Document:

Exhibit 10(k)

 

FORM OF

ARCTIC CAT INC.

 

DIRECTOR

NON-QUALIFIED

STOCK OPTION AGREEMENT

 

THIS OPTION
AGREEMENT is made as of the
          day of           
200    (the “Option Date”), between ARCTIC CAT INC., a
Minnesota corporation (the “Company”), and                                         ,
a non-employee member of the Board of Directors of the Company (the “Optionee”).

 

WHEREAS, the Company desires, by affording the Optionee an opportunity
to purchase shares of its Common Stock, $.01 par value (the “Common Stock”), as
hereinafter provided, to carry out the purpose of the 2002 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 parties hereto
have agreed, and do hereby agree, as follows:

 

1.                                       Grant
of Option.  The Company hereby grants
to the Optionee the right and Option (hereinafter called the “Option”) to
purchase from the Company all or any part of an aggregate amount of              
shares of the Common Stock of the Company on the terms and conditions herein
set forth.  This grant does not qualify
as an incentive stock option under Section 422 of the Internal Revenue
Code of 1986, as amended.

 

2.                                       Purchase
Price.  The purchase price of the
shares of the Common Stock covered by the Option shall be $
        per share.

 

3.                                       Term
of Option.  The term of the Option
shall be for a period expiring five (5) years following the termination of
the Optionee’s service as a director of the Company.  In no event shall the Option be exercisable
after the expiration of the term of the Option.

 

4.                                       Exercise
of Option.  The Option may be
exercised in whole or in part at any time from and after the Option Date until expiration of the term specified in paragraph 3.

 

5.                                       Non-Transferability.  The Option shall not be transferable
otherwise than by will or the laws of descent and distribution, and the Option
may be exercised, during the lifetime of the Optionee, only by the Optionee.  More particularly (but without limiting the
generality of the foregoing), the Option may not be assigned, transferred
(except as provided above), pledged, or hypothecated in any way; shall not be
assignable by operation of law; and shall not be subject to execution, attachment,
or similar process.  Any attempted
assignment, transfer, pledge, hypothecation, or other disposition of the Option
contrary to the provisions hereof, and the levy of any execution, attachment,
or similar process upon the Option, shall be null and void and without effect.

 

 

6.                                       Method
of Exercising Option.  Subject to the
terms and conditions of this Option Agreement, the Option may be exercised by
written notice to the Chief Financial Officer of the Company at the principal
office of the Company.  Such notice shall
state the election to exercise the Option and the number of shares in respect
of which it is being exercised, and shall be signed by the person so exercising
the Option.  Such notice shall be
accompanied by payment of the full purchase price of such shares which payment
shall be made in cash or by certified check or bank draft payable to the
Company, by any other form of legal consideration deemed sufficient by the
Company and consistent with the purpose of the 2002 Stock Plan and applicable
law, or in the sole discretion of the Company, by delivery of shares of
unrestricted Common Stock of the Company with a fair market value equal to the
purchase price or by a combination of cash and such shares, whose fair market
value shall equal the purchase price. 
For purposes of this paragraph the “fair market value” of the Common
Stock of the Company shall be established in the manner set forth in Section 1(h) of
the 2002 Stock Plan.  The certificate or
certificates for the shares as to which the Option shall have been so exercised
shall be registered in the name of the person so exercising the Option, or if
the Optionee so elects, in the name of the Optionee or one other person as
joint tenants, and shall be delivered as soon as practicable after the notice
shall have been received.  In the event
the Option shall be exercised by any person other than the Optionee, such
notice shall be accompanied by appropriate proof of the right of such person to
exercise the Option.  All shares that
shall be purchased upon the exercise of the Option as provided herein shall be
fully paid and nonassessable.

 

7.                                       Withholding
Requirements.  Upon exercise of the
Option by the Optionee and prior to the delivery of shares purchased pursuant
to such exercise, the Company shall have the right to require the Optionee to
remit to the Company cash in an amount sufficient to satisfy applicable federal
and state tax withholding requirements. 
The Company shall inform the Optionee as to whether it will require the
Optionee to remit cash for withholding taxes in accordance with the preceding
sentence within two (2) business days after receiving from the Optionee
notice that such Optionee intends to exercise, or has exercised, all or a
portion of the Option.

