<SEC-DOCUMENT>0001193125-16-500154.txt : 20160310
<SEC-HEADER>0001193125-16-500154.hdr.sgml : 20160310
<ACCEPTANCE-DATETIME>20160310161935
ACCESSION NUMBER:		0001193125-16-500154
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160310
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160310
DATE AS OF CHANGE:		20160310

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEMPUR SEALY INTERNATIONAL, INC.
		CENTRAL INDEX KEY:			0001206264
		STANDARD INDUSTRIAL CLASSIFICATION:	HOUSEHOLD FURNITURE [2510]
		IRS NUMBER:				331022198
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31922
		FILM NUMBER:		161498029

	BUSINESS ADDRESS:	
		STREET 1:		1000 TEMPUR WAY
		CITY:			LEXINGTON
		STATE:			KY
		ZIP:			40511
		BUSINESS PHONE:		800-878-8889

	MAIL ADDRESS:	
		STREET 1:		1000 TEMPUR WAY
		CITY:			LEXINGTON
		STATE:			KY
		ZIP:			40511

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TEMPUR PEDIC INTERNATIONAL INC
		DATE OF NAME CHANGE:	20031202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TWI HOLDINGS INC
		DATE OF NAME CHANGE:	20021119
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d159588d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT
TO SECTION 13 OR 15(D) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of report (Date of earliest event reported): March&nbsp;10, 2016 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>TEMPUR SEALY INTERNATIONAL, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD WIDTH="32%"></TD></TR>


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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-31922</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>33-1022198</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1000 Tempur Way </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Lexington, Kentucky 40511 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) (Zip Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(800) 878-8889 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>N/A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or
former address, if changed since last report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Check the
appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>INTRODUCTORY COMMENT </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Throughout this Current Report on Form 8-K, the terms &#147;we,&#148; &#147;us,&#148; &#147;our&#148; and &#147;Company&#148; refer to Tempur
Sealy International, Inc. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Entry Into a Material Definitive Agreement. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Amendment to W. Timothy Yaggi&#146;s
Employment Agreement</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;10, 2016, pursuant to Section 6.3 of the Employment and Non-Competition Agreement by and between
the Company and W. Timothy Yaggi, dated as of February 4, 2013 (the &#147;Yaggi Employment Agreement&#148;), the Company and Mr. Yaggi mutually agreed to amend the Yaggi Employment Agreement (the &#147;Yaggi Amendment&#148;). The Yaggi Amendment
provides for certain technical updates to address issues under Section 409A of the Internal Revenue Code of 1986, as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
description of the Yaggi Amendment above does not purport to be complete and is qualified in its entirety by reference to the Yaggi Employment Agreement, a copy of which was filed as Exhibit 10.1 to Form 8-K filed with the Securities and Exchange
Commission (the &#147;SEC&#148;) on February 4, 2013, and the Yaggi Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.02</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Termination of a Material Definitive Agreement. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company announced on March&nbsp;10,
2016 that the Company and Mr. Yaggi have agreed that Mr. Yaggi will be leaving the Company effective March&nbsp;31, 2016. In connection with the foregoing, Mr. Yaggi and the Company entered into a letter agreement dated March&nbsp;10, 2016 (the
&#147;Separation Agreement&#148;) providing for the terms of his separation, including the payment of the $1 million retention bonus to Mr. Yaggi under the retention program adopted by the Company in June&nbsp;2015, the provision of outplacement
services, the payment of $137,622 in lieu of a pro rata portion of his 2016 bonus, the treatment of his outstanding equity awards, maintenance of welfare benefits for 12 months, non-disparagement provisions and a general release and waiver by Mr.
