Document:

Exhibit 10.5

 

FORM OF
NON-QUALIFIED STOCK OPTION AGREEMENT

FOR NON-EMPLOYEE DIRECTORS

 

UNDER THE
MAC-GRAY CORPORATION

2005 STOCK OPTION AND INCENTIVE PLAN

 

Name of Optionee:                                                                             

No. of Option Shares:                                                                        

Option Exercise Price per Share:                                                                 

Grant Date:                                                                                          

Expiration Date:                                                                                  

 

Pursuant to the Mac-Gray Corporation 2005 Stock Option and Incentive
Plan (the “Plan”) as amended through the date hereof, Mac-Gray Corporation (the
“Company”) hereby grants to the Optionee named above, who is a Director of the
Company but is not an employee of the Company, an option (the “Stock Option”)
to purchase on or prior to the Expiration Date specified above all or part of
the number of shares of Common Stock, par value $0.01 per share (the “Stock”)
of the Company specified above at the Option Exercise Price per Share specified
above subject to the terms and conditions set forth herein and in the Plan.

 

1.             Exercisability Schedule. 
No portion of this Stock Option may be exercised until such portion
shall have become exercisable.  Except as
set forth below, and subject to the discretion of the Administrator (as defined
in Section 2 of the Plan) to accelerate the exercisability schedule
hereunder, this Stock Option shall be exercisable with respect to the following
number of Option Shares on the dates indicated:

 

	
  Number of

  Option Shares Exercisable

  	
   

  	
  Exercisability
  Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (      

  	
  )%

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (      

  	
  )%

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (      

  	
  )%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (      

  	
  )%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (      

  	
  )%

  	
   

  	
   

  	
   

  

 

In the event of the termination of the Optionee’s service as a Director
of the Company because of death, this Stock Option shall become immediately
exercisable in full, whether or not exercisable at such time.  Once exercisable, this Stock Option shall
continue to be exercisable at any time or times prior to the close of business
on the Expiration Date, subject to the provisions hereof and of the Plan.

 

 

 

2.             Manner of Exercise.

 

(a)           The
Optionee may exercise this Stock Option only in the following manner:  from time to time on or prior to the
Expiration Date of this Stock Option, the Optionee may give written notice to
the Administrator of his or her election to purchase some or all of the Option
Shares purchasable at the time of such notice. 
This notice shall specify the number of Option Shares to be purchased.

 

Payment of the purchase price for the Option Shares may be made by one
or more of the following methods:  (i) in
cash, by certified or bank check or other instrument acceptable to the
Administrator; (ii) through the delivery (or attestation to the ownership)
of shares of Stock that have been purchased by the Optionee on the open market
or that have been beneficially owned by the Optionee and are not then subject
to restrictions under any Company plan; (iii) by the Optionee delivering
to the Company a properly executed exercise notice together with irrevocable
instructions to a broker to promptly deliver to the Company cash or a check
payable and acceptable to the Company to pay the option purchase price,
provided that in the event the Optionee chooses to pay the option purchase
price as so provided, the Optionee and the broker shall comply with such
procedures and enter into such agreements of indemnity and other agreements as
the Administrator shall prescribe as a condition of such payment procedure; or (iv) a
combination of (i), (ii) and (iii) above.  Payment instruments will be received subject
to collection.

 

The making of a book entry in the Optionee’s name by the Company’s
transfer agent representing the Option Shares will be contingent upon the
Company’s receipt from the Optionee of full payment for the Option Shares, as
set forth above and any agreement, statement or other evidence that the Company
may require to satisfy itself that the issuance of Stock to be purchased
pursuant to the exercise of Stock Options under the Plan and any subsequent
resale of the shares of Stock will be in compliance with applicable laws and
regulations.  In the event the Optionee
chooses to pay the purchase price by previously-owned shares of Stock through
the attestation method, the number of shares of Stock transferred to the
Optionee upon the exercise of the Stock Option shall be net of the Shares
attested to.

