Document:

exv10w4

Exhibit 10.4

Including Forced Sale Provision

RESTRICTED STOCK AWARD AGREEMENT

UNDER THE iROBOT CORPORATION

2005 STOCK OPTION AND INCENTIVE PLAN

	 	 	 	 	 
	Name of Grantee:
	 	 	 	 
	 

	 

	 	 

	 	 	 	 	 
	No. of Shares:
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	Purchase Price Per Share:
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	Grant Date:
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	Final Acceptance Date:
	 	 	 	 
	 

	 	 

	 	 

     Pursuant to the iRobot Corporation 2005 Stock Option and Incentive Plan (the “Plan”) as
amended through the date hereof, iRobot Corporation (the “Company”) hereby grants a Restricted
Stock Award (an “Award”) to the Grantee named above. Upon acceptance of this Award and payment of
the Purchase Price Per Share specified above (which may be zero), the Grantee shall receive the
number of shares of Common Stock, par value $0.01 per share (the “Stock”) of the Company specified
above, subject to the restrictions and conditions set forth herein and in the Plan. The Company
acknowledges the receipt from the Grantee of consideration with respect to the par value of the
Stock in the form of cash, past or future services rendered to the Company by the Grantee or such
other form of consideration as is acceptable to the Administrator.

     1. Acceptance of Award. The Grantee shall have no rights with respect to this Award
unless he or she shall have accepted this Award prior to the close of business on the Final
Acceptance Date specified above by (i) signing and delivering to the Company a copy of this Award
Agreement, (ii) delivering to the Company a stock power endorsed in blank and (iii) paying the
Purchase Price Per Share specified above (which may be zero). Upon acceptance of this Award by the
Grantee, the shares of Restricted Stock so accepted shall be issued and held by the Company’s
transfer agent in book entry form, and the Grantee’s name shall be entered as the stockholder of
record on the books of the Company. Thereupon, the Grantee shall have all the rights of a
stockholder with respect to such shares, including voting and dividend rights, subject, however, to
the restrictions and conditions specified in Paragraph 2 below.

     2. Restrictions and Conditions.

          (a) Any book entries for the shares of Restricted Stock granted herein may bear an appropriate
legend, as determined by the Administrator in its sole discretion, to the effect that such shares
are subject to restrictions as set forth herein and in the Plan as specified in Paragraph 6 below.

          (b) Shares of Restricted Stock granted herein may not be sold, assigned, transferred, pledged
or otherwise encumbered or disposed of by the Grantee prior to vesting.

          (c) If the Grantee’s service relationship (in the capacity of an employee, officer, director
or consultant) with the Company and its Subsidiaries is voluntarily or involuntarily terminated for
any reason (including death) prior to vesting of shares of Restricted

 

 

Stock granted herein, all
shares of Restricted Stock shall immediately and automatically be forfeited and returned to the
Company.

     3. Vesting of Restricted Stock. The restrictions and conditions in Paragraph 2 of
this Award Agreement shall lapse on the Vesting Date or Dates specified in the following schedule
so long as the Grantee remains in a service relationship (in the capacity of an employee, officer,
director or consultant) with the Company or a Subsidiary on such Dates. If a series of Vesting
Dates is specified, then the restrictions and conditions in Paragraph 2 shall lapse only with
respect to the number of shares of Restricted Stock specified as vested on such date.

	 	 	 	 	 	 	 	 	 	 
	 	Number of	 	 	 	 
	 	Shares
Vested	 	Vesting Date	 	 
	 	 

	 	 	(25	%)	 	 	 	 
	 	 

	 	 	 	 	 	 

	 	 
	 	 	 	 	(50	%)	 	 	 	 
	 	 

	 	 	 	 	 	 

	 	 
	 	 	 	 	(75	%)	 	 	 	 
	 	 

	 	 	 	 	 	 

	 	 
	 	 	 	 	(100	%)	 	 	 	 
	 	 

	 	 	 	 	 	 

	 	 

     Subsequent to such Vesting Date or Dates, the shares of Stock on which all restrictions and
conditions have lapsed shall no longer be deemed Restricted Stock. In the event of an Acquisition
(as defined in the Plan) or a Change in Control (as defined in an Executive Agreement or Employment
Agreement or similar agreement between the Company and the Grantee (the “Executive Agreement”)),
the treatment of the shares of Restricted Stock in connection with such Acquisition or Change in
Control shall be governed by the Executive Agreement. To the extent that the Grantee is not a
party to an Executive Agreement, in the event of an Acquisition the acquirer shall assume the Award
and the terms of this Award Agreement taking into account any adjustment or substitution as
provided in Section 3(d) of the Plan; provided, however, that if the Award and the terms of this
Award Agreement are not so assumed, any shares of Restricted Stock that remain unvested at the time
of such Acquisition shall become fully vested at such time. The Administrator may at any time
accelerate the vesting schedule specified in this Paragraph 3.

