Document:

2020 KEY OFFICERS INCENTIVE PLAN

 Exhibit 10.1 

LEGGETT & PLATT, INCORPORATED 

2020 KEY OFFICERS INCENTIVE PLAN 

SECTION 1 ESTABLISHMENT, DEFINITIONS AND ADMINISTRATION 
  

	1.1	 Establishment of the Plan. Leggett & Platt, Incorporated hereby establishes the 2020 Key
Officers Incentive Plan (the “Plan”), which shall become effective as of January 1, 2020 and shall supersede the 2019 Key Officers Incentive Plan. 

 

	1.2	 Purpose of the Plan. The purpose of the Plan is to attract, motivate, and retain the services of
participants in the Plan (“Participants”) who make significant contributions to the Company’s success by allowing them to share in that success through incentive payments based upon the Company’s performance.

  

	1.3	 Definitions. The following terms, when used in the Plan, shall have the following meanings:

  

	 	(a)	 “Award” means the incentive payment, if any, to which a Participant is entitled under the Plan
based on the attainment of one of more Performance Objectives. 

  

	 	(b)	 “Award Formula” means the formula by which the amount of an Award is determined, including the
Performance Objectives and the Performance Period. 

  

	 	(c)	 “Company” means Leggett & Platt, Incorporated or any successor thereto and also
includes the subsidiaries and affiliates of Leggett & Platt, Incorporated. 

  

	 	(d)	 “Corporate Participant” means a Participant whose Award is determined based on the
Company’s consolidated business results. 

  

	 	(e)	 “Performance Objectives” are the measures of the Company’s, one or more Profit
Centers’, or an individual’s achievement, as determined by the Committee, used to calculate attainment of an Award. 

  

	 	(f)	 “Performance Period” is the time period over which the achievement of Performance Objectives
is measured to determine the amount, if any, of a potential Award to which a Participant shall be entitled. Unless the Committee determines otherwise, the Performance Period shall be a Year. 

 

	 	(g)	 “Profit Center” means a separate operating unit or branch for which the Company budgets an
operating income for a Performance Period. 

  

	 	(h)	 “Profit Center Participant” means a Participant whose Award is determined in whole or in part
on the performance of one or more Profit Centers. 

	 	(i)	 “Target Percentage” means the percentage of a Participant’s annual base salary, as of the
last day of the Performance Period, established by the Committee to determine the potential Award for that Participant. 

  

	 	(j)	 “Year” means the calendar year. 

 

	1.4	 Administration. The Plan shall be administered by the Compensation Committee of the Company’s Board
of Directors (the “Board”), or such other committee as may be appointed by the Board (the “Committee”). The Committee shall have full and sole discretionary power and authority to administer and interpret the Plan
and to establish rules and procedures for its administration. Any interpretations or decisions of the Committee with respect to the Plan shall be final and binding. The Committee has sole discretionary responsibility and authority for:
(i) selecting Participants, (ii) setting Target Percentages, (iii) establishing Performance Objectives, Performance Periods and Award Formulas, and (iv) determining Awards. 

SECTION 2 ELIGIBILITY, PERFORMANCE OBJECTIVES AND AWARDS 
  

	2.1	 Eligibility and Participation. Eligibility for participation in the Plan shall be limited to
Section 16 Officers of the Company. The Committee will determine the Participants, designating each as either a Corporate Participant or a Profit Center Participant, before or during the applicable Performance Period. 

 

	2.2	 Performance Objectives. Awards are paid based on the achievement of one or more Performance Objectives
established by the Committee. Performance Objectives may be different for different Participants and may be based on financial measures relating to the consolidated results of the Company, financial measures relating to one or more Profit Centers,
individual measures, or non-financial metrics. 

