Document:

Exhibit 10.10

Indalex Holdings Finance, Inc.
Stock Option

Grant
Agreement

This
Grant Agreement, dated as of                ,
2006 (the “Effective Date”), evidences the grant of an option pursuant to the
provisions of the 2006 Stock Option Plan (the “Plan”) of Indalex Holdings
Finance, Inc. (the “Company”)
to the individual whose name appears below (the “Optionee”), covering the
specific number of shares of Non-Voting Common Stock (the “Shares”) set forth
below and on the following terms and conditions:

1.             Name of the Optionee:

2.             Number of Shares subject to this
option:

3.             Exercise price per Share subject to
this option:   $        

4.             Date of grant of this option:

5.             Type of option: Non-qualified
Option

6.                                       Vesting:

a.               Except as
otherwise expressly provided in Section 6 b. hereof, 20% of the total number of
Shares subject to this option shall vest as of                  of each year
(commencing on the first such date occurring after the Effective Date and
ending on the fifth such date occurring after the Effective Date).

b.              Notwithstanding anything to the contrary
contained in Section 6 a. hereof, 100% of the total number of Shares subject to
this option shall vest immediately prior to the consummation of a Change in
Control (as defined in Section 6 d. below) in connection with which the
consideration paid to the Company or to its stockholders, as the case may be,
consists primarily of cash (as determined by the Board of Directors in its sole
discretion).

c.               Notwithstanding anything to the contrary
contained herein, (i) this option shall not be exercisable, and shall be void
and of no further force and effect, (x) after the expiration of the option
term, (y) on and after the start of the date on which the Optionee’s employment
terminates for Cause (as defined in the Plan), and (z) on and after the start
of the date on which the Optionee breaches or violates any of the terms or
provisions hereof, including without limitation any provision of Annex A
hereto, (ii) except as provided in Section 7 below, this option shall be
exercisable only if the Optionee is, at the time of exercise, an employee of
the Company or one of its subsidiaries, (iii) except as provided in Section 13
of the Plan, this option shall in no event be exercisable for more than the
total number of Shares provided for in Section 2 hereof and (iv) vesting shall
cease immediately upon termination of employment for any reason, and any
portion of this option that has not vested on or prior to the date of such
termination is forfeited on such date. Once vesting has occurred, the vested
portion can be exercised at the time or times specified in Section 7 below.

d.              For
purposes of this Section 6, “Change in
Control” shall mean (i) any consolidation, merger or other transaction in which
the Company is not the surviving entity or which results in the acquisition of
all or substantially all of the Company’s outstanding shares of Common Stock by

 

a single person or entity or by a group of
persons or entities acting in concert or (ii) any sale or transfer of all or
substantially all of the Company’s assets (excluding, however, for this purpose
any real estate “sale-lease back” transaction); provided, however,
that the term “Change in Control” shall not include transactions either (x)
with affiliates of the Company or Sun Capital Partners, Inc. (“Sun”) (as
determined by the Board of Directors in its sole discretion) or (y) pursuant to
which more than fifty percent (50%) of the shares of voting stock of the
surviving or acquiring entity is owned and/or controlled (by agreement or
otherwise), directly or indirectly, by Sun or its affiliates; provided, further,
that a transaction shall not constitute a Change in Control unless the
transaction also constitutes a change in the ownership or effective control of
the Company, or in the ownership of a substantial portion of the Company’s
assets, within the meaning of Section 409A(a)(2)(A)(v) of the Code and the
regulations or other published guidance (including, without limitation,
Internal Revenue Service Notice 2005-1 and Proposed Regulation Section
1.409A-3) promulgated thereunder.

7.                                       The vested portion of this option can be
exercised only until the earliest of the following dates:

a.                                   
[TEN YEAR ANNIVERSARY OF THE EFFECTIVE DATE];

b.              the date of the consummation of a Change in
Control; or

c.               the date on which the Optionee’s employment
terminates; provided that if the Optionee’s termination of employment (i) is
not voluntary (other than a termination for Cause), then any portion of the
option exercisable pursuant to this Section 7(c) may also be exercised after
the date of termination but on or before the 15th day of the third calendar month following the
date of termination or (ii) is due to death or Disability (as defined in the
Plan), then any portion of the option exercisable pursuant to this Section 7(c)
may also be exercised after the date of termination but on or before the later
of (A) December 31 of the year in which the Optionee’s employment terminates or
(B) the 15th day of
the third calendar month after  the date
on which the Optionee’s employment terminates; provided further that, except in
the case of termination due to death or Disability, if the Optionee is a “specified
employee” as defined in Section 409A(a)(2)(B)(i) of the Code, then the option
shall instead be exercisable on the date that is six months after the date of
termination (or, if earlier, death of the Optionee).