Yaggi of all claims. In addition, Mr. Yaggi has agreed to provide consulting services for a year after March&nbsp;1, 2016, and the Company will pay a consulting fee of $62,500 per month. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Tim Yaggi has been a valued member of the senior leadership team since he joined the Company several years ago&#148;, commented Scott
Thompson, Chairman and CEO of the Company. &#147;I would like to thank Tim for his contributions, and we wish him well as he pursues the next stage of his career.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A copy of the Yaggi Employment Agreement was filed as Exhibit 10.1 to Form 8-K filed with the SEC on February 4, 2013, and copies of the Yaggi
Amendment and the Separation Agreement are filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K, each of which is incorporated herein by reference. Mr. Yaggi&#146;s departure will be governed by the terms of the Separation Agreement,
and Mr. Yaggi&#146;s related equity awards and benefit plans. The description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the Separation Agreement. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.02</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Departure of Mr. Yaggi</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The disclosure in Item 1.02 of this Current Report on Form 8-K regarding Mr. Yaggi&#146;s departure from the Company is incorporated by
reference into this Item 5.02. </P>

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<TR>
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Exhibits </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="92%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:23.50pt; font-size:8pt; font-family:Times New Roman">Exhibit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-bottom:1.00pt solid #000000; width:37.25pt; font-size:8pt; font-family:Times New Roman">Description</P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">10.1&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Yaggi Amendment</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Separation&nbsp;Agreement</TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: March&nbsp;10, 2016 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Tempur Sealy International, Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Barry A. Hytinen</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Barry A. Hytinen</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Executive&nbsp;Vice&nbsp;President&nbsp;&amp;&nbsp;Chief&nbsp;Financial&nbsp;Officer</TD></TR>
</TABLE></DIV>

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<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:23.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Exhibit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:37.25pt; font-size:8pt; font-family:Times New Roman">Description</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Yaggi Amendment</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Separation Agreement</TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d159588dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FIRST AMENDMENT TO THE EMPLOYMENT AND NON-COMPETITION AGREEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(W. TIMOTHY YAGGI) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
FIRST AMENDMENT TO THE EMPLOYMENT AND NON-COMPETITION AGREEMENT OF W. TIMOTHY YAGGI (the &#147;<U>Amendment</U>&#148;) is effective as of the date executed below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, Tempur-Pedic International, Inc., now known as &#147;Tempur Sealy International, Inc.&#148; (the &#147;<U>Company</U>&#148;),
entered into an Employment and Non-Competition Agreement (the &#147;<U>Employment Agreement</U>&#148;) with Mr. W. Timothy Yaggi (&#147;<U>Mr. Yaggi</U>&#148; or &#147;<U>Employee</U>&#148;) effective February 4, 2013 (both the
&#147;<U>Parties</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, in conjunction with an evaluation of obligations and entitlements under the Employment
Agreement, the Company and Mr. Yaggi determined that the Employment Agreement was somewhat ambiguous as to the precise dates upon which various severance and separation compensations described in Section 3.2 thereof would be paid upon Mr.
Yaggi&#146;s separation from service with the Company; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Parties to the Employment Agreement determined that an
amendment thereto would be appropriate to clarify the time at which separation compensations would be provided and to ensure compliance with Internal Revenue Code Section 409A; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Employment Agreement provides that the Parties agree pursuant to Section 6.9 that the Employment Agreement may be amended
at any time by mutual agreement and provides pursuant to Section 6.9 that the Parties mutually agree to adopt any amendment as may be necessary to facilitate compliance with Code Section 409A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE</B>, the Parties hereto agree to amend the Employment Agreement pursuant to Section 6.9 as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. The following is added as a separate paragraph at the end of Section 3.2: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;(c) Notwithstanding the foregoing, if the release and waiver described in Section 3.2(a) or 3.2(b), as applicable, has not been executed,
delivered and become irrevocable on or before the end of the sixty (60)-day period following Employee&#146;s termination of employment with the Company, no severance benefits under Section 3.2(a)(ii), (iii) and (iv) or Section 3.2(b)(iii), as
applicable, shall be, or shall become, payable. Further, to the extent that (A) such termination of employment occurs within 60 days of the end of any calendar year, and (B) any of such payments and severance benefits constitute &#147;nonqualified
deferred compensation&#148; for purposes of Section 409A of the Internal Revenue Code, any payment of any amount, or provision of any benefit otherwise scheduled to occur prior to the 60th day following the date of Employee&#146;s termination of
employment hereunder, but for the condition on executing the severance release and waiver as set forth herein, shall not be made prior to the first day of the next calendar year, after which any remaining severance benefits shall thereafter be
provided to Employee without interest according to the applicable schedule set forth herein.&#148; </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. The following is added as a separate paragraph at the end of Section 6.9: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(e) Whenever a payment under this Agreement specifies a payment period with reference to a number of days (for example, &#147;payment shall be
made within thirty (30) days following the date of termination&#148;), the actual date of payment within the specified period shall be within the sole discretion of the Company. In no event may Employee, directly or indirectly, designate the
