=:G>CI:G:HI8DHIH C65:E 24:=:EJ )JGBJAI> 8JGG:C8N8G:9>I;68>A>INL6H6B:C9:9>C$JAN6C9B6IJG:HDC$JAN #IEGDK>9:HJH I=:67>A>IN ;GDBI>B:IDI>B: HJ7?:8IID8:GI6>CG:HIG>8I>K:8DK:C6CIH6C98JHIDB6GN8DC9>I>DCH ID7DGGDL G:E6N 6C9G: 7DGGDLJEID 7>AA>DCEG:K>DJHIDI=:6B:C9B:CIL6H 7>AA>DC I :8:B7:G L:L:G: >C8DBEA>6C8:L>I=6AAD;DJG9:7I8DK:C6CIH 6E>I6A>O:9I:GBHJH:9>CI=>HH:8I>DC7JICDI9:;>C:9=:G:>C=6K: I=:B:6C>C<HH:I;DGI=>CI=: G:9>I<G::B:CI )JG8G:9>I;68>A>IN8DCI6>CHG:HIG>8I>K:8DK:C6CIH L=>8=>C8AJ9:66&:K:G6<:,6I>DG:FJ>G>C<JHID B6>CI6>C 6HD;I=:A6HI96ND;:68=;>H86AFJ6GI:G > DCHDA>96I:9 JC9:9#C9:7I:9C:HHB>CJHI=:A:HH:GD; /CG:HIG>8I:9 6H= DG B>AA>DCID>> DCHDA>96I:9 #. ;DGI=:;DJG8DCH:8JI>K:IG6>A>C<FJ6GI:GH BDHIG:8:CIAN:C9:9DCDGEG>DGIDHJ8=96I: HJ8=G6I>DCDI7:>C<<G:6I:GI=6C ID EGDK>9:9=DL:K:G HJ7?:8IID8:GI6>CA>B>I6I>DCH >;L:B6@:6'6I:G>6A8FJ>H>I>DC 6IDJG:A:8I>DC I=:B6M>BJB&:K:G6<:,6I>D H=6AA7: ID ;DGI=:;>H86AFJ6GI:G9JG>C<L=>8=HJ8='6I:G>6A8FJ>H>I>DC>H8DCHJBB6I:96C9I=:C:MI I=G::8DCH:8JI>K:;>H86AFJ6GI:GH76A>B>I6I>DCD;I=:6BDJCID;IDI6AH:8JG:9D7A><6I>DCHIDD;DJGIDI6A 8DCHDA>96I:96HH:IH6C986A>B>I6I>DCDCDJG67>A>INIDH:AA A:6H: IG6CH;:G DG9>HEDH:D;6AADGHJ7HI6CI>6AAN6AA D;DJG6HH:IH6C9I=:6HH:IHD;DJGHJ7H>9>6G>:H I6@:C6H6L=DA:DI=:GI=6C688DJCIHG:8:>K67A:HDA9>C6 *:GB>II:9-:8JG>I>O6I>DC.G6CH68I>DC EGD9J8IHHDA9>CI=:DG9>C6GN8DJGH:D;7JH>C:HH6C9DJG67>A>INIDH:AA A:6H: IG6CH;:G DG9>HEDH:D;6CND;DJG6HH:IHDGI=:6HH:IHD;DC:D;DJGHJ7H>9>6G>:HIDJHDGDC:D;DJG HJ7H>9>6G>:H 6H6EEA>867A:6I6CN<>K:CED>CI>CI>B: DGBDG:>C;DGB6I>DC67DJIADC< I:GB9:7I EA:6H:H::(DI:$DCE6<:D;I=:(DI:HID DCHDA>96I:9 >C6C8>6A-I6I:B:CIH )JG8G:9>I;68>A>INH:GK:H6H768@ JE;DGDJG8DBB:G8>6AE6E:GEGD<G6B I :8:B7:G L:=69CD DJIHI6C9>C<8DBB:G8>6AE6E:G6C9CD7DGGDL>C<JC9:GI=:8G:9>I;68>A>IN HDJGIG6>A>C< BDCI= DCHDA>96I:9 #. /CG:HIG>8I:9 6H= 6C99:7IA:K:AH8=6C<: DJG7DGGDL>C<86E68>IN>C8G:6H:HDG9:8G:6H:H 6H:9DC DJGIG6>A>C< BDCI= DCHDA>96I:9 #. /CG:HIG>8I:9 6H= A:K:G6<:G6I>D8DK:C6CID; ID 6C9 9:7IA:K:AH6I :8:B7:G DJG7DGGDL>C<86E68>INJC9:GI=:8G:9>I;68>A>INL6HB>AA>DC "DL:K:G I=>HB6NCDI7:>C9>86I>K:D;I=:68IJ6A7DGGDL>C<86E68>INBDK>C<;DGL6G9 L=>8=B6N7:B6I:G>6AAN9>;;:G:CI 9:E:C9>C<DCDJG DCHDA>96I:9 #. /CG:HIG>8I:9 6H= 6C99:7IA:K:AH #@?8 +6C>63E JGG:CIAN L:=6K: 7>AA>DCD;IDI6A9:7IDJIHI6C9>C<>C:FJ6AIG6C8=:HB6IJG>C<>C 6C9 1:=69CD8DBB:G8>6AE6E:G7DGGDL>C<H6I :8:B7:G 1:6CI>8>E6I:ADL:G6K:G6<: 8DBB:G8>6AE6E:G7DGGDL>C<H>C8DBE6G:9ID 6C96H6G:HJAI L::ME:8IIDG:6A>O:ADL:GC:I>CI:G:HI :ME:CH:>C DGBDG:9:I6>AHDCADC< I:GB9:7I H::(DI:$DCE6<:D;I=:(DI:HID DCHDA>96I:9 >C6C8>6A-I6I:B:CIH ')+
