<SEC-DOCUMENT>0001193125-17-047933.txt : 20170217
<SEC-HEADER>0001193125-17-047933.hdr.sgml : 20170217
<ACCEPTANCE-DATETIME>20170217160203
ACCESSION NUMBER:		0001193125-17-047933
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170213
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:		20170217
DATE AS OF CHANGE:		20170217

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:		17621330

	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>d257932d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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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 <FONT
STYLE="white-space:nowrap">8-K</FONT> </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) February&nbsp;13, 2017 </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>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-31922</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">33-1022198</FONT></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="bottom" 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="bottom" 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) <FONT STYLE="white-space:nowrap">878-8889</FONT> </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 <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see<I></I>&nbsp;General Instruction A.2.
below): </P> <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">&#9744;</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>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </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">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </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">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </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>

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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>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; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Amendment to Jay Spenchian&#146;s
Employment Agreement </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to Section&nbsp;6.3 of the Employment and <FONT STYLE="white-space:nowrap">Non-Competition</FONT>
Agreement by and between the Company and Jay Spenchian, dated as of December&nbsp;1, 2014 (the &#147;Spenchian Employment Agreement&#148;), the Company and Mr.&nbsp;Spenchian mutually agreed to amend the Spenchian Employment Agreement (the
&#147;Spenchian Amendment&#148;). The Spenchian 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 Spenchian Amendment above does not purport to be complete and is qualified in its entirety by reference to the
Spenchian Employment Agreement, a copy of which was filed as Exhibit 10.33 to the Company&#146;s Form <FONT STYLE="white-space:nowrap">10-K</FONT> filed with the Securities and Exchange Commission (the &#147;SEC&#148;) on February&nbsp;13, 2015, and
the Spenchian Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and incorporated herein by reference. </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;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
February&nbsp;13, 2017 that Mr.&nbsp;Spenchian will be leaving the Company effective February&nbsp;28, 2017. In connection with the foregoing, Mr.&nbsp;Spenchian and the Company entered into a letter agreement (the &#147;Separation Agreement&#148;)
confirming the terms of his separation pursuant to the terms of the Spenchian Employment Agreement, including the payment of his 2016 performance bonus, the payment of a pro rated portion of the performance bonus for 2017, subject to the attainment
of the Company&#146;s performance goals for 2017, the provision of outplacement services, the payment of severance for 12 months, the treatment of his outstanding equity awards, maintenance of welfare benefits for 12 months, <FONT
STYLE="white-space:nowrap">non-disparagement</FONT> provisions and a general release and waiver by Mr.&nbsp;Spenchian of all claims. In addition, Mr.&nbsp;Spenchian has agreed to provide consulting services for six months after February&nbsp;28,
2017, and the Company will pay a consulting fee of $37,500 per month. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;Jay Spenchian 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 Jay 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 Spenchian Employment Agreement was filed as Exhibit 10.33 to the Company&#146;s Form <FONT
STYLE="white-space:nowrap">10-K</FONT> filed with the SEC on February&nbsp;13, 2015, and copies of the Spenchian Amendment and the Separation Agreement are filed as Exhibits 10.1 and 10.2 to this Current Report on Form
<FONT STYLE="white-space:nowrap">8-K,</FONT> each of which is incorporated herein by reference. Mr.&nbsp;Spenchian&#146;s departure will be governed by the terms of the Separation Agreement, and Mr.&nbsp;Spenchian&#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; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Departure of Mr.&nbsp;Spenchian </I></P>
<P STYLE="margin-top:6pt; 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 <FONT STYLE="white-space:nowrap">8-K</FONT> regarding Mr.&nbsp;Spenchian&#146;s