     4. Dividends. Dividends on Shares of Restricted Stock shall be paid currently to the
Grantee.

     5. Incorporation of Plan. Notwithstanding anything herein to the contrary, this
Award Agreement shall be subject to and governed by all the terms and conditions of the Plan,
including the powers of the Administrator set forth in Section 2(b) of the Plan. Capitalized terms
in this Award Agreement shall have the meaning specified in the Plan, unless a different
meaning is specified herein.

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     6. Legends. In the Administrator’s sole discretion, book entries or certificates
representing the Restricted Stock granted pursuant to this Award Agreement may carry substantially
the following legend:

“THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE
SUBJECT TO THE RESTRICTIONS, TERMS AND CONDITIONS (INCLUDING RESTRICTIONS AGAINST TRANSFERS)
CONTAINED IN A CERTAIN RESTRICTED STOCK AWARD AGREEMENT DATED                      BETWEEN THE COMPANY
AND THE HOLDER OF THIS CERTIFICATE (A COPY OF WHICH IS AVAILABLE AT THE OFFICES OF THE
COMPANY FOR EXAMINATION).”

     7. Transferability. This Award Agreement is personal to the Grantee, is
non-assignable and is not transferable in any manner, by operation of law or otherwise, other than
by will or the laws of descent and distribution.

     8. Tax Withholding. In the event the Company is required to withhold taxes from the
Grantee relating to taxable compensation relating to the transfer of, or the lapse of restrictions
on, this Award, the Company shall cause its transfer agent or any manager of the Company’s stock
plan benefits (e.g. E*Trade Financial) to sell from the number of shares of Stock to be
released to the Grantee, the minimum number of shares of Stock necessary to satisfy the Federal,
state and local taxes required by law to be withheld from the Grantee on account of such event
along with any applicable third-party commission. The Company shall use the proceeds from such
sale to satisfy the Grantee’s tax withholding obligation hereunder. During any period of time
during which the Grantee is a director or an executive officer of the Company and/or subject to the
reporting requirements of Section 16 of the Securities Exchange Act of 1934, as amended, this
provision shall have no force and effect and the Grantee will be required to satisfy his or her tax
withholding obligations with respect to the Restricted Stock Award in another manner permitted by
the Plan.

     9. Election Under Section 83(b). The Grantee and the Company hereby agree that the
Grantee may, within 30 days following the acceptance of this Award as provided in Paragraph 1
hereof, file with the Internal Revenue Service and the Company an election under Section 83(b) of
the Internal Revenue Code. In the event the Grantee makes such an election, he or she agrees to
provide a copy of the election to the Company.

     10. No Obligation to Continue Service Relationship. Neither the Company nor any
Subsidiary is obligated by or as a result of the Plan or this Award Agreement to continue the
Grantee in a service relationship with the Company and neither the Plan nor this Award Agreement
shall interfere in any way with the right of the Company or any Subsidiary to terminate its service
relationship with the Grantee at any time.

     11. Arbitration. Any dispute, controversy, or claim arising out of, in connection
with, or relating to the performance of this Award Agreement or its termination shall be settled by
arbitration in the Commonwealth of Massachusetts, pursuant to the rules then obtaining of the
American Arbitration Association. Any award shall be final, binding and conclusive upon the parties
and a judgment rendered thereon may be entered in any court having jurisdiction thereof.

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     12. Miscellaneous.

          (a) Notices. Notices hereunder shall be mailed or delivered to the Company at its
principal place of business and shall be mailed or delivered to the Grantee at the address on file
with the Company or, in either case, at such other address as one party may subsequently furnish to
the other party in writing.

          (b) Entire Award; Modification. This Award Agreement constitutes the entire agreement
between the parties relative to the subject matter hereof, and supersedes all proposals, written or
oral, and all other communications between the parties relating to the subject matter of this Award
Agreement. This Award Agreement may be modified, amended or rescinded only by a written agreement
executed by both parties.

          (c) Severability. The invalidity, illegality or unenforceability of any provision of
this Award Agreement shall in no way affect the validity, legality or enforceability of any other
provision.

          (d) Successors and Assigns. This Award Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns, subject to the
limitations set forth in Section 7 hereof.

          (e) Governing Law. This Award Agreement shall be governed by and interpreted in
accordance with the laws of the state of Delaware, without giving effect to the principles of the
conflicts of laws thereof.

          (f) Fractional Shares. All fractional Shares resulting from the adjustment provisions
or from the withholding of shares to satisfy tax withholding obligations, contained in this
Agreement or in the Plan, shall be rounded down.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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Including Forced Sale Provision

	 	 	 	 	 
	 	iROBOT CORPORATION

 	 
	 	By:  	 	 
	 	 	Title: 	 
	 	 	 	 
	 

The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by
the undersigned.