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Form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Form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Form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Form 10-K HI>B6I:96BDGI>O6I>DC:ME:CH:;DGI=:C:MI;>K:N:6GH>H6H;DAADLH M44@F?ED2?5&E96C)646:G23=6D 88DJCIH6C9DI=:GG:8:>K67A:H6I :8:B7:G8DCH>HI:9D;I=:;DAADL>C< FCC6?E #@?8 E6C> FCC6?E #@?8 E6C> .DI6AIG69:G:8:>K67A:H U AADL6C8:;DG9DJ7I;JA688DJCIH IG69:G:8:>K67A:H M U .G69:G:8:>K67A:H C:I U .6M:HG:8:>K67A: >C8AJ9>C<>C8DB:I6M:H M U 06AJ: 699:9I6M:H0.G:8DK:G67A: M ,:76I:HG:8:>K67A: M U >K:HI>IJG:HG:8:>K67A: M U )I=:GG:8:>K67A:H )I=:GG:8:>K67A:H C:I .=>H>C8AJ9:HG:8DK:G67A:6BDJCIH;GDBK6G>DJH8DJCIG>:H HD; :8:B7:G L:=69DJIHI6C9>C< ':M>8D0.G:8:>K67A:HD; EG>B6G>AN9J:ID9:A6NH>CEGD8:HH>C<G:;JC9H7NI=:AD86AI6M 6JI=DG>I>:H ,:;JC9HG:8:>K:99JG>C<G:9J8:9I=>HG:8:>K67A:ID 6I :8:B7:G 1:8DAA:8I:9I=:;>C6ALDG@>C<86E>I6A69?JHIB:CI;DGI=::GDHE68:!GDJE9>K:HI>IJG:>C$6CJ6GN 8I>K>ING:A6I:9IDI=:6AADL6C8:;DG9DJ7I;JA688DJCIH>HG:;A:8I:97:ADL 2=2?462E 646>36C 92?86:? 'C@G:D:@? #6DD%6E 92C86 @77D )64@G6C:6D 2?5&E96C 2=2?462E 646>36C 92?86:? 'C@G:D:@? #6DD%6E 92C86 @77D )64@G6C:6D 2?5&E96C 2=2?462E 646>36C .DI6A6AADL6C8:;DG 9DJ7I;JA688DJCIHDC IG69:G:8:>K67A:H
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Form 10-K :BEADN::WH8DCIG>7JI>DCH;DGI=:N:6G>;8:GI6>CEGD;>I67>A>INA:K:AH 6H9:;>C:9>CI=: -/EGD<G6B 6G: D7I6>C:9 *6GI>8>E6CIH>CI=: -/EGD<G6BB6N8DCIG>7JI:JEID9:E:C9>C<JEDC8:GI6>CFJ6A>;>86I>DCH D;I=:>G8DBE:CH6I>DC67DK:69:;>C:9I=G:H=DA9 *6GI>8>E6CI8DCIG>7JI>DCH6G:8G:9>I:9ID69>K:GH>;>:9 >CK:HIB:CI688DJCI:HI67A>H=:9;DGI=:E6GI>8>E6CI 6C9L:B6@:EG:B>JB8DCIG>7JI>DCHIDI=: 9>K:GH>;>:9>CK:HIB:CI688DJCIH:FJ6AID D;I=:E6GI>8>E6CIWH8DCIG>7JI>DC E6GI>8>E6CIWH 9>K:GH>;>:9>CK:HIB:CI688DJCI76A6C8:>H69?JHI:9IDB>GGDGI=:>CK:HIB:CI:ME:G>:C8: L=:I=:G EDH>I>K:DGC:<6I>K: D;I=:9>K:GH>;>:9>CK:HIB:CIHH:A:8I:97NI=:E6GI>8>E6CI *6GI>8>E6CIHB6N8=6C<: >CK:HIB:CI:A:8I>DCH>CI=:9>K:GH>;>:9>CK:HIB:CI688DJCIH 7JI86CCDIEJG8=6H: DBE6CN8DBBDC HID8@DGHID8@JC>IH .=:9>K:GH>;>:9>CK:HIB:CI688DJCIH8DCH>HID;K6G>DJHBJIJ6A;JC9H6C9G:I>G:B:CI I6G<:I;JC9H6C96G:JC;JC9:9 JCH:8JG:9D7A><6I>DCHD;I=: DBE6CNI=6IL>AA7:H:IIA:9>C86H= DI= I=:6HH:IH6C9A>67>A>I>:H6HHD8>6I:9L>I=I=>HEGD<G6B6G:EG:H:CI:9>CI=:I67A:67DK:6C96G:69?JHI:9 ID;6>GK6AJ:6I:68=G:EDGI>C<E:G>D9 DBE6CNB6I8=>C<8DCIG>7JI>DCHIDI=: -/EGD<G6B >C8AJ9>C<9>K>9:C9:FJ>K6A:CIH 6G:JH:9ID 68FJ>G:HID8@JC>IH6ID;I=:8DBBDCHID8@B6G@:IEG>8:DCI=:68FJ>H>I>DC96I: -ID8@JC>IH6G: 8DCK:GI:9ID8DBBDCHID8@6I6 ID G6I>DJEDC9>HIG>7JI>DC;GDBI=:EGD<G6B6C9B6N7:H:IIA:9>C 86H= :M8:EI;DG9>HIG>7JI>DCHIDI=: DBE6CNH-:8I>DC);;>8:GH DBE6CNB6I8=:H>CI=: -/EGD<G6B;JAANK:HIJEDC;>K:N:6GHD;8JBJA6I>K:H:GK>8: HJ7?:8IID 8:GI6>CE6GI>8>E6I>DCG:FJ>G:B:CIH >HIG>7JI>DCH6G:IG><<:G:97N6C:BEADN::WHG:I>G:B:CI 9:6I= 9>H67>A>IN DGH:E6G6I>DC;GDB&:<<:II #C :BEADN::8DCIG>7JI>DCHL:G: 6C9:BEADN:GEG:B>JB8DCIG>7JI>DCHID9>K:GH>;>:9 >CK:HIB:CI688DJCIHL:G: -::I=:HID8@ 76H:98DBE:CH6I>DCI67A:67DK:;DG>C;DGB6I>DC G:<6G9>C<:BEADN:G8DCIG>7JI>DCH :I6>AHG:<6G9>C<HID8@JC>I68I>K>IN;DGI=: -/EGD<G6B6G:G:;A:8I:9>CI=:HID8@JC>IHHJBB6GN I67A:7:ADL 676CC65@>A6?D2E:@?'C@8C2> 1:D;;:G6 :;:GG:9 DBE:CH6I>DC*GD<G6BJC9:GL=>8=@:NB6C6<:GH6C9DJIH>9:9>G:8IDGH B6N:A:8IIDG:8:>K:HID8@JC>IHDG>CI:G:HI 7:6G>C<86H=9:;:GG6AH>CA>:JD;86H=8DBE:CH6I>DC 8 /CI>A$6CJ6GN HID8@DEI>DCHJC9:GI=>HEGD<G6BL:G:<G6CI:9>CI=:A6HIBDCI=D;I=: N:6GEG>DGIDI=:N:6GI=:8DBE:CH6I>DCL6H:6GC:9 .