calendar year of any payment to be made under this Agreement, to the extent such payment is subject to Code Section 409A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS
WHEREOF, the parties have executed this Amendment to the Employment Agreement as of this 10th day of March, 2016. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">TEMPUR SEALY
INTERNATIONAL, INC.</P></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott Thompson</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Scott Thompson</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chairman and CEO</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Employee</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ W. Timothy Yaggi</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">W. Timothy Yaggi</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Tempur Sealy International, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1000 Tempur Way </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Lexington,
Kentucky 40511 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;10, 2016
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">W. Timothy Yaggi </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Tempur Sealy International, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1000 Tempur Way </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lexington, KY 40511 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Termination of Employment</U></B><B> </B> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Tim: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You and Tempur Sealy International, Inc. (the &#147;<U>Company</U>&#148;), entered into an Employment and Non-Competition Agreement dated as
of February 4, 2013 (as amended to date, the &#147;<U>Employment Agreement</U>&#148;). Each capitalized term used herein but not defined shall have the meaning ascribed to it in the Employment Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You and the Company have agreed that your employment with the Company will terminate effective March&nbsp;31, 2016.&nbsp;Because this was a
mutual decision, not directly addressed by the Employment Agreement, you and the Company have also agreed on the terms of your separation as set forth below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Accordingly, this letter agreement (the &#147;<U>Agreement</U>&#148;) will confirm our agreement as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Termination of Employment</U>.&nbsp;Your employment with the Company will terminate effective March&nbsp;31, 2016.&nbsp;You agree to
resign from all positions as officer and/or director of the Company and all of its subsidiaries effective March&nbsp;31, 2016 or sooner if requested by the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Compensation and Benefits Matters</U>. Notwithstanding any conflicting provision in the Employment Agreement: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"><U>Salary</U>. You will be entitled to payment of your Base Salary (at the rate of $690,000 per annum) through March&nbsp;31, 2016, paid in accordance with the Company&#146;s standard payroll practices.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"><U>Vacation</U>.&nbsp;You are entitled to payment for your accrued vacation time through March&nbsp;31, 2016, which we calculate as $13,269.20 as of&nbsp;March&nbsp;31, 2016. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"><U>Expense Reimbursement</U>.&nbsp;You are entitled to expense reimbursement as provided in Section 2.9 of the Employment Agreement. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"><U>Section 3.2 Payment</U>.&nbsp;You are entitled to a cash payment in the amount of $137,622, representing the amount referred to in Section 3.2(a)(ii) of the Employment Agreement, based on a termination date of
March&nbsp;31, 2016, to be paid within 5 business days after the effectiveness of the release and waiver referred to below. </TD></TR></TABLE>

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<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"><U>Retention Program</U>.&nbsp;You will be entitled to the $1,000,000 retention payment to be made pursuant to the retention program adopted in June&nbsp;2015, payable at the same time as retention payments are paid to
other qualifying executives under the program after May&nbsp;31, 2016, but not later than July&nbsp;30, 2016. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"><U>Equity Arrangements</U>.&nbsp;You will be entitled to a <U>pro</U> <U>rata</U> portion of your 2016 equity grants, based on the employment termination date of March&nbsp;31, 2016, and this remaining portion will be
subject to any remaining time based vesting and performance conditions.&nbsp;Your grant of aspirational PRSUs on October&nbsp;26, 2015 will be forfeited.&nbsp;Your other equity awards granted prior to 2016 will remain outstanding, subject to any
remaining time-based vesting and performance conditions. Your outstanding stock option awards will in certain cases have shorter exercise periods as described in <U>Annex A</U>.&nbsp;<U>Annex A</U> confirms certain details regarding your equity
incentive grants.&nbsp;You and the Company agree to execute and deliver any amendments or other documentation to further evidence this treatment of the outstanding equity awards. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"><U>Outplacement</U>. The Company will provide outplacement services for you in accordance with the Company&#146;s policy for senior executives. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"><U>Benefits Maintenance; Severance</U>.&nbsp;The Company will provide continuation of welfare plans of the Company as provided in Section 2.5 of the Employment Agreement, for 12 months after the Closing (and not two
years as provided in Section 3.2(a) of the Employment Agreement).&nbsp;The Company will not pay any severance as provided in Section 3.2(a) of the Employment Agreement. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"><U>COBRA Coverage</U>.&nbsp;You will receive a separate notice from the Company summarizing your COBRA rights. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All of the payments and benefits referred to above will be subject to any applicable withholdings.&nbsp;In addition, the payments and benefits
referred to in paragraphs (d), (e), (f), (g) and (h) above are subject to your execution and delivery of a release and waiver in the form of <U>Annex B</U> hereto, which you agree to execute and deliver on April&nbsp;1, 2016. Except as set forth
above in this Section 2, you will not be entitled to any other compensation or benefits after March&nbsp;31, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Consulting</U>.