departure from the Company is incorporated by reference into this Item 5.02. </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;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; 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 ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; 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 ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:37.25pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">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">Amendment to Employment and <FONT STYLE="white-space:nowrap">Non-Competition</FONT> Agreement, dated as of February&nbsp;15, 2017, between Jay Spenchian and the Company</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">Letter Agreement, dated as of February&nbsp;15, 2017, between Jay Spenchian and the Company.</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:8%; 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: February 17, 2017 </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">Tempur Sealy International, Inc.</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <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="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Barry A. Hytinen</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Executive&nbsp;Vice&nbsp;President&nbsp;&amp;&nbsp;Chief&nbsp;Financial&nbsp;Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT DOCUMENTS </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 ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; 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 ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:37.25pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Description</P></TD></TR>


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<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">Amendment to Employment and <FONT STYLE="white-space:nowrap">Non-Competition</FONT> Agreement, dated as of February&nbsp;15, 2017, between Jay Spenchian and the Company</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">Letter Agreement, dated as of February&nbsp;15, 2017, between Jay Spenchian and the Company.</TD></TR>
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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:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FIRST AMENDMENT TO THE EMPLOYMENT AND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">NON-COMPETITION</FONT> AGREEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(JAY SPENCHIAN) </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 <FONT STYLE="white-space:nowrap">NON-COMPETITION</FONT> AGREEMENT OF JAY SPENCHIAN (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 Sealy International, Inc. (the &#147;<U>Company</U>&#148;), entered into an Employment and <FONT
STYLE="white-space:nowrap">Non-Competition</FONT> Agreement (the &#147;<U>Employment Agreement</U>&#148;) with Mr.&nbsp;Jay Spenchian (&#147;<U>Mr.</U><U></U><U>&nbsp;Spenchian</U>&#148; or &#147;<U>Employee</U>&#148;) effective December&nbsp;1,
2014 (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.&nbsp;Spenchian determined that the Employment Agreement was somewhat ambiguous as to the precise dates upon which various severance and separation compensations described in Section&nbsp;3.2 thereof would be
paid upon Mr.&nbsp;Spenchian&#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 agreed pursuant to Section&nbsp;6.3 that the Employment Agreement may be
amended at any time by mutual agreement and provides pursuant to Section&nbsp;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&nbsp;6.9 as follows: </P>
<P STYLE="margin-top:12pt; 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&nbsp;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 <FONT STYLE="white-space:nowrap">(60)-day</FONT> period following Employee&#146;s termination of employment with the Company, no severance benefits under Section 3.2(a)(ii), (iii)
and (v)&nbsp;or Section 3.2(b)(iii), as applicable, shall be, or shall become, payable. Further, to the extent that (A)&nbsp;such termination of employment occurs within the 60 day period prior to the end of any calendar year, and (B)&nbsp;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; margin-left:4%; font-size:10pt; font-family:Times New Roman">2. The following is added as a separate paragraph at the end of Section&nbsp;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)&nbsp;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 15<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of February, 2017. </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">The Company</TD></TR>
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<TD VALIGN="top" COLSPAN="3">TEMPUR SEALY INTERNATIONAL, INC.</TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Carmen Dabiero</P></TD></TR>
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<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Carmen Dabiero</TD></TR>
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<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Senior Vice President &#150; Human Resources</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Employee</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jay Spenchian</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">Jay Spenchian</P></TD></TR>
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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:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFIDENTIAL </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;15, 2017
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jay Spenchian </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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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Termination of Employment</U> </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Jay: </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
<FONT STYLE="white-space:nowrap">Non-Competition</FONT> Agreement dated as of December&nbsp;1, 2014 (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">The Company has informed you that your employment with the Company will terminate pursuant to
Section&nbsp;3.1(a) of the Employment Agreement (&#147;<U>Termination By Company Without Cause</U>&#148;) on February&nbsp;28, 2017.&nbsp;This letter agreement (the &#147;<U>Agreement</U>&#148;) will confirm the terms of your separation as set forth
below and also confirm our agreement regarding the provision of consulting services to the Company as follows: </P> <P STYLE="margin-top:12pt; 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 February&nbsp;28, 2017.&nbsp;You agree to resign from all positions as officer and/or director of the Company and all of its subsidiaries effective February&nbsp;28, 2017
