Description of Personal Use of Corporate Aircraft by Karl G. Glassman
Exhibit 10.8
Description of Personal Use of Corporate Aircraft by Karl G. Glassman
On May 8, 2017, the Compensation Committee of the Board of Directors of Leggett & Platt, Incorporated (the Committee) adopted resolutions regarding the personal use of corporate aircraft by Karl G. Glassman, the Companys President and CEO. Following the Committees comprehensive review of the CEOs compensation package and given the location of the Companys headquarters outside of a major metropolitan area, the Committee extended this perquisite to facilitate the CEOs schedule and to enable him to more efficiently attend to Company business while traveling.
Mr. Glassmans use of corporate aircraft for personal travel by him and his guests is subject to the aircraft not being scheduled for business purposes, and is subject to an annual limit of $100,000 in aggregate incremental cost to the Company. Aggregate incremental cost includes variable direct costs associated with the personal flights by Mr. Glassman and his guests and deadhead flights necessitated by such personal use.
The Company will not provide tax reimbursements to Mr. Glassman for any taxes arising from imputed income relating to his use of the corporate aircraft for personal travel by him or his guests.