Document:

Exhibit 10.7

 

AMERIQUEST TRANSPORTATION SERVICES, INC.

 

AMENDED AND RESTATED
 EMPLOYEE STOCK PURCHASE PLAN 2011

 

The Board of Directors of AmeriQuest Transportation Services, Inc. (the “Company”) has adopted this Amended and Restated Employee Stock Purchase Plan 2011 (the “Plan”) to enable individuals who are full-time employees of the Company (the “Employees”), to use portions of the bonuses paid to such Employees for such employment, to purchase shares of the Company’s common stock, $0.0005 par value per share (the “Common Stock”).  The purpose of the Plan is to benefit the Company’s growth and success and to enable the Company to continue to attract highly qualified persons as employees of the Company.  The provisions of the Plan are set forth below.

 

1.                                      Shares Available.

 

The maximum aggregate number of shares of Common Stock available for purchase under this Plan shall be 250,000.

 

2.                                      Administration.

 

The Plan shall be administered by the Board.  The Board’s actions under the Plan shall be limited to taking all actions authorized by this Plan or as otherwise reasonably necessary to effect the purposes hereof.

 

3.                                      Interpretation.

 

Subject to the express provisions of the Plan, the Board (which shall include the affirmative vote or consent of a majority of the disinterested directors of the Board) shall have authority to interpret the Plan, to prescribe, amend and rescind rules relating to it, and to make all other determinations necessary or advisable in administering the Plan, all of which determinations will be final and binding upon all persons.

 

4.                                      Eligibility to Participate.

 

The only persons eligible in the Plan shall be full-time employees, including officers and executives, of the Company and who are entitled to receive an annual bonus (or the equivalent thereof) from the Company in a fiscal year.  Employees may only participate in the Plan during their respective employment as employees of the Company.

 

5.                                      Annual Bonus.

 

From and after the effective date of the Plan, an Employee may file an irrevocable written election (each, a “Bonus Purchase Notice”) with the Secretary of the Company to use a percentage of such Employee’s annual bonus to purchase shares of the Company’s Common Stock.  This election shall be made no later than April 30 of the fiscal year, and shall be effective for the fiscal year in which the annual bonus will be paid.  An Employee may not contribute amounts to purchase Common Stock under the Plan other than through the use of such Employee’s bonus pursuant to this

 

 

Plan or such other stock purchase arrangements that an Employee may have with the Company from time to time.  A non-commissionable Employee may not choose to purchase shares of Common Stock that have a value in excess of fifty percent (50%) of such Employee’s gross annual cash bonus for any fiscal year.  A commissionable Employee may not choose to purchase shares of Common Stock that have a value in excess of fifty percent (50%) of the product of (x) such Employee’s annual salary and (y) such Employee’s annual target amount.

 

The shares of Common Stock shall be purchased from the Company on the last day of the calendar quarter in which such bonus is paid by the Company to such Employee (the “Purchase Date”).  The number of shares purchased on a Purchase Date shall equal the portion of the annual bonus being used to purchase Shares, divided by the Purchase Price (defined below) on such Purchase Date (or such other measurement of the value of a Share that the Board of Directors of the Company shall determine in its sole discretion) rounded to nearest whole number.  Fractional shares shall not be issued.  Any amount that would be used to purchase a fractional share shall be paid in cash.  No interest shall accrue with respect to funds to be invested hereunder.

 

The Company’s Common Stock has not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or under any applicable state securities laws and regulations. Therefore, the Common Stock will be restricted and cannot be offered, sold, transferred, pledged or hypothecated to any person unless the Common Stock is subsequently registered under the Securities Act (which the Company is not obligated to do and which it does not anticipate doing in the near future) or an exemption from registration is available and the favorable opinion of counsel acceptable to the Company to that effect is obtained by an Employee. Further, no Employee shall resell, hypothecate, transfer, assign or make other disposition of the Common Stock, except in a transaction exempt from the registration requirements of the securities laws and regulations of the state in which such Employee is offered and sold, and that specific approval of such transfers is required in some states.  The transfer and disposition of any Common Stock issued to an Employee pursuant to the Plan will be further restricted by the terms and conditions of any shareholder or similar agreement to which such Employee is a party or to which such Employee’s shares are subject.  Any certificate or instrument evidencing the Common Stock shall, in addition to any other legends required pursuant to the Plan, be stamped or otherwise imprinted with an appropriate legend.

 

Any purchase of Common Stock by an Employee pursuant to this Plan shall be subject to such Employee’s execution of other agreements, including but not limited to stock purchase agreements, stockholder agreements and grant letters, as may be required by the Board in its sole discretion.

 

6.                                      Purchase Price.

 

The purchase price of each share of Common Stock will be the fair market value of the Common Stock (the “Purchase Price”).  For purpose of this Plan, “fair market value” means the value approved by the Board in its sole discretion (including the affirmative vote or consent of a majority of the disinterested directors of the Board) each fiscal year (whether such valuation is determined before or after the Company’s receipt of a Bonus Purchase Notice), which value shall be based on an annual independent valuation of the Common Stock.  If subsequent to the determination of such fair market value, a material change in the financial condition, results of operations or

 

2

 

prospects of the Company should occur, in the Board’s sole discretion, then the Board shall cause a new fair market value to be determined or shall suspend purchases and sales hereunder.

