Leggett & Platt gives hefty bonuses to top officials

Four Leggett & Platt officials received hefty Christmas retention bonuses this week, according to a filing today with the Securities and Exchange Commission.

Each of the four received a bonus that was more than their salary.

On December 27, 2025, the Human Resources and Compensation Committee and the Board of Directors of the Company approved retention agreements for a limited group of key management personnel, including the below named executive officers. 

The retention agreements were approved to ensure continuity in leadership and ongoing success of the Company. The dollar amounts to be paid to each named executive officer and the multiple of those payments compared to the named executive officers’ base salaries are found in the following table. Karl G. Glassman, the Company’s President and Chief Executive Officer, did not receive a retention agreement.

Benjamin M. Burns, EVP & CFO $ 618,000 103% (the percentage of the salary) 

J. Tyson Hagale, EVP, President – Bedding Products $ 618,000 103%

R. Samuel Smith, Jr., EVP, President – Specialized Products and Furniture, Flooring & Textile Products $ 540,750 103%

Jennifer J. Davis, EVP & General Counsel $ 630,875 128.8%

The retention agreements contain the following terms and conditions:

The retention payments will be paid in 2025, but are subject to continued employment through December 23, 2026;

The retention payments are subject to a 100% clawback if the executive voluntarily terminates employment (other than for death, Disability or Good Reason) or the Company terminates employment (for Cause) on or before May 29, 2026, and a 50% clawback after May 29, 2026 but terminating on or before December 23, 2026 on the same terms; and

The clawback provisions will terminate upon a Change in Control of the Company.