Document:

Form of $2MM Offering Warrant Agreement

 Exhibit 10.7 
 CALPIAN, INC. 
 WARRANT AGREEMENT 

THIS WARRANT AGREEMENT (this “Agreement”) is made and entered into as of
                         , 201    , between and between Calpian, Inc., a Texas
corporation (the “Company”) and                      (“Holder”). 

R E C I T A L S 
 WHEREAS, the Company and Holder are parties to a Note and Warrant Purchase Agreement attached hereto (the “Purchase Agreement”), of even date herewith, relating to a Secured
Subordinated Promissory Note, also dated as of the date of this Agreement and attached hereto (the “Promissory Note”); and 
 WHEREAS, the Company has agreed to grant Holder warrants (“Warrants”) as provided in this Agreement as additional consideration in connection with the issuance of the Promissory
Note; 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereto
agree as follows: 
 A G R E E M E N T 
 1. Warrant Certificates. The Warrants shall be evidenced by warrant certificates, which shall be delivered to Holder pursuant to this Agreement (the “Warrant Certificates”) in the
forms set forth in Exhibit A attached hereto and made a part hereof, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Warrant Agreement. 

2. Right to Exercise Warrants. Each Warrant may be exercised from the date of this Agreement until five (5) years have
elapsed from the date hereof (the “Expiration Date”). Each Warrant not exercised on or before the Expiration Date shall expire. Each Warrant shall entitle its holder to purchase from the Company the number of shares of common stock
indicated in the Warrant (each such share being an “Exercise Share”) at the per share exercise price set forth on the Warrant Certificate, subject to adjustment as set forth below (the “Exercise Price”). 

  
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 The Company shall not be required to issue fractional shares of Common Stock upon the
exercise of the Warrants or to deliver Warrant Certificates which evidence fractional shares of capital stock. In the event that a fraction of an Exercise Share would, except for the provisions of this paragraph 2, be issuable upon the exercise of a
Warrant, the Company shall pay to the holder exercising the Warrant an amount in cash equal to such fraction multiplied by the current market value of the Exercise Share, or round this issuance of common stock up to nearest whole shares, at the
Company’s discretion, or the holder may waive in writing receipt of such fractional share or the cash equivalent thereof. For purposes of this paragraph 2, the current market value shall be determined as follows: 

(a) if, following the Trigger Date (as defined below), the Shares are traded in the over-the-counter market and not on any national
securities exchange and not in the NASDAQ Reporting System, the average of the mean between the last bid and asked prices per share, as reported by the National Quotation Bureau, Inc., or an equivalent generally accepted reporting service, for the
last business day prior to the date on which the Warrant is exercised, or, if not so reported, the average of the closing bid and asked prices for a Share as furnished to the Company by any member of the National Association of Securities Dealers,
Inc., selected by the Company for that purpose. 
 (b) if, following the Trigger Date, the Shares are listed or traded on a
national securities exchange or in the NASDAQ Reporting System, the closing price on the principal national securities exchange on which they are so listed or traded or in the NASDAQ Reporting System, as the case may be, on the last business day
prior to the date of the exercise of the Warrant. The closing price referred to in this Clause (b) shall be the last reported sales price or, in case no such reported sale takes place on such day, the average of the reported closing bid and
asked prices, in either case on the national securities exchange on which the Shares are then listed on in the NASDAQ Reporting System; or 
 (c) if, prior to the Trigger Date, or at any time that no such closing price or closing bid and asked prices are available, as determined in any reasonable manner as may be prescribed by the Board of
Directors of the Company, which determination shall be made and communicated to the Holder in writing within seven (7) business days of Holder’s delivery of prior written notice to the Company of Holder’s desire
to exercise the Warrant on a cashless basis hereunder. No more than three (3) business days following the Holder’s receipt of such current market value determination from the Company, the Holder may elect to exercise the Warrant, in
whole or in part, on a cashless basis based on the current market value as determined by the Company. 
 For purposes of this
Agreement and the Warrant, the “Trigger Date” shall mean the date that is one (1) year and thirty (30) days following the date that the Company has filed current “Form 10 information” with the SEC reflecting its status
as an entity that is no longer a shell company, provided that the Company is subject to the reporting requirements of section 13 or 15(d) of the Exchange Act and the Company has filed all reports and other materials required to be filed by section
13 or 15(d) of the Exchange Act, as applicable, during the 12 months preceding the Trigger Date. 
 3. Mutilated or Missing
Warrant Certificates. In case any of the Warrant Certificates shall be mutilated, lost, stolen or destroyed prior to the Expiration Date, the Company shall issue and deliver, in exchange and substitution for and upon cancellation of the
mutilated Warrant Certificate, or in lieu of and in substitution for the Warrant Certificate lost, stolen or destroyed, a new Warrant Certificate of like tenor and representing an equivalent right or interest. 

