Document:

Exhibit 10.39

 

AMENDMENT NUMBER TWO

TO THE

SEALY CORPORATION BONUS PLAN

 

WHEREAS,
the Sealy Corporation, a Delaware Corporation (“Company”), maintains this
incentive compensation plan (“Plan”) for the benefit of its eligible employees;
and

 

WHEREAS,
the company now desires to amend the plan to reflect changes in the performance
goals and eligibility and treatment of certain participants,

 

NOW,
THEREFORE, the Company does hereby amend the Plan, to be effective retroactive
to November 29, 1999, as follows:

 

FIRST,
Section 5 of the Plan is deleted in its entirety and the following is
substituted therefore:

 

5.               Special Circumstances.  A participant’s bonus award will be prorated
based upon the number of days of active employment during the fiscal year under
any of the following circumstances occurring during the fiscal year:

 

a)              the participant
is hired or rehired after the beginning of the fiscal year, and on or before
October 31st of the fiscal year;

 

b)             the participant
terminates employment by reason of

(1)          death

(2)          long-term disability, or

(3)          retirement (after attainment of age 65 or attainment
of age 62 with 10 or more years of service); or

 

c)              the participant
experience a period of unpaid leave of absence (whether by layoff, workers
compensation leave or other leave of absence) for a continuous period of 30
days or more.

 

A participant who is hired,
transferred, or promoted during the fiscal year will receive a prorated bonus
based upon the number of days worked in each position and at each
location/segment and in each bonus group. 
Hires, transfers, or promotions, which occur after October 31st
shall not take effect for bonus purposes until the following fiscal year.

 

SECOND,
Section 6 of the Plan is deleted in its entirety and the following is
substituted therefore:

 

6.               Goals.  The performance goals for business segments
will be based on corporate cash requirements, budgets, and expected results.
One or more goals are defined annually for each business segment at the
following achievement levels:

 

Maximum is the goal assigned to each segment that provides
a bonus payout of two times the target payment amount.

 

Target is the goal assigned to each segment that provides
a bonus payout at the target payment level

 

Minimum is the goal assigned to each segment that must be
achieved prior to any bonus payout for the segment.

 

 

Each
year a communication will be issued to segment managers defining the corporate
and segment goals and quantifying the achievement levels for each goal.  Segment managers will receive a list of
participants in their area and periodic updates on corporate and segment
performance against goals.

 

Adjustments
to goals may be provided for i) Extraordinary Items as defined by APB 30, i.e. “unusual
in nature and infrequent in occurrence”; ii) any financial impact of new
accounting pronouncements; and iii) any other items approved by the the Board
or the HR Committee.

 

THIRD,
Section 7 of the Plan is deleted in its entirety and the following is
substituted therefore:

 

7.               Eligibility and
Method of Payment of Award.  In order to be eligible to receive a bonus
payment for a given fiscal year, a participant must be hired on or before
October 31st of the fiscal year and must remain employed by the
Company through the last day of the fiscal year, unless employment is
terminated by reason set forth in Section 5(b).  All such bonus awards shall be paid in a
single cash lump sum (less applicable withholding) on the January 31st
immediately following the end of the fiscal year, or if later, promptly
following the completion of the outside audit of the Company’s financial
statements.

 

FOURTH,
Section 8 of the Plan is deleted in its entirety and the following is
substituted therefore:

 

8.               Amendment and
Termination.  The Plan is effective
November 29, 1999 for fiscal years 2000 and beyond.  The Board of Directors may amend, amend,
terminate, or otherwise modify the Plan at any time.

 

IN WITNESS WHEREOF, the Company, by its duly
authorized officers, has executed this instrument in several counterparts this
11th day of October, 2000.

 

 

	
   

  	
  SEALY
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/ Kenneth L. Walker

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Its:
  

  	
  VP General Counsel & Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  And:
  

  	
  /s/ Jeffrey C. Claypool

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Its:
  

  	
  VP Human Resources

  	
   

  

 

2Exhibit
4.1

 

	
  Number

  	
  [NEWKIRK
  LOGO]

  	
  Shares

  
	
   

  	
   

  	
   

  
	
  NKT

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  THIS CERTIFICATE IS
  TRANSFERABLE IN CLEVELAND, OH AND NEW YORK, NY

  	
   

  	
   

  
	
   

  	
  NEWKIRK
  REALTY TRUST, INC.