 

(b)           A
book entry for shares of Stock purchased upon exercise of this Stock Option
shall be made by the Company’s transfer agent in the name of the Optionee upon
compliance to the satisfaction of the Administrator with all requirements under
applicable laws or regulations in connection with such issuance and with the
requirements hereof and of the Plan.  The
determination of the Administrator as to such compliance shall be final and
binding on the Optionee.  The Optionee
shall not be deemed to be the holder of, or to have any of the rights of a
holder with respect to, any shares of Stock subject to this Stock Option unless
and until this Stock Option shall have been exercised pursuant to the terms
hereof, the Company shall have issued the shares to the Optionee, and the
Optionee’s name shall have been entered as the stockholder of record on the
books of the Company.  Thereupon, the
Optionee shall have full voting, dividend and other ownership rights with
respect to such shares of Stock.

 

(c)           The
minimum number of shares with respect to which this Stock Option may be
exercised at any one time shall be 100 shares, unless the number of shares with
respect to 

 

2

 

which
this Stock Option is being exercised is the total number of shares subject to
exercise under this Stock Option at the time.

 

(d)           Notwithstanding
any other provision hereof or of the Plan, no portion of this Stock Option
shall be exercisable after the Expiration Date hereof.

 

3.             Termination as Director. If the Optionee ceases to be a Director
of the Company, the period within which to exercise the Stock Option may be
subject to earlier termination as set forth below.

 

(a)           Termination
For Cause.  If the Optionee ceases to
be a Director for Cause, any Stock Option held by the Optionee shall
immediately terminate and be of no further force and effect.  For purposes hereof, “Cause” shall mean a
vote by the Board resolving that the Optionee shall be dismissed as a result of
(i) any material breach by the Optionee of any agreement between the
Optionee and the Company; (ii) the conviction of or plea of nolo
contendere by the Optionee to a felony or a crime involving moral turpitude; or
(iii) any material misconduct or willful and deliberate non-performance
(other than by reason of disability) by the Optionee of the Optionee’s duties
to the Company.

 

(b)           Termination
by Reason of Death.  If the Optionee
ceases to be a Director by reason of death, any Stock Option held by the
Optionee may be exercised by his or her legal representative or legatee for a
period of 12 months from the date of death or until the Expiration Date, if
earlier.

 

(c)           Other
Termination.  If the Optionee ceases
to be a Director for any reason other than Cause or death, any Stock Option
held by the Optionee may be exercised for a period of 12 months from the date
of termination or until the Expiration Date, if earlier.

 

4.             Incorporation of Plan. 
Notwithstanding anything herein to the contrary, this Stock Option shall
be subject to and governed by all the terms and conditions of the Plan,
including the powers of the Administrator set forth in Section 2(b) of
the Plan.  Capitalized terms in this
Agreement shall have the meaning specified in the Plan, unless a different
meaning is specified herein.

 

5.             Transferability. 
This Agreement is personal to the Optionee, is non-assignable and is not
transferable in any manner, by operation of law or otherwise, other than by
will or the laws of descent and distribution. 
This Stock Option is exercisable, during the Optionee’s lifetime, only
by the Optionee, and thereafter, only by the Optionee’s legal representative or
legatee.

 

6.             Miscellaneous.

 

(a)           Notice
hereunder shall be given to the Company at its principal place of business, and
shall be given to the Optionee at the address set forth below, or in either
case at such other address as one party may subsequently furnish to the other
party in writing.

 

(b)           This
Stock Option does not confer upon the Optionee any rights with respect to
continuance as a Director.

 

3

 

(c)           Pursuant
to the Plan, the Committee may at any time amend or cancel any outstanding
portion of this Stock Option, but no such action may be taken which adversely
affects the Optionee’s rights under this Agreement without the Optionee’s
consent.

 

	
   

  	
  MAC-GRAY
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  

 

The foregoing Agreement is hereby accepted and the
terms and conditions thereof hereby agreed to by the undersigned.

 

 

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
  Optionee’s Signature

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Optionee’s name and address:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

4Exhibit 10.49.1

 

SYNPLICITY, INC.

 

OFFICER BONUS PLAN

 

Adopted April 20, 2007, Amended January 18, 2008

 

 

 

1.                                      Purpose of the Plan

 

The Synplicity Officer
Bonus Plan (the “Plan”) is a bonus program that provides a pool of cash to be
used by Synplicity’s Chief Executive Officer (“CEO”) to reward certain
executives based on his subjective judgment of their contribution to the
success of Synplicity (the “Company”). This Plan is separate from and unrelated
to the Company’s Variable Incentive Pay Plan (“VIPP”) and provides the CEO more
flexibility than the VIPP in rewarding individual contribution.

