EXHIBIT 99.5
LETTER AGREEMENT
AGREEMENT dated as of October 13, 2006 among D. E. Shaw Laminar Portfolios,
L.L.C., Sigma Capital Associates, LLC, Par IV Master Fund, Ltd. and Sunrise
Partners Limited Partnership, each in its capacity as member of an informal ad
hoc committee of certain holders of equity securities (the "Ad Hoc Members") in
Foamex International Inc. (the "Company"), and Xxxxxxx, Sachs & Co., in its
capacity as an observer on such committee (together with the Ad Hoc Committee
Members, the "Significant Equityholders").
In respect of Equity Commitment Agreement among the Significant
Equityholders and the Company on the date hereof, the Put Option Agreement among
the Significant Equityholders and the Company on the date hereof (the "Put
Option Agreement") and the call option agreement to be executed under the
Company's first amended plan of reorganization as contemplated by the Equity
Commitment Agreement (the "Call Option Agreement"), each of the Significant
Equityholders hereby agrees that the rights and obligations in connection with
the Equity Commitment Agreement (including, without limitation, with respect to
the Put Option and the Call Option) shall be apportioned among the Significant
Equityholders in the following manner:
D. E. Shaw Laminar Portfolios, L.L.C................... 41.4%
Xxxxxxx, Sachs & Co.................................... 35.2%
Sigma Capital Associates, LLC.......................... 16.6%
Par IV Master Fund, Ltd................................ 3.4%
Sunrise Partners Limited Partnership................... 3.4%
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Total.................................................. 100.0%
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Nothing herein shall amend or be deemed to amend any provision of the Put
Option Agreement or the Call Option Agreement or render or be deemed to render
any such provision inoperative other than with respect to the apportionment of
the rights and obligations under such agreements among the Significant
Equityholders.
This Agreement will be governed by and construed in accordance with the
laws of the State of New York without giving effect to the conflict of laws
provisions thereof.
Signed on behalf of:
D. E. SHAW LAMINAR PORTFOLIOS, L.L.C.
By: /s/ Xxxxxx Xxxxxx
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Name: /s/ Xxxxxx Xxxxxx
Title: Authorized Signatory
XXXXXXX, SACHS & CO.
By: /s/ Xxxxxxx Xxxx
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Name: /s/ Xxxxxxx Xxxx
Title: Managing Director
SIGMA CAPITAL ASSOCIATES, LLC
By: Sigma Capital Management, LLC
/s/ Xxxxx X. Xxxxxxxx
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Name: /s/ Xxxxx X. Xxxxxxxx
Title: Authorized Signatory
PAR IV MASTER FUND, LTD.
By: /s/ Xxxxxx X. Xxxxx
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Name: /s/ Xxxxxx X. Xxxxx
Title: Director
SUNRISE PARTNERS LIMITED PARTNERSHIP
By: /s/ Xxxxxxx X. Xxxxxx
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Name: /s/ Xxxxxxx X. Xxxxxx
Title: Vice President
