Karl G. Glassman, President and CEO of Leggett & Platt Inc., filed a Form 4 on August 27, 2026, disclosing multiple changes in beneficial ownership of common stock and derivative securities resulting from the company's merger with Somnigroup International Inc.

Key Highlights

  • Merger effective date: Transactions were reported as of August 26, 2026, the effective time of the merger between Leggett & Platt and Somnigroup International Inc.
  • Shares acquired: Glassman is reported as having deemed-acquired 1,167,344 shares of common stock (transaction code A) at $0 per share, related to assumed performance stock unit awards.
  • Shares disposed: 2,308,087.1108 shares held directly, 514,335 shares held by the Glassman Living Trust, and 29,012.486 shares held in trust under the issuer's retirement plan were each disposed of at $0 following conversion into Somnigroup rights.
  • Conversion ratio: Each Leggett share and applicable equity award was converted into the right to receive 0.1455 shares of Somnigroup common stock, or Somnigroup restricted stock units, or the cash equivalent, pursuant to the Merger Agreement.
  • Stock options converted: Two tranches of employee stock options were assumed by Somnigroup: 40,917 options (exercise price $48.88) and 55,051 options (exercise price $36.33), each converted at the 0.1455 ratio.
  • Cash-settled RSUs: 1,167,338 cash-settled restricted stock units were acquired and then disposed of at the effective time, converted into Somnigroup RSUs vesting on December 31, 2026, December 31, 2027, and December 31, 2028.
  • Post-merger beneficial ownership: Following all reported transactions, Glassman's directly and indirectly held Leggett common stock positions each show a balance of 0.

Glassman's Leggett Holdings Zeroed Out After Somnigroup Merger Closes

According to the filing, Leggett & Platt Inc. (NYSE:LEG), Somnigroup International Inc., and Sparrow Unity Corporation, a wholly owned subsidiary of Somnigroup, entered into an Agreement and Plan of Merger dated April 13, 2026. Under that agreement, Sparrow Unity Corporation merged with and into Leggett & Platt, with the effective time occurring on August 26, 2026. The filing covers the resulting changes to Glassman's beneficial ownership across multiple security types.

The filing reports that each outstanding Leggett performance stock unit for which the performance period had not yet ended was assumed by Somnigroup and converted into the right to receive 0.1455 Somnigroup restricted stock units, with performance vesting conditions "deemed achieved at 200% of target." The deemed acquisition of 1,167,344 shares reflects the portion of these assumed awards that, by their original terms, were to be settled in Leggett common stock. All directly held shares, shares held through the Glassman Living Trust, and shares held in the Leggett retirement plan trust were cancelled and converted into the right to receive 0.1455 shares of Somnigroup common stock per Leggett share, resulting in a post-transaction Leggett balance of zero across all positions.

For the two stock option tranches disposed of, the filing states that each was assumed by Somnigroup and converted into the right to purchase 0.1455 Somnigroup shares per original option, with the new exercise price equal to the original exercise price divided by 0.1455, rounded up to the nearest whole cent. The 1,167,338 cash-settled restricted stock units were simultaneously acquired and disposed of, converted into Somnigroup RSUs representing a conditional right to receive a cash payment equal to the closing price of Somnigroup common stock on each vesting date, with payments to be delivered no later than March 15 following each respective vesting date.

What Was Disclosed

This Form 4 discloses that Karl G. Glassman's entire direct and indirect beneficial ownership of Leggett & Platt common stock and related equity awards was converted into Somnigroup rights and instruments at the effective time of the merger on August 26, 2026, leaving all reported Leggett positions at zero.