TEMPUR SEALY INTERNATIONAL, INC. (NYSE:TPX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On November 27,2017, Tempur Sealy International, Inc. (the "Company") entered into a First Amendment to Employment and Non-Competition Agreement (the “Amendment”) with Scott L. Thompson, the Company's Chairman, President and Chief Executive Officer, that amended the Employment and Non-Competition Agreement entered into between the Company and Mr. Thompson on September 4, 2015 (the “Employment Agreement”). The Amendment (i)provides for an extension of the initial term of the Employment Agreement from December 31, 2018 to December 31, 2021, (ii)provides that Mr. Thompson may make his primary place of employment in any metropolitan area in the United States where the Company has an office, including Lexington, Kentucky, Trinity, North Carolina, or Dallas, Texas and (iii)requires the amendment of six outstanding equity award agreements: the Stock Option Agreement dated as of September4, 2015, the Restricted Stock Unit Award Agreement dated as of September4, 2015, the Matching Performance Restricted Stock Unit Award Agreement dated as of September4, 2015, the Matching Performance Restricted Stock Unit Award Agreement dated as of March18, 2016, the Matching Performance Restricted Stock Unit Award Agreement dated as of May6, 2016 and the Restricted Stock Unit Award Agreement dated as of January5,2017 (collectively, the “Award Agreements”). The amendments to the Award Agreements provide the Compensation Committee of the Company's Board of Directors with additional discretion to determine whether all, part or none of the outstanding unvested equity awards should remain outstanding and continue to vest upon any “Retirement” (as defined in the amended Award Agreements) approved by the Committee as an “Approved Retirement.” The Amendment also confirms that the Company intends to enter into similar amendments with other members of management holding equity awards with similar terms. Except as described in this Item 5.02(e), all other terms of theEmployment Agreementremain unchanged. The foregoing summary of theAmendmentis qualified in its entirety by the text of theAmendment, a copy of which will be filed as an exhibit to the Company's Annual Report on Form 10-K for its fiscal year ended December 31, 2017.
About TEMPUR SEALY INTERNATIONAL, INC. (NYSE:TPX)
Tempur Sealy International, Inc. is a bedding provider. The Company develops, manufactures, markets and distributes bedding products. It operates in two segments: North America, which consists of Tempur and Sealy manufacturing and distribution subsidiaries, joint ventures and licensees located in the United States and Canada, and International, which consists of Tempur and Sealy manufacturing and distribution subsidiaries, joint ventures and licensees located in Europe, Asia-Pacific and Latin America. Its brands include TEMPUR, Tempur-Pedic, Sealy, Sealy Posturepedic, Optimum and Stearns & Foster. It sells products through over two distribution channels in each segment: retail (furniture and bedding retailers, department stores, specialty retailers and warehouse clubs), and other (direct-to-consumer through e-commerce platforms, company-owned stores and call centers, third-party distributors, hospitality and healthcare customers).