 

8.                                       Stock
Plan.  This Option is subject to
certain additional terms and conditions set forth in the 2002 Stock Plan
pursuant to which this Option has been issued. 
A copy of the 2002 Stock Plan is on file with the Chief Financial
Officer of the Company and each Option holder by acceptance hereof agrees to
and accepts this Option subject to the terms of the 2002 Stock Plan.

 

9.                                       General.  The Company shall at all times during the
term of the Option reserve and keep available such number of shares of Common
Stock as will be sufficient to satisfy the requirements of this Option
Agreement, shall pay all original issue and transfer taxes with respect to the
issue and transfer of shares pursuant hereto and all other fees and expenses
necessarily incurred by the Company in connection therewith, and will from time
to time use its best efforts to comply with all laws and regulations which, in
the opinion of counsel for the Company, shall be applicable thereto.

 

10.                                 Investment
Certificate.  Prior to the receipt of
the certificates pursuant to the exercise of the Option granted hereunder, the
Optionee shall, if required in the Company’s discretion, demonstrate an intent
to hold the shares acquired by exercise of the Option for investment and not
with a view to resale or distribution thereof to the public by delivering to
the Company an investment certificate or letter in such form as the Company may
require.

 

11.                                 Status.  Neither the Optionee nor the Optionee’s
executor, administrator, heirs, or legatees shall be or have any rights or
privileges of a shareholder of the Company in respect of the shares
transferable upon exercise of the Option granted hereunder, unless and until
certificates representing such shares shall be endorsed, transferred, and
delivered and the transferee has caused the Optionee’s name to be entered as
the shareholder of record on the books of the Company.

 

12.                                 Company
Authority.  The existence of the
Option 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 the Common Stock of the Company of the 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.

 

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

 

14.                                 Binding
Effect.  This Option Agreement shall
be binding upon the heirs, executors, administrators and successors of the
parties hereto.

 

IN WITNESS WHEREOF, the Company has caused this Option Agreement to be
duly executed by an officer thereunto duly authorized, and the Optionee has
hereunto set his or her hand, all as of the day and year first above written.

 

	
   

  	
  ARCTIC CAT INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
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  , OptioneeExhibit 10.1

 

AMENDED AND RESTATED

STOCK REPURCHASE AGREEMENT

 

This Amended and Restated Stock Repurchase Agreement (this “Agreement”)
is entered into as of June 10, 2005 between Steamboat Industries LLC (“Seller”)
and Standard Parking Corporation, a Delaware corporation (the “Company”).

 

RECITALS

 

A.                                   Seller
and its affiliates have control over certain shares of common stock, par value
$0.001 per share, of the Company (the “Common Stock”).

 

B.                                     The
Board of Directors of the Company (the “Board”) has authorized the repurchase
of shares of its Common Stock for a value not to exceed $6.0 million (the “Repurchase”)
in 2005.

 

C.                                     The
Repurchase authorized by the Board will be comprised of (i) open market
repurchases of Common Stock authorized by the Company from time to time (“Open
Market Purchases”),  and (ii) repurchases
of Common Stock from the Seller in an amount equal to its pro-rata ownership at
the same price paid by the Company in each Open Market Purchase (the “SIL
Repurchases”).

 

D.                                    Seller
and the Company are parties to that certain Stock Repurchase Agreement dated as
of March 14, 2005 (the “Stock Repurchase Agreement”), which governs the
SIL Repurchases.

 

E.                                      Seller
and the Company desire to amend and restate the Stock Purchase Agreement to
clarify the closing date for SIL Repurchases.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the mutual covenants set forth in the Agreement and other good
and valuable consideration, the parties agree as follows:

 

1.                                       Purchase
of Shares.  From the date of this
Agreement through December 31, 2005 (the “Term”), Seller hereby agrees to
sell Shares to the Company from time to time, and the Company hereby agrees to
purchase Shares from time to time, in an amount equal to its pro-rata ownership
of the Company at the same price paid by the Company in each of its Open Market
Purchases, as set forth on Schedule A attached hereto and updated
following each Open Market Purchase.  The
closing date of each SIL Repurchase shall be each Monday during the Term (or
the next business day) for all Open Market Purchases that occurred during the
prior week, if any, or such earlier date as determined by Seller (each such
date to be considered a “Closing Date”). 
On each Closing Date, the Company shall pay the purchase price for the
Shares to Seller in immediately available funds by check or by wire transfer to
an account designated by Seller, and Seller shall deliver stock certificates
representing the Shares together with an executed 

 

 

assignment separate from
certificate transferring the Shares to the Company or otherwise properly
endorsed for transfer.  The Company’s
officers shall thereafter cause the Shares to be cancelled or held by the
Company as treasury stock.