=:G:=6K:7::CCDB6I:G>6AHID8@DEI>DC <G6CIH>CI=:N:6GHEG:H:CI:9 Z :;:GG:9HID8@JC>IH -/JC9:GI=>HEGD<G6B6G:68FJ>G:9:K:GNILDL::@HL=:CI=: 8DBE:CH6I>DCLDJA9=6K:DI=:GL>H:7::CE6>96I69>H8DJCIIDI=:B6G@:IEG>8:D;DJG 8DBBDCHID8@DC:68=68FJ>H>I>DC96I: 6C9I=:NK:HI>BB:9>6I:AN ME:CH:>HG:8DG9:96HI=: 8DBE:CH6I>DC>H:6GC:9 -ID8@JC>IH:6GC9>K>9:C9:FJ>K6A:CIH6II=:H6B:G6I:6H86H= 9>K>9:C9HE6>9DCDJG8DBBDCHID8@ L=>8=6G:I=:CJH:9ID68FJ>G:HID8@JC>IH6I6 9>H8DJCI -ID8@JC>IH6G:8DCK:GI:9ID8DBBDCHID8@6C99>HIG>7JI:9>C688DG96C8:L>I=I=: E6GI>8>E6CIWHEG: H:I:A:8I>DC "DL:K:G HID8@JC>IHB6N7:H:IIA:9>C86H= 7JIDCAN>;I=:G:>HCDI 6HJ;;>8>:CI6BDJCID;H=6G:HG:H:GK:9;DG;JIJG:>HHJ6C8:JC9:GI=: A:M>7A:-ID8@*A6C *6GI>8>E6CIHBJHI7:<>CG:8:>K>C<9>HIG>7JI>DCHCDA6I:GI=6CN:6GH6;I:GI=::;;:8I>K:96I:D; I=:9:;:GG6A 6C9>CHI6AAB:CI9>HIG>7JI>DCH86CCDI:M8::9N:6GH Z #CI:G:HI 7:6G>C<86H=9:;:GG6AHJC9:GI=>HEGD<G6B6G:G:EDGI:9>C)I=:GADC< I:GBA>67>A>I>:HDC I=: DCHDA>96I:9 6A6C8:-=::IH6C96G:9>H8ADH:9>C(DI:# &AE:@?D ,?:ED 2D9 <<G:<6I:6BDJCID;8DBE:CH6I>DC9:;:GG:99JG>C<
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Form 10-K 1:;>A:I6MG:IJGCH>C:68=?JG>H9>8I>DCL=:G:L:6G:G:FJ>G:9ID9DHD #CI=:H:?JG>H9>8I>DCH 6HI6IJI:D; A>B>I6I>DCHE:G>D9:M>HIH ;I:G6HI6IJI:E:G>D9:ME>G:H I=:I6M6JI=DG>I>:H86CCDADC<:G6HH:HH699>I>DC6A >C8DB:I6M;DGI=::ME>G:9E:G>D9 #C699>I>DC DC8:I=:HI6IJI::ME>G:HL:6G:CDADC<:G:A><>7A:ID;>A:8A6>BH;DG G:;JC9;DG6CNI6MI=6IL:B6N=6K:DK:GE6>9 "26)'3+2->)(!%<)2)*-87 .=:IDI6A6BDJCID;DJG<GDHHJCG:8D<C>O:9I6M7:C:;>IH>C8AJ9>C<>CI:G:HI6C9E:C6AI>:H6I :8:B7:G 6C9L6H D;L=>8= LDJA9>BE68IDJG:;;:8I>K:I6MG6I: >;G:8D<C>O:9 6C9 G:HE:8I>K:AN 1:G:8D<C>O:>CI:G:HI6C9E:C6AI>:HG:A6I:9IDJCG:8D<C>O:9I6M7:C:;>IH6HE6GID;>C8DB:I6M:ME:CH:>C I=: DCHDA>96I:9-I6I:B:CIHD;)E:G6I>DCH L=>8=>H8DCH>HI:CIL>I=EG>DGG:EDGI>C<E:G>D9H 1:6G:8JGG:CIAN>CK6G>DJHHI6<:HD;6J9>IDGG:K>:L7N8:GI6>C<DK:GCB:CI6AI6M6JI=DG>I>:H>C8AJ9>C<I=: /C>I:9-I6I:H 6C696 6C9 =>C6 1:=6K::HI67A>H=:9A>67>A>I>:H;DGJCG:8D<C>O:9I6M7:C:;>IH6H6EEGDEG>6I: L>I=HJ8=6BDJCIHG:EG:H:CI>C<6G:6HDC67A:EGDK>H>DC;DGI6M:HL:JAI>B6I:ANB><=I7:G:FJ>G:9IDE6N "DL:K:G I=:H:A>67>A>I>:H8DJA97:69?JHI:9DK:GI>B:6HBDG:>C;DGB6I>DC7:8DB:H@CDLC6C9B6C6<:B:CI 8DCI>CJ:HID:K6AJ6I:I=:EGD<G:HHD;I=:H::M6B>C6I>DCH #C$6CJ6GN L:L:G:CDI>;>:97N6I6M7JG:6J>C =>C6D;I=:>G>CI:CIID6HH:HHI6M;DG E:GI6>C>C<IDDJG7:C:;>8>6ADLC:GHI6IJHL>I=G:HE:8IIDEG>DG9>K>9:C9E6NB:CIH AI=DJ<=I=:DJI8DB:>H JC8:GI6>C