LEG Leggett and Platt Inc

On April 6, 2022, Leggett & Platt, Incorporated, through its wholly-owned subsidiary, L&P Transportation LLC (collectively the “Company”) and J. Mitchell Dolloff, the President and Chief Executive Officer of Leggett & Platt, Incorporated, entered into an aircraft time sharing agreement (the “Time Sharing Agreement”) pursuant to which Mr. Dolloff may lease certain Company aircraft with flight crew on a non-exclusive basis for personal travel for him and his guests subject to (a) the aircraft not being scheduled for business purposes and (b) Mr. Dolloff reimbursing the Company for the aggregate incremental cost of such flights, including the costs of any “deadhead” flights necessitated by such personal use.

Under the Time Sharing Agreement, the aggregate incremental cost to be reimbursed by Mr. Dolloff will be determined by the Company, but the reimbursement amount per flight will be limited by restrictions imposed by the Federal Aviation Administration as specified in the Time Sharing Agreement. These restrictions limit the reimbursement for each flight (including deadhead flights) to two times the cost of fuel, oil, lubricants and other additives for the aircraft plus certain additional expenses such as (i) food, lodging and ground transportation of the flight crew; (ii) hangar and tie-down costs; (iii) insurance obtained for the specific flight; (iv) landing fees and airport taxes; (v) customs and foreign permits; (vi) in-flight food and beverages; (vii) passenger ground transportation; and (viii) flight planning and weather contract services. Mr. Dolloff will also be responsible for any Federal transportation excise tax due with respect to the payments under the Time Sharing Agreement.

The Time Sharing Agreement may be terminated by either party by giving the other party 10 days prior written notice.

The Company will not provide tax reimbursements to Mr. Dolloff for any taxes arising from imputed income relating to his use of the Company aircraft for personal travel by him or his guests, or for any Federal transportation excise tax due under the Time Sharing Agreement.

The above description of the Time Sharing Agreement is qualified in its entirety by reference to the agreement which is attached hereto as Exhibit 10.1 and is incorporated into this Item 1.01 by reference.