Document:

ex10-2.htm

    Exhibit
10.2

     

    Certificate
of Stock Option Grant

     

    

    DATE

    

           SSN:

    c/o
LoJack Corporation

    200
Lowder Brook Drive

    Westwood,
MA 02090

    

    

    This
letter is to inform you of stock options that have been granted to you through
the Company’s 2008 Stock Incentive Plan. Effective _________ you have been
granted Non-Qualified Stock
Options to purchase X shares at $X.XX per share. This grant will expire
on _________. The following table will outline the vesting schedule associated
with these options.

    

    
      	
              Shares

              Vesting

            	
              Vest

              Date

            
	 
      	 
      
	 
      	
              XX/XX/XXXX

            
	 
      	
              XX/XX/XXXX

            
	 
      	
              XX/XX/XXXX

            
	 
      	
              XX/XX/XXXX

            

    

    

    

    The
above-named option holder should indicate their acceptance to this Certificate
of Stock Option Grant and the attached Stock Option Agreement by signing below
and returning one copy. Retain the attached documents for your
file.

    

    
      	
              OPTIONEE

            	 
      
	
               
      

               

               

               

            	 
      
	
              [NAME]

            	
              Date

            
	 
      	 
      
	
              LOJACK
      CORPORATION

            	 
      
	
               
      

               

               

               

            	 
      
	
              Corporate
      Human Resources Authorization

            	
              Corporate
      Finance Authorization

            

    

    

    

    
      	 
      	
              Return
      to:

            	
              LoJack
      Corporate Human Resources

              200
      Lowder Brook Drive

              Westwood,
      MA 02090

            

    

    
      
         

      

      
        - 1
-

        
          

        

      

      
         

      

    

    LOJACK
CORPORATION

    LoJack
Corporation 2008 Stock Incentive Plan

    Stock
Option Agreement

     

    This
Stock Option Agreement and the preceding Certificate of Stock Option Grant (the
“Certificate”) (the “Certificate” and together with this document, the “Option
Agreement”) made as of the date stated on the Certificate (the “Grant Date”) by
and between LoJack Corporation, a Massachusetts corporation (the “Company”), and
the Optionee.

     

    WITNESSETH
THAT:

     

    WHEREAS, the Company has
instituted the LoJack Corporation 2008 Stock Incentive Plan, as amended to date
(the “Plan”); and

     

    WHEREAS, the Compensation
Committee (the “Committee”) has authorized the grant of a stock option upon the
terms and conditions set forth below and pursuant to the Plan, a copy of which
is attached hereto and incorporated herein;

     

    NOW, THEREFORE, in
consideration of the premises and the mutual covenants and agreements herein
contained and for other good and valuable consideration the receipt and adequacy
of which are hereby acknowledged, the Company and the Optionee agree as
follows.

     

    1. Grant.  Subject
to the terms of the Plan and this Option Agreement, the Company hereby grants to
the Optionee a stock option (the “Option”) to purchase from the Company the
amount of Common Stock (“Stock”) shown on the Certificate.  If so
provided on the Certificate, this Option is intended to constitute an incentive
stock option and to qualify for special federal income tax treatment under
Section 422 of the Code.

     

    2. Grant
Price.  This Option may be exercised at the price per share
shown on the Certificate, subject to adjustment as provided herein and in the
Plan.

     

    3. Term and Exercisability of
Option.  This Option shall expire on the grant expiration date
shown on the Certificate, unless the Option expires earlier pursuant to this
Section 3 or any provision of the Plan.  At any time before its
expiration, this Option may be exercised to the extent vested, as shown on the
Certificate, provided that:

     

    (a) at
the time of exercise the Optionee is not in violation of any Employee
Confidentiality and Non-Competition Agreement with the Company;

     

    (b) the
Optionee’s employment, contractual or other service relationship with the
Company (“Relationship”) must be in effect on a given date in order for any
scheduled increment in vesting, as set forth in the vesting schedule on the
Certificate, to become effective; and

     

    (c) except
as otherwise provided in the Plan and in the next sentence as this Option may
not be exercised after the termination of the Relationship between the Optionee
and the Company.  If the Company terminates the Relationship other
than for cause (as determined by the Company’s Board of Directors), the
unexercised portion of the Option that is otherwise exercisable 

     

    
      
        
        

      

      
        - 2
-

        
          

        

      

      
        
        

      

    

     

    may
be exercised for three (3) months following the date of termination, except that
if the Relationship terminates by reason of the Optionee’s retirement (as
defined in the Plan), death or disability (as determined by the Board of
Directors on the basis of medical advice satisfactory to it), the unexercised
portion of the Option that is otherwise exercisable on the date of termination
of the Relationship shall remain exercisable thereafter for three (3) years
(except that in the case of an incentive stock option, three (3) months if the
Relationship terminates by reason of retirement or one (1) year if the
Relationship terminates by reasons of death or disability).

