Form 4: LA-Z-BOY Senior VP Increases Stake Through Significant Equity Grants

Michael Adam Leggett, Senior Vice President and Chief Supply Chain Officer of LA-Z-BOY INC, increased his beneficial ownership of common shares by a net of 16,583 shares through recent equity grants and subsequent tax-related sales.

Summary

• Michael Adam Leggett, the Senior Vice President and Chief Supply Chain Officer of LA-Z-BOY INC (LZB), reported multiple transactions involving the company's common shares.
• On June 23, 2025, Mr. Leggett acquired a total of 21,056 common shares at a price of $0 per share, indicating these were likely equity grants or vesting of restricted stock units.
• Concurrently, on June 23 and June 24, 2025, he disposed of a total of 4,473 common shares at weighted average prices of approximately $38.26 and $38.14 per share. These dispositions are standard practice for covering tax withholding obligations associated with the equity grants.
• Following these reported transactions, Mr. Leggett's direct beneficial ownership of LA-Z-BOY common shares increased from an implied initial holding of 29,557 shares to a final holding of 46,140 shares.
• The net effect of these transactions is an increase of 16,583 shares in Mr. Leggett's beneficial ownership.

Sentiment

Score: 7

Explanation: The insider's net increase in shareholding is generally positive, indicating confidence in the company's future, despite the routine tax-related sales.

Positives

• The Senior VP & Chief Supply Chain Officer, Michael Adam Leggett, significantly increased his beneficial ownership of LA-Z-BOY common shares by a net of 16,583 shares, demonstrating continued alignment of management interests with shareholders.
• The acquisitions were at a price of $0, indicating these were equity grants or vesting of performance-based awards, which are a common and effective form of executive compensation tied to company performance.

Negatives

• A portion of the acquired shares (4,473 shares) were immediately sold to cover tax obligations, which, while a routine practice, reduces the total number of shares held by the insider compared to the gross grant.

Future Outlook

This Form 4 filing reports specific insider transactions and does not contain any forward-looking statements or guidance regarding the company's future outlook.

Industry Context

This filing details specific insider stock transactions and does not provide information related to broader industry trends or competitive landscape.

Related Party Transactions

• The reported transactions involve the acquisition and disposition of company shares by a senior executive, which are considered related party transactions under SEC regulations.

Stakeholder Impact

• Shareholders: The increase in insider ownership aligns management interests with shareholders, potentially signaling confidence in the company's future performance and value.

Key Dates

Keywords

LA-Z-BOY INC, LZB, Form 4, Insider Trading, Beneficial Ownership, Equity Grant, Stock Vesting, Executive Compensation, Michael Adam Leggett, Chief Supply Chain Officer