Exhibit 10.1

 

First Amendment to

Employment Agreement

 

This First Amendment (this “Amendment”) is effective as of the 4th day of December, 2014, between Kenneth E. Murphy III, an individual (“Executive”), Mattress Holding Corp., a Delaware corporation (“MHC”), and Mattress Firm Holding Corp., a Delaware corporation (“MFRM”).

 

WHEREAS, Executive, MHC and MFRM are parties to that certain Employment Agreement dated August 4, 2014 (the “Agreement”); and

 

WHEREAS, the parties desire to make certain amendments to the Agreement as set forth herein;

 

NOW, THEREFORE, in consideration of the mutual covenants and promises of the parties set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.              Amendments.  The Agreement is hereby amended as follows:

 

a.              Section 5(a) of the Agreement is hereby amended and restated in its entirety as follows:

 

“(a)  Base Salary.  During the Term the Company shall pay the Executive a base salary of $500,000 per year (the “Initial Base Salary”), payable not less frequently than semi-monthly in accordance with the payroll policies of the Company for senior executives as from time to time in effect (the “Payroll Policies”), less such amounts as may be required to be withheld by applicable federal, state and local law and regulations.  Commencing February 1, 2015 and on each subsequent February 1 during the Term, the Base Salary shall be increased to an amount at least equal to the product of the Initial Base Salary times the quotient of the United States Bureau of Labor Statistics Revised Consumer Price Index, All Items Figures for Urban Wage Earners and Clerical Workers (1982-84 = 100) (hereinafter, the “CPI-W”) for the most recent month for which the CPI-W is available, divided by 233.443, the CPI-W for April 2014; provided, however, that a decline in the CPI-W shall not result in a reduction of the Executive’s Base Salary.”

 

2.              No Other Modifications.  Except as expressly modified by this Amendment, the terms and provisions set forth in the Agreement remain in full force and effect.

 

3.              Governing Law.  This Amendment shall be governed by the laws of the State of Delaware without giving effect to the conflicts of laws principles thereof.

 

4.              Counterparts.  This Amendment may be in executed in counterparts, each of which is deemed an original, but all of which together shall constitute one and the same agreement. This Amendment may be executed or delivered by electronic or facsimile means, and electronic or facsimile copies of executed signature pages shall be binding as originals.

 

First Amendment to Murphy Employment Agreement

 

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IN WITNESS WHEREOF, the parties have duly executed this Amendment as of the date first set forth above.

 

	
 
    	
Mattress Holding Corp.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Steve Stagner
    
	
 
    	
Name: Steve Stagner
    
	
 
    	
Title: President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Mattress Firm Holding Corp.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Steve Stagner
    
	
 
    	
Name: Steve Stagner
    
	
 
    	
Title: Chief Executive Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ Kenneth E. Murphy III
    
	
 
    	
Kenneth E. Murphy III
    


 

First Amendment to Murphy Employment Agreement

 

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