  
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 4. Reservation of Shares. The Company will at all times reserve and keep available,
free from preemptive rights, out of the aggregate of its authorized but unissued Common Stock, or its authorized and issued Common Stock held in its treasury, for the purpose of enabling it to satisfy its obligation to issue Exercise Shares upon
exercise of Warrants, the full number of Exercise Shares deliverable upon the exercise of all outstanding Warrants. 
 The
Company covenants that, upon payment of the applicable exercise price by the holder, all Exercise Shares issued upon exercise of Warrants will be validly issued, fully paid and non-assessable shares of Common Stock. 

5. Rights of Holder. The holder of a Warrant will not, by virtue of anything contained in this Warrant Agreement or otherwise,
prior to exercise of the Warrant, be entitled to any right whatsoever, either in law or equity, of a stockholder of the Company, including without limitation, the right to receive dividends or to vote or to consent or to receive notice as a
stockholder in respect of the meetings of stockholders or the election of directors of the Company of any other matter. 
 6.
Certificates to Bear Legend. The Warrants and the certificate or certificates therefore shall bear the following legend by which each holder shall be bound: 
 “THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE
REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE CORPORATION AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.” 
 The Exercise Shares and the certificate or certificates evidencing any such Exercise Shares shall bear the following legend: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THE SHARES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR PURSUANT TO
RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION THAT AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT IS AVAILABLE.” 

  
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 Certificates for Warrants or Exercise Shares, as the case may be, without such legend shall
be issued if the Warrants or Exercise Shares are sold pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Act”), or if the Company has received an opinion from counsel reasonably
satisfactory to counsel for the Company that the legend is no longer required under the Act. 
 7. Adjustment of Number of
Shares and Class of Capital Stock Purchasable. The number of Exercise Shares and class of capital stock purchasable under each Warrant are subject to adjustment from time to time as set forth in this Section 7. 

(a) Adjustment for Change in Capital Stock. If the Company: 

 

	 	(i)	pays a dividend or makes a distribution on its Common Stock, in each case, in shares of its Common Stock; 

 

	 	(ii)	subdivides its outstanding shares of Common Stock into a greater number of shares; 

 

	 	(iii)	combines its outstanding shares of Common Stock into a smaller number of shares; or 

 

	 	(iv)	makes a distribution on its Common Stock in shares of its capital stock other than Common Stock; 

 then the number and classes of Exercise Shares purchasable upon exercise of each Warrant in effect immediately prior to such action shall be adjusted so that the holder of any Warrant thereafter exercised
may receive the number and classes of shares of capital stock of the Company which such holder would have owned immediately following such action if such holder had exercised the Warrant immediately prior to such action. 

For a dividend or distribution the adjustment shall become effective immediately after the record date for the dividend or distribution.
For a subdivision, combination or reclassification, the adjustment shall become effective immediately after the effective date of the subdivision, combination or reclassification. 

If after an adjustment the holder of a Warrant upon exercise of it may receive shares of two or more classes of capital stock of the
Company, the Board of Directors of the Company shall in good faith determine the allocation of the adjusted Exercise Price between or among the classes of capital stock. After such allocation, that portion of the Exercise Price applicable to each
share of each such class of capital stock shall thereafter be subject to adjustment on terms comparable to those applicable to the Exercise Shares in this Agreement. Notwithstanding the allocation of the Exercise Price between or among shares of
capital stock as provided by this Section 7(a), a Warrant may only be exercised in full by payment of the entire Exercise Price in effect at the time of such exercise. 