	 	 	 	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 	 	 
	 

	 	 

	 	 
	 	 

Grantee’s Signature
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Grantee’s name and address:exv10w5

	 	 	 
	Bank of America	 	Amendment Number 001
	Banc of America Leasing & Capital, LLC	 	to Master Loan and Security Agreement No. 17507-70000

This
Amendment Number 001 (the “Amendment”) is made this
30th day of April, 2008
to Master Loan and Security Agreement No. 17507-70000 dated as of June 13, 2007, (together with
all (equipment schedules,) (equipment) notes, addenda, amendments, riders, and other documents
and instruments thereto, the “Agreement”), between Banc of America Leasing & Capital, LLC
(“Lender”) and iRobot Corporation
(“Borrower”).

WITNESSETH:

WHEREAS, Lender and Borrower are parties to the Agreement;
and

WHEREAS, Lender and Borrower desire to amend certain
provisions of the Agreement.

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

	 	1.	 	The Agreement is hereby amended by deleting the Addendum to Master Loan and Security
Agreement No. 17507-70000 dated June 19, 2007 in its
entirety.
	 
	 	2.	 	The Agreement is hereby amended by inserting the following as a second paragraph at the end
of Section 8 of the Agreement:
	 
	 	 	 	All covenants of Borrower that are based upon a specified level or ratio relating to assets,
liabilities, indebtedness, rentals, net worth, cash flow, earnings, profitability, or any
other accounting-based measurement or test, now or hereafter existing (collectively, the
“Additional Covenants”), in that certain Credit Agreement dated June 5, 2007 by and
between Borrower and Bank of America, N.A., or in any replacement credit facility acceptable
to Lender between Borrower and a United States national banking association or other
financial institution (a “Bank Facility”), are hereby Incorporated into and made a part of
this Agreement (with such adjustments to defined terms as may be necessary to assure
consistency) as such Additional Covenants may be amended from time to time under such Bank
Facility; provided, however, that (i) the Additional
Covenants shall be deemed
permanently incorporated into this Agreement, in their then existing form without further
modification or amendment except as may be agreed to in writing by Lender, upon and
notwithstanding the cancellation or termination of a Bank Facility due to voluntary
prepayment, payment at maturity, default or otherwise, unless a replacement credit facility
with Additional Covenants has been accepted in writing by Lender in its sole discretion prior
to the effective date of such cancellation or termination of such Bank Facility, and (ii) any
waiver of any breach (or anticipated breach) of any Additional Covenant under the Bank
Facility (by reason of amendment, forbearance or otherwise) shall not constitute a waiver of
the corresponding default (or anticipated default) under this Agreement unless specifically
agreed to in writing by Lender. Borrower shall promptly provide Lender: (a) certified copies
of true, correct and complete documentation of any Bank Facility in effect from time to time,
and any all proposed amendments and modifications thereof; (b) notices of any event of
default or other condition of non-compliance issued to Borrower in connection with a Bank
Facility; (c) any certificates of compliance and supporting information and reports in the
form required pursuant to a Bank Facility as they pertain to the Additional Covenants, and
shall continue to provide the same to Lender notwithstanding the cancellation or other
termination of such Bank Facility for so long as any Obligations owing to Lender remain
outstanding in connection with this Agreement; and (d) prior written notice of the
cancellation or termination of a Bank Facility for any reason. Borrower further acknowledges
and agrees that any event of default under a Bank Facility shall constitute an Event of
Default under this Agreement.
	 
	 	3.	 	The Agreement is hereby amended by deleting Section 8 (c) in its entirety and replacing it
with the following:

	 
	 	 	 	Borrower shall notify Lender in writing at least 30 days before changing its legal name,
state of organization, corporate address or organizational
identification number;
	 
	 	4.	 	It is the intention of Lender and Borrower that, upon execution, this Amendment shall
constitute a part of the Agreement, Except as amended
hereby, the Agreement shall remain in full force and effect and is in all respects hereby
ratified and affirmed. To the extent that the provisions of
this Amendment conflict with the provisions of the Agreement, the provisions of this
Amendment shall control. Capitalized terms not otherwise
defined herein shall have the meanings ascribed them in the Agreement. All other financial
terms and conditions contained herein that are not
specifically defined herein shall have meanings determined in accordance with generally
accepted accounting principles consistently applied. This
Amendment shall apply to all Equipment Notes now existing (except any Equipment Notes which
Lender has assigned to a third party unless such
third party has approved or consented to this Amendment) or hereafter
entered into under the
Agreement.

IN WITNESS WHEREOF, the parties, each by its duly authorized officer or agent, have duly executed
and delivered this Amendment, which is intended to take effect as a sealed instrument, as of the
day and year first written above.

	 	 	 
	Banc of America Leasing & Capital, LLC (Lender)	 	iRobot Corporation (Borrower)

	 	 	 	 	 	 	 	 	 
	By:	 	-s- Patricia Smith-Disu	 	 	 	By:	 	-s- Geoffrey P. Clear
	 	 	 	 	 	 	 	 	 
	Printed Name:	 	Patricia Smith-Disu	 	 	 	Printed Name:	 	GEOFFREY P. CLEAR
	Title:	 	Vice President	 	 	 	Title:	 	SR VP/CFO

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