     

    For
purposes of this Section 3, the term “Company” refers to the Company and all
Subsidiaries.

     

    4. Method of
Exercise.  Prior to its expiration and to the extent that the
right to purchase shares of Stock has vested hereunder, this Option may be
exercised from time to time by notice acceptable to the Company stating the
number of shares with respect to which this Option is being exercised and
accompanied by payment of the option price by certified or bank check or money
order or, with the approval of the Committee, as otherwise provided in Section
5(c) of the Plan.  The Company, or the Committee, may from time to
time designate one or more forms or methods of providing notice of the exercise
of an Option and in that event the Optionee agrees to utilize such form or
method.  As soon as practicable after its receipt of such notice, the
Company shall, without transfer or issue tax to the Optionee (or other person
entitled to exercise this Option), deliver to the Optionee (or other person
entitled to exercise this Option), at the principal executive offices of the
Company or such other place as shall be mutually acceptable, a stock certificate
or certificates for such shares out of theretofore authorized but unissued
shares or reacquired shares of its Stock as the Company may elect; provided, however, that the
time of such delivery may be postponed by the Company for such period as may be
required for it with reasonable diligence to comply with any applicable
requirements of law.  If the Optionee (or other person entitled to
exercise this Option) fails to pay for and accept delivery of all of the shares
specified in such notice upon tender of delivery thereof, his right to exercise
this Option with respect to such shares not paid for may be terminated by the
Company.

     

    5. Withholding
Taxes.  The Optionee hereby agrees, as a condition to any
exercise of this Option, to provide to the Company an amount sufficient to
satisfy the Company’s obligation to withhold federal, state, local and other
taxes arising by reason of such exercise (the ”Withholding Amount”), if any, by
(a) authorizing the Company and/or any Subsidiary to withhold the Withholding
Amount from his cash compensation or (b) remitting the Withholding Amount to the
Company in cash; provided, however, that to the
extent that the Withholding Amount is not provided by one or a combination of
such methods, the Company may at its election withhold from the Stock that would
otherwise be delivered upon exercise of this Option that number of shares having
a Fair Market Value (as defined in the Plan) on the date of exercise sufficient
to eliminate any deficiency in the Withholding Amount; and provided, further,
that the Fair Market Value (as defined in the Plan) of Stock withheld shall not
exceed an amount in excess of the minimum required withholding.

     

    6. Effect of Change in
Control.  In the event of a Change in Control (as defined in
the Plan), the outstanding Options granted hereunder shall immediately vest and
become exercisable and shall remain outstanding in accordance with their
terms.

     

    7. Non-assignability of
Option.  During the life of the Optionee, this Option shall be
exercisable only by him or her, by a conservator or guardian duly appointed for
him or her by reason of the Optionee’s incapacity or by the person appointed by
the Optionee in a durable power of attorney 

     

    
      
        
        

      

      
        - 3
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    acceptable
to the Company’s counsel.  This Option shall not be assignable or
transferable by the Optionee except by will or by the laws of descent and
distribution or as permitted by the Committee in its discretion pursuant to the
second sentence of Section 5(h) of the Plan.

     

    8. Compliance with Securities
Act; Lock-Up Agreement.  The Company shall not be obligated to
sell or issue any shares of Stock or other securities pursuant to the exercise
of this Option unless the shares of Stock or other securities with respect to
which this Option is being exercised are at that time effectively registered or
exempt from registration under the Securities Act and applicable state
securities laws.  In the event shares or other securities shall be
issued that shall not be so registered, the Optionee hereby represents, warrants
and agrees that he will receive such shares or other securities for investment
and not with a view to their resale or distribution, and will execute an
appropriate investment letter satisfactory to the Company and its
counsel.  The Optionee further hereby agrees that as a condition to
the purchase of shares upon exercise of this Option, he or she will execute an
agreement in a form acceptable to the Company to the effect that the shares
shall be subject to any underwriter’s lock-up agreement in connection with a
public offering of any securities of the Company that may from time to time
apply to shares held by officers and employees of the Company, and such
agreement or a successor agreement must be in full force and
effect.

     

    9. Legends.  The
Optionee hereby acknowledges that the stock certificate or certificates
evidencing shares of Stock or other securities issued pursuant to any exercise
of this Option may bear a legend setting forth the restrictions on their
transferability described in Section 7 hereof, if such restrictions are then in
effect.

