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.
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%
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.
8 comments:
How about all the other employees that have worked trying to keep things going.
This is how we Make America Great Again!
How about all the employees that work to keep things going. They took all their bonuses away and Christmas gift card because they couldn’t afford it. But here we are able to afford retention bonuses for the very people who have sat by and collected pay to watch the company go bankrupt.
I guess this means they will be sold to the company that owns Sealy and this keeps these people through the transition. The end of a locally owned company.
Could this be the beginning steps of selling the company?
Local operations are probably fixing to shut down quicker than Todd Akin's last campaign.
The local employees that actually do the work will be the last to know.
Thoughts and prayers go out.
Thank you for your attention to this matter.
The writing was on the wall five years ago
I’m 50% sure this is 100% what this means.
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