  INCORPORATED UNDER
  THE LAWS OF THE STATE OF MARYLAND

  	
  SEE REVERSE FOR

  IMPORTANT NOTICE

  ON TRANSFER

  RESTRICTIONS AND

  OTHER INFORMATION

  

 

CUSIP
   651497    10    9

 

COMMON
STOCK

 

THIS CERTIFIES THAT:

 

 

 

 

 

IS THE OWNER OF

 

 

FULLY
PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK OF $.01 PAR VALUE EACH OF

NEWKIRK
REALTY TRUST, INC.

(the “Corporation”) transferable on the books
of the Corporation in person or by attorney upon surrender of this certificate
duly endorsed or assigned.  This
certificate and the shares represented hereby are subject to the laws of the
State of Maryland, and to the Charter and By-laws of the Corporation, as now or
hereafter amended.  This certificate is
not valid until countersigned by the Transfer Agent.

 

                WITNESS
the facsimile seal of the Corporation and the facsimile signatures of its duly
authorized officers.

 

	
  DATED:

  	
   

  	
   

  	
   

  	
  COUNTERSIGNED:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  NATIONAL CITY BANK

  
	
   

  	
   

  	
   

  	
   

  	
  TRANSFER AGENT

  
	
   

  	
   

  	
   

  	
  [SEAL]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  BY:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  AUTHORIZED SIGNATURE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Carolyn Tiffany

  	
   

  	
  /s/ Michael Ashner

  
	
   

  	
   

  	
  SECRETARY

  	
   

  	
  CHAIRMAN AND CHIEF EXECUTIVE OFFICER

  

 

 

NEWKIRK REALTY TRUST, INC.

 

                The
following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

 

	
  TEN COM

  	
  -

  	
  as tenants in common

  	
  UNIF
  GIFT MIN ACT -    

  	
   

  	
  Custodian

  	
   

  
	
  TEN ENT

  	
  -

  	
  as tenants by the entireties

  	
   

  	
  (Cust)

  	
   

  	
  (Minor)

  
	
  JT TEN

  	
  -

  	
  as joint tenants with rights of
  survivorship and not as tenants in common

  	
   

  	
  under Uniform Gifts to Minors

  
	
   

  	
   

  Act

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  (State)

  

 

Additional
abbreviations may also be used though not in the above list.

 

For
Value Received,
              hereby
sell, assign and transfer unto

 

	
  PLEASE
  INSERT SOCIAL SECURITY OR OTHER

  	
   

  
	
  IDENTIFYING
  NUMBER OF ASSIGNEE

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

 

 

	
   

  
	
  (PLEASE
  PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  	
  Shares

  
	
  of the stock represented by the
  within Certifcate, and do hereby irrevocably constitute and appoint

  
	
   

  
	
   

  	
  Attorney

  
	
  to transfer the said stock on
  the books of the within named Corporation with full power of substitution in
  the premises.

  
	
   

  
	
  Dated

  	
   

  	
   

  
				

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND
  WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY
  PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER.

  

 

 

IMPORTANT
NOTICE

RESTRICTIONS ON OWNERSHIP AND TRANSFER OF STOCK

 

