Document:

Exhibit 4.9

 

FORM OF

ROLLOVER AGREEMENT

 

ROLLOVER
AGREEMENT dated as of March 29, 2004 (this “Rollover Agreement”) between
Sealy Corporation, a Delaware corporation (the “Company”) and the
individual listed on Schedule I hereto (the “Management Stockholder”).

WHEREAS,
on March 3, 2004, Posturepedic Acquisition Corp. and the Company entered into
an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to
which Posturepedic Acquisition Corp. or one of its permitted assignees will
merge with and into the Company (the “Merger”) with the Company
continuing as the surviving corporation. 
As a result of the Merger, Sealy Holding LLC, an affiliate of Kohlberg
Kravis Roberts & Co. L.P. will hold approximately 92% of the issued and
outstanding shares of Class A common stock, par value $.01 per share, of the
Company (the “Common Stock”), as further specified in the Merger
Agreement;

WHEREAS, the Management
Stockholder currently holds options to acquire shares of Common Stock (“1998
Sealy Options”), all of which shall become fully vested upon consummation
of the Merger, pursuant to the Sealy Corporation 1998 Stock Option Plan (the “1998
Option Plan”) and has agreed, as of the effective time of the Merger (the “Effective
Time”), to retain certain of such 1998 Sealy Options after the Merger in
lieu of receiving the consideration specified in Section 2.11(a) of the Merger
Agreement with respect to such retained options;

WHEREAS, the terms of the
1998 Option Plan shall remain unchanged, except that the 1998 Option Plan shall
be amended such that the term of the 1998 Sealy Options shall expire on the
tenth anniversary of the 2004 Option Plan (as defined below);

WHEREAS, within five days of
the Merger, the Company shall effect a stock split resulting in a Base Price
(as defined in the Management Stockholders Agreement by and between the Company
and the Management Stockholder) of $5.00 per share, which $5.00 per share Base
Price is equivalent to the per share consideration payable to the Common Stock
in the Merger; and

WHEREAS, in connection with
retaining certain of such 1998 Sealy Options, the Company will grant after the
Closing Date a number of new time and performance based options specified on
Schedule I hereto pursuant to the 2004 Stock Option Plan for Key Employees of
Sealy Corporation and its Subsidiaries (the “2004 Option Plan”) pursuant
to the terms of the 2004 Option Plan, the Stock Option Agreement and the
Management Stockholder’s Agreement.

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

 

 

                1.             The
Management Stockholder agrees to retain that number of 1998 Sealy Options
representing a percentage of such Management Stockholder’s Total Rollover Value
(as defined below) as specified on Schedule I hereto.  The actual 1998 Sealy Options to be retained shall be determined
by the Company.

2.             For purposes of this Rollover
Agreement, “Total Rollover Value” shall mean the aggregate sum of the
Management Stockholder’s (i) Option Rollover Value and (ii) Common Stock
Rollover Value.

3.             For purposes of this Rollover
Agreement,  “Option Rollover Value”
shall mean, with respect to an option to purchase shares of any class of
Company common stock, the excess of (x) the Transaction Value per share of
common stock underlying such option held by such Management Stockholder over
(y) the aggregate exercise price per share of such option.  “Common Stock Rollover Value” shall
mean the Transaction Value per share of such common stock times the
number of shares of Company common stock of the same class held by such
Management Stockholder.  “Transaction
Value” shall mean, for each share of Company common stock, the amount of
merger consideration per share that such share of Company common stock is
entitled to receive pursuant to Schedule A of the Merger Agreement.

4.             This Rollover Agreement shall be
governed by and construed in accordance with the laws of the State of New York,
regardless of the laws that might otherwise govern under applicable principles
of conflicts of laws thereof.

5.             This Rollover Agreement may be executed in counterparts,
all of which shall be considered one and the same agreement, it being
understood that all parties need not sign the same counterpart.

 

 

2

 

Schedule I

 

ROLLOVER ELECTION FORM

 

 

Name of Management
Stockholder:  _____________________________

 

SELECT ONE:

 

Percentage
of Total Rollover Value with respect to the Management Stockholder which the
Management Stockholder agrees to retain: 
____________%.

 

or

 

Amount
of Total Rollover Value with respect to the Management Stockholder which the
Management Stockholder agrees to retain: $_______ (rounded-up to the next full
share).

 

 

By executing this
Schedule, the undersigned Management Stockholder accepts and agrees to be bound
by and subject to the terms and conditions of, and makes the representations,
warranties and agreements set forth in (i) this Rollover Agreement,
(ii) the Management Stockholder’s Agreement between the Company and the
undersigned Management Stockholder, (iii) the Stock Option Agreement between
the Company and the undersigned Management Stockholder and (iv) the Sale
Participation Agreement between Sealy Holding LLC and the undersigned
Management Stockholder.  The parties to
each such agreement shall treat the execution and delivery hereof by the
undersigned Management Stockholder as the execution and delivery of such
agreement by the undersigned Management Stockholder, and, upon receipt and
acceptance of this Schedule by such parties, the signature of the undersigned
Management Stockholder set forth below shall constitute a counterpart to the
signature page of each such agreement.

