Document:

Exhibit 10.10

 

[FORM OF]

REVOLVING
NOTE

 

 

FOR
VALUE RECEIVED, the undersigned (the “Borrowers”), hereby promises to
pay to                          or
registered assigns (the “Lender”), in accordance with the provisions of
the Senior Unsecured Credit Agreement dated as of April 1, 2008 (as
amended, modified, supplemented or extended from time to time, the “Credit
Agreement”) among Mac-Gray Corporation, a Delaware corporation (the “Parent
Borrower”), Mac-Gray Services, Inc., a Delaware corporation (“MGS”),
Intirion Corporation, a Delaware corporation (“Intirion”; together with
the Parent Borrower and MGS, each a “Borrower” and collectively, the “Borrowers”),
the Lenders from time to time party thereto and Bank of America, N.A., as
Administrative Agent. Capitalized terms used but not otherwise defined herein
have the meanings provided in the Credit Agreement.

 

The
Borrowers promise to pay interest on the unpaid principal amount of each
Revolving Loan from the date of such Revolving Loan until such principal amount
is paid in full, at such interest rates and at such times as provided in the
Credit Agreement. All payments of principal and interest shall be made to the
Administrative Agent for the account of the Lender in Dollars in immediately
available funds at the Administrative Agent’s Office. If any amount is not paid
in full when due hereunder, such unpaid amount shall bear interest, to be paid
upon demand, from the due date thereof until the date of actual payment (and
before as well as after judgment) computed at the per annum rate set forth in
the Credit Agreement.

 

This
Revolving Note is one of the Revolving Notes referred to in the Credit
Agreement, is entitled to the benefits thereof and may be prepaid in whole or
in part subject to the terms and conditions provided therein. Upon the
occurrence and continuation of one or more of the Events of Default specified
in the Credit Agreement, all amounts then remaining unpaid on this Revolving
Note shall become, or may be declared to be, immediately due and payable all as
provided in the Credit Agreement. Revolving Loans made by the Lender shall be
evidenced by one or more loan accounts or records maintained by the Lender in
the ordinary course of business. The Lender may also attach schedules to this
Revolving Note and endorse thereon the date, amount and maturity of its
Revolving Loans and payments with respect thereto.

 

Each
Borrower, for itself, its successors and assigns, hereby waives diligence,
presentment, protest and demand and notice of protest, demand, dishonor and
nonpayment of this Revolving Note.

 

[SIGNATURE PAGE FOLLOWS]

 

 

THIS
REVOLVING NOTE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

 

	
   

  	
  MAC-GRAY CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MAC-GRAY SERVICES, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  INTIRION CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:Exhibit 10.1

 

FORM OF

ARCTIC CAT
INC.

RESTRICTED
STOCK AGREEMENT

 

This RESTRICTED STOCK AGREEMENT
(“Agreement”) made as of the        day of
                        ,
20    , between Arctic Cat Inc., a Minnesota corporation
(the “Company”), and
                             
, an employee of the Company or one or more of its subsidiaries (“Employee”).

 

WHEREAS, the Company desires, by granting Employee certain restricted common
stock of the Company, as hereinafter provided, to carry out the purpose of the 2007 Omnibus Stock and Incentive Plan (the “2007
Stock Plan”) of the Company approved by its shareholders.

 

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and
for other good and valuable consideration, the sufficiency of which is hereby
acknowledged, the parties hereto have agreed, and do hereby agree, as follows:

 

1.             Award.

 

(a)           Shares.  Pursuant to the 2007 Omnibus Stock and
Incentive Plan (the “2007 Stock Plan”),
                    
shares (the “Restricted Shares”) of the Company’s common stock, par value $.01
per share (“Stock”), shall be issued as hereinafter provided in Employee’s name
subject to certain restrictions thereon.

 

(b)           Issuance of
Restricted Shares.  The Restricted
Shares shall be issued upon acceptance hereof by Employee and upon satisfaction
of the conditions of this Agreement.

 

(c)           2007 Stock
Plan.  This award of Restricted Shares is subject to
all of the terms and conditions set forth in the 2007 Stock Plan, including
future amendments thereto, if any.  A copy
of the 2007 Stock Plan is on file with the Chief Financial Officer of the
Company, and Employee, by acceptance hereof, agrees to and accepts this award
of Restricted Shares subject to the terms of the 2007 Stock Plan.