L:7:A>:K:L:=6K:K6A>99:;:CH:H6C9>CI:C9IDG><DGDJHAN8DCI:HII=:6HH:HHB:CI>C>I>6I:97NI=: =>C66JI=DG>I>:H6C9=6K:CDIG:8DG9:96CN>BE68I6HHD8>6I:9L>I=I=>HB6II:G 1:6G:CDIHJ7?:8IIDH><C>;>86CI/ - ;:9:G6AI6M:M6B>C6I>DCH;DGN:6GHEG>DGID DGH><C>;>86CI/ - HI6I:DG;DG:><C>C8DB:I6M:M6B>C6I>DCH;DGN:6GHEG>DGID #I>HG:6HDC67ANEDHH>7A:I=6II=:G:HDAJI>DCD;8:GI6>CI6M6J9>IH8DJA9G:9J8:DJGJCG:8D<C>O:9I6M7:C:;>IH L>I=>CI=:C:MIBDCI=H 6H8:GI6>CI6MEDH>I>DCHB6N:>I=:G7:HJHI6>C:9DC6J9>IDGL:B6N6<G::ID8:GI6>C 69?JHIB:CIH DGG:HJAI>C<;GDBI=::ME>G6I>DCD;HI6IJI:HD;A>B>I6I>DCH>CK6G>DJH?JG>H9>8I>DCH .=:6BDJCID; JCG:8D<C>O:9I6M7:C:;>IH>HCDI:ME:8I:9ID8=6C<:H><C>;>86CIAN>CI=:C:MIBDCI=H #C DJGG6I:L6H69K:GH:AN>BE68I:97N EG>B6G>AN9J:IDCDC 9:9J8I>7A:I6M:;;:8IH;GDB <DD9L>AA>BE6>GB:CI8=6G<:H 7JI7:C:;>I:97N >C;GDB9:9J8I>7A:I6M:;;:8IHD;DI=:GADC< A>K:96HH:I >BE6>GB:CI8=6G<:H 7DI=D;L=>8=6G:9>H8JHH:9>C(DI: 1:6AHDG:8D<C>O:9I6M:ME:CH:G:A6I:9ID;DG:><C L>I==DA9>C<I6M:HD; 6C9 6C9DI=:GC:II6M7:C:;>IH:ME:CH:HD; 6C9 ;DGI=:N:6GH :C9:9 :8:B7:G 6C9 G:HE:8I>K:AN #C DJGG6I:L6H6AHD69K:GH:AN>BE68I:97N 9J: ID68=6C<:>CK6AJ6I>DC6AADL6C8:G:A6I:9ID668FJ>H>I>DC>CDJG-E:8>6A>O:9*GD9J8IHH:<B:CI
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Form 10-K )*)66)(2'31)!%<)7 :;:GG:9>C8DB:I6M:H6G:EGDK>9:9;DGI=:I:BEDG6GN9>;;:G:C8:H7:IL::CI=:;>C6C8>6AG:EDGI>C<76H>H 6C9I=:I6M76H>HD;DJG6HH:IH6C9A>67>A>I>:H .=:B6?DGI:BEDG6GN9>;;:G:C8:H6C9I=:>G6HHD8>6I:99:;:GG:9I6M 6HH:IHDGA>67>A>I>:H6G:6H;DAADLH 646>36C DD6ED #:23:=:E:6D DD6ED #:23:=:E:6D *GDE:GIN EA6CI6C9:FJ>EB:CI #CK:CIDG>:H 88GJ:9:ME:CH:H (:IDE:G6I>C<ADHH:H6C9DI=:GI6M86GGN;DGL6G9H M U *:CH>DC8DHI6C9DI=:GEDHI G:I>G:B:CI7:C:;>IH #CI6C<>7A:6HH:IH :G>K6I>K:;>C6C8>6A>CHIGJB:CIH M 6E>I6A>O:9G:H:6G8=6C9:ME:G>B:CI6I>DC:ME:CH:H M U .6MDCJC9>HIG>7JI:9:6GC>C<HEG>B6G>AN;GDB 6C6966C9 =>C6 M U /C8:GI6>CI6MEDH>I>DCH M U )I=:G !GDHH9:;:GG:9I6M6HH:IHA>67>A>I>:H 06AJ6I>DC6AADL6C8: M U .DI6A9:;:GG:9I6M:H (:I9:;:GG:9I6MA>67>A>IN :;:GG:9I6M6HH:IHA>67>A>I>:H>C8AJ9:9>CI=: DCHDA>96I:9 6A6C8:-=::IH6G:6H;DAADLH 646>36C )I=:GCDC8JGG:CI6HH:IH :;:GG:9>C8DB:I6M:H (:I9:;:GG:9I6MA>67>A>IN .=:K6AJ6I>DC6AADL6C8:G:8DG9:9EG>B6G>ANG:A6I:HIDC:IDE:G6I>C<ADHH I6M8G:9>I 6C986E>I6AADHH 86GGN;DGL6G9H;DGL=>8=JI>A>O6I>DC>HJC8:GI6>C JBJA6I>K:I6MADHH:H>C8:GI6>CHI6I:6C9;DG:><C?JG>H9>8I>DCH 9JG>C<G:8:CIN:6GH A>B>I:986GGN;DGL6G9E:G>D9H>C8:GI6>C?JG>H9>8I>DCH ;JIJG:G:K:GH6AHD;:M>HI>C<I6M67A: I:BEDG6GN9>;;:G:C8:H 6C9G:6HDC67A:I6MEA6CC>C<HIG6I:<>:HL:G:6BDC<I=:;68IDGH8DCH>9:G:9>C 9:I:GB>C>C<I=:K6AJ6I>DC6AADL6C8: #C9>K>9J6AAN CDC:D;I=:H:I6M86GGN;DGL6G9HEG:H:CIH6B6I:G>6A:MEDHJG: 'DHID;DJGI6M86GGN;DGL6G9H=6K::ME>G6I>DC96I:HI=6IK6GN<:C:G6AANDK:GI=:C:MIN:6GH L>I=CD 6BDJCI<G:6I:GI=6C :ME>G>C<>C6CNDC:N:6G :;:GG:9L>I==DA9>C<I6M:HI6MDCJC9>HIG>7JI:9:6GC>C<H=6K:7::CEGDK>9:9DCI=::6GC>C<HD;DJG ;DG:><CHJ7H>9>6G>:HIDI=::MI:CI>I>H6CI>8>E6I:9I=6II=::6GC>C<HL>AA7:G:B>II:9>CI=:;JIJG:6H9>K>9:C9H 1: 6G:CDI6HH:GI>C<E:GB6C:CIG:>CK:HIB:CIDC D;DJG:6GC>C<H6C9=6K:688GJ:9I6MDCI=:H: JC9>HIG>7JI:9:6GC>C<H6HEG:H:CI:9>CI=:I67A:67DK: DG:><CL>I==DA9>C<I6M:H=6K:CDI7::CEGDK>9:9DC8:GI6>C;DG:><C:6GC>C<HL=>8=6G:>C9:;>C>I:AN G:>CK:HI:9DJIH>9:I=:/C>I:9-I6I:H .