(a) You agree to provide consulting services from time to time from April&nbsp;1, 2016 through March&nbsp;31, 2017 (the &#147;<U>Consulting Period</U>&#148;). The services to be provided will include being reasonably available by phone and email for
consultation on transition matters, providing information to other members of the senior management team, reviewing plant performance and other operating issues as requested by the Company&#146;s CEO, and such other consulting services requested by
the Company&#146;s CEO. Unless you otherwise agree you will not be required to travel to provide these consulting services, and will not be required to work a minimum number of hours every month. If during the Consulting Period you start employment
with another employer, the Company will make reasonable accommodations to ensure that the provision of these services does not unreasonably interfere with your new position, and the Company will continue the payments referred to in paragraph (b)
below for the remainder of the Consulting Period. You agree to comply with all written policies of the Company applicable to consultants. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In consideration for the consulting services, during the Consulting Period the Company will
pay you consulting fees in the amount of $62,500 per month, payable monthly in arrears and subject to any applicable withholding. The Company retains the right to terminate the consulting services for any reason, subject to the Company&#146;s
obligations to pay all fees that would otherwise have become payable during the remainder of the Consulting Period in a lump sum within 30 days of such termination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Non-Disparagement</U>.&nbsp;The Company agrees that it will not issue any press release or authorize any person make any official public
statement that disparages you; <U>provided</U> <U>however</U>, that nothing in the foregoing shall be deemed to prevent the Company from complying with its disclosure obligations under applicable law, legal process, subpoena, the rules of any stock
exchange, or legal requirement or as part of a response to an request for information from any governmental authority with jurisdiction over the party from whom information is sought.&nbsp;You agree that you will not issue any press release or make
any other public statements that disparage the Company; <U>provided</U> <U>however</U>, that nothing in the foregoing shall be deemed to prevent you from complying with your disclosure obligations under applicable law, legal process, subpoena, the
rules of any stock exchange, or legal requirement or as part of a response to an request for information from any governmental authority with jurisdiction over the party from whom information is sought. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Notice</U>.&nbsp;You agree you will promptly provide the Company a new address for any notices to be delivered pursuant to Section 6.1
of the Employment Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Miscellaneous</U>.&nbsp;This Agreement, together with the Employment Agreement (as modified hereby),
the Release and Waiver that is <U>Annex B</U> hereto, and the surviving equity award agreements referred to in <U>Annex A</U> constitute the entire understanding and the full and complete agreement of the parties and supersede and replace any prior
understanding and agreements among the parties with respect to the subject matter hereof. The provisions of Article V (&#147;Agreement to Submit All Existing or Future Disputes to Binding Arbitration&#148;), Section 6.3 (&#147;Miscellaneous&#148;),
Section 6.4 (&#147;Assignability&#148;), Section 6.5 (&#147;Severability&#148;), Section 6.6 (&#147;Waiver of Breach&#148;), Section 6.7 (&#147;Governing Law; Jurisdiction; Construction&#148;) and Section 6.9 (&#147;Tax Compliance&#148;), of the
Employment Agreement will apply to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>No Wrongdoing by You or the Company</U>.&nbsp;It is understood and agreed by the
parties to this Agreement that nothing in this Agreement or the Employment Agreement constitutes an admission of any liability, violation of law or wrongdoing of any kind or nature whatsoever on the part of either the Company or you. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Consideration</U>.&nbsp;You acknowledge that you have been advised to consult with an attorney of your choice prior to signing this
Agreement; and that you have been given at least twenty-one (21) days to review and consider the contents of this Agreement, but that you may choose to execute the Agreement sooner.&nbsp;You further acknowledged that this Agreement is being signed
by you knowingly and voluntarily without coercion or duress and that it is revocable for a seven (7) day period after execution, after which it will become automatically effective and enforceable without any further act by you unless specifically
revoked by you during such seven (7) day period.&nbsp;You understand that the payments and benefits outlined in this Agreement and any other consideration hereunder (other than payment of Base Salary through March&nbsp;31, 2016 and reimbursement of
expenses), are conditional upon your execution of this Agreement and will not be paid until after the seven (7) day revocation period has expired. You further agree and understand that if you revoke, attempt to revoke or otherwise breach this
Agreement, you must return to the Company the full amount of any amounts (other than payments of Base Salary through March&nbsp;31, 2016 and reimbursement of expenses) received or provided to you as set forth above or in the Employment Agreement,
without offset for any reason at the time of revocation or breach. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Survival of Certain Employment Agreement Provisions</U>.&nbsp;We would also like to take
this opportunity to remind you that, notwithstanding the termination of your employment with the Company, certain of your obligations under the Employment Agreement and other agreements that you may have signed during your employment with the
Company continue. These obligations include, but may not be limited to, obligations relating to Confidential Information and Trade Secrets, as well as non-competition and non-solicitation, as set forth in Article IV of the Employment Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Reports to Government Entities</U>.&nbsp;Nothing in this Agreement, including the Non-Disparagement clause and the Release and Waiver
that is <U>Annex B</U> hereto, or in the Employment Agreement or any other agreement between you and the Company, restricts or prohibits you from initiating communications directly with, responding to any inquiries from, providing testimony before,
providing confidential information to, reporting possible violations of law or regulation to, or from filing a claim or assisting with an investigation directly with a self-regulatory authority or a government agency or entity, including the U.S.