 

2.             Restricted Shares.  Employee hereby accepts the Restricted Shares
when issued and agrees with respect thereto as follows:

 

(a)           Forfeiture
Restrictions.  The Restricted Shares may not
be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred,
encumbered or disposed of to the extent then subject to the Forfeiture
Restrictions (as hereinafter defined), and in the event of termination of
Employee’s employment with the Company or employing subsidiary for any reason
other than (i) Retirement, as such term is defined in the 2007 Stock Plan,
(ii) death or (iii) Disability, as such term is defined in the 2007
Stock Plan, or except as otherwise provided in the last sentence of
subparagraph (b) of this Paragraph 2, 

 

 

Employee shall, for no consideration, forfeit to the
Company all Restricted Shares to the extent then subject to the Forfeiture
Restrictions.  The prohibition against
transfer and the obligation to forfeit and surrender Restricted Shares to the
Company upon termination of employment are herein referred to as “Forfeiture
Restrictions.”  The Forfeiture
Restrictions shall be binding upon and enforceable against any transferee of
Restricted Shares.

 

(b)           Lapse of
Forfeiture Restrictions.  The Forfeiture
Restrictions shall lapse as to
                    
percent (      %) of the Restricted Shares on [each of] the
         anniversary[y][ies] of the date of this Agreement provided that
Employee has been continuously employed by the Company from the date of this
Agreement through the lapse date. 
Notwithstanding the foregoing, the Forfeiture Restrictions shall lapse
as to all of the Restricted Shares on the earlier of (i) the occurrence of
a Change in Control (as such term is defined in the 2007 Stock Plan), or (ii) the
date Employee’s employment with the Company is terminated by reason of death,
Disability (as such term is defined in the 2007 Stock Plan) or  Retirement (as such term is defined in the
2007 Stock Plan).  In the event Employee’s
employment is terminated for any other reason, the Committee which administers
the 2007 Stock Plan (the “Committee”) or its delegate, as appropriate, may, in
the Committee’s or such delegate’s sole discretion, approve the lapse of
Forfeiture Restrictions as to any or all Restricted Shares still subject to
such restrictions, such lapse to be effective on the date of such approval or
Employee’s termination date, if later.

 

(c)           Certificates.  A certificate evidencing the Restricted
Shares shall be issued by the Company in Employee’s name, or at the option of
the Company, in the name of a nominee of the Company.  The certificate shall bear a legend
evidencing the nature of the Restricted Shares, and the Company may cause the
certificate to be delivered upon issuance to the Secretary of the Company or to
such other depository as may be designated by the Company as a depository for
safekeeping until the forfeiture occurs or the Forfeiture Restrictions lapse
pursuant to the terms of the 2007 Stock Plan and this award.  Upon request of the Committee or its delegate,
Employee shall deliver to the Company a stock power, endorsed in blank,
relating to the Restricted Shares then subject to the Forfeiture
Restrictions.  Upon the lapse of the
Forfeiture Restrictions without forfeiture, the Company shall cause a new certificate
or certificates to be issued without a legend in the name of Employee for the
shares upon which Forfeiture Restrictions lapsed.  Notwithstanding any other provisions of this
Agreement, the issuance or delivery of any shares of Stock (whether subject to
restrictions or unrestricted) may be postponed for such period as may be
required to comply with applicable requirements of any national securities
exchange or any requirements under any law or regulation applicable to the
issuance or delivery of such shares.  The
Company shall not be obligated to issue or deliver any shares of Stock if the
issuance or delivery thereof shall constitute a violation of any provision of
any law or of any regulation of any governmental authority or any national
securities exchange.

 

(d)           Rights of Restricted Shares.  Subject to the provisions of this Agreement,
the Employee shall have all the rights of a stockholder of the Company with
respect to the Restricted Shares, including the right to vote the Restricted
Shares and to receive all cash dividends or other distributions paid or made
with respect to the Stock.  If there is (i) any
stock dividend, stock split or other change in the Restricted Shares, or 

 

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(ii) any
merger or sale of all or substantially all of the assets or other acquisition
of the Company, Employee shall receive any and all new, substituted or
additional shares to which he or she is entitled by reason of Employee’s
ownership of the Restricted Shares, and such shares shall be included thereafter
as “Restricted Shares” for purposes of this Agreement.

 

3.             Withholding of Tax.  To the extent that the receipt of the
Restricted Shares or the lapse of any Forfeiture Restrictions results in income
to Employee for federal or state income tax purposes, Employee shall deliver to
the Company at the time of such receipt or lapse, as the case may be, such
amount of money or shares of unrestricted Stock as the Company may require to
meet its withholding obligation under applicable tax laws or regulations, and,
if Employee fails to do so, the Company is authorized to withhold from any cash
or Stock remuneration then or thereafter payable to Employee any tax required
to be withheld by reason of such resulting compensation income.