8.                                       The permitted
exercise events specified in Section 7 are intended to comply with the
provisions of Section 409A(a)(2) of the Internal Revenue Code of 1986, as
amended (the “Code”). The Company may reduce or expand the period of time
following an event in which the vested portion of the option may be exercised
if Internal Revenue Service guidance specifies that such a reduction is
required or that such an expansion is permitted under the provisions of Code
Section 409A(a)(2). In addition, the Company may make any other changes to this
Grant Agreement it determines are necessary to comply with the provisions of
Code Section 409A(a)(2) without the consent of the Optionee.

9.                                       The Optionee agrees to abide by
the covenants and agreements set forth in Annex A hereto and incorporated by
reference herein, and acknowledges that the option being granted herein
constitutes adequate and sufficient consideration in support of such covenants
and agreements.

10.                                 The Optionee hereby acknowledges,
understands, and agrees that by signing this Grant Agreement, the Optionee
voluntarily and irrevocably forfeits any and all rights, title, and interests
the Optionee has or may have had in, to and under (a) any option agreement,

 

option letter, or other similar
document pursuant to which the Company (or any Subsidiary or affiliate thereof)
may have previously granted, or offered to grant, options in the Company (or
any Subsidiary or affiliate thereof) to the Optionee and (b) any oral or
written commitment or promise regarding options that the Company (or any
Subsidiary or affiliate thereof) may have made to the Optionee, except as to
any options that have been previously exercised and paid for by the Optionee.

11.                                 If the Optionee is entitled to exercise the
vested portion of this option, and wishes to do so, in whole or in part, the
Optionee shall submit to the Company a notice of exercise, in the form attached
as Annex B hereto, specifying the exercise date and the number of Shares to be
purchased pursuant to such exercise, and shall remit to the Company in a form
satisfactory to the Company (in its sole discretion) the exercise price, plus
an amount sufficient to satisfy any withholding tax obligations of the Company
that arise in connection with such exercise (as determined by the Company).

12.                                 The Optionee hereby acknowledges receipt of a
copy of the Plan attached hereto as Annex C as presently in effect. Except as
otherwise provided in this Grant Agreement, all of the terms and conditions of
the Plan are incorporated herein by reference (including, without limitation,
the repurchase provisions of Paragraph 20 of the Plan) and this option is
subject to such terms and conditions in all respects. Capitalized terms that
are used but not otherwise defined herein shall have the meanings given to such
terms in the Plan. This Grant Agreement and the Plan constitute the entire
agreement of the parties with respect to the subject matter hereof, and
supersede any prior written or oral agreements.

13.                                 Except
as otherwise provided herein and notwithstanding anything to the contrary in
the Plan, any provision of this Grant Agreement may be amended or waived with
the prior written consent of the Company and either (i) the Optionee or (ii)
the Plan participants who have been granted options to purchase a majority of
the options under the Plan (based on the number of underlying shares of
Non-Voting Common Stock issuable upon the exercise of all such options)
theretofore granted under the Plan (unless the Optionee will be treated in a
manner different from other Plan participants, in which case the Optionee’s
written consent will also be required).

14.                                 The Optionee hereby acknowledges, agrees and
confirms that, upon his or her exercise of this option, the Optionee will be
deemed to be a party to the Stockholders’ Agreement attached hereto as Annex D
and shall have all of the rights and obligations of the “Minority Stockholders”
thereunder as if the Optionee had executed the Stockholders’ Agreement. The
Optionee hereby ratifies, as of the date hereof, and agrees to be bound by, all
of the terms, provisions and conditions contained in the Stockholders’
Agreement.

 

 

Nothing in the Plan or
this Grant Agreement shall confer upon the Optionee any right to continue in
the employ of the Company or any of its Subsidiaries or affiliates, or
interfere in any way with any right of the Company or any of its Subsidiaries
or affiliates to terminate such employment at any time for any reason
whatsoever (whether for cause or without cause) without liability to the
Company or any of its Subsidiaries or affiliates.