Equal Employment Opportunity Commission (&#147;<U>EEOC</U>&#148;), the Department of Labor (&#147;<U>DOL</U>&#148;), the National Labor Relations Board (&#147;<U>NLRB</U>&#148;), the Department of Justice (&#147;<U>DOJ</U>&#148;), the Securities and
Exchange Commission (&#147;<U>SEC</U>&#148;), the Congress, and any agency Inspector General (collectively, the &#147;<U>Regulators</U>&#148;), or from making other disclosures that are protected under the whistleblower provisions of state or
federal law or regulation. However, you are waiving your right to receive any individual monetary relief resulting from such claims, regardless of whether you or another party has filed them, and in the event you obtain such monetary relief the
Company will be entitled to an offset for the payments made pursuant to this Agreement, except where such limitations are prohibited as a matter of law (e.g. under the Sarbanes-Oxley Act of 2002, 18 U.S.C.A. &#167;&#167; 1514A). You do not need the
prior authorization of the Company to engage in such communications with the Regulators, respond to such inquiries from the Regulators, provide confidential information or documents to the Regulators, or make any such reports or disclosures to the
Regulators. You are not required to notify the Company that you have engaged in such communications with the Regulators. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>No Other
Amounts Due</U>.&nbsp;You acknowledge that the Company has paid you all wages, salaries, bonuses, benefits and other amounts earned and accrued, less applicable deductions, and that the Company has no obligation to pay any additional amounts other
than the payments described in paragraphs 2(d), (e), (f), (g) and (h) and Section 3 of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <U>Medicare
Disclaimer</U>.&nbsp;You represent that you are not a Medicare beneficiary as of the time you enter into this Agreement. To the extent that you are a Medicare beneficiary, you agree to contact a Company Human Resources representative for further
instructions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <U>Tax Compliance</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) You acknowledge that the Company may withhold from any amounts payable hereunder any amounts required to be withheld under federal, state
or local law and any other deductions authorized by you. You and the Company agree that each will execute any and all amendments to this Agreement as they mutually agree in good faith may be necessary to ensure compliance with the provisions of
Section 409A of the Code (together with any implementing regulations, &#147;<U>Section 409A</U>&#148;) while preserving insofar as possible the economic intent of the respective provisions, so that you will not be subject to any tax (including
interest and penalties) under Section 409A. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) For purposes of Section 409A, the right to a series of installment payments under this
Agreement shall be treated as a right to a series of separate payments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) With respect to any reimbursement of your expenses, or any
provision of in-kind benefits to you, as specified under this Agreement, such reimbursement of expenses or provision of in-kind benefits shall be subject to the following conditions: (1) the expenses eligible for reimbursement or the amount of
in-kind benefits provided in one taxable year shall not affect the expenses eligible for reimbursement or the amount of in-kind benefits provided in any other taxable year, except for any medical reimbursement arrangement providing for the
reimbursement of expenses referred to in Section 105(b) of the Code; (2) the reimbursement of an eligible expense shall be made no later than the end of the year after the year in which such expense was incurred; and (3) the right to reimbursement
or in-kind benefits shall not be subject to liquidation or exchange for another benefit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Notwithstanding anything to the contrary in
this Agreement, if you are a &#147;specified employee&#148; as determined pursuant to Section 409A as of the date of your &#147;separation from service&#148; as defined in Treasury Regulation Section 1.409A-1(h) (or any successor regulation) and if
any payments or entitlements provided for in this Agreement constitute a &#147;deferral of compensation&#148; within the meaning of Section 409A and cannot be paid or provided in the manner provided herein without subjecting you to additional tax,
interest or penalties under Section 409A, then any such payment or entitlement which is payable during the first six (6) months following your &#147;separation from service&#148; shall be paid or provided to you in a cash lump-sum on the first
business day of the seventh (7th) calendar month immediately following the month in which your &#147;separation from service&#148; occurs or, if earlier, upon your death. In addition, any payments or benefits due hereunder upon a termination of your
employment which are a &#147;deferral of compensation&#148; within the meaning of Section 409A shall only be payable or provided to you (or your estate) upon a &#147;separation from service&#148; as defined in Section 409A. Finally, for the purposes
of this Agreement, amounts payable under this Agreement shall be deemed not to be a &#147;deferral of compensation&#148; subject to Section 409A to the extent provided in the exceptions in Treasury Regulation Sections 1.409A-1(b)(4)
(&#147;short-term deferrals&#148;) and (b)(9) (&#147;separation pay plans,&#148; including the exception under subparagraph (iii)) and other applicable provisions of Treasury Regulation Section 1.409A-1 &#150; A-6. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Whenever a payment under this Agreement specifies a payment period with reference to a number of days (for example, &#147;payment shall be
made within thirty (30) days following the date of termination&#148;), the actual date of payment within the specified period shall be within the sole discretion of the Company. In no event may you, directly or indirectly, designate the calendar
year of any payment to be made under this Agreement, to the extent such payment is subject to Section 409A. To the extent that you are provided any consideration or revocation period operating as a precondition to your entitlement to a payment that