  
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 (b) Consolidation, Merger or Sale of the Company. If the Company is a party to a
consolidation, merger or transfer of assets which reclassifies or changes its outstanding Common Stock, the successor corporation (or corporation controlling the successor corporation or the Company, as the case may be) shall by operation of law
assume the Company’s obligations under this Agreement. Upon consummation of such transaction, the Warrants shall automatically become exercisable for the kind and amount of securities, cash or other assets which the holder of a Warrant would
have owned immediately after the consolidation, merger or transfer if the holder had exercised the Warrant immediately before the effective date of such transaction. As a condition to the consummation of such transaction, the Company shall arrange
for the person or entity obligated to issue securities or deliver cash or other assets upon exercise of the Warrant to, concurrently with the consummation of such transaction, assume the Company’s obligations hereunder by executing an
instrument so providing and further providing for adjustments which shall be as nearly equivalent as may be practical to the adjustments provided for in this Section 7. 
 8. Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or Holder shall bind and inure to the benefit of their respective successor and assigns
hereunder. 
 9. Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts
shall for all proposes be deemed to be an original, and such counterparts shall together constitute by one and the same instrument. 
 10. Notices. All notices or other communications under this Agreement shall be in writing and shall be deemed to have been given if delivered by hand or mailed by certified mail, postage prepaid,
return receipt requested, addressed as follows: if to the Company: Calpian, Inc., 500 N. Akard Street, Suite 2850, Dallas, Texas 75201, Attn: President, and if to Holder, at the address of listed on the signature page of this Agreement or the holder
appearing on the books of the Company or the Company’s transfer agent, if any. 
 Either the Company or the holder of a
Warrant may from time to time change the address to which notices to it are to be mailed hereunder by notice in accordance with the provisions of this Section 10. 
 11. Supplements and Amendments. With the written consent of the majority in interest of holders of Warrants issued in connection with the Notes Offering as described under the Purchase Agreement,
the Company may from time to time supplement or amend this Agreement without the approval of any other holder of Warrants in order to cure any ambiguity or to be correct or supplement any provision contained herein which may be defective or
inconsistent with any other provision, or to make any other provisions in regard to matters or questions herein arising hereunder which the Company may deem necessary or desirable and which shall not materially adversely affect the interest of the
holder. 
 12. Severability. If for any reason any provision, paragraph or term of this Agreement is held to be invalid
or unenforceable, all other valid provisions herein shall remain in full force and effect and all terms, provisions and paragraphs of this Agreement shall be deemed to be severable. 

  
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 13. Governing Law and Venue. This Agreement shall be deemed to be a contract made
under the laws of the State of Texas and for all purposes shall be governed and construed in accordance with the laws of said State. Any proceeding arising under this Agreement shall be instituted in the State of Texas. 

14. Headings. Paragraphs and subparagraph headings, used herein are included herein for convenience of reference only and shall
not affect the construction of this Agreement nor constitute a part of this Agreement for any other purpose. 
 [Signature page
follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Warrant Agreement to be duly
executed, as of the date and year first above written. 
  

							
	COMPANY:	 	HOLDER:
			
	CALPIAN, INC.	 		 	
				
		 		 	By:	 	  

									
					
	By:	 	  
	 		 	Name:	 	  

									
					
	Name:	 	  
	 		 	Tax ID:	 	  

					
		 		 		 	Address:	 	  

		 		 		 		 	  

		 		 		 		 	  

  
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 Exhibit A 
 THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION
THEREOF UNDER SUCH ACT OR PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE CORPORATION AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED. 
 WARRANT TO PURCHASE SHARES 
 OF COMMON STOCK OF 

CALPIAN, INC. 
  

					
	Initial Number of Shares:	  	  
	  	
	 Initial Exercise Price:
	  	$2.00 per share	  	
	 Date of Grant:
	  	                    