     

    10. Rights as
Stockholder.  The Optionee shall have no rights as a
stockholder with respect to any shares covered by this Option until the date of
issuance of a stock certificate to him for such shares.  No adjustment
shall be made for dividends or other rights for which the record date is prior
to the date such stock certificate is issued.

     

    11. Termination or Amendment of
Plan.  The Board of Directors may terminate or amend the Plan
at any time.  No such termination or amendment will affect rights and
obligations under this Option, to the extent it is then in effect and
unexercised.

     

    12. Effect Upon Employment and
Performance of Services.  Nothing in this Option or the Plan
shall be construed to impose any obligation upon the Company or any Subsidiary
to employ or utilize the services of the Optionee or to retain the Optionee in
its employ or to engage or retain the services of the Optionee.

     

    13. Time for
Acceptance.  Unless the Optionee shall evidence his or her
acceptance of this Option by electronic or other execution of the Certificate
within thirty (30) days after its delivery to him, the Option shall be null and
void.

     

    14. Notice of Disqualifying
Disposition.  If the Option is designated as an incentive stock
option on the Certificate, the Optionee agrees to notify the Company promptly in
the event that he or she sells, transfers, exchanges or otherwise disposes of
any shares of Stock issued upon exercise of the Option before the later of (a)
the second anniversary of the date of grant of the Option and (b) the first
anniversary of the date the shares were issued upon his or her exercise of the
Option.

     

    
      
        
        

      

      
        - 4
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    15. Right of
Repayment.  In the event that the Optionee accepts employment
with or provides services for a competitor of the Company within two (2) years
after the date of exercise of this Option or any portion of it, the Optionee
shall pay to the Company an amount equal to the excess of the Fair Market Value
(as defined in the Plan) of the Stock as of the date of exercise over the price
paid for such shares; provided, however, that the
Committee in its discretion may release the Optionee from the requirement to
make such payment, if the Committee determines that the Optionee’s acceptance of
such employment or performance of such services is not inimical to the best
interests of the Company.  The Company may deduct the amount of
payment due under the preceding sentence from any compensation or other amount
payable by the Company to the Optionee.  For purposes of this Section
14, the term “Company” refers to the Company and all Subsidiaries.

     

    16. General
Provisions.

     

    (a) Amendment;
Waivers.  This Option Agreement, including the Plan, contains
the full and complete understanding and agreement of the parties hereto as to
the subject matter hereof, and except as otherwise permitted by the express
terms of the Plan and this Option Agreement, it may not be modified or amended
nor may any provision hereof be waived without a further written agreement duly
signed by each of the parties; provided, however, that a modification or
amendment that does not materially diminish the rights of the Optionee
hereunder, as they may exist immediately before the effective date of the
modification or amendment, shall be effective upon written notice of its
provisions to the Optionee.  The waiver by either of the parties
hereto of any provision hereof in any instance shall not operate as a waiver of
any other provision hereof or in any other instance.

     

    (b) Binding
Effect.  This Option Agreement shall inure to the benefit of
and be binding upon the parties hereto and their respective heirs, executors,
administrators, representatives, successors and assigns.

     

    (c) Governing
Law.  This Option Agreement shall be governed by and construed
in accordance with the laws of the Commonwealth of Massachusetts, without regard
to the principles of conflicts of law.

     

    (d) Construction.  This
Option Agreement is to be construed in accordance with the terms of the
Plan.  In case of any conflict between the Plan and this Option
Agreement, the Plan shall control.  The titles of the sections of this
Option Agreement and of the Plan are included for convenience only and shall not
be construed as modifying or affecting their provisions.  The
masculine gender shall include both sexes; the singular shall include the plural
and the plural the singular unless the context otherwise
requires.  Capitalized terms not defined herein shall have the
meanings given to them in the Plan.

     

    (e) Notices.  Any
notice in connection with this Option Agreement shall be deemed to have been
properly delivered if it is in writing and is delivered by hand or facsimile or
sent by registered mail, postage prepaid, to the party addressed as follows,
unless another address has been substituted by notice so given:

     

    
      	 
      	
              To
      the Optionee:

            	
              To
      his or her last address provided to the Company

            
	 
      	 
      	 
      

    

     

    
      
        
        

      

      
        - 5
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              To
      the Company:

            	
              LoJack
      Corporation

              200
      Lowder Brook Road, Suite 1000

              Westwood,
      MA  02090

              Attn:  Chief
      Financial Officer

            
	 
      	 
      	 
      
	 
      	
              Copy
      to:

            	
              Sullivan
      & Worcester LLP

              One
      Post Office Square

              Boston,
      MA  02109

              Attn:  Susan
      M. Barnard, Esquire

            

    

    

     

     

     

     

     

     

    
 

     

    
      
         

      

      
        - 6
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    IN WITNESS WHEREOF, the
Company has caused this Option Agreement to be issued as of the Grant Date set
forth on the Certificate.

