EXHIBIT 10.2(1)

 

November 15, 2002

 

Harry M. Cornell, Jr.

No. 1 Leggett Road

Carthage, MO 64836

 

Re:    Split-Dollar Life Insurance Policies

            Our File No.:  2-110-13

 

Dear Harry:

 

I am writing to confirm the agreement between you and Leggett & Platt,
Incorporated (the “Company”) regarding a cash payment from the Company in
exchange for life insurance coverage currently provided by the Company.

 

Under your employment agreement, the Company agreed to provide you with life
insurance coverage at least equal to the coverage provided before termination of
employment. The Company had provided you with $293,332 of life insurance
coverage under two split-dollar policies.

 

You have agreed to give up the life insurance coverage in exchange for a cash
payment of $148,110, less required withholding taxes.

 

If you are in agreement with the terms of this exchange, please return a signed
copy of this letter to me.

 

Sincerely,

 

LEGGETT & PLATT, INCORPORATED

 

/S/    ERNEST C. JETT

--------------------------------------------------------------------------------

Ernest C. Jett

Vice President, General Counsel and Secretary

 

AGREED TO:

 

/S/    HARRY M. CORNELL, JR.

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Harry M. Cornell, Jr.