 The Committee may at any time in
its sole discretion adjust any evaluation of performance under a Performance Objective to remove the effect of equity compensation expense under ASC 718; amortization of acquired technology and intangibles; asset write-downs; litigation or claim
judgments or settlements; the effect of changes in or provisions under tax law, accounting principles or other such laws or provisions affecting reported results; gain, loss or expense related to reorganization and restructuring programs or to the
disposal of a segment of a business; discontinued operations; non-cash impairments; results from non-operating branches; currency and hedging-related gains and losses;
gains and losses from asset disposals; any items that are outside the Company’s or Profit Center’s core, on-going business activities, or any other adjustments that the Committee determines are
necessary or advisable in order that the Performance Objectives appropriately reflect the underlying operational performance of the Company or applicable Profit Centers during the Performance Period. 

  
 2 

	2.3	 Award Formula. The Committee will establish the Award Formula that will be used to calculate Awards by
the later of (i) the date that 25% of the Performance Period has elapsed or (ii) 30 days after an individual first becomes a Participant. The Award Formula will include the Performance Objectives, the relative weighting of each, and any other
factors necessary to calculate an Award. 

  

	2.4	 Potential Award. The amount of each Participant’s Award is determined by applying the Award Formula
to a Participant’s Target Percentage of base salary in effect at the end of the Performance Period. The Committee will determine each Participant’s Target Percentage by the later of (i) the date that 25% of the Performance Period has
elapsed or (ii) 30 days after an individual first becomes a Participant. 

  

	2.5	 Determination of Final Awards. As soon as practicable after the end of the Performance Period, the
Committee will determine the final Awards, calculated solely on the basis of the attainment of Performance Objectives. The Committee shall have discretion to reduce or increase by up to 20% the Award to which a Participant would be entitled based on
achievement of the Performance Objectives. 

  

	2.6	 Maximum Award. Notwithstanding any other provision of the Plan, a Participant’s Award may not
exceed three times the Participant’s annual base salary in effect at the end of the Performance Period. 

  

	2.7	 Payment of Awards. A Participant’s Award will be paid in the manner and at the time or times
established by the Committee but in no event later than March 15th of the Year following the end of the Performance Period. Payment of an Award will be made in cash unless deferred under the Company’s Deferred Compensation Program.

  

	 	(a)	 Except as provided in Section 2.7(b) and Section 2.7(c), a Participant must be employed by the
Company on the last working day of the Performance Period to be eligible for Award payments. 

  

	 	(b)	 If a Participant’s termination of employment during the Performance Period is due to Retirement (as
defined below), the Participant will receive a pro rated Award following the end of the Performance Period for the Participant’s days of service prior to termination. 

“Retirement” means the Participant voluntarily quit (i) on or after age 65, or (ii) on or after the
date at which the combination of the Participant’s age and years of service with the Company or any company or division acquired by the Company is greater than or equal to 70 years. 

 

	 	(c)	 If a Participant’s termination of employment during the Performance Period is due to death or Disability
(as defined below), the Participant’s Award will be payable within 60 days of such event and based upon the Participant’s Target Percentage multiplied by the annual base salary in effect at the date of termination. 

  
 3 

 “Disability” means the Participant’s inability to substantially
perform 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. 
  

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

  

	2.8	 Repayment of Awards. If, within 24 months after an Award is paid, the Company is required to restate
previously reported financial results, the Committee will require all Participants to repay any amounts paid in excess of the amounts that would have been paid based on the restated financial results. The Committee will issue a written Notice of
Repayment to Participants documenting the corrected Award calculation and the amount and terms of repayment. 

  

	2.9	 Clawback. The Committee shall have the right, in its discretion, to cancel all or any portion of an
Award issued to a Participant who (a) violates any confidentiality, non-solicitation or non-compete obligations or terms of this Plan, or an employment agreement,
confidentiality agreement, separation agreement, or any other similar agreement (including without limitation the Employee Invention, Confidentiality, Non-solicitation and
Non-interference Agreement) with the Company, or (b) engages in improper conduct contributing to the need to restate any external Company financial statement, (c) commits an act of fraud or
significant dishonesty, or (d) commits a significant violation of any of the Company’s written policies (including without limitation the Business Policies Manual) or applicable laws. 