    , 201  
	 Expiration Date:
	  	                    , 201_	  	

 THIS CERTIFIES THAT,
                                         
   , or any person or entity to whom the interest in this Warrant is lawfully transferred (“Holder”) is entitled to purchase the above number (as adjusted pursuant to Section 4 hereof) of fully paid and
non-assessable shares of the Common Stock (the “Common Stock”) of Calpian, Inc., a Texas corporation (the “Company), having an Exercise Price as set forth above, subject to the provisions and upon the terms and conditions set
forth herein and in the Warrant Agreement between the Company and
                                        ,
dated                                   201   (the
“Warrant Agreement”). The exercise price, as adjusted from time to time as provided herein, is referred to as the “Exercise Price.” 
 1. Term. The purchase right represented by this Warrant is exercisable, in whole or in part, at any time commencing on the Date of Grant and ending on the Expiration Date, after which time the
Warrant shall be void. 
 2. Method of Exercise; Payment; Issuance of New Warrant. Subject to Section 1 hereof, the
right to purchase Shares represented by this Warrant may be exercised by Holder, in whole or in part, for the total number of Shares remaining available for exercise by the surrender of this Warrant (with the notice of exercise form attached hereto
duly completed and executed) at the principal office of the Company and by the payment to the Company, by check made payable to the Company drawn on a United States bank and for United States funds, or by delivery to the Company of evidence of
cancellation of indebtedness of the Company to such Holder, of an amount equal to the then applicable Exercise Price per share multiplied by the number of Shares then being purchased or by net exercise pursuant to Section 6 hereof. In the event
of any exercise of the purchase right represented by this Warrant, certificates for the Shares so purchased shall be promptly delivered to Holder and, unless this Warrant has been fully exercised or has expired, a new Warrant representing the
portion of the Shares, if any, with respect to which this Warrant shall not then have been exercised shall also be promptly delivered to Holder. 

  
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 3. Exercise Price. The Exercise Price at which this Warrant may be exercised shall be
the Exercise Price, as adjusted from time to time pursuant to Section 4 hereof. 
 4. Reclassification, Reorganization,
Consolidation or Merger. In the case of any reclassification of the Shares, or any reorganization, consolidation or merger of the Company with or into another corporation (other than a merger or reorganization with respect to which the Company
is the continuing corporation and which does not result in any reclassification of the Shares), the Company, or such successor corporation, as the case may be, shall execute a new warrant providing that the Holder shall have the right to exercise
such new warrant and upon such exercise to receive, in lieu of each Share theretofore issuable upon exercise of this Warrant, the number and kind of securities, money and property receivable upon such reclassification, reorganization, consolidation
or merger by a holder of Shares for each Share. Such new warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 4 including, without limitation,
adjustments to the Exercise Price and to the number of Shares issuable upon exercise of this Warrant. The provisions of this Section 4 shall similarly apply to successive reclassifications, reorganizations, consolidations or mergers.

 5. Transferability and Negotiability of Warrant. This Warrant may not be transferred or assigned in whole or in part
without compliance with applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, if
reasonably requested by the Company). Subject to the provisions of this Section 5, title to this Warrant may be transferred in the same manner as a negotiable instrument transferable by endorsement and delivery. 

6. Net Exercise. In lieu of exercising this Warrant for cash, any time prior to the Expiration Date, the Holder may elect to
exchange this Warrant for Shares equal to the value of this Warrant by surrender of this Warrant, together with notice of such election, at the principal office of the Company, in which event the Company shall issue to the holder a number of Shares
computed using the following formula: 
 X = Y (A-B) 

A 
 Where
: 
 X= the number of Shares to be issued to the holder. 

Y= the number of Shares purchasable under this Warrant. 
 A= value per share of one Share determined in accordance with Section 2 of the Warrant Agreement. 
 B= the Exercise Price (as adjusted). 

  
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 7. Investment Intent; Accredited Investor. Holder represents and warrants to the
Company that Holder is acquiring this Warrant for investment purposes and with no present intention of distributing or reselling the Warrants or any of the Shares issuable upon exercise of the Warrant. Holder represents that it is an
“accredited investor” within the meaning of Rule 501 of Regulation D under the Securities Act (the “Act”), and at the time that the Holder seeks to exercise all or a portion of this Warrant will execute and deliver to the
Company the Investment Representation Statement that accompanies this Agreement. 
 8. Miscellaneous. The Company
covenants that it will at all times reserve and keep available, solely for the purpose of issue upon the exercise hereof, a sufficient number of Shares to permit the exercise hereof in full. Such Shares, when issued in compliance with the provisions
of this Warrant and the Company’s Certificate of Formation, will be duly authorized, validly issued, fully paid and non-assessable. No Holder of this Warrant, as such, shall, prior to the exercise of this Warrant, be entitled to vote or receive
dividends or be deemed to be a stockholder of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon Holder, as such, any rights of a stockholder of the Company or any right to vote, give or withhold
consent to any corporate action, receive notice of meetings, receive dividends or subscription rights, or otherwise. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and,
in the case of any such loss, theft or destruction, upon delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the case of any such mutilation, upon surrender and cancellation of such Warrant, the
Company at its expense will execute and deliver, in lieu thereof, a new Warrant of like date and tenor. The terms and provisions of this Warrant shall inure to the benefit of, and be binding upon, the Company and the Holder hereof and their
respective successors and assigns. This Warrant shall be governed by and construed under the laws of the State of Texas. 
  