 

7.                                      No Right to Continued Employment.

 

Neither the Plan nor any right to purchase Common Stock under the Plan confers upon any Employee any right to continued employment with the Company, nor will an Employee’s participation in the Plan create any obligation on the part of the Company to retain such Employee as an employee of the Company.

 

8.                                      Employee Status.

 

For purposes of determining whether an individual is employed by the Company, the Board may decide to what extent leaves of absence for governmental or military service, illness, temporary disability, or other reasons shall not be deemed interruptions of full-time employment.

 

9.                                      Tax Withholdings.

 

Each Employee shall pay to the Company, or make arrangements satisfactory to the Company regarding payment of, any federal, state, or local taxes of any kind required by law to be withheld by the Company with respect to amounts includable in the gross income of such Employee pursuant to this Plan. The Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to Employee. The Company’s obligation to deliver evidence of book entry (or stock certificates) to any Employee is subject to and conditioned on tax withholding obligations being satisfied by such Employee.

 

10.                               Amendment of Plan.

 

Unless otherwise required by law, the Board may, at any time, amend the Plan in any respect.

 

11.                               Assignment.

 

No participating Employee may assign his or her rights to purchase shares of Common Stock under the Plan, whether voluntarily, by operation of law or otherwise.  Any payment of cash or issuance of shares of Common Stock under the Plan may be made only to the participating Employee (or in the event of the Employee’s death, to the Employee’s estate).

 

12.                               Effective Date; Term and Termination of the Plan.

 

The Plan shall be effective as of the date of adoption by the Board (including the affirmative vote or consent of a majority of the disinterested directors of the Board), which date is set forth below.  The Board may terminate the Plan at any time for any reason or for no reason, provided that such termination shall not impair any rights of participating Employees.  The Plan shall terminate automatically upon the earlier of an initial public offering of the Common Stock or upon commencement of active market trading in the Common Stock.

 

3

 

13.                               Payment of Plan Expenses.

 

The Company will bear all costs of administering and carrying out the Plan.

 

This Plan was duly adopted and approved by the Board of Directors of the Company by resolution at a meeting held on the 6 day of April, 2012.

 

4

 

AMERIQUEST TRANSPORTATION SERVICES, INC.
 EMPLOYEE STOCK PURCHASE PLAN 2011

 

STOCK PURCHASE AGREEMENT

 

THIS STOCK PURCHASE AGREEMENT (this “Agreement”) is made as of                          , 2011, by and between AmeriQuest Transportation Services, Inc., a New Jersey corporation, (“Company”), and                                          , an adult individual (“Employee”).

 

WHEREAS, as an incentive to Employee to continue to serve as an employee of Company, Company offers shares of its common stock, $0.0005 par value per share (the “Common Stock”), to Employee upon the terms and conditions contained herein and pursuant to the Plan (as hereinafter defined); and

 

WHEREAS, Employee has elected to use a portion of such Employee’s annual bonus to purchase shares of the Company’s Common Stock.

 

NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows:

 

1.                                      Definitions.  For purposes of this Agreement, the following terms shall be defined as set forth below.

 

“Affiliate” means an affiliate of Company, as defined in Rule 12b-2 promulgated under the Exchange Act.

 

“Change in Control” has the meaning set forth in the Plan.

 

“Fair Market Value” has the meaning set forth in the Plan.

 

“Non-Accredited Investor” means a holder of Common Stock who is not an “accredited investor” as such term is defined under the Securities Act.

 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

 

“Plan” means the AmeriQuest Transportation Services, Inc. Employee Stock Purchase Plan 2011, as amended from time to time.

 

“Sale” means any of the following transactions that would, after consummation, constitute a Change in Control: (i) the sale or other disposition by Company, directly or indirectly, of all or substantially all of the assets, properties or business of Company and its subsidiaries on a consolidated basis, (ii) the sale of any capital stock of Company or (iii) any merger, consolidation or other business combination of Company.

 

 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Transfer” means the sale, transfer, assignment, pledge or other disposition of (whether with or without consideration and whether voluntarily or involuntarily or by operation of law) any interest in any of a holder’s Common Stock.

 

2.                                      Purchase under Employee Stock Option Plan 2011.  The parties to this Agreement acknowledge and agree that the Common Stock purchased and sold under this Agreement is issued pursuant to and is governed by the Plan, and unless the context otherwise requires, terms used herein shall have the same meaning as in the Plan.  Determinations made in connection with the Common Stock pursuant to the Plan shall be governed by the Plan as it exists on the Purchase Date.  Employee acknowledges receipt of a copy of the Plan.

 

3.                                      Issuance of Common Stock.  On the Purchase Date, Company shall sell to Employee, and Employee shall purchase from Company,            duly authorized and validly issued, fully paid and nonassessable shares of the Common Stock of Company at a purchase price of $           per share (the “Purchase Price”).