     

    

    
      	 
      	
              LOJACK
      CORPORATION

               

               

              _____________________________________________

              Name:

              Title:

               

            

    

    

    

     

    

    
 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    - 7 -ex10-3.htm

    Exhibit
10.3

    LOJACK
CORPORATION

    

    RESTRICTED STOCK
AGREEMENT

    

    COVER
SHEET

     

    This
Restricted Stock Agreement (the “Agreement”) consists of this Cover Sheet and
the LoJack Corporation Restricted Stock Agreement attached hereto.

    

    Date
of grant and effective date of this Agreement (“Grant Date”):

    

    Class
of stock:  common stock, $0.01 par value

    

    Number
of shares of Common Stock:

    

    Grantee:

    

    

    

    Grantee’s
address:

    

    

    

    

    

    

    

    IN
WITNESS WHEREOF, each of the parties hereto have duly executed this Agreement on
the date and year first above written.

    

    

    LOJACK
CORPORATION

    By:                                                                                                           

    Name:

    Title:

    

    

    GRANTEE

                                                                                                                                                
        

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    LOJACK
CORPORATION

    

    RESTRICTED STOCK
AGREEMENT

    

    W
I T N E S S E T H:

    -
- - - - - - - - -

    

    WHEREAS,
Grantee is an officer or key employee of LoJack Corporation or its successor, as
applicable (the “Company”), or a subsidiary thereof; and

     

    WHEREAS,
the Company, pursuant to the LoJack Corporation 2008 Stock Incentive Plan, the
terms and provisions of which are incorporated herein by this reference (the
“Plan”), desires to issue and grant to the Grantee, and the Grantee desires to
accept, shares of the Company’s common stock, $0.01 par value (“Common Stock”),
upon the terms and subject to the conditions herein set forth;

     

    NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein
contained, the parties hereto, intending to be legally bound, hereby agree as
follows:

     

    1. Grant of Restricted
Stock.  In recognition of the Grantee’s commitment to the
continued growth and financial success of the Company and its Subsidiaries
(within the meaning of Section 1 of the Plan), the Company hereby grants to the
Grantee the number of shares of Common Stock set forth on the Cover Sheet, which
shares shall be subject to the restrictions, terms and conditions set forth in
this Agreement (“Restricted Stock”).  Simultaneously with the
execution and delivery of this Agreement by the parties hereto, the Company
shall deliver to the Grantee a stock certificate (or certificates) representing
the Restricted Stock, which stock certificate(s) shall (a) be registered on the
Company’s stock transfer books in the name of the Grantee and (b) bear (in
addition to any other legends required by applicable law) the following legend
(or a legend substantially similar thereto):

     

    “This
certificate and the shares represented hereby are issued pursuant to, subject
to, and shall be transferable only in accordance with, the provisions of the
LoJack Corporation 2008 Stock Incentive Plan and a certain Restricted Stock
Agreement dated ___________ between __________ and LoJack
Corporation.”

     

    2. Removal of Restricted Stock
Legend.  After the Restricted Stock has vested in accordance
with the provisions of Section 3, the Company, upon request of the Grantee,
shall cause the transfer agent for the Common Stock to issue a stock
certificate(s) representing the shares of Common Stock that are free of
restrictions and without the legend referred to in Section 1.

     

    3. Vesting.

     

    (a) In
general.  All shares of Restricted Stock shall be subject to
forfeiture until the third anniversary of the Grant Date, at which time the
Grantee’s rights to the 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Restricted
Stock shall become nonforfeitable (“vested”).  Prior to such date, the
Restricted Stock shall be forfeitable (“unvested”).

     

    (b) Accelerated
Vesting.  Notwithstanding the foregoing, Restricted Stock shall
vest without any action on the part of the Company or the Grantee in accordance
with the following schedule in the event of the Grantee’s death, Retirement or
Disability or a termination of employment by the Company (or a Subsidiary
thereof) of the Grantee, other than a termination for cause:

     

    
      	
              If event occurs
      after

              First
      anniversary of Grant Date

              Second
      anniversary of Grant Date

              Third
      anniversary of Grant Date

            	
              Vested
      Shares

              1/3rd
      of the Restricted Stock

              2/3 rds
      of the Restricted Stock

              All
      of the Restricted Stock

            

    

    

    In
the event of a Change of Control, all shares of Restricted Stock shall vest
without any further action on the part of the Company or the Grantee as of the
date of the Change of Control.