									
	Holder:	 		 	Company:
			
	  
	 		 	CALPIAN, INC.
		 		 		 	a Texas Corporation
					
	By:	 	  
	 		 	By:	 	  

					
	Name:	 	  
	 		 		 	

  
 10 

 NOTICE OF EXERCISE 

 

	TO:	CALPIAN, INC. 

 1. The
undersigned hereby elects to purchase                      shares of the Common Stock of CALPIAN, INC. pursuant to the terms of the attached
Warrant, and tenders herewith payment of the purchase price of such shares in full, together with all applicable transfer taxes, if any. 
 2. The undersigned hereby elects to purchase                      shares of the Common Stock of
CALPIAN, INC. pursuant to the terms of the attached Warrant on a net exercise basis in accordance with Section 6. 
 3.
Please issue a certificate or certificates representing said shares of the Common Stock in the name of the undersigned or in such other name as is specified below: 

 

			
	Name:	 	  

		
	Tax ID:	 	  

		
	Address:	 	  

		 	  

		 	  

		 	  

		 	  

		
	Signed:	 	  

		
	Date:	 	  

  
 112011 Form of Performance Stock Unit Award Agreement

 Exhibit 10.1 
 2011 FORM OF PERFORMANCE STOCK UNIT 
 AWARD AGREEMENT 

[2011 – 2013] 

[Name] 
 Congratulations! On January
    , [2011], Leggett & Platt, Incorporated (the “Company”) granted you a Performance Stock Unit Award (the “Award”) under the Company’s Flexible Stock Plan (the
“Stock Plan”). The Award is granted subject to the enclosed Terms and Conditions – Performance Stock Unit Award ([2011 – 2013]) (the “Terms and Conditions”). 

You have been granted a base award of [            ] Performance Stock Units. A
percentage of your base award will vest on December 31, [2013] and will be paid out in a combination of cash and shares of the Company’s common stock, as described in the Terms and Conditions, by March 15, [2014]. 

As described in the enclosed Terms and Conditions, the payout you ultimately receive from this Award depends on how the Company’s Total Shareholder
Return ranks within our Peer Group during the [2011 – 2013] Performance Period. A percentage of your base award will vest (ranging from 0% to 175%), according to the schedule below. 

 

			
	 Percentile

Rank of

L&P TSR
	  	 Payout %

of Your

Base Award

	 25%
	  	25%
	 30%
	  	35%
	 35%
	  	45%
	 40%
	  	55%
	 45%
	  	65%
	 50%
	  	75%
	 55%
	  	95%
	 60%
	  	115%
	 65%
	  	135%
	 70%
	  	155%
	 75%
	  	175%

 By signing below, you confirm that
you understand and agree that this Award of Performance Stock Units is granted subject to the Terms and Conditions and the Stock Plan, and that the Terms and Conditions are included in this Agreement by reference. 

A Summary of the Flexible Stock Plan and the Company’s most recent Annual Report to Shareholders are available upon request to the
Corporate Human Resources Department. 
 Accepted and Agreed: 
 
                                         
                            
 Social Security
No.                                        
 
 This award letter and the enclosed materials are part of a prospectus covering securities that have been registered

 under the Securities Act of 1933. Neither the Securities and Exchange Commission nor any state securities 

commission has approved or disapproved these securities or determined if this prospectus is truthful or complete. 

  
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 2011 FORM OF PERFORMANCE STOCK UNIT 

TERMS AND CONDITIONS 
 [2011 – 2013] 
 1. Performance Period and Payout Percentage. Your payout
under this Performance Stock Unit Award (the “Award”) will depend on (i) the base award shown on your Award Agreement and (ii) the Company’s performance during the three-year period beginning
January 1, [2011] and ending December 31, [2013] (the “Performance Period”). The Company’s Total Shareholder Return (“TSR”) during the Performance Period will be compared to the TSR of similar
companies (the “Peer Group”). The Peer Group includes all the companies in the Industrial, Consumer Discretionary and Materials sectors of the S&P 500 and the S&P 400. TSR is calculated as follows and assumes dividends are
reinvested on the ex-dividend date: 
 Stock Price at End of Period – Stock Price at Beginning of Period + Reinvested
Dividends 
 Stock Price at Beginning of Period 
 Depending on how the Company’s TSR ranks within the Peer Group at the end of the Performance Period, you will earn from 0% to 175% of your base award, rounded to the nearest whole share (the
“Payout Percentage”). 
 If the Company’s TSR during the Performance Period is equal to or greater
than that of 75% of the Peer Group, your Award will pay out at 175% of the base award. If the Company’s TSR falls at the 50th percentile of the Peer Group, you will receive 75% of the base award. For performance at the 25th percentile, you will receive 25% of your base award. No payout will
be earned under your Award if the Company does not meet the 25th percentile threshold. Additional payouts are shown in the chart below. Payouts will be interpolated for TSR falling between the levels shown. 

