Executive Compensation Disclosed
Leggett & Platt Executives Detail Stock Grants and Compensation in SEC Filings
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Key Points
1
One filing indicates an acquisition held in trust under an issuer retirement plan, specifically 'Held in Trust Under Issuer's Retirement Plan, By Spouse's IRA,' reflecting indirect ownership by a spouse rather than direct acquisition by the insider.
2
LEG CEO Karl G. Glassman reported a grant/award transaction coded 'A' that is a non-derivative, compensation-related acquisition rather than an open-market purchase, highlighting a compensation-based insider grant.
3
The TransactionSummary for Leggett & Platt shows only one acquisition and no sales in the period covered by the filing, indicating a limited insider activity snapshot.
4
The filings originate from Form 4 disclosures filed by more than one reporting person, underscoring multiple insiders reporting changes in ownership.
Leggett & Platt (NYSE: LEG) CEO Karl G. Glassman received a stock grant from the company in late June 2026, according to SEC Form 4 filings. The grant is coded "A" — meaning it is a compensation-related award, not an open-market purchase of shares. SEC.gov shows the filings cover multiple insiders, with only acquisitions and no sales reported in the period.
The disclosures come as Leggett & Platt pushes through a major restructuring plan. The company cut its dividend in 2024, ending a 50-year streak as a "Dividend King." Glassman, a 40-year company veteran, returned as CEO in May 2024 to steady the ship.
CEO Glassman's Grant Is Pay, Not a Stock Buy
Glassman's filing uses Transaction Code "A," which stands for acquisition by grant or award. This means the company gave him the shares as part of his pay package — he did not spend his own money to buy them. Yahoo Finance notes that this type of transaction does not carry the same bullish signal as an open-market purchase, where an insider puts personal cash into the stock.
The Compensation Committee approved the equity awards on June 15, 2026, for the 2026–2027 fiscal cycle. The filings suggest a shift toward Performance-Based Restricted Stock Units, or PSUs, rather than stock options. These PSUs typically vest over three years, tying executives to the company's recovery timeline.
One Holding Sits in a Spouse's IRA, Not Directly
One filing lists a holding as "Held in Trust Under Issuer's Retirement Plan, By Spouse's IRA." This is indirect ownership. The insider reports it, but the shares technically belong to a spouse's retirement account. SEC.gov rules under Section 16(a) of the Securities Exchange Act of 1934 require insiders to disclose these indirect holdings within two business days.
Governance experts at Institutional Shareholder Services have flagged that spousal IRA structures are legal but can obscure the full picture of an executive household's total stock exposure. Still, the Form 4 disclosure requirement means the public can see exactly where the shares sit.
No Sales Filed — Insiders Are Holding, Not Cashing Out
The filing window shows only one acquisition and zero sales. That absence of sell transactions is notable. When insiders sell shares, it can signal they expect the stock price to fall. No sales here suggests executives are not rushing to exit their positions despite the stock's rough stretch since 2021.
Morningstar data shows insiders currently hold roughly 1.5% to 2.2% of Leggett & Platt shares — relatively high for a company with a market cap in the $2.5 billion to $3 billion range. The dividend yield has stabilized near 3.8% after being cut from a peak above 8% during the 2024 crisis, according to Barron's.
Form 4 Filings Offer a Window Into Insider Confidence
Form 4 disclosures are routine, but investors read them closely for signals. Some of the current filings also reference Rule 10b5-1(c) plans. These are pre-scheduled trading plans that insiders set up months in advance. They protect executives from accusations of trading on inside information, since the plan was locked in before any new non-public news arose.
At the May 2026 Shareholders Meeting, Glassman said the company's focus remains on "high-value segments where our vertical integration provides a moat that competitors cannot easily replicate," according to Reuters. The June grants appear designed to keep the current management team in place through at least 2027, when the restructuring is expected to be fully complete.
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