Leggett & Platt SVP’s stock, units converted in merger
LEGGETT & PLATT INC (LEG) reported Form 4 activity for Tammy M. Trent, SVP and Chief Accounting Officer, tied to the closing of a merger in which Sparrow Unity Corporation, a subsidiary of Somnigroup International Inc, merged with and into Leggett.
Rhea-AI Filing Summary
LEGGETT & PLATT INC (LEG) reported Form 4 activity for Tammy M. Trent, SVP and Chief Accounting Officer, tied to the closing of a merger in which Sparrow Unity Corporation, a subsidiary of Somnigroup International Inc, merged with and into Leggett. At the effective time, 42,048 cash-settled performance-based units and 42,054 Leggett common shares linked to performance awards were deemed acquired and converted into rights over Somnigroup restricted stock units or common shares. Direct and indirect holdings of Leggett common stock, including 124,309.469 directly held shares and additional shares in a retirement plan trust and the Trent Living Trust, were disposed of to the issuer and cancelled, each converted into the right to receive 0.1455 Somnigroup shares or cash equivalents under the merger agreement, with the new Somnigroup RSUs vesting on December 31, 2026, 2027 and 2028.
Positive
- None.
Negative
- None.
Insider Trade Summary
6 transactions reported
Mixed
6 txns
Insider
TRENT TAMMY M
Role
SVP - Chief Accounting Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Cash-Settled Restricted Stock Units F5 | 42,048 | -- | -- |
| Disposition | Cash-Settled Restricted Stock Units F5 | 42,048 | -- | -- |
| Grant/Award | Common Stock F1 | 42,054 | $0.00 | $0.00 |
| Disposition | Common Stock F2 | 124,309.469 | -- | -- |
| Disposition | Common Stock F3 | 5,861.069 | -- | -- |
| Disposition | Common Stock F4 | 18,773.051 | -- | -- |
Holdings After Transaction:
Cash-Settled Restricted Stock Units — 0 contracts (Direct);
Common Stock — 0 shares (Direct);
Common Stock — 0 shares (Indirect, Held In Trust Under Issuer's Retirement Plan);
Common Stock — 0 shares (Indirect, By Trent Living Trust)
Footnotes (5)
- F1. Leggett & Platt, Incorporated (Leggett), Somnigroup International Inc (Somnigroup), and Sparrow Unity Corporation, a wholly owned subsidiary of Somnigroup (Merger Sub) entered into an Agreement and Plan of Merger, dated 4/13/26 (the Merger Agreement), pursuant to which Merger Sub merged with and into Leggett (the Merger). At the effective time of the Merger (the Effective Time), 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 restricted stock units with respect to shares of Somnigroup common stock (each, a Somnigroup RSU) on the same terms, except the performance vesting conditions were deemed achieved at 200% of target (Assumed PSU Awards). The total represents a deemed acquisition by the reporting person of Leggett shares underlying the portion of the Assumed PSU Awards that, by their original terms, were to be settled in shares of Leggett common stock.
- F2. Reflects shares of Leggett common stock, outstanding Leggett restricted stock unit awards, and the portion of the Assumed PSU Awards held by the reporting person that, by their terms, were to be settled in shares of Leggett common stock, each of which, at the Effective Time, was converted into the right to receive 0.1455 shares of Somnigroup common stock or Somnigroup RSUs, or the cash equivalent thereof, as applicable, pursuant to the terms of the Merger Agreement.
- F3. Reflects shares beneficially owned by the reporting person held in trust in the Leggett retirement plan, each of which, at the Effective Time, was cancelled and converted into the right to receive 0.1455 shares of Somnigroup common stock.
- F4. Reflects shares beneficially owned by the reporting person held by the Trent Living Trust, each of which, at the Effective Time, was cancelled and converted into the right to receive 0.1455 shares of Somnigroup common stock.
