I'd settle for one like Leatherman produced prior to the newer one. It had loops for horizontal mounting on a belt, pull-tabs on the side pockets, an opening at the bottom for stowing the tool in the open position, and a good hook-and-loop flap closure.
Sorry for the gripe, but most good companies keep improving their products.
For no apparent reason, Leatherman chose to reduce the usefulness of their sheath.
The standard sheath they now sell has none of these features.