Letter Agreement Regarding Termination of Split-Dollar Life Insurance Policies between Leggett & Platt, Incorporated and Harry M. Cornell, Jr.
This agreement is between Leggett & Platt, Incorporated and Harry M. Cornell, Jr. It confirms that Mr. Cornell will give up his company-provided split-dollar life insurance coverage, valued at $293,332, in exchange for a one-time cash payment of $148,110 (minus required taxes) from the company. The agreement replaces the life insurance benefit previously provided under Mr. Cornell's employment agreement. Both parties have agreed to these terms by signing the letter.
EXHIBIT 10.2(1)
November 15, 2002
Harry M. Cornell, Jr.
No. 1 Leggett Road
Carthage, MO 64836
Re: Split-Dollar Life Insurance Policies
Our File No.: 2-110-13
Dear Harry:
I am writing to confirm the agreement between you and Leggett & Platt, Incorporated (the “Company”) regarding a cash payment from the Company in exchange for life insurance coverage currently provided by the Company.
Under your employment agreement, the Company agreed to provide you with life insurance coverage at least equal to the coverage provided before termination of employment. The Company had provided you with $293,332 of life insurance coverage under two split-dollar policies.
You have agreed to give up the life insurance coverage in exchange for a cash payment of $148,110, less required withholding taxes.
If you are in agreement with the terms of this exchange, please return a signed copy of this letter to me.
Sincerely,
LEGGETT & PLATT, INCORPORATED
/S/ ERNEST C. JETT
Ernest C. Jett
Vice President, General Counsel and Secretary
AGREED TO:
/S/ HARRY M. CORNELL, JR.
Harry M. Cornell, Jr.