or sooner if requested by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Compensation and Benefits Matters</U>. As provided in the Employment Agreement: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" 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 $440,000 per annum) through February&nbsp;28, 2018, 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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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"><U>Vacation</U>.&nbsp;You will receive payment for your 2017 vacation time, which we calculate as $146,666.67 as of&nbsp;February 28, 2017. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" 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&nbsp;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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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"><U>2016 Bonus</U>. You will be entitled to receive your Performance Bonus for 2016 pursuant to Section&nbsp;2.2 of the Employment Agreement. This bonus is currently expected to pay out at 140.7% of your target bonus for
2016, or $433,356.00, but the final amount is subject to completion of the Company&#146;s audited financial statements for 2016 and the filing of the Company&#146;s Form <FONT STYLE="white-space:nowrap">10-K.</FONT> </TD></TR></TABLE>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"><U>2018 Performance Bonus</U>.&nbsp;You are entitled to a <U>pro</U> <U>rata</U> portion of any Performance Bonus paid for 2017 as provided in Section 3.2(b) of the Employment Agreement. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"><U>Equity Arrangements</U>.&nbsp;The treatment of your outstanding equity awards will be determined in accordance with the terms of your equity award agreements, as summarized in <U>Annex A</U>. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(g)<U></U></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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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"><U>Benefits Maintenance; Severance</U>.&nbsp;As provided in Section 3.2(a) of the Employment Agreement, the Company will provide continuation of welfare plans of the Company as provided in Section&nbsp;2.5 of the
Employment Agreement, through February&nbsp;28, 2018. In addition, the Company will pay you severance as provided in Section 3.2(a) of the Employment Agreement through February&nbsp;28, 2018, in the amount of $36,666.67 per month. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" 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), (g), and (h)&nbsp;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 February&nbsp;15, 2017. Except as set
forth above in this Section&nbsp;2 and Section&nbsp;3 below, you will not be entitled to any other compensation or benefits after February&nbsp;28, 2017. </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)&nbsp;You agree to provide consulting services from time to time from March&nbsp;1, 2017 through August&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 advertising and other marketing 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)&nbsp;below for the remainder of the Consulting Period. You agree to comply with all written policies of
the Company applicable to consultants. </P> <P STYLE="margin-top:12pt; 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 $37,500.00 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>
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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><FONT STYLE="white-space:nowrap">Non-Disparagement</FONT></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&nbsp;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&nbsp;6.3 (&#147;Miscellaneous&#148;), Section&nbsp;6.4 (&#147;Assignability&#148;), Section&nbsp;6.5 (&#147;Severability&#148;), Section&nbsp;6.6 (&#147;Waiver of Breach&#148;), Section&nbsp;6.7 (&#147;Governing Law;
Jurisdiction; Construction&#148;) and Section&nbsp;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 <FONT STYLE="white-space:nowrap">twenty-one</FONT> (21)&nbsp;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)&nbsp;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)&nbsp;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 February&nbsp;28, 2017 and reimbursement of expenses), are conditional upon your execution of this Agreement and will not be paid until after the seven (7)&nbsp;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 February&nbsp;28, 2017 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 <FONT STYLE="white-space:nowrap">non-competition</FONT> and
<FONT STYLE="white-space:nowrap">non-solicitation,</FONT> 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 <FONT STYLE="white-space:nowrap">Non-Disparagement</FONT> 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(a),(b), (d), (e), (f), (g)
and (h)&nbsp;and Section&nbsp;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: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">4 </P>


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 <P STYLE="margin-top:0pt; 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> <P STYLE="margin-top:12pt; 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 <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits to you, as specified under this Agreement, such reimbursement of expenses or provision of <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits shall be subject to the
following conditions: (1)&nbsp;the expenses eligible for reimbursement or the amount of <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits provided in one taxable year shall not affect the expenses eligible for reimbursement or the amount of <FONT
STYLE="white-space:nowrap">in-kind</FONT> 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)&nbsp;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)&nbsp;the right to reimbursement or <FONT STYLE="white-space:nowrap">in-kind</FONT> 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 <FONT STYLE="white-space:nowrap">1.409A-1(h)</FONT> (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)&nbsp;months following your &#147;separation from service&#148; shall be paid or provided to you in a cash <FONT