 

4.             Status of Stock.  Employee agrees that the Restricted Shares
will not be sold or otherwise disposed of in any manner which would constitute
a violation of any applicable federal or state securities laws.  Employee also agrees (i) that the
certificates representing the Restricted Shares may bear such legend or legends
as the Company deems appropriate in order to assure compliance with applicable
securities laws, (ii) that the Company may refuse to register the transfer
of the Restricted Shares on the stock transfer records of the Company if such
proposed transfer would be in the opinion of counsel satisfactory to the
Company constitute a violation of any applicable securities law and (iii) that
the Company may give related instructions to its transfer agent, if any, to
stop registration of the transfer of the Restricted Shares.

 

5.             Employment Relationship.  For purposes of this Agreement, Employee
shall be considered to be in the employment of the Company as long as Employee
remains an employee of either the Company, any successor corporation or a
parent or subsidiary corporation (as defined in section 424 of the Code) of the
Company or any successor corporation. 
Any question as to whether and when there has been a termination of such
employment, and the cause of such termination, shall be determined by the
Committee, or its delegate, as appropriate, and its determination shall be
final.

 

6.             Committee’s Powers.  No provision contained in this Agreement
shall in any way terminate, modify or alter, or be construed or interpreted as
terminating, modifying or altering any of the powers, rights or authority
vested in the Committee or, to the extent delegated, in its delegate pursuant
to the terms of the 2007 Stock Plan or resolutions adopted in furtherance of
the 2007 Stock Plan, including, without limitation, the right to make certain
determinations and elections with respect to the Restricted Shares.

 

7.             Company Authority.  The existence of the Restricted Shares herein
granted shall not affect in any way the right or power of the Company or its
stockholders to make or authorize any or all adjustments, recapitalizations,
reorganizations or other changes in the Company’s capital structure or its
business, or any merger or consolidation of the Company, or any issue of bonds,
debentures, preferred or prior preference stock ahead of or affecting 

 

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the common stock of the Company or its rights thereof,
or dissolution or liquidation of the Company, or any sale or transfer of all or
any part of its assets or business, or any other corporate act or proceeding,
whether of a similar character or otherwise.

 

8.             Disputes.  As a
condition of the granting of the Restricted Shares herein granted, Employee
agrees, for Employee and Employee’s personal representatives, that any dispute
or disagreement which may arise under or as a result of or pursuant to this
Agreement shall be determined by the Board of Directors of the Company, in its
sole discretion, and that any interpretation of the Board of the terms of this
Agreement shall be final, binding and conclusive.

 

9.             Binding Effect.  This Agreement shall be binding upon and
inure to the benefit of any successors to the Company and all persons lawfully
claiming under Employee.

 

10.           Governing Law.  This Agreement shall be governed by, and
construed in accordance with, the laws of the State of Minnesota.

 

IN WITNESS WHEREOF, the Company has
caused this Agreement to be duly executed by an officer thereunto duly
authorized, and Employee has executed this Agreement, all as of the date first
above written.

 

 

	
   

  	
  ARCTIC CAT INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Chairman of the Board and

  
	
   

  	
   

  	
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Employee

  

 

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Please Check Appropriate Item (One of the boxes
must be checked):

 

o   I do not desire the alternative
tax treatment provided for  in the Internal Revenue Code Section 83(b).

 

o*          I do desire the alternative
tax treatment provided for in  Internal Revenue Code Section 83(b) and desire
that forms  for
such purpose be forwarded to me.

 

*              I
acknowledge that the Company has suggested that before this block is checked
that I check with a tax consultant of my choice.

 

Please furnish the following information for
shareholder records:

 

	
   

  	
   

  	
   

  
	
  (Given name and initial must be used

  	
   

  	
  Social Security Number

  
	
  for stock registry)

  	
   

  	
  (if applicable)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Birth Date

  
	
   

  	
   

  	
  Month/Day/Year

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name of Employer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address (Zip Code)

  	
   

  	
  Day phone number

  
	
   

  	
   

  	
   

  
	
  United States Citizen: Yes o No o

  	
   

  	
   

  

 

PROMPTLY NOTIFY THIS OFFICE OF ANY CHANGE IN ADDRESS.

 

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