Document:

Summary Sheet for Executive Cash Compensation

 EXHIBIT 10.1 
 SUMMARY SHEET FOR EXECUTIVE CASH COMPENSATION 
 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 normally 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
	  	275,000
	 Joseph D. Downes, Jr.
	  	250,000

 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 to the Company’s Form 10-K for the year ended December 31, 2005). Bonuses are calculated pursuant to the Award Formula filed as Exhibit 10.2 to this Form 10-Q. 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

 EXHIBIT 10.2 
 AWARD FORMULA FOR 2006 
 LEGGETT & PLATT, INCORPORATED 
 2004 KEY OFFICERS INCENTIVE PLAN 
 The 2004 Key
Officers Incentive Plan (“Plan”) provides cash awards to executive officers of the Company 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 the balance sheet, and (iii) quarterly averaging of all
calculations. Acquisitions are excluded from bonus calculations during the first two years after the acquisition date. 
 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 award
for corporate participants is made up of the following: 
  

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

 The Corporate Portion is based on three factors: (1) a participant’s Salary on the last day of
the year, (2) a participant’s Incentive Percentage assigned by management, and (3) the Corporate Payout Percentage. The Discretionary Portion is based on a manager’s evaluation of the participant’s performance during
the year. When the Company achieves at least 11% RONA in a calendar year, the corporate Payout Percentage will begin at 35% and will follow the schedule below. Payout Percentages for returns that fall between whole RONA percentage points are
adjusted proportionately. No awards are payable for a year when RONA falls below 11%. The total incentive payout will be limited to 4% of EBIT. 
 The award
is calculated by multiplying a participant’s Salary, his Incentive Percentage, and the Payout Percentage. For example, assume a participant’s Salary is $300,000, his Incentive Percentage is 50% and the company achieved a 15% RONA for an
85% Payout Percentage. The participant’s award would be $127,500 ($300,000 x 50% x 85%). Of this $127,500, the Corporate Portion is 90%, or $114,750, and the Discretionary Portion is 10%, or $12,750. The Discretionary
Portion may be less than $12,750, depending on the manager’s evaluation of the participant’s performance during the year. 
  

			
	 CORPORATE PARTICIPANT PAYOUT
SCHEDULE

	 RONA
	  	 Payout %

	 8%
	  	0%
	 9%
	  	0%
	 10%
	  	0%
	 11%
	  	35%
	 12%
	  	45%
	 13%
	  	55%
	 14%
	  	65%
	 15%
	  	85%
	 16%
	  	105%
	 17%
	  	125%
	 18%
	  	145%
	 19%
	  	165%
	 20%
	  	185%

 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 12%. For returns between 12% and 16%, the payout schedule mirrors that for other Corporate Participants. For returns above 16%,
however, the Executive Team payout is higher. 
 Using the schedule below, if the Company achieved an 18% RONA, the resulting corporate payout for the
Executive Team would be 160% (compared to 145% for other Corporate Participants). For an Executive Team participant with a Salary of $700,000 and an Incentive Percentage of 50%, the award would be $560,000 ($700,000 x 50% x 160%), assuming a full
Discretionary Portion. 
  

			
	 EXECUTIVE TEAM PAYOUT
SCHEDULE

	 RONA
	  	 Payout %

	 8%
	  	0%
	 9%
	  	0%
	 10%
	  	0%
	 11%
	  	0%
	 12%
	  	45%
	 13%
	  	55%
	 14%
	  	65%
	 15%
	  	85%
	 16%
	  	105%
	 17%
	  	130%
	 18%
	  	160%
	 19%
	  	190%
	 20%
	  	220%

 Award Formula for Profit Center Participants 
 Profit Center awards are based on the budget achievement of a particular group of operating locations as well as the Company’s overall financial performance during
the previous year. The award for profit center participants is made up of the following: 
  

			
	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
based on 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 have an 80%
Profit Center Payout Percentage. The Profit Center Portion of the award is calculated by multiplying a participant’s Salary, his Incentive Percentage, and this Payout Percentage by 75%. Accordingly, for a participant with a $300,000
Salary and a 50% Incentive Percentage, the Profit Center Portion of the award would be $90,000 ($300,000 x 50% x 80% x 75%). 