 

			
	 Percentile

Rank of

L&P TSR
	  	 Payout %

of Your

Base Award

	 25%
	  	25%
	 30%
	  	35%
	 35%
	  	45%
	 40%
	  	55%
	 45%
	  	65%
	 50%
	  	75%
	 55%
	  	95%
	 60%
	  	115%
	 65%
	  	135%
	 70%
	  	155%
	 75%
	  	175%

 2. Vesting of Award and Form of
Payout. With the exception of early vesting for circumstances described in Sections 3 and 4, this Award will vest on [December 31, 2013] (the “Vesting Date”), as described in Section 1. Thirty-five percent (35%) of
your vested Award will be paid out in cash and the Company intends to pay out the remaining sixty-five percent (65%) in shares of the Company’s common stock, although the Company reserves the right to pay up to one hundred percent
(100%) of the vested Award in cash. The portion of the Award that is paid in cash is referred to as the “Cash Portion,” and the portion of the Award that is paid in shares of the

  
 2 

 
Company’s common stock is referred to as the “Stock Portion.” Your vested Award will be paid out as soon as reasonably practicable following the end of the Performance
Period but in no event later than [March 15, 2014] (the “Payout Date”). On the Payout Date, the Company will issue to you (i) one share of the Company’s common stock for each vested Performance Stock Unit comprising the
Stock Portion of your Award, subject to reduction for tax withholding, and (ii) a check with a gross value equal to the closing market price of the Company’s common stock on the last business day of the Performance Period (or the date of
the Change of Control if Section 4 applies) times the number of vested Performance Stock Units comprising the Cash Portion of your Award, subject to reduction for tax withholding. As described in Section 7, the Company will withhold from
both the Stock and Cash Portions of your payout any amount required to satisfy applicable tax withholding requirements. 
 3. Termination
of Employment. 
  

	 	a.	Except as provided in Section 3(b), if your employment is terminated for any reason before the Vesting Date, your right to this Award will terminate immediately
upon such termination of employment. Termination of employment and similar terms when used in this Award refer to a termination employment that constitutes a separation from service within the meaning of Section 409A of the Internal Revenue
Code. 

  

	 	b.	If your termination of employment during the Performance Period is due to Retirement (as defined below), death, or Disability (as defined below), you will receive a pro
rata number of shares following the end of the Performance Period for each full calendar year prior to your termination. 

 “Retirement” means you voluntarily quit (i) on or after age 65, or (ii) on or after age 55 if you have at least 20 years of service with the Company or any company
or division acquired by the Company. 
 “Disability” means the inability to substantially perform your duties
and responsibilities by reason of any accident or illness that can be expected to result in death or to last for a continuous period of not less than one year; provided, however, the Award shall continue to vest for 18 months after Disability
begins. 
  

	 	c.	The employment relationship will be treated as continuing intact while you are on military, sick leave or other bona fide leave of absence if (i) the
Company does not terminate the employment relationship or (ii) your right to re-employment is guaranteed by statute or by contract. 