STYLE="white-space:nowrap">lump-sum</FONT> 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 <FONT STYLE="white-space:nowrap">1.409A-1(b)(4)</FONT> (&#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 <FONT STYLE="white-space:nowrap">1.409A-1</FONT> &#150; <FONT STYLE="white-space:nowrap">A-6.</FONT> </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)&nbsp;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: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">5 </P>


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 <P STYLE="margin-top:0pt; 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="7"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Best regards,</P></TD></TR>
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<TD VALIGN="top" COLSPAN="7"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">TEMPUR SEALY INTERNATIONAL, INC.</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:</P></TD>
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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/ Carmen Dabiero</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Carmen Dabiero </P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Senior Vice President &#150; Human Resources</P></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/ Jay Spenchian</P></TD></TR>
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<TD VALIGN="top">Jay Spenchian</TD></TR>
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<TD VALIGN="top">February 17, 2017</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><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>
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<TD VALIGN="top" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Outstanding Equity Award Summary - Jay Spenchian</B></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Date of Termination: 02/28/2017</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Termination: By the Company Not for Cause</B></P></TD>
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<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Item</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Grant Type</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Effect of Termination</B></P></TD></TR>
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<TD VALIGN="top"><B>2014 <FONT STYLE="white-space:nowrap">Sign-on</FONT> Grant</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">RSU Award: 10,530</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">12/01/2014 RSU - EXEC: 10,530 RSUs<BR>RSUs will vest immediately as per the equity award agreement.</TD></TR>
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<TD VALIGN="top" ROWSPAN="3"><B>2015 Long-Term Incentive Grants</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Vested Stock Options: 5,486</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">02/27/2015 <FONT STYLE="white-space:nowrap">Non-Qualified</FONT> 57.51 Exec 2013: 5,486 Outstanding Stock Options<BR>Options have a new expiration date of 02/27/2020, and are exercisable through this date.</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Unvested Stock Options: 10,972</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">02/27/2015 <FONT STYLE="white-space:nowrap">Non-Qualified</FONT>
57.51 Exec 2013: 10,972 Unvested Stock Options <BR>Options will continue to vest according to original vesting schedule, and upon vesting will become exercisable through 02/27/2020.<BR>Options vest as follows:<BR>02/27/17: 5,486<BR>02/27/18:
5,486</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PRSU Award: 11,359</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">02/27/2015 PRSU Exec: 11,359 PRSUs<BR>PRSUs remain outstanding, based
on the extent to which the Performance Metrics for the Designated Period are achieved. Shares, if earned, will be issued during the first quarter of 2018.</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>2015 Special Aspirational Grant</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PRSU Award: 80,000</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">10/26/2015 PRSU-Project 650: 80,000 PRSUs<BR>PRSUs will be forfeited
as of 02/28/2017 per grant agreement.</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>2016 Long-Term Incentive Grants</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">RSU Award: 18,262</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">02/11/2016 RSU Exec: 18,262 RSUs <BR>RSUs will vest according to
original vesting schedule<BR>RSUs vest as follows:<BR>2/11/17: 4,566 (after 2016 positive profits metric has been deemed met)<BR>2/11/18: 4,566<BR>2/11/19: 4,565<BR>2/11/20: 4,565</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>2016 Matching PRSU Grant</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PRSU Award: 8,800</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">05/20/2016 PRSU-Matching: 8,800 PRSUs<BR>PRSUs will be forfeited as
of 02/28/2017 per grant agreement.</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>2016 Matching PRSU Grant</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">PRSU Award: 7,000</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">06/17/2016 PRSU-Matching: 7,000 PRSUs<BR>PRSUs will be forfeited as
of 02/28/2017 per grant agreement.</P></TD></TR>
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<TD VALIGN="top" ROWSPAN="2"><B>2017 Long-Term Incentive Grants</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Unvested Stock Options: 47,284</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">01/05/2017 Special <FONT STYLE="white-space:nowrap">Non-Qualified</FONT> 69.50 Section&nbsp;16 Officers: 47,284 Unvested Stock Options <BR>Options will be forfeited as of 02/28/2017 per grant agreement.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">RSU Award: 14,029</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">01/05/2017 RSU Section&nbsp;16 Officers: 14,029 RSUs<BR>RSUs are <FONT
