Amendment No. 1 to the 2004 Stock Option Plan for Key Employees of Sealy Corporation and Its Subsidiaries
This amendment updates the 2004 Stock Option Plan for key employees of Sealy Corporation and its subsidiaries. It revises the definition of "Fair Market Value" for stock options, specifying that it will be based on the closing price of the company's common stock on the main stock exchange if actively traded, or otherwise determined in good faith by the Board or its Compensation Committee. The amendment was adopted on July 25, 2007.
Exhibit 10.1
AMENDMENT NO. 1 TO THE 2004 STOCK OPTION PLAN FOR KEY
EMPLOYEES OF SEALY CORPORATION AND ITS SUBSIDIARIES,
ADOPTED JULY 25, 2007
RESOLVED, that Sealy Corporation’s 2004 Stock Option Plan for Key Employees of Sealy Corporation and its Subsidiaries be and hereby is amended by replacing the current section 2(h) with the following:
“Fair Market Value” means the price per share equal to (i) the closing price of the Common Stock on the applicable date (the date of grant for option grants) on the principal stock exchange on which the Common Stock is at the time listed, as long as the Common Stock is actively traded on such exchange, or, (ii) if there is not active trading in the Common Stock, the fair market value of the Common Stock as determined in the good faith discretion of the Board or the Compensation Committee of the Board.