Accepted
and Agreed:

	
  

  	
   

  	
  Indalex Holdings Finance, Inc.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By: 

  	
   

  	
   

  	
   

  
	
  Signature of
  Optionee

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
							

 

 

 

Attachments:        Annex
A (Covenants and Agreements of Optionee)

Annex
B (Form of Exercise Notice)

Annex
C (The Plan)

Annex D (Stockholders’ Agreement)

 

ANNEX A

COVENANTS AND AGREEMENTS OF OPTIONEE

1.             Optionee acknowledges the time and
expense incurred by the Company in connection with developing proprietary and
confidential information in connection with the Company’s business and
operations. Optionee agrees that Optionee will not, whether during Optionee’s
service as an employee of Sun Capital Partners, Inc. or its affiliates (“Sun
Capital”) or the Company or its Subsidiaries or at any time thereafter,
divulge, communicate, or use to the detriment of Sun Capital or the Company and
their respective affiliates (the “Group”) or any other person, firm or entity,
confidential information or trade secrets relating to any member of the Group,
including, without limitation, business strategies, operating plans, acquisition
strategies (including the identities of (and any other information concerning)
possible acquisition candidates), financial information, market analyses,
acquisition terms and conditions, personnel information, know-how, customer
lists and relationships, supplier lists and relationships, or other non-public
proprietary and confidential information relating to any member of the Group.
The foregoing confidentiality agreement shall not apply if Optionee can show
that the communication (i) is required in the course of performing Optionee’s
duties as an employee of Sun Capital or the Company or its Subsidiaries, (ii)
is made with the Board of Directors’ written consent, (iii) relates to
information that is or becomes generally known by the public other than as a
result of a breach hereof, or (iv) is required by law or judicial or
administrative process.

2.             During Optionee’s service as an employee of Sun Capital
or the Company or its Subsidiaries and for the two-year period thereafter,
Optionee shall not, to the detriment of any member of the Group, directly or
indirectly, for Optionee or on behalf of any other person, firm or entity,
employ, engage, retain, solicit,
recruit or enter into a business affiliation with any person who is an employee
of any member of the Group, or attempt to persuade any such person to terminate
such person’s employment with any member of the Group, whether or not such
person is a full-time employee or whether or not such employment is pursuant to
a written agreement or at-will.

3.             During Optionee’s service as an employee of the Company
or its Subsidiaries and for the two-year period thereafter, Optionee shall not,
to the detriment of the Company or its Subsidiaries, directly or indirectly,
for Optionee or on behalf of any other person, firm or entity, solicit or
otherwise attempt to take away any supplier, vendor, or customer of any member
of the Group who Optionee solicited or did business with on behalf of the
Company or its Subsidiaries or with whom Optionee otherwise became acquainted
as a result of Optionee’s employment with the Company or its Subsidiaries.

4.             Whether during or after the term of Optionee’s
employment or service, Optionee shall not disparage, defame or discredit any
member of the Group or engage in any activity which would have the effect of
disparaging, defaming or discrediting any member of the Group, nor shall
Optionee interfere with or disrupt the business activities of any member of the
Group, or engage in any activity which would have the effect of interfering
with or disrupting the business activities of any member of the Group; provided,
however, that nothing in this Paragraph 4 or elsewhere in this Annex
shall prevent Optionee from engaging in “whistle-blowing” or other activities
expressly protected by applicable law, to the extent so protected.

5.             Optionee acknowledges that Optionee’s service as an
employee of Sun Capital or the Company or its Subsidiaries, as the case may be,
and the agreements herein are reasonable and necessary for the protection of Sun
Capital and the Company and its Subsidiaries and are an essential inducement to
the Company’s grant of the Option. Accordingly, Optionee shall be bound by the
provisions hereof to the maximum extent permitted by law, it being the intent
and spirit of the parties that the foregoing shall be fully enforceable.
However, the

 

parties further agree
that, if any of the provisions hereof shall for any reason be held to be
excessively broad as to duration, geographical scope, property or subject
matter, such provision shall be construed by limiting and reducing it so as to
be enforceable to the extent compatible with the applicable law as it shall
herein pertain.

6.             Optionee acknowledges that the services to be rendered
by Optionee to the Company or its Subsidiaries are of a unique nature and that
it would be difficult or impossible to replace such services and that by reason
thereof Optionee agrees and consents that if Optionee violates the provisions
of this Annex, Sun Capital and the Company, in addition to any other rights and
remedies available under this Contract or otherwise, shall be entitled to an
injunction to be issued or specific performance to be required restricting
Optionee from committing or continuing any such violation.