 4. Change in Control. If, during the Performance Period, a Change in Control of the Company (as defined in the Flexible Stock Plan) occurs and your employment is terminated either
(i) by the Company (for reasons other than Disability or Cause, as defined below) or (ii) by you for Good Reason, then the Company (or its successor) will issue to you 175% of your Base Award, within thirty (30) days following your
termination of employment (subject to delay until the first day of the first month that is more than six months following your separation from service to the extent required in Section 16.7 of the Stock Plan, if you are a specified employee
within the meaning of Section 409A of the Internal Revenue Code). 
  

	 	a.	Termination by Company for “Cause”. Termination for “Cause” under this Agreement shall be limited to the following:

  

	 	i.	Your conviction of any crime involving money or other property of the Company or any of its affiliates (including entering any plea bargain admitting criminal guilt),
or a conviction of any other crime (whether or not involving the Company or any of its affiliates) that constitutes a felony in the jurisdiction involved; or 

  
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	 	ii.	Your willful act or omission involving fraud, misappropriation, or dishonesty that (i) causes material injury to the Company or (ii) results in a material
personal enrichment to you at the expense of the Company; or 

  

	 	iii.	Your continued, repeated, willful failure to substantially perform your duties; provided, however, that no discharge shall be deemed for Cause under this subsection
(a) unless you first receive written notice from the Company advising you of specific acts or omissions alleged to constitute a failure to perform your duties, and such failure continues after you have had a reasonable opportunity to correct
the acts or omissions so complained of. 

 A termination shall not be deemed for Cause if, for example, the
termination results from the Company’s determination that your position is redundant or unnecessary or that your performance is unsatisfactory. 
  

	 	b.	Termination by Executive for Good Reason. You may terminate your employment for “Good Reason” by giving notice of termination to the
Company during the Performance Period following (i) any action or omission by the Company described in this Section or (ii) receipt of notice from the Company of the Company’s intention to take any such action or engage in any such
omission. 

 The actions or omissions which may lead to a termination of employment for Good Reason are as follows:

  

	 	i.	A reduction by the Company in your base salary as in effect immediately prior to the Change in Control; or 

 

	 	ii.	A change in your reporting responsibilities, titles or offices as in effect immediately prior to a Change in Control that results in a material diminution within the
Company of title, status, authority or responsibility; or 

  

	 	iii.	A failure by the Company, without providing substantially similar economic benefits, to (i) continue any cash bonus or other incentive plans substantially in the
forms in effect immediately prior to the Change in Control, or (ii) continue your participation in such plans on at least the same basis as you participated in accordance with the plans immediately prior to the Change in Control; or

  

	 	iv.	A requirement by the Company that you be based or perform your duties anywhere other than at the location immediately prior to the Change in Control, except for
required travel on the Company’s business to an extent substantially consistent with your business travel obligations immediately prior to the Change in Control; or 

  
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	 	v.	A failure by the Company to continue in effect any benefit or other compensation plan (e.g., stock ownership plan, stock purchase plan, stock option plan, life
insurance plan, health and accident plan or disability plan) in which you are participating at the time of a Change in Control (or plans providing you with substantially similar economic benefits), or the taking of any action which would adversely
affect your participation in or materially reduce your benefits under any such plans; or 

  

	 	vi.	A failure by the Company to obtain the assumption agreement to perform this Agreement by any successor as contemplated by Section 11 of this Agreement; or

  

	 	vii.	Any purported termination of your employment for Disability or for Cause that is not carried out pursuant to a notice of termination which satisfies the requirements of
Section 4(c); and for purposes of this Agreement, no such purported termination shall be effective. 

  

	 	c.	Notice of Termination. Any purported termination by the Company of your employment shall be communicated by notice of termination to the other party. A
notice of termination shall set forth, in reasonable detail, the facts and circumstances claimed to provide a basis for termination of employment under the Section so indicated. 

 

	 	d.	Date of Termination. The date your employment is terminated under Section 4 of this Agreement is called the “Date of Termination”.
In cases of Disability, the Date of Termination shall be 30 days after notice of termination is given (provided that you shall not have returned to the performance of your duties on a full-time basis during such 30-day period). If your employment is
terminated for Cause, the Date of Termination shall be the date specified in the notice of termination. If your employment is terminated for Good Reason, the Date of Termination shall be the date set out in the notice of termination.

 Any dispute by a party hereto regarding a notice of termination delivered to such party must be conveyed to the
other party within 30 days after the notice of termination is given. If the particulars of the dispute are not conveyed within the 30-day period, then the disputing party’s claims regarding the termination shall be forever deemed waived.