The Committee shall have the right to require a Participant to forfeit and repay to the Company all or part of the income or other benefit
received on the vesting or payment of an Award (a) in the preceding two years if, in its discretion, the Committee determines that the Participant engaged in any activity referred to in Section 2.9 and that such activity resulted in a
significant financial or reputational loss to the Company, (b) to the extent required under applicable law or securities exchange listing standards, or (c) to the extent required or permitted under any written policy of the Company dealing
with recoupment of compensation, subject to any limits of applicable law. For the purposes of the clawback, improper conduct contributing to the need to restate any external Company financial statements will always be deemed to result in a
significant loss. 
 The Committee may issue a Notice of Repayment with respect to amounts due under this Section 2.9. 

  
 4 

	2.10	 Notice of Repayment. A Participant must repay the amount specified in any Notice of Repayment. The
Committee may, in its discretion, reduce a current year Award payout as necessary to recoup any amounts outstanding under a previously issued Notice of Repayment. 

The Company’s ability to require Participant to repay the amount specified in a Notice of Repayment shall be in addition to, not in lieu
of, any equitable or legal remedies, monetary damages, or other available forms of relief to the Company. 
  

	2.11	 Restrictive Covenants. Due to the Participants’ leadership roles in the Company, they are in a
position of trust and confidence and have access to and knowledge of valuable confidential information of the Company, including business processes, techniques, plans, and strategies across the Company, trade secrets, sensitive financial and legal
information, terms and arrangements with business partners, customers, and suppliers, trade secrets, and other confidential information that if known outside the Company would cause irreparable harm to the Company. In addition, Participants may have
influence upon customer or supplier relationships, goodwill or loyalty which are valuable interests to the Company. 

During the Performance Period and for two years after the payment of any Award, a Participant 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, supplier, or vendor of the Company relating to any Competitive Activity, (iii) influence or attempt to influence any employee,
representative or advisor of the Company to terminate his or her employment or relationship with the Company, or (iv) engage in activity that may require or inevitably will require disclosure of trade secrets, proprietary information, or
confidential information. “Competitive Activity” means any manufacture, sale, distribution, engineering, design, promotion or other activity that competes with any business of the Company in which the Participant was involved during the
last two years of employment in the Restricted Territory. “Restricted Territory” means any geographic area in which any of the following occurred or existed during the last two years of the Participant’s employment with one or more of
the Companies: (i) the Participant contacted any customer, supplier or vendor, or (ii) any customer, supplier or vendor the Participant serviced or used was located, or (iii) operations for which the Participant had responsibility
sold any products, or (iv) any products the Participant designed were sold or distributed. By accepting an Award, each Participant agrees that the covenants in this Section are reasonable in time and scope and justified based on his or her
position and receipt of the Award. In the event a Participant violates the terms of this Section, the two-year term of the restrictive covenants shall be automatically extended by the period the Participant
was violating any term of this Section. 

  
 5 

 Any Participant in violation of the preceding paragraph will forfeit any Award that would
otherwise be payable to the Participant under the Plan and will pay to the Company immediately upon written demand by the Company an amount equal to (i) the amount of all Awards paid to the Participant within the two year period prior to such
violation in cash (including the tax withholding) and/or deferred by the Participant under the Deferred Compensation Program within the two year period prior to such violation, minus (ii) any
non-refundable taxes paid by the Participant as a result of the distribution. In addition, the Company shall be entitled to seek a temporary or permanent injunction or other equitable relief against the
Participant for any breach or threatened breach of this Section from any court of competent jurisdiction, without the necessity of showing any actual damages or showing money damages would not afford an adequate remedy, and without the necessity of
posting any bond or other security. Such equitable relief shall be in addition to, not in lieu of, any legal remedies, monetary damages, or other available forms of relief. 

If any restriction in this Section is deemed unenforceable, then 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 any Participant. 