 

4.                                      Payment of Purchase Price.  The Purchase Price shall be paid by Employee to the Company in cash.

 

5.                                      Investment and Taxation Representations.  In connection with the grant of Common Stock, Employee represents to Company the following:

 

(a)                                 The execution, delivery and performance of this Agreement by Employee is within Employee’s powers, and does not and will not: (i) require the consent or approval of any person or authority; or (ii) violate or contravene any provision of any law, rule, regulation or contractual or other restriction binding on or affecting Employee or Employee’s properties.

 

(b)                                 Employee is aware of Company’s business affairs and financial condition and has acquired sufficient information about Company to reach an informed and knowledgeable decision to acquire the Common Stock.  Employee is acquiring the Common Stock for investment for Employee’s own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act.  The Employee does not have any present intention to transfer the Common Stock to any other person or entity.

 

(c)                                  Employee understands that the Common Stock has not been registered under the Securities Act by reason of a specific exemption therefrom.

 

(d)                                 Employee understands that the shares of Common Stock constitute “restricted securities” under applicable United States federal and state securities laws and that, pursuant to these laws, Employee must hold the shares of Common Stock indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available.  Employee acknowledges that Company has no obligation to register or qualify the Common Stock for sale.  The Employee further acknowledges that if an exemption from registration or qualification is available, it may be

 

2

 

conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Common Stock, and requirements relating to Company which are outside of the Employee’s control, and which Company is under no obligation and may not be able to satisfy.

 

(e)                                  Employee understands that Employee may suffer adverse tax consequences as a result of Employee’s acquisition, holding or disposition of the Common Stock.  Employee represents that Employee has consulted any tax consultants Employee deems advisable in connection with the acquisition, holding or disposition of the Common Stock and that Employee is not relying on Company for any tax advice.

 

6.                                      Restrictions on Transfer; Involuntary Transfer; Death of Employee.

 

(a)                                 Restrictions on Transfer.  Except as otherwise provided in this Agreement, Employee shall not make any Transfer of the Common Stock without the prior written consent of Company, which consent may be withheld in the sole discretion of Company.  Notwithstanding any other provision of this Agreement, Employee may not make any Transfer of any Common Stock if, in the opinion of counsel for Company, the Transfer would be in violation of the Securities Act, any rule or regulation thereunder or of the securities laws of any state.  Any such Transfer or other disposition shall be void ab initio.  Company shall not recognize any Transfer or attempted Transfer in contravention of this Agreement.

 

(b)                                 Involuntary Transfer.  If (i) any of the Common Stock would for any reason (other than pledge to secure the valid debts of the Company) be transferred by operation of law (including, but not limited to, a Transfer arising as a result of the divorce, bankruptcy, receivership, insolvency or similar proceeding of or with respect to Employee, an assignment by Employee for the benefit of creditors, the admission by Employee of Employee’s inability to pay Employee’s debts when due, or sale of substantially all of the assets of Employee, or any judicial process, but excluding the death of Employee), or (ii) Employee (or any of its heirs, executors or personal representatives) breaches, or fails to fulfill Employee’s obligations under this Agreement, or any other agreement between Employee and the Company (any such event in (i) or (ii) being a “Triggering Event”), Employee shall immediately give notice to the Company of such Triggering Event.  Upon written notice given by, and at the election of, Company to Employee within a period of sixty (60) days following the Triggering Event, Employee shall sell to Company, and Company shall purchase from Employee, all (but not less than all) of the Common Stock owned by Employee at the time of the Triggering Event on the terms and conditions set forth in Sections 6(d) and 6(e) below.  Common Stock not purchased pursuant to this Section 6 shall nevertheless remain subject to all the restrictions and provisions of this Agreement.

 

(c)                                  Death of Employee.  Upon written notice given by, and at the election of, Company to an Employee’s executor or personal representative within a period of sixty (60) days following the death of such Employee, Employee’s executor or personal representative shall sell to Company, and Company shall purchase from such Employee’s estate, all (but not less than all) of the Common Stock owned by such Employee at his death on the terms and conditions set forth in Sections 6(d) and 6(e) below.  Common Stock not purchased pursuant to this Section 6 shall nevertheless remain subject to all the restrictions and provisions of this Agreement.

 

3

 

(d)                                 Purchase Price.  The purchase price for all Common Stock purchased by Company pursuant to Sections 6(b) and 6(c) shall be the Fair Market Value of such Common Stock at the time of the Triggering Event or Employee’s death, as applicable.

 

(e)                                  Payment of Purchase Price.  All Common Stock purchased by Company pursuant to Sections 6(b) and 6(c) shall be paid for in cash or by check on such date and time as is set forth in Company’s notice given pursuant to Sections 6(b) and 6(c), which date shall be not later than thirty (30) days after the date of such notice.  Prior to payment for the purchased Common Stock, Employee or such Employee’s executor or personal representative shall execute and deliver such instruments and documents as Company deems necessary or appropriate to effect such sale.

