LZB supply-chain chief nets $630K in stock awards, trims taxes

Rhea-AI Filing Summary

La-Z-Boy (NYSE:LZB) filed a Form 4 disclosing that Sr. VP & Chief Supply Chain Officer Michael A. Leggett materially increased his direct stake on 23-24 Jun 2025.

• 21,056 shares acquired via equity awards (code A) at $0 cost.
• 4,473 shares surrendered for tax withholding (code F) at a weighted $38.25.
• Net addition: 16,583 shares, boosting ownership to 46,140 shares (≈56% increase).
• Estimated market value of added shares ≈ $0.63 million.
• No Rule 10b5-1 box checked; no derivative positions reported.

The transaction surpasses the 5% holdings threshold, offering a potential confidence signal to investors.

Positive

• Senior officer increased direct holdings by approximately 56% (16,583 shares), aligning incentives with shareholders

Negative

• None.

Insights

Insider Trading Analyst

16.6k-share, $0-cost award lifts exec stake 56%; mild bullish signal.

The increase stems from scheduled RSU vesting, not open-market buying, so cash commitment is minimal. Nevertheless, a 56 % jump aligns the supply-chain chief’s incentives with shareholders and raises his skin-in-the-game to 46,140 shares. At the prevailing $38 level, the additional exposure is roughly $0.63 M—meaningful relative to his prior holdings but not company-moving. Lack of a 10b5-1 plan suggests the shares could remain locked up through trading windows, limiting immediate selling pressure. Investors may see the accumulation as a modest vote of confidence, yet should temper enthusiasm because it originates from compensation, not discretionary purchase.

Corporate Governance Specialist

Material award; governance impact modest, dilution negligible.

This Form 4 reflects ordinary-course vesting under the long-term incentive plan. Share issuance adds <0.04 % to total shares, posing insignificant dilution. Tax settlement through share surrender conserves company cash and follows policy. Absence of a 10b5-1 designation means any future sales must comply with regular blackout periods, preserving oversight. The filing deepens insider ownership without introducing governance red flags or signalling strategic shifts, but it does strengthen alignment between senior management and shareholders.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Leggett Michael Adam

(Last) (First) (Middle)

ONE LA-Z-BOY DRIVE

(Street)

MONROE MI 48162

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
LA-Z-BOY INC [ LZB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Sr VP & Chief Supply Chain Off

3. Date of Earliest Transaction (Month/Day/Year)
06/23/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	06/23/2025		A		7,384	A	$0	36,941	D
Common Shares	06/23/2025		F		712	D	$38.26	36,229	D
Common Shares	06/23/2025		F		292	D	$38.26	35,937	D
Common Shares	06/23/2025		A		2,151	A	$0	38,088	D
Common Shares	06/23/2025		F		623	D	$38.26	37,465	D
Common Shares	06/23/2025		A		8,040	A	$0	45,505	D
Common Shares	06/23/2025		F		2,328	D	$38.26	43,177	D
Common Shares	06/23/2025		A		2,098	A	$0	45,275	D
Common Shares	06/23/2025		A		1,383	A	$0	46,658	D
Common Shares	06/24/2025		F		518	D	$38.14	46,140	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

	/s/ Uzma Ahmad, Attorney-in-Fact	06/25/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many shares did Michael Leggett acquire in the June 23, 2025 transactions for LZB?

He acquired 21,056 common shares through equity awards at no cost.

What is Michael Leggett's total direct ownership in LZB after the June 2025 filings?

His direct ownership stands at 46,140 common shares following the reported transactions.

Were the June 2025 LZB insider trades executed under a Rule 10b5-1 plan?

No; the Form 4 does not indicate that the transactions were made pursuant to a Rule 10b5-1 plan.

What price was used for shares withheld to cover taxes in Leggett's LZB transactions?

Shares were withheld at $38.26 and $38.14, yielding a weighted average of about $38.25 per share.

What is the estimated market value of the net shares added by LZB's supply-chain chief?

The 16,583 net shares are worth roughly $0.63 million based on the reported prices.