SECTION 3 WITHHOLDING 
 The Company will withhold (at the
Company’s required withholding rate) any amount required to satisfy applicable tax laws in connection with the payment of any Awards. 
 SECTION
4 NO EMPLOYMENT CONTRACT 
 Participation in the Plan or receipt of an Award shall not confer upon any Participant any right to continued employment nor
shall it interfere in any way with the right of the Company to terminate the employment of any Participant at any time. 
 SECTION 5 SECTION 409A

 The Company believes that Awards issued under this Plan will be exempt from Section 409A of the Internal Revenue Code as “short-term
deferrals” within the meaning of Section 409A and the regulations thereunder. Notwithstanding anything contained in this Plan or any Award, it is intended that the Awards will at all times meet the requirements of Section 409A and any
regulations or other guidance issued thereunder, and that the provisions of this Plan and any Awards will be interpreted to meet such requirements. To the extent permitted by Section 409A, the Committee retains the right to delay a distribution
of an Award if the distribution would result in material harm to the Company. 
 SECTION 6 GOVERNING LAW 

The Plan and all Awards will be governed by Missouri law, excluding any conflicts or choice of law provision that might otherwise refer construction or
interpretation of the Plan or any Award to the substantive law of another jurisdiction. 

  
 6 

 Any action or proceeding arising from or related to the Plan or any 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. 
 SECTION 7 AMENDMENT AND TERMINATION 

The Committee may amend or terminate the Plan at any time, provided that no amendment or termination of the Plan may materially and adversely affect any
outstanding Award without the Participant’s consent. 

  
 72020 FORM OF PERFORMANCE STOCK UNIT AWARD AGREEMENT

 Exhibit 10.2 

2020 FORM OF PERFORMANCE STOCK UNIT AWARD AGREEMENT 

Relative TSR and EBIT CAGR 
 [3-Year Performance Period] 
 [Name] 

Congratulations! On _____________, [2020], Leggett & Platt, Incorporated (the “Company”) granted you a Performance Stock Unit Award
(the “Award”) under the Company’s Flexible Stock Plan (the “Plan”). The Award is granted subject to the enclosed Terms and Conditions – [2020-2022] Performance Stock Unit Award – Relative TSR and
EBIT CAGR (the “Terms and Conditions”). 
 You have been granted a base award of
[                ] Performance Stock Units. The number of PSUs for your base Award was determined by multiplying your current annual base
salary by your Award multiple (set by Senior Management and approved by the Compensation Committee) and dividing this amount by the average closing share price of the Company’s stock for the 10 trading days following the [2019] fourth quarter
earnings release. 
 A percentage of your base award will vest on December 31, [2022] and will be paid out by March 15, [2023]. Fifty percent of
your vested Award will be paid out in cash, and the Company intends to pay out the remaining 50% in shares of the Company’s common stock. 
 As
described in the Terms and Conditions, the payout you ultimately receive from this Award depends on the level of achievement of two performance objectives: 50% of your Award will vest based upon on the Company’s Total Shareholder Return
compared to our Peer Group (“Relative TSR”), and 50% of your Award will vest based upon [the Company’s] [the XXX Segment’s] compound annual growth rate of Earnings Before Interest and Taxes (“EBIT
CAGR”), according to the schedules below. 
  

							
	 Relative TSR

Percentile
	  	 Relative TSR

Vesting %
	  	 EBIT CAGR

%
	  	 EBIT CAGR

Vesting %

	 25%
	  	25%	  		  	
	 30%
	  	35%	  		  	
	 35%
	  	45%	  		  	
	 40%
	  	55%	  		  	
	 45%
	  	65%	  		  	
	 50%
	  	75%	  	2%	  	75%
	 55%
	  	100%	  	4%	  	100%
	 60%
	  	125%	  	6%	  	125%
	 65%
	  	150%	  	8%	  	150%
	 70%
	  	175%	  	10%	  	175%
	 75%
	  	200%	  	12%	  	200%

 You are not required to accept the Award. By signing below, you confirm that you understand and agree that this Award of
Performance Stock Units is granted in exchange for you agreeing to the Terms and Conditions and the Plan, that the Terms and Conditions and the Plan are included in this Agreement by reference, and that you are not otherwise entitled to the Award. A
summary of the Plan and the Company’s most recent Annual Report to Shareholders are available upon request to the Corporate Human Resources Department. 