 

2.                                      Definitions

 

a)                                     “Administrator” means the Compensation
Committee of the Board of Directors of the Company.

 

b)                                     “Annual Bonus Pool” means the amount of
cash as determined by the Administrator that can be distributed as bonuses during
a Plan Year.

 

c)                                      “Cash Bonus” means a bonus amount an
individual Participant is eligible to receive for a Quarterly Period as determined
in accordance with Section 4 and the terms of the Plan.

 

d)                                     “Notice of Participation” means an
individualized written notice of participation to eligible employees who have
been selected by the Administrator for participation in the Plan.

 

e)                                      “Participant” means an employee who is
selected by the Administrator for participation in the Plan.

 

f)                                       “Quarterly Bonus Payout” means the
aggregate amount to be paid out related to the just prior Quarterly Period.

 

g)                                     “Quarterly Bonus Pool” means an Annual
Bonus Pool divided by four.

 

h)                                     “Quarterly Period” means a calendar
quarter.

 

i)                                        “Plan Year” means the four calendar
quarters commencing April 1 of any given year and ending March 31 of
the following year.

 

3.                                      Eligibility

 

Employees who are named
on Exhibit A to this Plan (“Participants”) shall be eligible to participate
in the Plan during a given Plan Year.  A
Participant shall cease to be a Participant in the Plan when he or she ceases
to be a current, active, full-time employee of the Company.  The Administrator shall have the sole
discretion to determine the eligibility of employees and to select those
eligible employees who may participate in the Plan.

 

 

 

4.                                      Determination and Payment of Cash Bonuses

 

a)                                     Determination of Quarterly Bonus Payouts. For each Quarterly Period throughout
the Plan Year, the CEO shall determine the Quarterly Bonus Payout available for
(relating to) the just completed Quarterly Period. Such Quarterly Bonus Payout shall
be between 0% and 100% of the Quarterly Bonus Pool, as determined at the CEO’s
complete discretion.

 

b)                                     Determination of a Participant’s Cash
Bonus. The CEO
shall determine how the Quarterly Bonus Payout for the just completed Quarterly
Period shall be allocated amongst Participants. The dollar amount of the
Quarterly Bonus Payout to be distributed to each Participant for any just
completed Quarterly Period (such individual’s “Cash Bonus”) shall be at the
complete discretion of the CEO, and can be from 0% to 100% of the overall
Quarterly Bonus Payout for such Quarterly Period, provided the total aggregate
amount of all Cash Bonuses for all Participants for such Quarterly Period is
not be greater than the overall Quarterly Bonus Payout.

 

c)                                      Notification of Eligibility and Timing of
Payments. A
Participant  determined eligible to
receive a Cash Bonus for the just completed Quarterly Period will be notified
of eligibility prior to payment, including the amount of his or her individual Cash Bonus. Payments of Cash Bonuses occur within seventy-five (75) days after  the completed Quarterly Period, subject
to Section 4(d). Cash
Bonuses are paid to Participants less all governmental and other applicable
withholding.

 

d)                                     Payments subject to Participant’s Employment
through time of Payment. Payments of Cash Bonuses shall be subject to Participants’ continued
employment with the Company through the date that Cash Bonuses are paid. Any Participant who has terminated
employment due to any cause or no cause, or who is otherwise no longer an
active, full-time employee through the time of payment of such Participant’s Cash
Bonus, shall not be entitled to any portion of the Cash Bonus, regardless of
any notice of eligibility for a Cash Bonus. The amount that would have
otherwise been made available to such Participant for the just completed
Quarterly Period shall be re-allocated by the CEO to the other Participants, if
he chooses, and at his complete discretion.

 

5.                                      Administration of the Plan

 

The Plan shall be
administered by the Administrator or such person or committee as is designated
by the Company’s Board of Directors. 
Subject to the terms of the Plan, the Administrator shall have the
discretionary authority (without limitation) to construe and interpret the
terms of the Plan.  The Administrator
shall select the eligible employees who may participate in the Plan for each
Plan Year (or portion thereof) during the term of the Plan.  The Administrator shall have the
discretionary authority (without limitation) to set the Annual Cash Bonus Pool
available to Participants under the Plan and, subject to the maximum payout of
100% of the Quarterly Bonus Pool, the CEO shall have the discretionary
authority (without limitation) to determine the actual amounts to be
distributed as Quarterly Bonus Payouts and Cash Bonuses during the term of the
Plan.  The
Administrator’s determination with regard to any provision of the Plan shall be
conclusive and binding on all Participants.