 5. Transferability. The Performance Stock Units may not be transferred, assigned, pledged or otherwise encumbered until the
underlying shares have been issued or settled in cash. 
 6. No Rights as Shareholder. You will not have the rights of a
shareholder with respect to the Stock Portion of the Performance Stock Units until the underlying shares have been issued. You will not have the right to vote the shares or receive any dividends that may be paid on the underlying shares prior to
issuance. 
 7. Withholding. You will recognize taxable income equal to the fair market value of the shares underlying the Stock
Portion of the Award plus the dollar value of the Cash Portion of the 

  
 5 

 
Award on the Payout Date. This amount is subject to ordinary income tax and payroll tax. The Company will withhold (at the Company’s required withholding rate) any amount required to satisfy
applicable tax laws (i) in cash from the Cash Portion of the payout and (ii) in shares from the Stock Portion of the payout. The Company, at its discretion, may allow you to pay the taxes due on the Stock Portion of the payout in cash
instead of shares if you make suitable arrangements with the Company prior to the Payout Date. 
 The income and tax withholding generated by
your payout will be reported on your W-2. If your personal income tax rate is higher than the Company’s minimum required withholding rate, you will owe additional tax on the issuance. After payment of the ordinary income tax, the shares you
receive for the Stock Portion of your payout will have a tax basis equal to the closing price of L&P stock on the Payout Date. 
 8.
Noncompetition. For two years after the Payout Date of this Award, you will not directly or indirectly (i) engage in any Competitive Activity, (ii) solicit orders from or seek or propose to do
business with any customer of the Company or its subsidiaries or affiliates (collectively, the “Companies”) relating to any Competitive Activity, or (iii) influence or attempt to influence any employee, representative or
advisor of the Companies to terminate his or her employment or relationship with the Companies. “Competitive Activity” means any manufacture, sale, distribution, engineering, design, promotion or other activity that competes with
any business of the Companies in which you were involved as an employee, consultant or agent. 
 If you violate the preceding paragraph, then
you will pay to the Company any Award Gain you realized from this Award. “Award Gain” for the Cash Portion of your Award is equal to (i) the cash paid to you on the Payout Date of this Award (including the tax
withholding), minus (ii) any non-refundable taxes paid by you as a result of the distribution. “Award Gain” for the Stock Portion of your Award is equal to (i) the number of shares distributed to you
on the Payout Date of this Award times the fair market value of L&P stock on the Payout Date (including the tax withholding), minus (ii) any non-refundable taxes paid by you as a result of the distribution. 

If any restriction in this Section is deemed unenforceable, then you and the Company contemplate that the appropriate court will reduce the scope or
other provisions and enforce the restrictions set out in this section in their reduced form. The covenants in this Section are in addition to any similar covenants under any other agreement between the Company and you. 

9. Award Not Benefit Eligible. This Award will be considered special incentive compensation and will not be included as earnings, wages,
salary or compensation in any pension, retirement, welfare, life insurance or other employee benefit plan or arrangement of the Company. 
 10.
Plan Controls; Committee. This Award is subject to all terms, provisions and definitions of the Flexible Stock Plan (the “Plan”), which is incorporated by reference. In the event of any conflict, the Plan will control
over this Award. Upon request, a copy of the Plan will be furnished to you. The Plan is administered by a committee of non-employee directors or their designees (the “Committee”). The Committee’s decisions and interpretations
with regard to this Award will be binding and conclusive. 
 11. Assignment. The Company will require any successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain such agreement prior to the 

  
 6 

 
effectiveness of any such succession shall be a breach of this Award Agreement. As used in the Award Agreement, “Company” means (i) Leggett & Platt, Incorporated,
its subsidiaries and affiliates, and (ii) any successor to its business and/or assets which executes and delivers the agreement provided for in this Section or which otherwise becomes bound by all the terms and provisions of this Award
Agreement by operation of law. 
 12. Other. In the absence of any specific agreement to the contrary, the grant of this Award to
you will not affect any right of the Company or its subsidiaries to terminate your employment or your right to resign from employment. 
 This
Award is intended to comply with the requirements of Section 162(m) of the Internal Revenue Code for performance-based compensation. 

This Award is entered into and accepted in Carthage, Missouri. The Award will be governed by Missouri law, excluding any conflicts or choice of law
provision that might otherwise refer construction or interpretation of the Award to the substantive law of another jurisdiction. 
 Any action
or proceeding arising from or related to this Award is subject to the exclusive venue and subject matter jurisdiction of the Circuit Court for Jasper County, Missouri or the United States District Court for the Western District of Missouri, and the
parties agree to submit to the jurisdiction of such Courts. The parties also waive the defense of an inconvenient forum and agree not to seek any change of venue from such Courts. 

  
 7

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