     

    In
no event shall a Grantee be deemed to have terminated employment by reason of a
transfer to or from the Company or any Subsidiary thereof or to or from one
Company Subsidiary to another Company Subsidiary.

     

    (c) Definitions.  For
all purposes of this Agreement, the following terms shall have the following
respective meanings.

     

    
      	
              (i)  

            	
              “Change
      of Control” shall have the meaning set forth in Section 11 of the
      Plan.

            

    

     

    
      	
              (ii)  

            	
              “Disability”
      shall have the meaning set forth in Section 5(g) of the
    Plan.

            

    

     

    
      	
              (iii)  

            	
              “Retirement”
      shall have the meaning set forth in Section 5(g) of the
    Plan.

            

    

     

    4. Non-Transferability of
Restricted Stock.  Unvested shares of Restricted Stock may not
be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of,
such shares shall not be assignable by operation of law and such shares shall
not be subject to execution, attachment or similar process.  Any
attempted sale, assignment, transfer, pledge, hypothecation or other disposition
of any unvested shares of Restricted Stock contrary to the provisions hereof
shall be null and void and without effect.

     

    5. Forfeiture.

     

    (a) If
at such time as the Grantee no longer is an employee of or consultant to the
Company or any of its Subsidiaries the Grantee is not vested in all shares of
Restricted Stock governed by this Agreement, beneficial ownership of the
unvested shares shall revert to the Company and the Grantee shall be deemed to
have forfeited such unvested shares (a “Forfeiture”) without any consideration
therefor.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b) Upon
the occurrence of a Forfeiture, the Grantee shall, within ten business days
thereafter, transfer and deliver to the Company all stock certificates
representing all unvested shares of Restricted Stock, together with stock powers
duly executed in blank by the Grantee.  From and after the occurrence
of a Forfeiture, the Grantee shall have no rights to or interests in any shares
of the unvested Restricted Stock or under this Agreement (other than the
obligation to transfer and deliver all stock certificates representing all
shares of the Restricted Stock pursuant to this Section 5(b)).

     

    6. Representations and
Warranties of Grantee.  The Grantee hereby represents and
warrants to the Company as follows:

     

    (a) The
Grantee has the legal right and capacity to enter into this Agreement and fully
understands the terms and conditions of this Agreement.

     

    (b) The
Grantee is acquiring the Restricted Stock for investment purposes only and not
with a view to, or in connection with, the public distribution thereof in
violation of the Securities Act of 1933, as amended.

     

    7. Notices.  Any
notice required or permitted hereunder shall be deemed given only when delivered
personally or when deposited in a United States Post Office as certified mail,
postage prepaid, addressed, as appropriate, if to the Grantee, at his address
set forth on the Cover Sheet or such other address as the Grantee may designate
in writing to the Company, and, if to the Company, at 200 Lowder Brook Drive,
Suite 1000, Westwood, MA 02090 or such other address as the Company may
designate in writing to the Grantee.

     

    8. Section 83(b)
Election.  The Grantee shall promptly furnish the Company with
a copy of any election filed pursuant to Section 83(b) of the Internal Revenue
Code of 1986, as amended.

     

    9. Failure to Enforce Not a
Waiver.  The failure of the Company to enforce at any time any
provision of this Agreement shall in no way be construed to be a waiver of such
provision or of any other provision hereof.

     

    10. Amendment:
Termination.  This Agreement may not be amended or terminated
unless such amendment or termination is in writing and duly executed by each of
the parties hereto.

     

    11. Counterparts.  This
Agreement may be executed in counterparts, each of which shall be deemed to be
an original, but all of which together shall constitute but one and the same
instrument.

     

    12. Benefit and Binding
Effect.  This Agreement shall be binding upon and shall inure
to the benefit of the Company, its successors and assigns, and the Grantee, his
executors, administrators, personal representatives and heirs.  In the
event that any part of this Agreement shall be held to be invalid or
unenforceable, the remaining parts hereof shall nevertheless continue to be
valid and enforceable as though the invalid portions were not a part
hereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    13. Entire
Agreement.  This Agreement contains the entire understanding of
the parties hereto with respect to the subject matter hereof and supersedes all
prior agreements, discussions and understandings with respect to such subject
matter.

     

    14. Governing
Law.  This Agreement shall be governed by, and construed and
enforced in accordance with, the laws of the Commonwealth of Massachusetts,
without giving effect to principles and provisions thereof relating to conflict
or choice of laws.

     

    

    

    [End
of Agreement – Signatures on Cover Sheet]

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