 

ANNEX B

Stock
Option Plan of Indalex Holdings Finance, Inc.

Notice of Exercise of Stock Option

1.             Exercise of
Option. Pursuant to the 2006 Stock Option Plan of Indalex Holdings Finance,
Inc.  (the “Plan”) and my
agreement with Indalex Holdings Finance, Inc. (the “Company”) dated                         
(the “Grant Agreement”), I hereby elect to exercise my nonqualified stock
option (the “Option”) to the extent of                         
shares of Non-Voting Common Stock of the Company (the “Shares”).

2.             Delivery of
Payment. I hereby deliver to the Company a cashier’s check in the amount of
$                     
in full payment of the purchase price of the Shares [determined by multiplying
(a) the exercise price per Share as set forth in my Grant Agreement, by (b) the
number of Shares as to which I am exercising the Option] and in satisfaction of
my obligation to remit to the Company an amount sufficient to satisfy any
withholding tax obligations of the Company that arise in connection with this
exercise, or through such other payment method agreed to by the Company and
permitted under the terms of the Plan.

3.             Representations.
In connection with my exercise of the Option, I hereby represent to the Company
as follows:

(a)           I am acquiring the
Shares solely for investment purposes, with no present intention of
distributing or reselling any of the Shares or any interest therein. I
acknowledge that the Shares have not been registered under the Securities Act
of 1933, as amended (the “Securities Act”).

(b)           I am aware of the
Company’s business affairs and financial condition and have acquired sufficient
information about the Company to reach an informed and knowledgeable decision
to acquire the Shares.

(c)           I understand that
the Shares are “restricted securities” under applicable U.S. federal and state
securities laws and that, pursuant to these laws, I must hold the Shares
indefinitely unless they are registered with the Securities and Exchange
Commission and qualified by state authorities, or unless an exemption from such
registration and qualification requirements is available. I acknowledge that
the Company has no obligation to register or qualify the Shares for resale. I
further acknowledge that if an exemption from registration or qualification is
available, it may be conditioned on various requirements including, but not
limited to, the time and manner of sale, the holding period for the Shares, and
requirements relating to the Company which are outside of my control, and which
the Company is under no obligation to and may not be able to satisfy.

(d)           I understand that
there is no public market for the Shares, that no market may ever develop for
them, and that the Shares have not been approved or disapproved by the
Securities and Exchange Commission or any other federal, state or other governmental
agency.

(e)           I understand that
the Shares are subject to certain restrictions on transfer set forth in the
Plan. Both the Plan and the Grant Agreement are incorporated herein by
reference.

(f)            I understand that
any Shares purchased hereunder shall be subject to the Stockholders’ Agreement
of the Company dated as of February 2, 2006, as it may be amended from time to
time (“Stockholders’ Agreement”), a copy of which has been provided to me, and
that it is a condition to

 

the
exercise of my Option that I execute the attached signature page of the
Stockholders’ Agreement, agreeing to be bound thereby. I have had a full and
fair opportunity to review the Stockholders’ Agreement prior to exercising the
Option.

(g)           I understand that
the certificate representing the Shares will be imprinted with the following
legends:

THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
SECURITIES LAW AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED
UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING
SUCH SECURITIES OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF
THE SECURITIES, REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE,
TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND
PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT AND APPLICABLE STATE SECURITIES
LAWS.

THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO A RIGHT OF FIRST REFUSAL AND A REPURCHASE RIGHT IN FAVOR
OF THE COMPANY OR ITS ASSIGNEE AS SET FORTH IN THE COMPANY’S STOCK OPTION PLAN.
SUCH RIGHT OF FIRST REFUSAL AND REPURCHASE RIGHT ARE BINDING ON TRANSFEREES OF
THE SHARES REPRESENTED BY THIS CERTIFICATE.

THIS CERTIFICATE AND THE SECURITIES
REPRESENTED HEREBY ARE HELD SUBJECT TO THE TERMS, COVENANTS AND CONDITIONS OF A
STOCKHOLDERS’ AGREEMENT DATED AS OF FEBRUARY 2, 2006, AS SUCH AGREEMENT MAY BE
AMENDED, BY AND AMONG THE STOCKHOLDERS OF INDALEX HOLDINGS FINANCE, INC., AND
MAY NOT BE TRANSFERRED OR DISPOSED OF EXCEPT IN ACCORDANCE WITH THE TERMS AND
PROVISIONS THEREOF. A COPY OF SAID AGREEMENT AND ALL AMENDMENTS THERETO IS ON
FILE AND MAY BE INSPECTED AT THE PRINCIPAL EXECUTIVE OFFICES OF THE COMPANY.