extends, or by its terms could extend, beyond the current tax year, payment will be made in the later tax year to the extent required in order to comply with the provisions of Section 409A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please sign where indicated below to confirm your agreement with the foregoing. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">Best regards,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">TEMPUR SEALY INTERNATIONAL, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott Thompson</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Scott Thompson</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chairman and CEO</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Agreement Confirmed: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ W. Timothy Yaggi</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">March&nbsp;10, 2016</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">W. Timothy Yaggi</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Annex A </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Summary of Equity Awards </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman"><B>Item</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:40.20pt; font-size:8pt; font-family:Times New Roman"><B>Grant&nbsp;Type</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:63.30pt; font-size:8pt; font-family:Times New Roman"><B>Agreed Treatment</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">2013&nbsp;Long-Term&nbsp;Incentive</FONT></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Grant</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Vested&nbsp;Stock&nbsp;Options:&nbsp;50,369</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">02/22/2013 Non-Qualified 37.05 2003 Executives: 50,369 Outstanding Stock Options.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Options have a new expiration date of 3/30/2019, and are exercisable through this date.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>2014 Long-Term Incentive Grants</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Vested Stock Options: 10,326</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">02/28/2014 Non-Qualified 51.87 Exec 2013: 10,326 Outstanding Stock Options.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Options have a new expiration date of 3/30/2019, and are exercisable through this date.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Unvested Stock Options: 5,163</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2/28/2014 Non-Qualified 51.87 Exec 2013: 5,163 Unvested Stock Options.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Options will continue to vest according to original vesting schedule, and upon vesting will become exercisable through 3/30/2019.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Options vest as follows:</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">02/28/2017:&nbsp;5,163</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">PRSU Award (3 Year Term): 10,844</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">02/28/2014 PRSU with 3-year designated period: 10,844 PRSUs.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PRSUs remain outstanding, based on the extent to which the Performance Metrics for the Designated Period are achieved.&nbsp;Shares, if earned, will be issued
during the first quarter of 2017. The number of Shares subject to the PRSU Award remains subject to adjustment to the Final Award based upon Performance as determined at the end of the Determination Period.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>2015 Long-Term Incentive Grants</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Vested Stock Options: 10,691</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">02/27/2015 Non-Qualified 57.51 Exec 2013: 10,691 Outstanding Stock Options.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Options have a new expiration date of 3/30/2019, and are exercisable through this date.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Unvested Stock Options: 21,381</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">02/27/2015 Non-Qualified 57.51 Exec:&nbsp;21,381 Unvested Stock Options.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Options will continue to vest according to original vesting schedule, and upon vesting will become exercisable through 3/30/19.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Options vest as follows:</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2/27/17:&nbsp;10,691</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2/27/18:&nbsp;10,690</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">PRSU Award: 22,135</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">02/27/2015 PRSU Exec: 22,135 PRSUs</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PRSUs remain
outstanding, based on the extent to which the Performance Metrics for the Designated Period are achieved.&nbsp;Shares, if earned, will be issued during the first quarter of 2018. The number of Shares subject to the PRSU Award remains subject to
adjustment to the Final Award based upon Performance as determined at the end of the Determination Period.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>2015 Special Aspirational Grant</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">PRSU Award: 170,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10/26/2015 PRSU Exec: 170,000 PRSUs.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PRSUs will
be forfeited as of 3/31/2016 per grant agreement.</P></TD></TR></TABLE>

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<TD WIDTH="21%"></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">2016&nbsp;Long-Term&nbsp;Incentive</FONT></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Grants</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">PRSU Award: 35,587</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">02/11/2016 PRSU Exec: 35,587 PRSUs</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PRSUs are
pro-rated down based on full calendar months elapsed from the beginning of the designated period to separation of employment. Pro-rated PRSUs will vest according to original vesting schedule if performance metric is achieved in the designated
period</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PRSUs are pro-rated as follows:</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of 3/31/2016: 8,897
(3 full months pro-ration)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2/11/17:&nbsp;2,225</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2/11/18:&nbsp;2,224</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2/11/19:&nbsp;2,224</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2/11/20:&nbsp;2,224</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">The number of Shares subject to the PRSU
Award remains subject to meeting the Performance metric as determined at the end of the Determination Period.</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Note:</B> Release of Claims Required. No right to participate in matching PRSU program. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Annex B </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Form of General Release </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><U>Annex B to Separation Agreement </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>RELEASE AND WAIVER </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
Release and Waiver (the &#147;<U>Release</U>&#148;) is made and entered into by and between W. Timothy Yaggi (the &#147;<U>Employee</U>&#148;) and Tempur Sealy International, Inc. (the &#147;<U>Company</U>&#148; or the &#147;<U>Employer</U>&#148;)
effective as of ___________, 2016. As a condition precedent to receiving certain of the payments and benefits set forth in the Employment and Non-Competition Agreement by and between the Employee and the Company, dated as of February 4, 2013 (the
&#147;<U>Employment Agreement</U>&#148;), as modified by the letter agreement dated as of March&nbsp;10, 2016 between the Employee and the Company (the &#147;<U>Separation Agreement</U>&#148;), the Employee, for good and valuable consideration and
intending to be legally bound, hereby agrees as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Acknowledgement of Scope</U>. The Employee agrees that, by entering into
this Release, the Employee is binding the Employee&#146;s heirs, executors, administrators, insureds and assigns, as well as any and all others acting through or on the Employee&#146;s behalf.&nbsp;The Employee also agrees that the Employee&#146;s