 

 

 

2

 

6.                                      Merger or Asset Sale

 

In the event of a
material transaction involving the Company, including but not limited to the
merger of the Company with or into another corporation, the sale of
substantially all of the assets of the Company, or the acquisition by the
Company of another corporation or other business entity, the Plan and all
obligations hereunder may be terminated by the Administrator; provided,
however, that such termination shall be conditioned upon the Administrator,
after good faith consultation with the senior management of the Company,
providing for a replacement plan offering benefits or compensation comparable
to the benefits or compensation that otherwise would have been probable to have
been earned under the Plan (as determined in the sole discretion of the
Administrator) had such merger or asset sale not occurred.  Any decision by the Administrator pursuant to
this Section 7 shall be final and binding on all Participants.

 

7.                                      Term of Plan

 

The Plan shall become
effective upon April 1, 2007 and shall terminate when action is taken by
the Administrator to terminate the Plan, or earlier as otherwise provided
herein.

 

8.                                      Amendment and Termination of the Plan

 

Subject to Section 7
hereof, the Administrator shall have the power to amend, suspend or terminate
the Plan at any time.  In taking any such
action, however, the Administrator shall use its good faith efforts to be fair
and equitable to Participants and shall have due regard for the original intent
behind establishment of this Plan.

 

9.                                      Limitations

 

Neither the Plan nor the
transactions authorized under the Plan constitute an express or implied promise
of continued employment for any period whatsoever.

 

10.                               Governing Law

 

The Plan shall be
governed by the laws of the State of California.

 

11.                               Funding of Plan Payments

 

Cash Bonuses, if any, to
be made hereunder shall be funded out of the general assets of the Company.

 

 

3

 

 

 

PLAN YEAR:  
April 1, 2008 to March 31, 2009

 

 

 

SYNPLICITY, INC.

 

OFFICER BONUS PLAN

 

EXHIBIT A

 

 

 

Participants:

 

·                  John Hanlon

 

·                  Andy Haines

 

·                  Andrew Dauman

 

·                  Ken McElvain

 

 

 

Annual
Bonus Pool for Plan Year:

 

$32,000

 

 

 

PLAN YEAR:   April 1, 2008 to March 31, 2009

 

 

 

SYNPLICITY, INC.

 

OFFICER BONUS PLAN

 

NOTICE OF PARTICIPATION

 

 

 

To:  [Name of Participant]

 

Date:

 

The Compensation
Committee of the Board of Directors of Synplicity, Inc. (the “Company”)
has designated you as a Participant for the Plan Year commencing April 1, 2008
and ending March 31, 2009  in the
Synplicity Officer Bonus Plan (the “Plan”), a copy of which is attached
hereto.  The terms and conditions of your
participation in the Plan are as set forth in the Plan and herein.

 

You are eligible to
receive a Cash Bonus, subject to determination by the CEO of the applicable
amount, each Quarterly Period during the term of the Plan Year.

 

Cash Bonuses are
allocated amongst the Participants in the Plan at the complete discretion of
the CEO. The aggregate amount of all Participants’ Cash Bonuses for a Quarterly
Period equals the Quarterly Bonus Payout (which is also determined by the CEO
at his discretion to be between 0 and 100% of the Quarterly Cash Pool
available).

 

You must be an active,
continuous full-time employee through the date the Cash Bonus is paid to
receive such Cash Bonus.  Cash Bonuses,
if any, will be paid within seventy-five (75) days after the last day of the Quarterly
Period.  Provided you satisfy the terms
of the Plan, including being employed on the date such Cash Bonuses, if any,
for the Quarterly Period are paid under the Plan, you will receive such Cash
Bonus.

 

Please carefully review
the terms of the Plan to understand the terms and conditions of your participation
in the Plan. Should you have any questions regarding this Notice of
Participation or the Plan, please do not hesitate to contact Gary Meyers at
408-215-6011.

 

	
  Date:

  	
   

  	
   

  	
  Signature:

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