Amendment No. 2 to the 2004 Stock Option Plan for Key Employees of Sealy Corporation and Its Subsidiaries
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Summary
This amendment updates Sealy Corporation's 2004 Stock Option Plan for key employees. It requires that all stock option grants be made at prices no lower than the fair market value on the grant date and prohibits scheduling grants before public announcements of favorable, non-public company news. It also clarifies that the plan's committee must adjust options to prevent dilution or enlargement of rights. These changes aim to ensure fairness and transparency in the granting of stock options to employees.
EX-10.39 3 a2182279zex-10_39.htm EXHIBIT 10.39
“All Grants under this plan shall be made at exercise prices or base values that are not less than the Fair Market Value on the date of such Grant. Grants under this plan shall not be scheduled to be made in advance of public announcements of favorable non-public news concerning the Company.”
Section 8 in Sealy’s 2004 Stock option plan be and hereby is amended by replacing the words “the Committee may adjust appropriately” with the following “the Committee, in order to prevent the dilution or enlargement of rights under the Plan or outstanding Options, shall adjust appropriately”.
Exhibit 10.39
AMENDMENT NO.2 TO THE 2004 STOCK OPTION PLAN FOR KEY
EMPLOYEES OF SEALY CORPORATION AND ITS SUBSIDIARIES
ADOPTED OCTOBER 26, 2007
The first paragraph of Section 5 in Sealy’s 2004 Stock option plan be and hereby is amended by deleting the word “Such” at the beginning of the second sentence and adding the following two sentences after the current first sentence of the paragraph:
“All Grants under this plan shall be made at exercise prices or base values that are not less than the Fair Market Value on the date of such Grant. Grants under this plan shall not be scheduled to be made in advance of public announcements of favorable non-public news concerning the Company.”
Section 8 in Sealy’s 2004 Stock option plan be and hereby is amended by replacing the words “the Committee may adjust appropriately” with the following “the Committee, in order to prevent the dilution or enlargement of rights under the Plan or outstanding Options, shall adjust appropriately”.