 

	
   

  	
  SEALY
  CORPORATION

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Management
  Stockholder

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  Title:

  	
   

  
	
   

  	
   

  	
   

  

 

 

 

 

	
  Dated:

  	
   

  	
  , 2004

  

 

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EXHIBIT 4.10    
    

 
 

Form of the Registrant's Class A Common Stock Certificate.    
    

[front
of Certificate] 

 
 

APARTMENT INVESTMENT AND MANAGEMENT COMPANY
  Incorporated under the laws of the state of Maryland    
    

A

	Class A Common Stock

This certificate is transferable in Canton, MA, Jersey City, NJ or New York, NY	 	See reverse for certain definitions and restrictions
	

 	
 	

CUSIP NUMBER 03748R101
	

 	
 	

Countersigned and registered

EquiServe Trust Company, N.A.

Transfer Agent and Registrar

Authorized Signature

        This certifies that                        is the owner
of                        fully-paid and non-assessable shares of Class A Common Stock,
of $.01 par value, of Apartment Investment and Management Company, transferable only on the books of the Corporation by the holder hereof in person or by duly authorized attorney upon surrender of
this Certificate properly endorsed. This Certificate is not valid unless countersigned by the Transfer Agent and registered by the Registrar. 

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

	Dated:	 	/s/ Terry Considine
 Chief Executive Officer
	

 	
 	

/s/ Peter Kompaniez
 President
	

 	
 	

/s/ Miles Cortez
 Secretary

[back of Certificate] 

 
 

APARTMENT INVESTMENT AND MANAGEMENT COMPANY    
    

        This certificate and the shares represented thereby shall be held subject to all of the provisions of the Charter and the By-Laws of Apartment
Investment and Management Company (the "Corporation"), a copy of each of which is on file at the office of the Corporation, and made a part hereof as fully as though the provisions of said Charter and
By-Laws were imprinted in full on this certificate, to all of which the holder of this certificate, by acceptance hereof, assents and agrees to be bound. 

        The
Corporation will furnish to any stockholder on request and without charge a full statement of the designations and any preferences, conversion and other rights, voting powers,
restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption of the stock of each class which the Corporation is authorized to issue, of the differences in the
relative rights and preferences between the shares of each series of a preferred or special class in series which the Corporation is authorized to issue, to the extent they have been set, and of the
authority of the Board of Directors to set the relative rights and preferences of subsequent series of a preferred or special class of stock. Such request may be made to the Secretary of the
Corporation or to its transfer agent. 

        The
shares of Class A Common Stock represented by this certificate are subject to restrictions on transfer. No person may Beneficially Own shares of Class A Common Stock in
excess of the Ownership Restrictions, as applicable, with certain further restrictions and exceptions set forth in the Charter. Any Person that attempts to Beneficially Own shares of Class A
Common Stock in excess of the applicable limitation must immediately notify the Corporation. All capitalized terms in this legend have the meanings ascribed to such terms in the Charter, as the same
may be amended from time to time, a copy of which, including the restrictions on transfer, will be sent without charge to each stockholder that so requests. If the restrictions on transfer are
violated (i) the transfer of the shares of Class A Common Stock represented hereby will be void in accordance with the Charter or (ii) the shares of Class A Common Stock
represented hereby will automatically be transferred to a Trustee of a Trust for the benefit of one or more Charitable Beneficiaries. 

        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
	 	 	 	 	 	 	 	 	 	 	(Cust)	 	 	 	(Minor)
	 	 	 	 	 	 	
	 	
	 	 	 	
	 	 
	

TEN ENT	
 	

—	
 	

as tenants by the entireties	
 	

Under Uniform Gifts to Minors Act
	

JT TEN	
 	

—	
 	

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

(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 TRANSFEREE (NAME AND ADDRESS OF TRANSFEREE SHOULD BE PRINTED OR TYPEWRITTEN) 

        Shares
of the Class A Common Stock represented by the within Certificate 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:	 	SIGNATURE

SIGNATURE(S) GUARANTEED 

NOTICE:
THE SIGNATURE OF THIS ASSIGNMENT MUST CORRESPOND WITH NAME(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER. 

By:

THE
SIGNATURE SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION,(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS) WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM PURSUANT TO SEC RULE 17Ad-15. 

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EXHIBIT 4.10

Form of the Registrant's Class A Common Stock Certificate.

APARTMENT INVESTMENT AND MANAGEMENT COMPANY Incorporated under the laws of the state of Maryland

APARTMENT INVESTMENT AND MANAGEMENT COMPANY

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