- F5. The total in columns 5 and 7 represents the portion of the Assumed PSU Awards held by the reporting person that, by their original terms, were to be settled in cash. At the Effective Time, each such Assumed PSU Award was assumed by Somnigroup and converted into a Somnigroup RSU that represents a conditional right to receive a cash payment equal to the closing price of Somnigroup common stock on the applicable vesting date. Such Somnigroup RSUs will vest on the same schedule as the Assumed PSU Awards, on December 31, 2026, December 31, 2027 and December 31, 2028, respectively, and cash payments therefor will be delivered to the reporting person no later than March 15 following the respective vesting date.
Key Figures
Cash-Settled RSUs acquired: 42,048 units
Common Stock deemed acquired from PSU awards: 42,054 shares
Direct common stock disposed: 124,309.469 shares
+5 more
8 metrics
Cash-Settled RSUs acquired
42,048 units
Cash-settled restricted stock units deemed acquired on August 26, 2026
Common Stock deemed acquired from PSU awards
42,054 shares
Leggett common shares underlying Assumed PSU Awards at the Effective Time
Direct common stock disposed
124,309.469 shares
Directly held Leggett common stock cancelled and converted at the Effective Time
Retirement plan shares disposed
5,861.069 shares
Leggett retirement plan trust shares cancelled and converted
Trent Living Trust shares disposed
18,773.051 shares
Leggett shares held by Trent Living Trust cancelled and converted
Conversion ratio
0.1455 shares
Somnigroup common shares or RSUs received per Leggett share or applicable award
Performance vesting achievement
200% of target
Performance vesting conditions deemed achieved for Assumed PSU Awards
Somnigroup RSU vesting dates
December 31, 2026; 2027; 2028
Scheduled vesting dates for Somnigroup RSUs from Assumed PSU Awards
Key Terms
Assumed PSU Awards, restricted stock units, Somnigroup RSU, Agreement and Plan of Merger, +1 more
5 terms
Assumed PSU Awards financial
"performance vesting conditions were deemed achieved at 200% of target (Assumed PSU Awards)"
restricted stock units financial
"converted into the right to receive 0.1455 restricted stock units with respect to shares"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
Somnigroup RSU financial
"converted into a Somnigroup RSU that represents a conditional right to receive"
Agreement and Plan of Merger regulatory
"entered into an Agreement and Plan of Merger, dated 4/13/26"
An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.
Effective Time regulatory
"At the effective time of the Merger (the Effective Time), each outstanding"
The exact clock time when a regulatory filing, approval, or corporate action formally becomes legally active; from that moment the change is binding and can be acted on. Investors care because the effective time marks when ownership, rights, trading rules, or new securities take effect — like a light switch turning on a contract or transaction — which determines when risks, benefits and market reactions begin.
FAQ
What insider transactions did LEG (LEGGETT & PLATT INC) report for Tammy M. Trent?
The company reported deemed acquisitions of 42,048 cash-settled units and 42,054 common shares tied to performance awards, plus dispositions of direct and indirect Leggett common stock holdings, all occurring on August 26, 2026 in connection with a merger into Somnigroup.
How were Tammy Trent’s LEG performance stock units affected by the Somnigroup merger?
Each outstanding Leggett performance stock unit was assumed by Somnigroup and converted into 0.1455 restricted stock units for Somnigroup common stock, with performance conditions deemed achieved at 200% of target for the Assumed PSU Awards, on otherwise similar terms.
What happened to Tammy Trent’s LEG common stock under the merger?
Directly and indirectly held Leggett common shares, including 124,309.469 directly held shares and additional shares in a retirement plan trust and the Trent Living Trust, were cancelled and converted into the right to receive 0.1455 Somnigroup common shares for each Leggett share.
Did Tammy Trent retain any LEG common stock after these Form 4 transactions?
Indirect holdings in the issuer’s retirement plan and the Trent Living Trust show post-transaction balances of 0.0000 shares, indicating those indirect Leggett positions were fully cancelled and converted into Somnigroup equity interests under the merger terms.
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