 

7.                                      Sale of Company (Drag-Along Rights and Obligations).

 

(a)                                 Approved Sale.  If (i) the Board of Directors of Company (the “Board”) by a vote of not less than 50% of the directors or (ii) the holders of not less than 50% of the shares of Company then outstanding approve a Sale of Company (the “Approved Sale”), Employee shall consent to, vote in favor of, raise no objections against, and not otherwise impede or delay, the Approved Sale.  In furtherance of the foregoing, if the Approved Sale is structured as (A) a merger or consolidation, Employee shall vote his or her Common Stock to approve such merger or consolidation, whether by written consent or at a stockholders meeting (as requested by the Board), and waive all dissenter’s rights, appraisal rights and similar rights in connection with such merger or consolidation, (B) a sale of stock, Employee shall agree to sell, and shall sell, all of his or her Common Stock, or (C) a sale of assets, Employee shall vote his or her Common Stock to approve such sale and any subsequent liquidation of Company or other distribution of the proceeds therefrom, whether by written consent or at a stockholders meeting (as requested by the Board), and waive all dissenter’s rights, appraisal rights and similar rights in connection with such sale of assets.

 

(b)                                 Obligations.  In furtherance of its obligations under Section 7(a) above, (i) Employee will take all necessary or desirable actions reasonably requested by the Board in connection with the consummation of the Approved Sale and (ii) Employee will make the same representations, warranties, indemnities, agreements, covenants and obligations as each other holder of common stock, including without limitation, voting to approve such transaction and executing all documents requested by the Board to be executed by Employee, including the applicable purchase agreement, stockholders agreement and/or indemnification and/or contribution agreement.  Without limiting the generality of the foregoing, in any Approved Sale, Employee shall not be obligated to enter into indemnification obligations with respect to any representations, warranties, covenants or obligations of any other holder of common stock or such other holder’s common stock, but Employee shall be obligated to make representations and warranties and as to his or her title to and ownership of Common Stock, authorization, execution and delivery of relevant documents by Employee, enforceability of relevant agreements against Employee and other matters relating to Employee or Employee’s Common Stock, to enter into covenants in respect of a Transfer of Employee’s Common Stock in connection with such Approved Sale (including, without limitation, the delivery of certificates, stock powers and other instruments of transfer) and to enter into indemnification obligations with respect to the foregoing, in each case to the extent that each other holder of common stock is similarly obligated.

 

4

 

(c)                                  Conditions to Obligations.  The obligations of Employee are subject to the satisfaction of the following conditions: (i) upon the consummation of the Approved Sale, Employee shall receive the same form and amount of consideration per share of Common Stock as each other holder of Common Stock or if any holder of Common Stock is given an option as to the form and amount of consideration to be received, Employee shall be given the same option (provided that the foregoing shall not apply to any management rollover portion of any such transaction pursuant to a stock option plan, stock purchase plan or other rollover plan approved by the Board), and (ii) Employee, if a holder of then currently exercisable rights to acquire a security of Company, shall be given an opportunity to either (A) exercise such rights prior to the consummation of the Approved Sale and participate in such sale as a holder of such security or (B) upon the consummation of the Approved Sale, receive in exchange for such rights consideration equal to the amount determined by multiplying (1) the same amount of consideration per share of such type of security received by the holders of such type of security in connection with the Approved Sale less the exercise price per share of such type of security of such rights by (2) the number of shares of such type of security represented by such rights.

 

(d)                                 Rule 506.  If Company or the holders of Company’s securities enter into any negotiation or transaction for which Rule 506 (or any similar rule then in effect) promulgated by the Securities and Exchange Commission may be available with respect to such negotiation or transaction (including a merger, consolidation or other reorganization), and if Employee is a Non-Accredited Investor at such time, Employee shall at the request of Company, appoint a “purchaser representative” (as such term is defined in Rule 501) reasonably acceptable to Company.  If Employee appoints a purchaser representative designated by Company, Company shall pay the fees of such purchaser representative.  However, if Employee declines to appoint the purchaser representative designated by Company, Employee shall appoint another purchaser representative (reasonably acceptable to Company), and Employee shall be responsible for the fees of the purchaser representative so appointed.

 

(e)                                  Expenses.  Employee will bear his or her pro rata share (as if such expenses reduced the aggregate proceeds available for distribution in such Approved Sale) of the costs of any sale of Common Stock pursuant to an Approved Sale to the extent such costs are incurred for the benefit of all holders of common stock and are not otherwise paid by Company or the acquiring party.  Costs incurred by Employee on his or her own behalf (including the fees and disbursements of counsel, advisors and other Persons retained by Employee in connection with the Approved Sale) will not be considered costs of the transaction hereunder and will be the responsibility of Employee.