Accepted and Agreed: 
  

					
	
                 
	 		 	Date:                                 

  

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. 

 TERMS AND CONDITIONS - PERFORMANCE STOCK UNIT AWARD 

Relative TSR and EBIT CAGR 

[2020-2022] 
  

	1.	 Performance Period. 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, or applicable Segment’s, performance during the three-year period beginning January 1, [2020]
and ending December 31, [2022] (the “Performance Period”). 

  

	2.	 Performance Objectives. The payout under this Award is based upon the level of achievement of two
performance objectives: 50% of your Award will vest based upon on the Company’s relative Total Shareholder Return (“Relative TSR”), and 50% of your Award will vest based upon the Company’s, or applicable Segment’s,
compound annual growth rate of Earnings Before Interest and Taxes (“EBIT CAGR”). 

  

	 	a.	 Relative TSR. The Company’s Total Shareholder Return (“TSR”) during the
Performance Period will be compared to the TSR of all the companies in the Industrial, Consumer Discretionary and Materials sectors of the S&P 500 and the S&P 400 (the “Peer Group”). TSR is calculated as follows and assumes
dividends are reinvested on the ex-dividend date: 

 Ending Stock Price –
Beginning Stock Price + Reinvested Dividends 
 Beginning Stock Price 

The “Beginning Stock Price” is the average closing share price of the Company’s stock for the last 20 trading days prior
to the Performance Period. The “Ending Stock Price” is the average closing share price of the Company’s stock for the last 20 trading days within the Performance Period. 

The 50% of your Award allocated to Relative TSR will vest according to the following schedule. Payouts will be interpolated for results falling
between the levels shown. 
  

			
	 Relative

TSR
 Percentile
	  	 Relative

TSR
 Vesting
%

	 <25%
	  	0%
	 25%
	  	25%
	 30%
	  	35%
	 35%
	  	45%
	 40%
	  	55%
	 45%
	  	65%
	 50%
	  	75%
	 55%
	  	100%
	 60%
	  	125%
	 65%
	  	150%
	 70%
	  	175%
	 75%
	  	200%
	 >75%
	  	200%

  
 1 

 Notwithstanding the foregoing vesting schedule, in the event that the Company’s TSR
for the Performance Period is negative (Ending Stock Price plus Reinvested Dividends is less than the Beginning Stock Price), the Relative TSR vesting percentage will be capped at 100%. 

 

	 	b.	 EBIT CAGR. EBIT CAGR during the Performance Period will be the compound annual growth rate of the total
earnings before income and taxes (“EBIT”) for the Company, or applicable Segment(s), during the third fiscal year of the Performance Period compared to the Base Year EBIT. “Base Year EBIT” is the total EBIT of
the Company, or applicable Segment, during the fiscal year immediately preceding the Performance Period. 

 The
calculation of EBIT CAGR will include results from businesses acquired during the Performance Period. EBIT CAGR will exclude results for any businesses divested during the Performance Period, and the divested businesses’ EBIT will also be
deducted from Base Year EBIT. EBIT CAGR will exclude (i) results from non-operating branches, (ii) certain currency and hedging-related gains and losses, (iii) gains and losses from asset
disposals, (iv) items that are outside the scope of the Company’s core, on-going business activities, and (v) with respect to Segments, all amounts relating to corporate allocations. EBIT CAGR
will be adjusted to eliminate gain, loss or expense, as determined in accordance with standards established under Generally Accepted Accounting Principles, (i) from non-cash impairments; (ii) related
to loss contingencies identified in footnotes to the financial statements in the Company’s 10-K relating to the fiscal year immediately preceding the Performance Period; (iii) related to the disposal
of a segment of a business; or (iv) related to a change in accounting principle. 
 The 50% of your Award allocated to EBIT CAGR will
vest according to the following schedule. Payouts will be interpolated for results falling between the levels shown. 
  