=:8JBJA6I>K:JC9>HIG>7JI:9:6GC>C<HL=>8=6G:>C9:;>C>I:ANG:>CK:HI:96H D; :8:B7:G 6G: #;HJ8=:6GC>C<HL:G:G:E6IG>6I:9IDI=:/C>I:9-I6I:HI=GDJ<=9>K>9:C9H I=: G:HJAI>C<>C8G:B:CI6AI6M:ME:CH:LDJA96EEGDM>B6I: 76H:9DCEG:H:CI>C8DB:I6MA6LH
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Form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Form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Form 10-K -:K:G6C8: :C:;>I<G::B:CI7:IL::CI=: DBE6CN6C9$ .NH DC"6<6A: 96I:9 :7GJ6GN ;>A:9 :7GJ6GN 6H M=>7>I IDI=: DBE6CNH DGB % >H>C8DGEDG6I:9=:G:>C7NG:;:G:C8: - >A:(D -:K:G6C8: :C:;>I<G::B:CI7:IL::CI=: DBE6CN6C9,D7:GI -6BJ:A-B>I=$G 96I:9J<JHI ;>A:9 :7GJ6GN 6H M=>7>I IDI=: DBE6CNH DGB % >H>C8DGEDG6I:9=:G:>C7NG:;:G:C8: - >A:(D .>B:-=6G>C<<G::B:CI7:IL::CI=: DBE6CN6C9%6GA! !A6 HHB6C 96I:9'6N ;>A:9'6N 6H M=>7>I IDI=: DBE6CNWH DGB % >H>C8DGEDG6I:9 =:G:>C7NG:;:G:C8: - >A:(D .G6CH>I>DC6C9 DCHJAI>C<<G::B:CI7:IL::CI=: DBE6CN6C 9$ '>I8=:AA DAAD;; 96I:9'6N ;>A:9'6N 6H M=>7>I IDI=: DBE6CNWH DGB % >H >C8DGEDG6I:9=:G:>C7NG:;:G:C8: - >A:(D DGBD;#C9:BC>;>86I>DC<G::B:CI6EEGDK:97NI=:H=6G:=DA 9:GHD;I=: DBE6CN6C9 :CI:G:9>CID7:IL::CI=: DBE6CN6C9>IH9>G:8IDGH6C9:M:8JI>K:D;;>8:GH ;>A:9 '6G8= 6H M=>7>I IDI=: DBE6CNWH DGB %;DGI=:N:6G:C9:9 :8:B7:G >H>C8DGEDG6I:9=:G:>C7NG:;:G:C8: - >A:(D -JBB6GN-=::ID; M:8JI>K: 6H= DBE:CH6I>DC ;>A:9 :7GJ 6GN 6H M=>7>I IDI=: DBE6CNWH DGB % >H>C8DGEDG6I:9=:G:>C7NG:;:G:C8: - >A:(D -JBB6GN-=::ID; >G:8IDG DBE:CH6I>DC .=: DBE6CNWH A:M>7A:-ID8@*A6C 6B:C9:96C9G:HI6I:9 :;;:8I>K:6HD;'6N ;>A:9'6G8= 6H6CEE:C9>MIDI=: DBE6CNWH*GDMN-I6I:B:CI >H >C8DGEDG6I:9=:G:>C7NG:;:G:C8: - >A:(D DGBD;(DC +J6A>;>:9-ID8@)EI>DCL6G9<G::B:CIEJGH J6CIIDI=: DBE6CNWH A:M>7A:-ID8@*A6C ;>A:9(DK:B7:G 6H M=>7>I IDI=: DBE6CNWH DGB % >H>C8DGEDG6I:9=:G:>C7NG:;:G:C8: - >A:(D DGBD;*:G;DGB6C8:-ID8@/C>IL6G9<G::B:CIEJG HJ6CIIDI=: DBE6CNWH A:M>7A:-ID8@*A6C ;>A:9 :7GJ6GN 6H M=>7>I IDI=: DBE6CNWH DGB % >H>C8DGEDG6I:9=:G:>C7NG:;:G:C8: - >A:(D DGBD;*:G;DGB6C8:-ID8@/C>IL6G9<G::B:CIEJG HJ6CIIDI=: DBE6CNWH A:M>7A:-ID8@*A6C ;>A:9 :7GJ6GN 6H M=>7>I IDI=: DBE6CNWH DGB % >H>C8DGEDG6I:9=:G:>C7NG:;:G:C8: - >A:(D #CI:G>B*:G;DGB6C8:-ID8@/C>IL6G9<G::B:CI7:I L::CI=: DBE6CN6C9%6GA ! !A6HHB6C :;;:8I>K:'6N ;>A:9'6N 6H M=>7>I IDI=: DBE6CNWH DGB % >H>C8DGEDG6I:9=:G:>C7NG:;:G:C8: - >A:(D DGBD;*:G;DGB6C8:-ID8@/C>IL6G9<G::B:CIEJG HJ6CIIDI=: DBE6CNH A:M>7A:-ID8@*A6C ;>A:9 :7GJ6GN 6H M=>7>I IDI=: DBE6CNH DGB % >H>C8DGEDG6I:9=:G:>C7NG:;:G:C8: - >A:(D DGBD; >G:8IDG,:HIG>8I:9-ID8@<G::B:CIEJGHJ6CIID