 

(f)                                   Repurchase from Non-Accredited Investors.  In connection with or in preparation or contemplation of (i) any Approved Sale or (ii) any merger, consolidation, reorganization, recapitalization, restructuring or other similar transaction involving Company in connection with or in preparation or contemplation of an Approved Sale (any such transaction described in the foregoing clause (i) or clause (ii) above, an “Applicable Transaction”), Company (and its designees) shall have the right, but not the obligation, to purchase all or any portion of the Common Stock held by Employee if he or she is a Non-Accredited Investor (the “Repurchase Option”).  If Company (or its designees) elects to purchase a portion (but not all) of the Common Stock held by Non-Accredited Investors, such purchase shall be made on a pro rata basis among the Non-Accredited Investors according to the amount of Common Stock held by such Non-Accredited

 

5

 

Investors.  The purchase price for any Common Stock in connection with an exercise of the Repurchase Option shall be the Fair Market Value of such Common Stock determined in the reasonable good faith judgment of the Board (taking into account all relevant factors determinative of value, including, without limitation, the consideration to be received by the other holders of common stock in connection with such Applicable Transaction (including, but not limited to, the amount, form, type and timing of payment thereof)); provided that if any portion of the consideration to be received by the other holders of common stock in connection with such Applicable Transaction consists of an escrow, earn-out or other form of contingent consideration, the Board may elect to structure the purchase price for the Common Stock pursuant to the Repurchase Option in such a manner as to have substantially the same economic effect as such other escrow, earn-out or other contingent consideration to be received by the other holders of Common Stock in respect of their Common Stock in connection with such Applicable Transaction.  The closing of the purchase of the Common Stock pursuant to the Repurchase Option shall take place on the date and place designated by the Person or Persons electing to exercise the Repurchase Option by written notice to the Non-Accredited Investors (but such purchase shall be subject to the consummation of the Applicable Transaction); provided that the date of the closing of the purchase of the Common Stock pursuant to the Repurchase Option may be prior to the date of the closing of the Approved Sale.  Company (or its designees) shall pay for the Common Stock to be purchased pursuant to the Repurchase Option by delivery of a check or wire transfer of funds (except that Company may pay the purchase price for such Common Stock by offsetting amounts outstanding under any indebtedness or obligations owed by the Non-Accredited Investor to Company).  At the closing, the Non-Accredited Investors shall deliver the certificates, if any, representing such Common Stock to the purchaser or purchasers or their nominees, accompanied by duly executed assignments separate from any such certificates.  Company (or its designees) shall be entitled to receive customary representations and warranties from the Non-Accredited Investors regarding such sale of securities (including representations and warranties regarding good title to such securities, free and clear of any liens or encumbrances).  If Company (or its designees) has elected to exercise the Repurchase Option, and Company (or its designees) makes available, at the time and in the amount and form provided in this Agreement, the consideration for the Common Stock to be purchased in accordance with the provisions of this Agreement, then from and after such time, Employee shall cease to have any rights as a holder of such securities (other than the right to receive payment of such consideration in accordance with this Section 7(f)), and such securities shall be deemed purchased in accordance with the applicable provisions hereof and Company (or its designees) shall be deemed the owner(s) (of record and beneficially) and holder(s) of such securities, whether or not the certificate representing such Common Stock has been delivered as required by this Agreement.  Any election by Company (or its designees) to purchase Common Stock pursuant to the Repurchase Option shall be revocable (for any reason or no reason and with respect to all or any portion of the Common Stock elected to be purchased) at any time prior to the closing of such purchase, without any liability whatsoever to Company (or its designees) in respect of the rights and obligations in this Section 7(f) and without prejudice to the right of Company (or its designees) to exercise the Repurchase Option at any time thereafter.

 

8.                                      Entire Agreement.  This Agreement contains all the understandings between the parties hereto pertaining to the matters referred to herein and therein, and supersedes all undertakings and agreements, whether oral or in writing, previously entered into by them with respect thereto.  Employee represents that, in executing this Agreement, Employee has not relied

 

6

 

upon any representation or statement not set forth herein made by Company with regard to the subject matter or effect of this Agreement or otherwise.

 

9.                                      Amendment or Modification, Waiver.  No provision of this Agreement may be amended or waived unless such amendment or waiver is agreed to in writing, signed by Employee and by Company.  No waiver by any party hereto of any breach by another party hereto of any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of a similar or dissimilar condition or provision at the same time, any prior time or any subsequent time.

 

10.                               Severability.  If any provision of this Agreement or the application of any such provision to any party or circumstances shall be determined by any court of competent jurisdiction to be invalid and unenforceable to any extent, the remainder of this Agreement or the application of such provision to such person or circumstances other than those to which it is so determined to be invalid and unenforceable, shall not be affected thereby, and each provision hereof shall be validated and shall be enforced to the fullest extent permitted by law.

 

11.                               Survivorship.  The respective rights and obligations of the parties hereunder shall survive any termination of this Agreement to the extent necessary to the intended preservation of such rights and obligations.

 

12.                               Assignment.  This Agreement shall be binding upon the parties hereto, the heirs and legal representatives of Employee and the successors and assigns of Company.

 

13.                               Notices.  Any notice required, permitted or intended to be given under this Agreement shall be in writing and shall be deemed to have been given only if delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid), or sent by nationally recognized overnight delivery service (e.g., Federal Express) to the following addresses (or at such other address as shall be given in writing by one party to the other, from time to time):

 

	
To   Company:
    	
 
    	
AmeriQuest   Transportation Services, Inc.
    