			
	 EBIT CAGR

%
	  	 EBIT CAGR

Vesting %

	 <2%
	  	0%
	 2%
	  	75%
	 4%
	  	100%
	 6%
	  	125%
	 8%
	  	150%
	 10%
	  	175%
	 12%
	  	200%
	 >12%
	  	200%

 If, during the Performance Period, your responsibilities shift due to a transfer or a corporate restructuring
(a “Reassignment”), the 50% of your Award allocated to EBIT CAGR will be reallocated as follows: 
 (i) You will have EBIT
CAGR results calculated for any full calendar year(s) during the Performance Period completed prior to the Reassignment based upon the Company, or applicable Segment(s), identified in your original Award Agreement. 

(ii) You will have EBIT CAGR results calculated for the calendar year in which the Reassignment occurs, and any subsequent calendar year(s)
during the Performance Period, based upon the Company, or applicable Segment(s), according to your responsibilities following the Reassignment. 

  
 2 

 (iii) The vesting percentage for the EBIT CAGR portion of your Award will be the weighted
average of the results calculated under paragraphs (i) and (ii). 
  

	3.	 Vesting of Award and Form of Payout. With the exception of early vesting for circumstances
described in Sections 4 and 5, this Award will vest on December 31, [2022] (the “Vesting Date”). Fifty percent (50%) of your vested Award will be paid out in cash (the “Cash Portion”), and the Company
intends to pay out the remaining fifty percent (50%) in shares of the Company’s common stock (the “Stock Portion”), although the Company reserves the right, subject to approval by the Committee (as defined below), to pay
up to one hundred percent (100%) of the vested Award in cash. 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, [2023] (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 5 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 8. 

  

	4.	 Termination of Employment. 

 

	 	a.	 Except as provided in Section 4(b), Section 4(c), and Section 5, 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 of 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), your
Award will vest at the end of the Performance Period and will be prorated for the number of days during the Performance Period prior to your termination. 

“Retirement” means you voluntarily quit (i) on or after age 65, or (ii) on or after the date at which
the combination of your age and your years of service with the Company or any company or division acquired by the Company is greater than or equal to 70 years. 
  

	 	c.	 If your termination of employment during the Performance Period is due to death or Disability (as defined
below), your Award will vest immediately at 100% of your Base Award and be payable within 60 days of such event. 

“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. 
  

	 	d.	 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. 

 

	5.	 Change in Control. If, during the Performance Period, a Change in Control of the Company
(as defined in the Flexible Stock Plan, the “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 (as
defined below), then the Company (or its successor) will issue to you 200% 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 Plan, if you are a specified employee within the meaning of Section 409A of the Internal Revenue Code). 

  
 3 

	 	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 

 

	 	ii.	 Your willful act or omission involving fraud, misappropriation, or dishonesty that (i) causes significant
injury to the Company or (ii) results in significant 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 for reasons not otherwise specified above. 

 

	 	b.	 Termination by Employee 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 material reduction in your target annual incentive opportunity as in effect immediately prior to the Change
in Control, expressed as a percentage of base salary; 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 

  
 4 

	 	v.	 A material reduction in annual target value of your long-term incentive awards as in effect immediately prior
to the Change in Control (with the value determined in accordance with generally accepted accounting standards); or 

  

	 	vi.	 A failure by the Company to obtain the assumption agreement to perform this Agreement by any successor as
contemplated by Section 13 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 5(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 5 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. 
  

	6.	 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. 

  

	7.	 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. 

 

	8.	 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 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. 

  
 5 

 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 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. 
  

