Leggett & Platt (LEG) EVP Jennifer Joy Davis Surrenders Shares, Receives Awards

What Happened

• On 2026-08-26, Jennifer Joy Davis, EVP and General Counsel of Leggett & Platt, reported multiple transactions tied to the company’s merger with Somnigroup. The filing shows: (1) an award/acquisition of 121,492 shares at $0.00 (deemed acquisition), (2) a disposition to the issuer of 241,269.735 Leggett shares (price N/A), (3) an award/acquisition of 121,486 derivative units (N/A), and (4) a disposition to the issuer of 121,486 derivative units (N/A). These entries reflect conversion and surrender/cancellation activity under the merger agreement rather than open-market buying or selling.

Key Details

• Transaction date: 2026-08-26; Form 4 filed 2026-08-27 (filed the next day; appears timely).
• Reported amounts: 241,269.735 shares disposed to the issuer; 121,492 shares acquired (deemed, $0.00); 121,486 derivative units acquired and 121,486 derivative units disposed (all N/A for price).
• Shares owned after transaction: filing does not state a clear remaining Leggett share count — many holdings and awards were converted into Somnigroup RSUs or cash-equivalent RSUs per the footnotes.
• Notable footnotes: Under the Merger Agreement, outstanding Leggett performance stock units (PSUs) were assumed by Somnigroup and converted into Somnigroup restricted stock units (RSUs) at 0.1455 Somnigroup RSU per Leggett award, with performance treated at 200% of target for assumed PSUs. Some awards that were originally cash-settled were converted into Somnigroup RSUs representing conditional cash payments that vest on 12/31/2026–2028 (paid by March 15 following vesting).
• Transaction type notes: Codes reported are A (award/acquisition) and D (disposition to issuer). These are corporate-merger related conversions/cancellations rather than open-market trades.

Context

• These entries appear to document the mechanical conversion, assumption, and cancellation of Leggett shares and equity awards in connection with the Somnigroup merger (per footnotes), not a personal market sale or purchase. Derivative/PSU conversions include both share-settled and cash-settled components now represented as Somnigroup RSUs with future vesting/payment schedules.