	
  THE SHARES REPRESENTED BY THIS CERTIFICATE ARE
  SUBJECT TO RESTRICTIONS ON BENEFICIAL AND CONSTRUCTIVE OWNERSHIP AND TRANSFER
  FOR THE PURPOSE OF THE CORPORATION’S MAINTENANCE OF ITS STATUS AS A REAL
  ESTATE INVESTMENT TRUST UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
  (THE “CODE”). SUBJECT TO CERTAIN FURTHER RESTRICTIONS AND EXCEPT AS EXPRESSLY
  PROVIDED IN THE CORPORATION’S CHARTER, (I) NO PERSON MAY BENEFICIALLY OR
  CONSTRUCTIVELY OWN SHARES OF THE CORPORATION'S COMMON STOCK IN EXCESS OF 9.8%
  (IN VALUE OR NUMBER OF SHARES) OF THE OUTSTANDING SHARES OF COMMON STOCK OF
  THE CORPORATION UNLESS SUCH PERSON IS AN EXCEPTED HOLDER (IN WHICH CASE THE
  EXCEPTED HOLDER LIMIT SHALL BE APPLICABLE); (II) NO PERSON MAY BENEFICIALLY
  OR CONSTRUCTIVELY OWN SHARES OF CAPITAL STOCK OF THE CORPORATION IN EXCESS OF
  9.8% OF THE VALUE OF THE TOTAL OUTSTANDING SHARES OF CAPITAL STOCK OF THE
  CORPORATION, UNLESS SUCH PERSON IS AN EXCEPTED HOLDER (IN WHICH CASE THE
  EXCEPTED HOLDER LIMIT SHALL BE APPLICABLE); (III) NO PERSON MAY BENEFICIALLY
  OR CONSTRUCTIVELY OWN CAPITAL STOCK THAT WOULD RESULT IN THE CORPORATION
  BEING "CLOSELY HELD" UNDER SECTION 856(H) OF THE CODE OR OTHERWISE
  CAUSE THE CORPORATION TO FAIL TO QUALIFY AS A REIT; AND (IV) NO PERSON MAY
  TRANSFER SHARES OF CAPITAL STOCK IF SUCH TRANSFER WOULD RESULT IN THE CAPITAL
  STOCK OF THE CORPORATION BEING OWNED BY FEWER THAN 100 PERSONS. ANY PERSON
  WHO BENEFICIALLY OR CONSTRUCTIVELY OWNS OR ATTEMPTS TO BENEFICIALLY OR
  CONSTRUCTIVELY OWN SHARES OF CAPITAL STOCK WHICH CAUSES OR WILL CAUSE A
  PERSON TO BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF CAPITAL STOCK IN
  EXCESS OR IN VIOLATION OF THE ABOVE LIMITATIONS MUST IMMEDIATELY NOTIFY THE
  CORPORATION. IF ANY OF THE RESTRICTIONS ON TRANSFER OR OWNERSHIP ARE VIOLATED,
  THE SHARES OF CAPITAL STOCK REPRESENTED HEREBY WILL BE AUTOMATICALLY
  TRANSFERRED TO A TRUSTEE OF A TRUST FOR THE BENEFIT OF ONE OR MORE CHARITABLE
  BENEFICIARIES OR, UPON THE OCCURRENCE OF CERTAIN EVENTS, ATTEMPTED TRANSFERS
  IN VIOLATION OF THE RESTRICTIONS DESCRIBED ABOVE MAY BE VOID AB  INITIO.
  ALL CAPITALIZED TERMS IN THIS LEGEND HAVE THE MEANINGS DEFINED IN THE CHARTER
  OF THE CORPORATION, AS THE SAME MAY BE AMENDED FROM TIME TO TIME. A COPY OF
  WHICH, INCLUDING THE RESTRICTIONS ON TRANSFER AND OWNERSHIP, WILL BE
  FURNISHED TO EACH HOLDER OF CAPITAL STOCK OF THE CORPORATION ON REQUEST AND
  WITHOUT CHARGE.

  
	
   

  
	
   

  
	
  CLASS OF STOCK

  
	
   

  
	
  THE CORPORATION IS
  AUTHORIZED TO ISSUE STOCK OF MORE THAN ONE CLASS CONSISTING OF COMMON STOCK
  AND ONE OR MORE CLASSES OR SERIES OF PREFERRED STOCK.  THE BOARD OF DIRECTORS IS AUTHORIZED TO
  DETERMINE THE PREFERENCES, CONVERSION AND OTHER RIGHTS, VOTING POWERS,
  RESTRICTIONS, LIMITATIONS AS TO DIVIDENDS AND OTHER DISTRIBUTIONS,
  QUALIFICATIONS, TERMS AND CONDITIONS OF REDEMPTION OF ANY CLASS OR SERIES OF
  PREFERRED STOCK PRIOR TO THE ISSUANCE THEREOF.  THE CORPORATION WILL FURNISH, WITHOUT
  CHARGE, TO ANY STOCKHOLDER MAKING WRITTEN REQUEST THEREFORE, A FULL STATEMENT
  OR SUMMARY OF THE INFORMATION REQUIRED BY SECTION 2-211(b) OF THE MARYLAND
  GENERAL CORPORATION LAW.

  
	
   

  
	
   

  
	
  THE SIGNATURE TO THE
  ASSIGNMENT MUST CORRESPOND TO THE NAME AS WRITTEN UPON THE FACE OF THIS
  CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY
  CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A COMMERCIAL BANK OR TRUST
  COMPANY OR A MEMBER FIRM OF A NATIONAL OR REGIONAL OR OTHER RECOGNIZED STOCK
  EXCHANGE IN CONFORMANCE WITH A SIGNATURE GUARANTEE MEDALLION PROGRAM.

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