	9.	 Restrictive Covenants. Due to your leadership role in the Company, you are
in a position of trust and confidence and have access to and knowledge of valuable confidential information of the Company, including business processes, techniques, plans, and strategies across the Company, trade secrets, sensitive financial and
legal information, terms and arrangements with business partners, customers, and suppliers, trade secrets, and other confidential information that if known outside the Company would cause irreparable harm to the Company. In addition, you may have
influence upon customer or supplier relationships, goodwill or loyalty which are valuable interests to the Company. 

During your employment and through 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, supplier, or vendor of the Company or its subsidiaries or affiliates (collectively, the “Companies”) relating to any
Competitive Activity, (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, or (iv) engage in activity that may
require or inevitably will require disclosure of trade secrets, proprietary information, or confidential information. “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 during the last two years of your employment in the Restricted Territory. “Restricted Territory” means any geographic area in which any of the following
occurred or existed during the last two years of your employment with one or more of the Companies: (i) you contacted any customer, supplier or vendor, or (ii) any customer, supplier or vendor you serviced or used were located, or
(iii) operations for which you had responsibility sold any products, or (iv) any products you designed were sold or distributed. You agree the covenants in this Section are reasonable in time and scope and justified based on your position
and receipt of the Award. In the event you violate the terms of this Section, the two-year term of the restrictive covenants shall be automatically extended by the period you were violating any term of this
Section. 
 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. In addition, the Company shall be entitled to seek a temporary or permanent injunction or other equitable relief against you for any breach or threatened breach of this Section from any court of competent jurisdiction, without
the necessity of showing any actual damages or showing money damages would not afford an adequate remedy, and without the necessity of posting any bond or other security. Such equitable relief shall be in addition to, not in lieu of, any legal
remedies, monetary damages, or other available forms of relief. 
 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. 

  
 6 

	10.	 Repayment of Awards. If, within 24 months after an Award is paid, the Company is required to restate
previously reported financial results, the Committee will require all Award recipients to repay any amounts paid in excess of the amounts that would have been paid based on the restated financial results. The Committee will issue a written Notice of
Repayment documenting the corrected Award calculation and the amount and terms of repayment. 

 In addition, the Committee
may require repayment of the entire Award from any Award recipients determined, in its discretion, to be personally responsible for gross misconduct or fraud that caused the need for the restatement. 

The Award recipient must repay the amount specified in the Notice of Repayment. The Committee may, in its discretion, reduce a current year
Award payout as necessary to recoup any amounts outstanding under a previously issued Notice of Repayment. 
  

	11.	 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. 

 

	12.	 Plan Controls; Committee. This Award is subject to all terms, provisions and definitions of 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. 

 

	13.	 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 Award 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 effectiveness of any such succession shall be a breach of this Award. As used in this Award, “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 by operation of law. 

  

	14.	 Section 409A. The Company believes this Award constitutes a
short-term deferral within the meaning of Section 409A of the Internal Revenue Code and the regulations thereunder. Notwithstanding anything contained in these terms and conditions, it is intended that the Award will at all times meet the
requirements of Section 409A and any regulations or other guidance issued thereunder, and that the provisions of the Award will be interpreted to meet such requirements. 

To the extent permitted by Section 409A, the Committee retains the right to delay a distribution of this Award if the distribution would
violate securities laws or otherwise result in material harm to the Company. 
  

	15.	 Data Privacy. You acknowledge and agree that the Company may collect and use your personal
information to implement and administer the Award. This personal information may include, without limitation, your: employee identification number; first and last names; home and other physical address; email addresses; telephone and fax numbers;
organization name, job title, and department name; reporting hierarchy; work history; performance ratings; and payroll information. You further acknowledge and agree that the Company may disclose such information to
non-agent third parties assisting the Company in administering Award. 

  
 7 

 Additional information concerning the Company’s collection and use of your personal
information is available in the Privacy Policy located on the Company’s intranet site. 
  

	16.	 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 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. 

  
 8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00304-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00304-of-00352.parquet"}]]