release of the Company, set out below, includes a release of the Company&#146;s present and former parent(s), wholly owned or partially owned subsidiaries and affiliates as well as all of their agents, directors, stockholders, officers, employees,
representatives, attorneys, divisions and all of their predecessors, successors, heirs, executors, administrators and assigns, in each case in its capacity as listed above (collectively, the &#147;<U>Releasees</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Full General Release of All Claims</U>. The Employee agrees to, and hereby does, release the Releasees from any and all legal and
equitable claims, of any nature whatsoever, against any of the Releasees, arising out of events occurring before, on or as of the date of execution of this Release as set forth on the Employee&#146;s signature line hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Specific Release of All Other Employment Law Claims</U>.&nbsp;The Employee agrees that, except as provided in Section 6 of this Release,
claims being released under Section 2 include, but are not limited to, any and all claims against Releasees arising under any federal, state or local statutes, ordinances, resolutions, regulations or constitutional provisions&nbsp;and/or common
law(s), from any and all actions, causes of action, lawsuits, debts, charges, complaints, liabilities, obligations, promises, agreements, controversies, damages and expenses of any and every nature whatsoever, both legal and equitable, whether known
or unknown, which the Employee had, has ever had, now has or may have against them, including, but not limited to, (a) any and all claims which were, or could have been asserted in any lawsuit, (b) any and all claims arising out of the
Employee&#146;s employment by the Company and separation from said employment, (c) any and all claims of discrimination or retaliation arising under local, state or federal law including, but not limited to, Title VII of the Civil Rights Act of
1964, 42 U.S.C. &#167;&#167; 2000e et seq.; 42 U.S.C. &#167;&#167; 1981, 1981A, 1983 and 1985; the Americans With Disabilities Act, 42 U.S.C. &#167;&#167; 12101 et seq.; the Federal Rehabilitation Act of 1973; the Family and Medical Leave Act of
1993, 29 U.S.C. &#167;&#167; 2601 et seq.; Employee Retirement Income Security Act of 1974 (&#147;ERISA&#148;), 29 U.S.C. &#167;&#167; 301 et seq.; Executive Order 11246, each, as amended, and all other such similar statutes, city or county
ordinances or resolutions and anti-discrimination laws of the Commonwealth of Kentucky including, but not limited to the Kentucky Civil Rights Act, Kentucky Equal Opportunities Act, Kentucky Wage Discrimination Because of Sex Law, Kentucky Military
Leave and Re-Employment Rights statute, Kentucky Equal Pay Act, Kentucky Workers&#146; Compensation Retaliation Law, Kentucky Leave of Absence to Adopt a Child Law, Kentucky Wage and Hours Act, Kentucky Minimum Wage Law, Kentucky Occupational Safety
and Health laws, and Kentucky Penalty No Bar to Civil Recovery law; (d) any and all tort claims including, but not limited to, claims of wrongful termination, constructive discharge, defamation, invasion of privacy, interference with contract,
interference with prospective economic advantage and intentional or negligent infliction of emotional distress and outrage, (e) any and all contract claims whether express or implied, (f) any and all claims for unpaid wages, benefits or entitlements
asserted under the Fair Labor Standards Act, 29 U.S.C. &#167;&#167; 201 et seq. or under Kentucky wage and hour laws, (g) any and all claims for unpaid benefits or entitlements asserted under any Company plan, policy, benefits offering or program
except as otherwise required by law, (h) any and all claims under Kentucky workers&#146; compensation laws, (i) any and all claims for attorneys&#146; fees, interest, costs, injunctive relief or reinstatement to which the Employee is, claims to be
or may be, entitled, and (j) any and all claims of age discrimination under the Age Discrimination in Employment Act, 29 U.S.C. &#167;&#167; 621 et seq., as amended, or under local or state civil rights laws. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Release of ADEA Claims</U><B>.</B>&nbsp;By execution of this Release, the Employee
expressly waives any and all rights or claims arising under the Age Discrimination in Employment Act of 1967 (&#147;<U>ADEA</U>&#148;), 29 U.S.C. &#167;&nbsp;621 <U>et</U> <U>seq</U>., and<B> </B>further expressly acknowledges and understands the
following: (a) that the waiver set forth in this paragraph, including all subparagraphs, is between the Employee as an individual and the Company and the Releasees, and is written in a manner that is fully understood by the Employee; (b) that the
waiver set forth in this paragraph, including all subparagraphs, refers to rights or claims arising under the ADEA; (c) that by the Employee&#146;s execution of this Release, the Employee does not waive any rights or claims under the ADEA that may
arise after the date this Release is executed; and (d) that the waiver of rights or claims arising under the ADEA contained in this Release is in exchange for the consideration set forth herein and is above and beyond that to which the Employee is
entitled. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Assignment of All Claims</U>. Except as reserved in Section 6 below, the Employee hereby assigns to the Company, without
restriction, any and all suits, actions, charges or claims, of any nature whatsoever, known or unknown, accrued or not accrued, against any of the Releasees.&nbsp;The Employee, for and on behalf of the Employee and the Employee&#146;s beneficiaries,
executors, administrators, successors, assigns, and anyone claiming through or under any of the foregoing, agrees that they will not file or otherwise submit any charge, claim, complaint, arbitration request, or action to any agency, court,
organization, or judicial forum, including but not limited to all federal, state, and local forums, against the Releasees.&nbsp;Nor will the Employee permit any person, group of persons, or organization to take such action on the Employee&#146;s
behalf against the Releasees arising out of any actions or non-actions on the part of the Releasees arising before execution of this Release.&nbsp;The Employee further agrees that in the event that any person or entity should bring such a charge,
claim, complaint, or action on the Employee&#146;s behalf, the Employee hereby waives and forfeits any right to recovery under said claim and will exercise every good faith effort to have such claim dismissed.&nbsp;The provisions of this paragraph
or any other paragraph in this Release shall not be construed to prevent the Employee from filing a charge with the Equal Employment Opportunity Commission or similar agency, only to the extent the Employee is permitted to do so by law,
notwithstanding the provisions of this Release to the contrary.&nbsp;<B>The Employee understands that the provisions of this Section mean that, except as may otherwise be provided by law, the Employee cannot bring a lawsuit in any forum (whether it
be foreign, federal, state, or local) against the Releasees for any reason.</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Only Exceptions to Release and Assignmen</U>t.