I=: DBE6CNWH A:M>7A:-ID8@ *A6C69DEI:9 :7GJ6GN ;>A:9 :7GJ6GN 6H M=>7>I IDI=: DBE6CNH DGB % >H>C8DGEDG6I:9=:G:>C7NG:;:G:C8: - >A:(D DGBD; >G:8IDG,:HIG>8I:9-ID8@/C>IL6G9<G::B:CI EJGHJ6CIIDI=: DBE6CNWH A:M>7A:-ID8@*A6C ;>A:9 :7GJ6GN 6H M=>7>I IDI=: DBE6CNH DGB %;DGI=:N:6G:C9:9 :8:B7:G >H>C8DGEDG6I:9=:G:>C7NG:;:G:C8: - >A:(D DGBD;,:HIG>8I:9-ID8@/C>IL6G9<G::B:CIEJGHJ6CIIDI=: DBE6CNH A:M>7A:-ID8@*A6C ;>A:9 :7GJ6GN 6H M=>7>I IDI=: DBE6CNWH DGB % >H>C8DGEDG6I:9=:G:>C7NG:;:G:C8: - >A:(D .=: DBE6CNWH%:N);;>8:GH#C8:CI>K:*A6C 6B:C9:96C9G: HI6I:9 :;;:8I>K: :7GJ6GN ;>A:9 :7GJ6GN 6H M=>7>I IDI=: DBE6CNWH DGB % >H >C8DGEDG6I:9=:G:>C7NG:;:G:C8: - >A:(D DBE6CNWH%:N);;>8:GH#C8:CI>K:*A6C :;;:8I>K:$JC: ;>A:9$JC: 6H M=>7>I IDI=: DBE6CNWH DGB % >H>C8DGEDG6I:9=:G:>C7NG:;:G:C8: - >A: (D I9:3:E%@ @4F>6?E6D4C:AE:@?
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Annualize: To take a measurement covering a period of less than one year and extrapolate it to cover a full year. Basis Point: A unit of measure equal to 1/100th of 1%. Business Group or Unit: An organizational subset of Leggett & Platt’s operations; there are currently 6 business groups and 13 business units (BUs). Capital Expenditure (Capex): F unds used to purchase property, plant, and equipment. Cash Equivalents: Cash in excess of daily requirements, which is invested in various financial instruments with original maturities of three months or less. CombiCore®: A semi- finished mattress composed of a ComfortCore® innerspring unit with individual foam blocks on top o f each coil and an Eco-Base® bottom. ComfortCore®: A particular design of fabric- encased innerspring coils, also known as pocket coil, sold by Leggett & Platt. Commercial Paper: Unsecured (i.e., no collateral), unregistered short-term debt that matures within 270 days. Compresse d Mattress: A mattress that is flattened, vacuum-sealed in plastic, folded, rolled, and boxed for warehousing and shipment to consumers. Often referred to as boxed beds. Content Gains: Growing our sales by placing more of our components and features into our customers’ products. Digitally Native Brands: Brands that originated online and leverage consumer insights on internet, social media, and e-commerce plat forms for brand creation, marketing, and sales. Dividend: The portion of a company's profit paid to shareholders, usually in cash . Dividend Yield: The portion of the stock price returned to shareholders annually as dividends (e qual to dividends declared divided by stock price). For example, a stock selling for $20 that pays shareholders $1.00 in annual dividends has a dividend yield of 5.0% (= 1.00 / 20.00). EBIT: Earnings Before Interest and TaxesTT EBIT, Adjusted: EBIT, adjusted to exclude