	
 
    	
 
    	
457   Haddonfield Road, Suite 220
    
	
 
    	
 
    	
Cherry   Hill, New Jersey 08002
    
	
 
    	
 
    	
Attention:   Mark P. Joyce, SVP & CFO
    
	
 
    	
 
    	
 
    
	
With   a copy to:
    	
 
    	
Graham   R. Laub, Esquire
    
	
 
    	
 
    	
Dilworth   Paxson LLP
    
	
 
    	
 
    	
1500   Market Street, Suite 3500E
    
	
 
    	
 
    	
Philadelphia,   PA 19102
    

 

If to Employee, at the address on file with the Company.

 

14.                               Governing Law.  This Agreement shall be construed and enforced in accordance with the laws of the State of New Jersey.

 

15.                               Section Headings.  The section headings herein have been inserted for convenience of reference only and shall in no way modify or restrict any of the terms or provisions hereof.

 

7

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

8

 

IN WITNESS WHEREOF, the parties hereto have executed this Stock Purchase Agreement as of the date first above written.

 

	
 
    	
 
    	
COMPANY:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
AMERIQUEST   TRANSPORTATION
    
	
 
    	
 
    	
 SERVICES, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
Mark   P. Joyce
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President &
    
	
 
    	
 
    	
 
    	
Chief   Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
EMPLOYEE:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:Exhibit 10.9

 

AMERIQUEST, INC.

2015 EQUITY INCENTIVE PLAN

RESTRICTED STOCK AGREEMENT

 

NOTICE OF RESTRICTED STOCK GRANT

 

Unless otherwise defined herein, the terms defined in the AmeriQuest, Inc. 2015 Equity Incentive Plan (the “Plan”) will have the same defined meanings in this Restricted Stock Agreement (the “Agreement”), including the Notice of Restricted Stock Grant (the “Notice of Grant”) and Terms and Conditions of Restricted Stock Grant, attached hereto as Exhibit A.

 

	
Participant Name:
    	
 
    	
 
    
	
Address:
    	
 
    	
 
    
	
 
    	
 
    	
 
    

 

Participant has been granted the right to receive an Award of Restricted Stock, subject to the terms and conditions of the Plan and this Agreement, as follows:

 

	
Grant Number
    	
 
    	
 
    
	
Date   of Grant
    	
 
    	
 
    
	
Vesting   Commencement Date
    	
 
    	
 
    
	
Total   Number of Shares Granted
    	
 
    	
 
    

 

Vesting Schedule:

 

Subject to any acceleration provisions contained in the Plan or set forth below, the Restricted Stock will vest and the Company’s right to reacquire the Restricted Stock will lapse in accordance with the following schedule:

 

[Twenty-five percent (25%) of the Shares of Restricted Stock will vest on the one (1) year anniversary of the Vesting Commencement Date, and twenty-five percent (25%) of the Shares of Restricted Stock will vest each year thereafter on the same day as the Vesting Commencement Date, subject to Participant continuing to be a Service Provider through each such date.]

 

1

 

By Participant’s signature and the signature of the representative of AmeriQuest, Inc. (the “Company”) below, Participant and the Company agree that this Award of Restricted Stock is granted under and governed by the terms and conditions of the Plan and this Agreement, including exhibits hereto, all of which are made a part of this document.  Participant has reviewed the Plan and this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all provisions of the Plan and Agreement.  Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and Agreement.  Participant further agrees to notify the Company upon any change in the residence address indicated below.

 

	
PARTICIPANT
    	
 
    	
AMERIQUEST, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By
    	
 
    
	
Signature
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Title
    	
 
    
	
Print   Name
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    

 

2

 

EXHIBIT A

 

TERMS AND CONDITIONS OF RESTRICTED STOCK GRANT

 

1.                                      Grant of Restricted Stock.  The Company hereby grants to the Participant named in the Notice of Grant (the “Participant”) under the Plan for past services and as a separate incentive in connection with his or her services and not in lieu of any salary or other compensation for his or her services, an Award of Shares of Restricted Stock, subject to all of the terms and conditions in this Agreement and the Plan, which is incorporated herein by reference.  Subject to Section 18(c) of the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Agreement, the terms and conditions of the Plan will prevail.

 

2.                                      Escrow of Shares.

 

(a)                                 All Shares of Restricted Stock will, upon execution of this Agreement, be delivered and deposited with an escrow holder designated by the Company (the “Escrow Holder”).  The Shares of Restricted Stock will be held by the Escrow Holder until such time as the Shares of Restricted Stock vest or the date Participant ceases to be a Service Provider.

 

(b)                                 The Escrow Holder will not be liable for any act it may do or omit to do with respect to holding the Shares of Restricted Stock in escrow while acting in good faith and in the exercise of its judgment.

 

(c)                                  Upon Participant’s termination as a Service Provider for any reason, the Escrow Holder, upon receipt of written notice of such termination, will take all steps necessary to accomplish the transfer of the unvested Shares of Restricted Stock to the Company.  Participant hereby appoints the Escrow Holder with full power of substitution, as Participant’s true and lawful attorney-in-fact with irrevocable power and authority in the name and on behalf of Participant to take any action and execute all documents and instruments, including, without limitation, stock powers which may be necessary to transfer the certificate or certificates evidencing such unvested Shares of Restricted Stock to the Company upon such termination.