Notwithstanding any other provisions of this Release, nothing in this Release shall be construed to be a release or assignment of any claim by the Employee for the following: (a) claims against the Company for failure to perform its obligations
under this Release; (b) claims against the Company for failure to perform its obligations under the Separation Agreement or any of the surviving equity award agreements referred to in <U>Annex A</U> of the Separation Agreement; and (c) for
retirement benefits under any pension, retirement or retirement savings plan qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended, in which the Employee is a participant by virtue of the Employee&#146;s employment with the
Company, to benefit claims under any employee welfare benefit plan, including disability or life insurance, based on events occurring after the Employee&#146;s execution of this Release, or to any rights the Employee may have to continued health
insurance coverage under the Consolidated Omnibus Budget Reconciliation Act of 1986. To obtain disbursements pursuant to any plan identified in this Section, the Employee shall provide the Company with any necessary notices and elections required by
the plan documents, ERISA, and any other applicable laws. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Representations Concerning Certain Claims</U>.&nbsp;The Employee acknowledges that as of
the date this Release is executed, the Employee:&nbsp;(a) has not suffered a work-related injury that has not been properly disclosed to the Company; and (b) has been paid in full all wages due and owing for any and all work performed for the
Company, and that the Employee is not aware of any facts or circumstances constituting a violation by the Company of the Fair Labor Standards Act, the Kentucky wage act or wage orders, or similar state laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Return of Property.</U>&nbsp;The Employee agrees to return all Company property prior to the close of business on March&nbsp;31, 2016.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Notice</U>.&nbsp;The Employee agrees the Employee will promptly provide the Company a new address for any notices to be delivered
pursuant to Section 6.1(b) of the Employment Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Miscellaneous</U>.&nbsp;This Release, together with the Employment
Agreement, the Separation Agreement and the surviving equity award agreements referred to in <U>Annex A</U> of the Separation Agreement, constitute the entire understanding and the full and complete agreement of the parties and supersedes and
replaces any prior understandings and agreements among the parties with respect to the subject matter hereof. The provisions of Article V (&#147;Agreement to Submit All Existing and Future Disputes to Binding Arbitration&#148;), Section 6.3
(&#147;Miscellaneous&#148;), Section 6.4 (&#147;Assignability&#148;), Section 6.5 (&#147;Severability&#148;), Section 6.6 (&#147;Waiver of Breach&#148;), Section 6.7 (&#147;Governing Law; Jurisdiction; Construction&#148;) and Section 6.9 (&#147;Tax
Compliance&#148;), of the Employment Agreement will apply to this Release. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>No Wrongdoing by The Employee or the Company</U>. It is
understood and agreed by the parties to this Release that nothing in this Release or the related Separation Agreement constitutes an admission of any liability, violation of law or wrongdoing of any kind or nature whatsoever on the part of either
the Company, the Releasees or the Employee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <U>Consideration</U>. The Employee acknowledges that the Employee has been advised to
consult with an attorney of the Employee&#146;s choice prior to signing this Release; and that the Employee has been given at least twenty-one (21) days to review and consider the contents of this Release, but that the Employee may choose to execute
the Release sooner. The Employee further acknowledges that this Release is being signed by the Employee knowingly and voluntarily without coercion or duress and that it is revocable for a seven (7) day period after execution, after which it will
become automatically effective and enforceable without any further act by the Employee unless specifically revoked by the Employee during such seven (7) day period. The Employee understands that the payment of amounts outlined in this Release and
the Separation Agreement (other than payment of base salary through March&nbsp;31, 2016 and reimbursement of expenses), and any other consideration hereunder, are conditional upon the Employee&#146;s execution of this Release and will not be paid
until after the seven (7) day revocation period has expired. The Employee further agrees and understands that if the Employee revokes, attempt to revoke or otherwise breaches this Release, the Employee must return to the Company the full amount of
any payments received or provided to the Employee as set forth above or in the Separation Agreement (other than payment of base salary through March&nbsp;31, 2016 and reimbursement of expenses), without offset for any reason at the time of
revocation or breach. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <U>The Employee&#146;s Representations and Warranties</U>.&nbsp;The Employee represents and warrants that the
Employee has done nothing prior to signing this Release that would violate or that is contrary to any of the covenants set forth herein or in the Separation Agreement or Employment Agreement.&nbsp;The Employee acknowledges that the Company is
entering into this Release and the Separation&nbsp;Agreement&nbsp;in reliance upon the Employee&#146;s warranties and representations herein and in the Separation Agreement and the Employment Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Follow] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties have executed this Release as of the date and year first set
forth above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">W. Timothy Yaggi</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ACCEPTED: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">TEMPUR SEALY INTERNATIONAL, INC.</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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