items such as restructuring-related costs, impairments, gains or losses on sale, litigation accruals, etc. We make these adjustments to aid investors’ awareness of underlying operational profitability. EBIT Margin: EBIT divided by sales; equal to the amount of EBIT earned per dollar of sales. EBIT Margin, Adjusted: EBIT, Adjusted divided by sales. EBITDA: EBIT + Depreciation + Amortization EBITDA, Adjusted: EBITDA, adjusted to exclude items such as restructuring-related costs, impairments, gains or losses on sale, litigation accruals, etc. We make these adjustments to aid investors’ awareness of underlying operational profitability. EBITDA Margin, Adjusted: EBITDA, Adjusted divided by sales. Eco-Base®: A ComfortCore® innerspring unit with a robust fabric attached to the bottom, eliminating the need for customers to apply commodity base foam and saving production time and labor, waste, and chemical use. EPS: Earnings Per Share. After-tax profit divided by the weighted average number of shares of stock. For instance, a company earning $6 million, with 3 million shares of stock, has an EPS of $2 per share. EPS, Adjusted: EPS, adjusted to exclude items such as restructuring-related costs, impairments, gains or losses on sale, litigation accruals, unusual tax items, etc. We make these adjustments to aid investors’ awareness of underlying operational profitability. Equity: Another term for net worth. A company’s total assets minus total liabilities. EV: Electric VehicleVV Geo Components: Products used for ground stabilization and erosion control. GHG: Greenhouse gas Goodwill: The premium paid for an acquisition; the amount paid in excess of the fair market value of the assets acquired. Hybrid Mattress: Mattresses that combine layers of specialty foam on top of innerspring cores. Impairment: A reduction in the balance sheet value of assets to reflect current estimated fair value; typically a non-cash charge. In-Car Motion System: Certain products of our Automotive Group, including motors, actuators, and cables. Innerspring: The set of steel coil springs, bound together to form the core of a mattress. Intangible Asset: A non-financial asset lacking physical substance; examples include goodwill, customer relationships, patents, trademarks, and licenses. Investment Grade Credit Rating: A designation published by credit rating agencies that indicates lower risk associated with investing in a company’s bonds or commercial paper. Letter of Credit: A bank-issued “promise to pay” that ensures sellers that the buyer will pay. Long-Term Debt: Liability, such as a bond or a note, that matures (i.e., must be repaid) more than one year from the balance sheet date. Maker/User: Leggett & Platt’s term for a customer that