 

(d)                                 The Escrow Holder will take all steps necessary to accomplish the transfer of Shares of Restricted Stock to Participant after they vest following Participant’s request that the Escrow Holder do so.

 

(e)                                  Subject to the terms hereof, Participant will have all the rights of a stockholder with respect to the Shares while they are held in escrow, including without limitation, the right to vote the Shares and to receive any cash dividends declared thereon.

 

(f)                                   In the event of any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares, the Shares of Restricted Stock will be increased, reduced or otherwise changed, and by virtue of any such change Participant will in his or her capacity as owner of unvested Shares of Restricted Stock be entitled to new or additional or different shares

 

3

 

of stock, cash or securities (other than rights or warrants to purchase securities); such new or additional or different shares, cash or securities will thereupon be considered to be unvested Shares of Restricted Stock and will be subject to all of the conditions and restrictions which were applicable to the unvested Shares of Restricted Stock pursuant to this Agreement.  If Participant receives rights or warrants with respect to any unvested Shares of Restricted Stock, such rights or warrants may be held or exercised by Participant, provided that until such exercise any such rights or warrants and after such exercise any shares or other securities acquired by the exercise of such rights or warrants will be considered to be unvested Shares of Restricted Stock and will be subject to all of the conditions and restrictions which were applicable to the unvested Shares of Restricted Stock pursuant to this Agreement.  The Administrator in its absolute discretion at any time may accelerate the vesting of all or any portion of such new or additional shares of stock, cash or securities, rights or warrants to purchase securities or shares or other securities acquired by the exercise of such rights or warrants.

 

(g)                                  The Company may instruct the transfer agent for its Common Stock to place a legend on the certificates representing the Restricted Stock or otherwise note its records as to the restrictions on transfer set forth in this Agreement.

 

3.                                      Vesting Schedule.  Except as provided in Section 4, and subject to Section 5, the Shares of Restricted Stock awarded by this Agreement will vest in accordance with the vesting provisions set forth in the Notice of Grant.  Shares of Restricted Stock scheduled to vest on a certain date or upon the occurrence of a certain condition will not vest in Participant in accordance with any of the provisions of this Agreement, unless Participant will have been continuously a Service Provider from the Date of Grant until the date such vesting occurs.

 

4.                                      Administrator Discretion.  The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser portion of the balance, of the unvested Restricted Stock at any time, subject to the terms of the Plan.  If so accelerated, such Restricted Stock will be considered as having vested as of the date specified by the Administrator.

 

5.                                      Forfeiture upon Termination of Status as a Service Provider.  Notwithstanding any contrary provision of this Agreement, the balance of the Shares of Restricted Stock that have not vested as of the time of Participant’s termination as a Service Provider for any or no reason will be forfeited and automatically transferred to and reacquired by the Company at no cost to the Company upon the date of such termination and Participant will have no further rights thereunder.  Participant will not be entitled to a refund of the price paid for the Shares of Restricted Stock, if any, returned to the Company pursuant to this Section 5.  Participant hereby appoints the Escrow Agent with full power of substitution, as Participant’s true and lawful attorney-in-fact with irrevocable power and authority in the name and on behalf of Participant to take any action and execute all documents and instruments, including, without limitation, stock powers which may be necessary to transfer the certificate or certificates evidencing such unvested Shares to the Company upon such termination of service.

 

6.                                      Death of Participant.  Any distribution or delivery to be made to Participant under this Agreement will, if Participant is then deceased, be made to Participant’s designated beneficiary, or if no beneficiary survives Participant, the administrator or executor of Participant’s estate.  Any such transferee must furnish the Company with (a) written notice of his

 

4

 

or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer.

 

7.                                      Withholding of Taxes.  Notwithstanding any contrary provision of this Agreement, no certificate representing the Shares of Restricted Stock may be released from the escrow established pursuant to Section 2, unless and until satisfactory arrangements (as determined by the Administrator) will have been made by Participant with respect to the payment of income, employment, social insurance, payroll and other taxes which the Company determines must be withheld with respect to such Shares.  Prior to vesting of the Restricted Stock, Participant will pay or make adequate arrangements satisfactory to the Company and/or the Participant’s employer (the “Employer”) to satisfy all withholding and payment obligations of the Company and/or the Employer.  In this regard, Participant authorizes the Company and/or the Employer to withhold all applicable tax withholding obligations legally payable by Participant from his or her wages or other cash compensation paid to Participant by the Company and/or the Employer or from proceeds of the sale of Shares.  Alternatively, or in addition, if permissible under applicable local law, the Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit or require Participant to satisfy such tax withholding obligation, in whole or in part (without limitation) by (a) paying cash, (b) electing to have the Company withhold otherwise deliverable Shares having a Fair Market Value equal to the minimum amount required to be withheld, (c) delivering to the Company already vested and owned Shares having a Fair Market Value equal to the amount required to be withheld, or (d) selling a sufficient number of such Shares otherwise deliverable to Participant through such means as the Company may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to be withheld.  To the extent determined appropriate by the Company in its discretion, it will have the right (but not the obligation) to satisfy any tax withholding obligations by reducing the number of Shares otherwise deliverable to Participant.  If Participant fails to make satisfactory arrangements for the payment of any required tax withholding obligations hereunder at the time any applicable Shares otherwise are scheduled to vest pursuant to Sections 3 or 4 or tax withholding obligations related to the applicable Shares otherwise are due, Participant will permanently forfeit such Shares and the Shares will be returned to the Company at no cost to the Company.

