EXHIBIT 10.19 ------------- AMENDMENT TO EMPLOYMENT AGREEMENTS ---------------------------------- WHEREAS, prior to the date hereof, each of the undersigned individuals (the "Executives") entered into an Employment Agreement with Sealy Corporation, a ---------- Delaware corporation (the "Company") (collectively, the "Employment ------- ---------- Agreements"); - ---------- WHEREAS, on October 30, 1997, the Company entered into an Agreement and Plan of Merger with Sandman Merger Corporation, a transitory Delaware merger corporation ("Purchaser") and Zell/Chilmark Fund, L.P., a Delaware limited --------- partnership, pursuant to which Purchaser will be merged with and into the Company with the Company being the surviving corporation (the "Merger"); ------ NOW, THEREFORE, in consideration of the provisions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, CONDITIONED ON THE CONSUMMATION OF THE MERGER, agree as follows: A. The consummation of the Merger shall be a "Change of Control" for purposes of the Employment Agreements and upon consummation of the Merger ("Closing") Subsection 6(d) thereof shall automatically be amended and restated ------- in its entirety as follows: "(d) Change of Control. For purposes of this Agreement, the ----------------- words "Change of Control" means the merger (the "Merger") of Sandman Merger Corporation, a Delaware Corporation ("Sandman"), with and into the Company pursuant to the terms of the Agreement and Plan of Merger dated October 30, 1997, as amended, among the Company, Sandman and Zell/Chilmark Fund, L.P. Notwithstanding anything contained herein to the contrary, other than the Merger, no event or occurrence before, at or after the consummation of the Merger shall be deemed a "Change of Control" for purposes of this Agreement." B. Each of the Executives upon the Closing shall be paid the Transaction Bonus (as such term is defined in their Employment Agreement) pursuant to the terms, extent and conditions provided in their individual Employment Agreement. C. All stock options of the Company and all restricted stock of the Company held by Executives shall fully vest and be paid out to the Executives by the Company as of the Closing. D. Upon payout of the stock options and restricted stock provided above Subsection 6(e) of the Employment Agreement (relating to SEC Section 16 protection for stock based benefits) shall automatically be deleted in its entirety and Subsection 3(f) of the Employment Agreement shall automatically be amended and restated in its entirety as follows: "OPTIONS AND RESTRICTED STOCK PLANS. The Employee hereby ---------------------------------- acknowledges that in connection with the Merger, the Company will terminate (the "Termination of the Plans") the 1989 Stock Option Plan, the 1992 Stock Option Plan, the 1997 Stock Option Plan an the 1996 Transitional Restricted Stock Plan (collectively, the "Plans") and accordingly, after the consummation of the Merger, the Employee shall no longer be eligible to participate in the Plans. The Employee hereby agrees that, notwithstanding anything contained herein to the contrary, the Termination of the Plans (as well as each action, omission or occurrence in connection therewith or related thereto) is not a breach of this Agreement and is not and will not be a "Good Reason" for purposes of this Agreement as such term is defined in Subsection 4(g) hereof." IN WITNESS WHEREOF, the parties hereto have executed this Amendment to Employment Agreements as of December 17, 1997. /s/ BRUCE BARMAN /s/ JEFFREY CLAYPOOL ______________________________________ _______________________________________ Bruce Barman Jeffrey Claypool /s/ GARY FAZIO /s/ DOUGLAS FELLMY ______________________________________ _______________________________________ Gary Fazio Douglas Fellmy /s/ DAVE MCILQUHAM /s/ LARRY ROGERS ______________________________________ _______________________________________ Dave McIlquham Larry Rogers SEALY CORPORATION By: /s/ KENNETH L. WALKER _____________________________ Name: Kenneth L. Walker Title: Vice President-General Counsel 2