Leggett & Platt CFO Benjamin Burns Disposes ~363K Shares in Merger

What Happened

• Benjamin Michael Burns, Executive Vice President & CFO of Leggett & Platt (LEG), reported multiple transactions on 2026-08-26 tied to the company’s merger. The filing shows large dispositions to the issuer (cancellations/conversions) of Leggett shares and award units totaling roughly 364,294.318 shares (broken out as 362,964.991; 31.699; 1,272.939; 24.689) and additional derivative award activity (grants and dispositions of ~170,308 shares/units). A grant of 170,312 shares is reported as acquired at $0.00 — reflecting a deemed acquisition of underlying Leggett shares on conversion.
• These transactions are not open-market sales but are actions resulting from the merger with Somnigroup: outstanding Leggett shares and equity awards were assumed, converted or cancelled and replaced by Somnigroup restricted stock units (RSUs) or cash equivalents per the merger terms.

Key Details

• Transaction date: August 26, 2026. Filing date: August 27, 2026.
• Major reported dispositions to issuer: 362,964.991; 31.699; 1,272.939; 24.689 shares (total ≈364,294.318). Reported acquisitions/grants: 170,312 shares (acquired at $0.00) and a 170,308-unit derivative grant and same-day disposition.
• Prices: N/A or $0.00 for the deemed acquisition — these reflect conversion/cancellation mechanics in the merger, not market sales.
• Shares owned after transaction: The filing indicates Leggett common shares and awards were converted/cancelled and replaced by Somnigroup RSUs or cash equivalents per the merger; Leggett positions were effectively converted rather than retained as LEG stock.
• Notable footnotes: Per the Merger Agreement, Leggett PSUs with unfinished performance periods were assumed by Somnigroup and converted into Somnigroup RSUs at a conversion ratio of 0.1455 Somnigroup RSU per Leggett share, with performance vesting deemed at 200% of target. Some converted RSUs are cash-settled and vest on Dec 31 of 2026, 2027 and 2028, with payments by March 15 following each vesting date. Holdings in the retirement plan and spouse-held shares were similarly converted.
• Filing timeliness: The form was filed the business day after the transaction date; no late-filing notation is indicated.

Context

• These items reflect corporate transaction mechanics from the merger (award assumption, conversion, and cancellation) rather than insider purchases or open-market sales for cash. Derivative/award line items reflect conversion and settlement terms (including cash-settled RSUs and future vesting dates), not option exercises or immediate market dispositions.