Summary Sheet of Executive Cash Compensation & Award Formula



 EXHIBIT 10.9 
  
 Summary Sheet of Executive Cash Compensation 
 and Award Formula under the 2004 Key Officers Incentive Plan 
  
 The following table sets forth the current base salaries provided to the Company’s CEO and four most highly compensated executive officers. Salary
increases are determined annually in March. 
  

			
	 Executive Officer

	  	Current Salary


	 Felix E. Wright
	  	842,520
	 David S. Haffner
	  	716,140
	 Karl G. Glassman
	  	572,915
	 Jack D. Crusa
	  	260,000
	 Joseph D. Downes, Jr.
	  	235,000

  
 Executive officers are
also eligible to receive a bonus each year under the Company’s 2004 Key Officers Incentive Plan (filed as Exhibit 10.13). The target percentages under this plan for the Company’s CEO and four most highly compensated executive officers are
as shown in the following table. 
  

			
	 Executive Officer

	  	Target Percentage


	 Felix E. Wright
	  	70%
	 David S. Haffner
	  	60%
	 Karl G. Glassman
	  	50%
	 Jack D. Crusa
	  	44%
	 Joseph D. Downes, Jr.
	  	44%

  
 AWARD FORMULA FOR
2006 
  
 LEGGETT & PLATT, INCORPORATED

 2004 KEY OFFICERS INCENTIVE PLAN 
  
 The 2004 Key Officers Incentive Plan (“Plan”) provides cash awards to participants based on the Company’s operating results for the prior year.
Awards are calculated based on Return on Net Assets, using either the Corporate Formula or the Profit Center Formula, depending on the type of participant. 
  
 Return on Net Assets (“RONA”), as defined by the Plan, is Leggett’s return for the year on its net assets. Certain adjustments are made to Earnings
Before Interest and Taxes (EBIT) and net asset amounts reported in the Company’s Consolidated Financial Statements to determine Plan RONA. “Return” is equal to EBIT with addbacks for Management Incentive Bonus and Additional Stock
Match. “Net Assets” are total assets with the following adjustments: (i) deduction of cash and current liabilities, (ii) deduction or addback of accumulated other comprehensive income (deduction if positive, addback
if negative) reported in shareholder’s equity section of balance sheet, and (iii) quarterly averaging of all calculations. 
  
 Under both formulas, a participant’s “basic potential award” is calculated by multiplying the participant’s target percentage times his annual base
salary as of the end of the calendar year. For example, if the participant’s target percentage is 50% and his annual base salary is $300,000, his basic potential award would be $150,000 (50% x $300,000). 
  
 Award Formula for Corporate Participants 
  
 Corporate awards made under the Plan are based on the Company’s overall financial
performance during the previous year. The basic potential award for corporate participants has two components: 
  

			
	 Corporate portion
	  	90% of total award
	 Discretionary portion
	  	10% of total award

  

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 When the Company achieves at least 8% RONA in a calendar year, the corporate payout will begin at 5% and will follow the
schedule below. No awards are payable for a year when RONA falls below 8%. The total incentive payout will be limited to 4% of EBIT. 
  
 Using the schedule below, if the Company achieved a 14% RONA, the resulting corporate payout would be 65%. Using the example of a participant with a $150,000 basic
potential award, the corporate portion of his or her award would be $87,750 ($150,000 x 90% x 65%). The discretionary portion of the award would be $9,750 ($150,000 x 10% x 65%). Thus, the total award for the Corporate Participant in this example
would be $97,500 ($87,750 + $9,750). 
  
 CORPORATE PARTICIPANT
PAYOUT SCHEDULE 
  

							
	 RONA

	 	 Payout %

	 	 RONA

	 	 Payout %


	 8%
	 	5%	 	15%	 	75%
	 9%
	 	15%	 	16%	 	85%
	 10%
	 	25%	 	17%	 	100%
	 11%
	 	35%	 	18%	 	115%
	 12%
	 	45%	 	19%	 	130%
	 13%
	 	55%	 	20%	 	145%
	 14%
	 	65%	 	21%	 	165%

  
 The Compensation Committee has
established a different payout schedule for the Company’s Executive Team, consisting of the top three corporate officers. Under the Executive Team payout schedule below, no bonus is payable if RONA is below 11%. For returns between 11% and 17%,
the payout schedule mirrors that for other Corporate Participants. For returns above 17%, however, the corporate payout is higher. 
  
 Using the schedule below, if the Company achieved an 18% RONA, the resulting corporate payout for the Executive Team would be 130% (compared to 115% for other Corporate
Participants). For an Executive Team participant with a $350,000 basic potential award, the corporate portion of his or her award would be $409,500 ($350,000 x 90% x 130%). The discretionary portion of the award would be $45,500 ($350,000 x 10% x
130%). Thus, the total award for the Executive Team Corporate Participant in this example would be $455,000 ($409,500 + 45,500). 
  
 EXECUTIVE TEAM PAYOUT SCHEDULE 
  

							
	 
	 RONA

	 	 Payout %

	 	 RONA

	 	 Payout %


	 8%
	 	0%	 	15%	 	75%
	 9%
	 	0%	 	16%	 	85%
	 10%
	 	0%	 	17%	 	100%
	 11%
	 	35%	 	18%	 	130%
	 12%
	 	45%	 	19%	 	160%
	 13%
	 	55%	 	20%	 	190%
	 14%
	 	65%	 	21%	 	220%

  

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 Award Formula for Profit Center Participants 
  
 Profit Center awards are based on the budget achievement of a particular group of operating locations. The basic potential award for profit
center participants has two components: 
  

			
	 Profit Center portion
	  	75% of total award
	 Corporate and Discretionary portion
	  	25% of total award

  
 Each profit center has budgeted
operating income for the year. The profit center portion of the award is determined by the profit center’s achievement of that budget. The table below is used to determine the payout. The highlighted part of this table, for example, shows that
participants in a profit center that achieves 90% of budget would receive 80% of the profit center portion of their award. Accordingly, for a participant with a $150,000 basic potential award, the profit center portion of his or her award would be
$90,000 ($150,000 x 75% x 80%). The maximum Corporate and Discretionary portion, assuming a 65% corporate payout, would be $24,375 ($150,000 x 25% x 65%). Thus, the total award for this Profit Center Participant would be $114,375 ($90,000 +
$24,375). 
  
 PROFIT CENTER TABLE 
  

							
	 Budget %
 Achieved

	 	 Pays
 This %

	 	 Budget %
 Achieved

	 	 Pays
 This %


	 <62.5%
	 	0%	 	81%	 	62%
	 62.5%
	 	25%	 	82%	 	64%
	 63%
	 	26%	 	83%	 	66%
	 64%
	 	28%	 	84%	 	68%
	 65%
	 	30%	 	85%	 	70%
	 66%
	 	32%	 	86%	 	72%
	 67%
	 	34%	 	87%	 	74%
	 68%
	 	36%	 	88%	 	76%
	 69%
	 	38%	 	89%	 	78%
	 70%
	 	40%	 	90%	 	80%
	 71%
	 	42%	 	91%	 	82%
	 72%
	 	44%	 	92%	 	84%
	 73%
	 	46%	 	93%	 	86%
	 74%
	 	48%	 	94%	 	88%
	 75%
	 	50%	 	95%	 	90%
	 76%
	 	52%	 	96%	 	92%
	 77%
	 	54%	 	97%	 	94%
	 78%
	 	56%	 	98%	 	96%
	 79%
	 	58%	 	99%	 	98%
	 80%
	 	60%	 	3100%	 	100%

  

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