(h)           I have consulted my
own tax advisors in connection with my exercise of this Option and I am not
relying upon the Company for any tax advice.

(i)            I am presently an
employee of the Company.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

	
  

  	
   

  	
  Submitted by the Optionholder:

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Print Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Social Security
  No.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Received and
  Accepted by the Company:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Indalex Holdings
  Finance, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Print Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
													

 

Note:  If
options are being exercised on behalf of a deceased Plan participant, then this
Notice must be signed by such participant’s personal representative and must be
accompanied by a certificate issued by an appropriate authority evidencing that
the individual signing this Notice has been duly appointed and is currently
serving as the participant’s personal representative under applicable local law
governing decedents’ estates.Exhibit 10.11

INDALEX HOLDINGS FINANCE, INC.

2006 EMPLOYEE STOCK PURCHASE PLAN

1.             Purpose of Plan. This 2006
Employee Stock Purchase Plan (this “Plan”) of Indalex Holdings Finance,
Inc. (the “Company”) is designed to provide incentives to such present
and future employees, directors, consultants or advisers of the Company and its
Subsidiaries, as may be selected in the sole discretion of the Company’s Board
of Directors (“Participants”), through the sale of Common Stock to
Participants. Such sale of Common Stock to Participants is not intended to
raise capital for the Company. Only those Participants who are employees of the
Company or one of its Subsidiaries shall be eligible to participate in this
Plan. Participation in this Plan is voluntary. This Plan is intended to qualify
under Rule 701 of the Securities Act of 1933, as amended.

2.             Definitions. Certain terms
used in this Plan have the meanings set forth below:

“Common Stock”
means the Company’s non-voting common stock, par value $0.001 per share.

“Board of Directors”
means the board of directors of the Company.

“Person” means an
individual, a partnership, a corporation, a limited liability company, an
association and any other business entity.

“Subsidiary”
means, with respect to any Person, any corporation, limited liability company,
partnership, association or other business entity of which (i) if a
corporation, a majority of the total voting power of shares of stock entitled
(without regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time owned or controlled,
directly or indirectly, by that Person or one or more of the other Subsidiaries
of that Person or a combination thereof, or (ii) if a limited liability
company, partnership, association or other business entity, a majority of the
limited liability company, partnership or other similar ownership interest
thereof is at the time owned or controlled, directly or indirectly, by that
Person or one or more Subsidiaries of that Person or a combination thereof. For
purposes hereof, a Person or Persons shall be deemed to have a majority
ownership interest in a limited liability company, partnership, association or
other business entity if such Person or Persons shall be allocated a majority of
limited liability company, partnership, association or other business entity
gains or losses or shall be or control the managing director or general partner
of such limited liability company, partnership, association or other business
entity.

3.             Sale of Common Stock. The
Board of Directors shall have the power and authority to sell to any
Participant any share of Common Stock at any time prior to the termination of
this Plan in such quantity, at such price, on such terms and subject to such
conditions that are consistent with this Plan and established by the Board of
Directors. Shares of Common Stock sold under this Plan shall be subject to such
terms and evidenced by agreements as shall be determined from time to time by
the Board of Directors.

4.             Administration of the Plan.
The Board of Directors shall have the power and authority to prescribe, amend
and rescind rules and procedures governing the administration of

 

this Plan, including, but
not limited to, the full power and authority (i) to interpret the terms of this
Plan and (ii) to determine the rights of any Person under this Plan, or the
meaning of requirements imposed by the terms of this Plan or any rule or
procedure established by the Board of Directors. Each action of the Board of
Directors shall be binding on all Persons.

5.             Taxes. The Company shall be
entitled, if necessary or desirable, to withhold (or secure payment from the
Plan Participant in lieu of withholding) the amount of any withholding or other
tax due from the Company with respect to any amount payable and/or shares
issuable under this Plan, and the Company may defer such payment or issuance
unless indemnified to its satisfaction.

6.             Termination and Amendment.
The Board of Directors at any time may suspend or terminate this Plan and make
such additions or amendments as it deems advisable under this Plan.

*   *  
*   *   *

 

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