 The Corporate and Discretionary Portion of the award is calculated as explained above under the Award Formula for
Corporate Participants section, with a Corporate Payout Percentage based on the Company’s RONA. Assuming the Company achieved a 15% RONA for an 85% Payout Percentage, the maximum Corporate and Discretionary Portion would be $31,875
($300,000 x 50% x 85% x 25%). 10% of this amount, or $3,188, would be discretionary based on the manager’s evaluation of the participant’s performance during the year. 
 Thus, assuming a full discretionary portion, the total award for this Profit Center Participant would be $121,875 ($90,000 + $31,875). 
  

							
	 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%	  	>100%	  	100%Description of the Company's Key Management Incentive Compensation Plan

 EXHIBIT 10.3 
 DESCRIPTION OF THE 
 LEGGETT & PLATT, INCORPORATED 
 KEY MANAGEMENT INCENTIVE PLAN 
 The Key Management
Incentive Plan (“Plan”) provides cash awards to key employees of the Company 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 the balance sheet, and (iii) quarterly averaging of all
calculations. Acquisitions are excluded from bonus calculations during the first two years after the acquisition date. 
 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 award
for corporate participants is made up of the following: 
  

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

 The Corporate Portion is based on three factors: (1) a participant’s Salary on the last day of
the year, (2) a participant’s Incentive Percentage assigned by management, and (3) the Corporate Payout Percentage. The Discretionary Portion is based on a manager’s evaluation of the participant’s performance during
the year. When the Company achieves at least 11% RONA in a calendar year, the corporate Payout Percentage will begin at 35% and will follow the schedule below. Payout Percentages for returns that fall between whole RONA percentage points are
adjusted proportionately. No awards are payable for a year when RONA falls below 11%. The total incentive payout will be limited to 4% of EBIT. 
 The award
is calculated by multiplying a participant’s Salary, his Incentive Percentage, and the Payout Percentage. For example, assume a participant’s Salary is $300,000, his Incentive Percentage is 50% and the company achieved a 15% RONA for an
85% Payout Percentage. The participant’s award would be $127,500 ($300,000 x 50% x 85%). Of this $127,500, the Corporate Portion is 90%, or $114,750, and the Discretionary Portion is 10%, or $12,750. The Discretionary
Portion may be less than $12,750, depending on the manager’s evaluation of the participant’s performance during the year. 
  

			
	 CORPORATE PARTICIPANT PAYOUT
SCHEDULE

	 RONA
	  	 Payout %

	 8%
	  	0%
	 9%
	  	0%
	 10%
	  	0%
	 11%
	  	35%
	 12%
	  	45%
	 13%
	  	55%
	 14%
	  	65%
	 15%
	  	85%
	 16%
	  	105%
	 17%
	  	125%
	 18%
	  	145%
	 19%
	  	165%
	 20%
	  	185%

 Award Formula for Profit Center Participants 
 Profit Center awards are based on the budget achievement of a particular group of operating locations as well as the Company’s overall financial performance during the previous year. The award for profit center
participants is made up of the following: 
  

			
	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
based on 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 have an 80%
Profit Center Payout Percentage. The Profit Center Portion of the award is calculated by multiplying a participant’s Salary, his Incentive Percentage, and this Payout Percentage by 75%. Accordingly, for a participant with a $300,000
Salary and a 50% Incentive Percentage, the Profit Center Portion of the award would be $90,000 ($300,000 x 50% x 80% x 75%). 
 The Corporate and
Discretionary Portion of the award is calculated as explained above under the Award Formula for Corporate Participants section, with a Corporate Payout Percentage based on the Company’s RONA. Assuming the Company achieved a 15% RONA for an
85% Payout Percentage, the maximum Corporate and Discretionary Portion would be $31,875 ($300,000 x 50% x 85% x 25%). 10% of this amount, or $3,188, would be discretionary based on the manager’s evaluation of the participant’s
performance during the year. 

 Thus, assuming a full discretionary portion, the total award for this Profit Center Participant would be $121,875
($90,000 + $31,875). 
  

							
	 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%	  	>100%	  	100%

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