 

2.                                       Representations
and Warranties of Seller.  Seller
represents and warrants to the Company that:

 

(a)                                  Seller
is the owner of the Shares to be sold hereunder, free and clear of any liens,
encumbrances, security agreements, options, claims, charges or restrictions
except as set forth in that certain Registration Rights Agreement between the
Company and Seller dated as of June 2, 2004.

 

(b)                                 Following
each Closing Date under this Agreement, Seller and its affiliates shall
maintain voting control over a majority of the Common Stock.

 

(c)                                  Seller
has full power and capacity to execute, deliver and perform under this
Agreement, which has been duly executed and delivered by, and evidences the
valid and binding obligation of the Seller in accordance with its terms.  Upon its execution and delivery, this
Agreement will be a valid and binding obligation of Seller, enforceable in
accordance with its terms.

 

(d)                                 Seller
has entered into this Agreement based on its own investigation and analysis and
that of its advisors, including legal counsel.

 

(e)                                  Seller
has had an opportunity to review the federal, state and local tax consequences
of the sale of the Shares to the Company and the transactions contemplated by
this Agreement with its own tax advisors. 
Seller is relying solely on such advisors and not on any statements or
representations of the Company or any of its agents.  Seller understands that it (and not the
Company) shall be responsible for its own tax liability, if any, that may arise
as a result of the transactions contemplated by this Agreement.

 

3.                                       Arms
Length Transaction.  Each party has
conducted its own investigation and analysis and freely and independently
bargained for this Agreement at arms length without reliance on any other party
and each party is receiving reasonably equivalent value and fair consideration.

 

4.                                       Miscellaneous.

 

4.1.                              Governing
Law.  This Agreement is to be
construed in accordance with and governed by the internal laws of the State of
Delaware without giving effect to any choice of law rule that would cause
the application of the laws of any jurisdiction other than the internal laws of
the State of Delaware to the rights and duties of the parties.  All disputes and controversies arising out of
or in connection with this Agreement shall be resolved exclusively by the state
and federal courts located in City of Chicago, State of Illinois, and each
party hereto agrees to submit to the jurisdiction of said courts and agrees
that venue shall lie exclusively with such courts.

 

2

 

4.2.                              Entire
Agreement; Amendment; Waiver.  This
Agreement sets forth the entire agreement and understanding of the parties
relating to the subject matter herein and supersedes any prior understandings
and agreements between them.  No
modification of or amendment to this Agreement, nor any waiver of any rights
under this Agreement, shall be effective unless in writing signed by the
parties to this Agreement.  No failure on
the part of a party to exercise and no delay in exercising, any right, remedy,
power or privilege hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise of any such right, remedy, power or privilege
preclude any other or further exercise thereof or the exercise of any other
rights, remedy, power or privilege.

 

4.3.                              Severability.  If any provision of this Agreement, or the
application of such provision to any person or circumstance, is held invalid or
unenforceable, the remainder of this Agreement, or the application of such
provisions to persons or circumstances other than those as to which it is held
invalid or unenforceable, shall not be affected thereby.

 

4.4.                              Successors
and Assigns.  This Agreement shall be
binding upon the heirs, executors, administrators, successors and assigns of
the parties hereto.

 

4.5                                 Counterparts.  This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original and all of which
together shall constitute one instrument.

 

IN WITNESS WHEREOF,
the undersigned have executed this Amended and Restated Stock Repurchase
Agreement as of the date first referred above.

 

	
  STEAMBOAT INDUSTRIES LLC

  	
  STANDARD PARKING CORPORATION

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ JOHN V. HOLTEN

  	
   

  	
              /s/ JAMES A. WILHELM

  
	
   

  	
  Name:
  John V. Holten

  	
   

  	
  Name:
  James A. Wilhelm

  	
   

  
	
   

  	
  Title:
  Manager

  	
   

  	
  Title:
  President and Chief Executive Officer

  	
   

  

 

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