makes its own components for use in the assembly of a product it manufactures. Metal Margin: The difference between the selling price of steel rod and the cost of steel scrap. Motion Mechanism: The component that enables furniture to recline, tilt, swivel, and elevate; usually made from steel. Net Debt to EBITDA, Adjusted: An indicator of financial leverage; the ratio of net debt (total debt less cash and cash equivalents) to EBITDA, Adjusted. Organic Sales: Trade sales excluding sales attributable to acquisitions and divestitures consummated within the last twelve months. Payout Ratio: The percentage of earnings that is paid to shareholders; dividends declared divided by continuing operations EPS, Adjusted. Pre-Foam Encased: A ComfortCore® innerspring unit including a rigid foam perimeter automatically attached during the innerspring assembly process and an Eco- Base® bottom. Quantum® Edge: Narrow-diameter, fabric- encased coils that form a perimeter around a ComfortCore® innerspring unit, replacing a rigid foam perimeter in a finished mattress. Restructuring and Restructuring-Related Costs: Costs including items such as employee termination, plant closure, asset relocation, and inventory write-downs. Retailer Merchandising Changes: Impactful adjustments to a retailer’s floored product assortment. Return on Invested Capital (ROIC): EBIT, Adjusted - taxes / average (debt + equity – cash); a measure of how efficiently a company uses investors’ funds to generate income. Revolving Credit: Contractual agreement to loan up to a specified amount of money, for a specified period of time; any amounts repaid can be borrowed again. Segment: A major subset of the company’s operations that contains business groups and units. Leggett reports results in three segments. Steel Rod: Commodity product produced at steel mills. Rod looks like a coil of thick wire and is rolled (or formed) from a billet (which is a long bar of steel). Rod is commonly used to make wire, reinforcing mesh, bolts, and nails. Total Shareholder Return (TSR): Total gain or loss an investor realizes from owning our stock; equal to: (Change in Stock Price + Dividends) / Initial Stock Price. Trade Sales: Overall sales to third parties net of discounts, rebates, and return of product. Also referred to as net trade sales. Value-Added Tax (VAT): A tax on the amount by which the value of a product has been increased at each stage of its production or distribution. Working Capital: Current assets minus current liabilities. Sometimes modified to exclude cash and cash equivalents, as well as current maturities of long-term debt and operating leases, to better analyze operating efficiency. GLOSSARY
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