STYLE="white-space:nowrap">pro-rated</FONT> down based on full calendar months elapsed from the grant date to separation of employment. <FONT STYLE="white-space:nowrap">Pro-rated</FONT> RSUs will vest according to original vesting schedule subject
to satisfaction of the 2017 positive profits metric.<BR>RSUs are <FONT STYLE="white-space:nowrap">pro-rated</FONT> as follows: <BR>As of 02/28/2017: 1,169 (1 full month <FONT STYLE="white-space:nowrap">pro-ration)</FONT><BR>01/05/2018: 293 (after
2017 positive profits metric has been deemed met)<BR>01/05/2019: 292<BR>01/05/2020: 292<BR>01/05/2021: 292</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. If there&#146;s any discrepancy between this summary and the equity award agreements,
the equity award agreements will govern. </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">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><U>Annex B to </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><U>Separation Agreement </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="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 Jay Spenchian (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 February&nbsp;15, 2017. As a condition precedent to receiving certain of the payments and benefits set forth in the Employment and <FONT STYLE="white-space:nowrap">Non-Competition</FONT> Agreement by and between the Employee and the
Company, dated as of December&nbsp;1, 2014 (the &#147;<U>Employment Agreement</U>&#148;), as supplemented by the letter agreement dated as of February&nbsp;15, 2017 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&nbsp;6 of this Release, claims being released under Section&nbsp;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)&nbsp;any and all claims which were, or could have been asserted in any
lawsuit, (b)&nbsp;any and all claims arising out of the Employee&#146;s employment by the Company and separation from said employment, (c)&nbsp;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;<U>ERISA</U>&#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,
</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Kentucky Wage Discrimination Because of Sex Law, Kentucky Military Leave and <FONT STYLE="white-space:nowrap">Re-Employment</FONT> 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)&nbsp;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)&nbsp;any and all contract claims whether express or implied, (f)&nbsp;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)&nbsp;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)&nbsp;any and all claims
under Kentucky workers&#146; compensation laws, (i)&nbsp;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)&nbsp;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>
<P STYLE="margin-top:12pt; 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)&nbsp;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)&nbsp;that the waiver set forth in this paragraph, including
all subparagraphs, refers to rights or claims arising under the ADEA; (c)&nbsp;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)&nbsp;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&nbsp;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 <FONT STYLE="white-space:nowrap">non-actions</FONT> 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.<B>&nbsp;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: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">6. <U>Only Exceptions to Release and Assignment</U>. 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)&nbsp;claims against the Company for failure to perform its obligations under this Release; (b)&nbsp;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)&nbsp;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:12pt; 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)&nbsp;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 February&nbsp;28,
2017. </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&nbsp;6.3
(&#147;Miscellaneous&#148;), Section&nbsp;6.4 (&#147;Assignability&#148;), Section&nbsp;6.5 (&#147;Severability&#148;), Section&nbsp;6.6 (&#147;Waiver of Breach&#148;), Section&nbsp;6.7 (&#147;Governing Law; Jurisdiction; Construction&#148;) and
Section&nbsp;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: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">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 <FONT STYLE="white-space:nowrap">twenty-one</FONT> (21)&nbsp;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)&nbsp;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)&nbsp;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 February&nbsp;28, 2017 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)&nbsp;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 February&nbsp;28, 2017 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">4 </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="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jay Spenchian</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Jay Spenchian</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:18pt; 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">TEMPUR&nbsp;SEALY&nbsp;INTERNATIONAL,&nbsp;INC.</TD></TR>
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<TD HEIGHT="32"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Carmen Dabiero</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-3.00em; font-size:10pt; font-family:Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carmen Dabiero</P></TD></TR>
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<TD VALIGN="top">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-3.00em; font-size:10pt; font-family:Times New Roman">Title:&nbsp;&nbsp;&nbsp;&nbsp;Senior&nbsp;Vice&nbsp;President&nbsp;&#150;&nbsp;Human&nbsp;Resources</P></TD></TR>
</TABLE>
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