 

8.                                      Rights as Stockholder.  Neither Participant nor any person claiming under or through Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares will have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to Participant or the Escrow Agent.  Except as provided in Section 2(f), after such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company with respect to voting such Shares and receipt of dividends and distributions on such Shares.

 

9.                                      No Guarantee of Continued Service.  PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF THE SHARES OF RESTRICTED STOCK PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS RESTRICTED STOCK OR ACQUIRING

 

5

 

SHARES HEREUNDER.  PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE.

 

10.                               Address for Notices.  Any notice to be given to the Company under the terms of this Agreement will be addressed to the Company at AmeriQuest, Inc., 457 Haddonfield Road, Suite 220, Cherry Hill, New Jersey 08002, or at such other address as the Company may hereafter designate in writing.

 

11.                               Grant is Not Transferable.  Except to the limited extent provided in Section 6, the unvested Shares subject to this grant and the rights and privileges conferred hereby will not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment or similar process.  Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of any unvested Shares of Restricted Stock subject to this grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar process, this grant and the rights and privileges conferred hereby immediately will become null and void.

 

12.                               Binding Agreement.  Subject to the limitation on the transferability of this grant contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

 

13.                               Additional Conditions to Release from Escrow.  The Company will not be required to issue any certificate or certificates for Shares hereunder or release such Shares from the escrow established pursuant to Section 2 prior to fulfillment of all the following conditions: (a) the admission of such Shares to listing on all stock exchanges on which such class of stock is then listed; (b) the completion of any registration or other qualification of such Shares under any state or federal law or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body or the securities exchange on which the Shares are then registered, which the Administrator will, in its absolute discretion, deem necessary or advisable; (c) the obtaining of any approval or other clearance from any state or federal governmental agency, which the Administrator will, in its absolute discretion, determine to be necessary or advisable; and (d) the lapse of such reasonable period of time following the date of grant of the Restricted Stock as the Administrator may establish from time to time for reasons of administrative convenience.

 

14.                               Plan Governs.  This Agreement is subject to all terms and provisions of the Plan.  In the event of a conflict between one or more provisions of this Agreement and one or more provisions of the Plan, the provisions of the Plan will govern.  Capitalized terms used and not defined in this Agreement will have the meaning set forth in the Plan.

 

6

 

15.                               Administrator Authority.  The Administrator will have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any Shares of Restricted Stock have vested).  All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other interested persons.  No member of the Administrator will be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Agreement.

 

16.                               Electronic Delivery.  The Company may, in its sole discretion, decide to deliver any documents related to the Shares of Restricted Stock awarded under the Plan or future Restricted Stock that may be awarded under the Plan by electronic means or request Participant’s consent to participate in the Plan by electronic means.  Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or another third party designated by the Company.

 

17.                               Captions.  Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

 

18.                               Agreement Severable.  In the event that any provision in this Agreement will be held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement.

 

19.                               Modifications to the Agreement.  This Agreement constitutes the entire understanding of the parties on the subjects covered.  Participant expressly warrants that he or she is not accepting this Agreement in reliance on any promises, representations, or inducements other than those contained herein.  Modifications to this Agreement or the Plan can be made only in an express written contract executed by a duly authorized officer of the Company.  Notwithstanding anything to the contrary in the Plan or this Agreement, the Company reserves the right to revise this Agreement as it deems necessary or advisable, in its sole discretion and without the consent of Participant, to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) or to otherwise avoid imposition of any additional tax or income recognition under Section 409A of the Code in connection to this Award of Restricted Stock.

 

20.                               Amendment, Suspension or Termination of the Plan.  By accepting this Award, Participant expressly warrants that he or she has received an Award of Restricted Stock under the Plan, and has received, read and understood a description of the Plan.  Participant understands that the Plan is discretionary in nature and may be amended, suspended or terminated by the Company at any time.

 

21.                               Governing Law.  This Agreement will be governed by the internal substantive laws, but not the choice of law rules, of New Jersey.  For purposes of litigating any dispute that arises under this Award of Restricted Stock or this Award Agreement, the parties hereby submit to and consent to the jurisdiction of the State of New Jersey, and agree that such litigation will be conducted in the courts of Camden County, New Jersey, or the federal courts for the United

 

7

 

States for the District of New Jersey, and no other courts, where this Award is made and/or to be performed.

 

8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00251-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00251-of-00352.parquet"}]]