Document:

Exhibit 10.60

 

FORM OF SECOND AMENDMENT

TO EMPLOYMENT AGREEMENT

 

THIS SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (the “Amendment”) is
entered into as of this [              ]
day of December, 2008 by and between Mac-Gray Corporation (the “Company”) and [                        ]
(the “Executive”).  Capitalized terms
used herein but not otherwise defined shall have the respective meaning so
ascribed in that certain Employment Agreement, dated as of [                    
    ,       ], by and between the Company
and the Executive (the “Employment Agreement”). 
The Employment Agreement is hereby amended as follows:

 

1.             Section 11(b) is hereby deleted in its
entirety and replaced with the following:

 

“(b)          Termination
by the Company Without Cause or by the Executive for Good Reason.  In
the event of termination of the Executive’s employment with the Company
pursuant to Section 10(c) or 10(d) above, and subject to the
Executive’s agreement to a release of any and all legal claims in a form
satisfactory to the Company and the lapse of the seven-day revocation period
provided in the release, which such release must be executed by the Executive
and delivered to the Company within twenty-one (21) days following the
Executive’s receipt thereof in order to be deemed effective for purposes of
this Section 11(b), the Executive shall continue to receive (1) for
eighteen (18) months (the ‘Severance Period’), full Base Salary, (2) a one
time lump sum payment in an amount equal to the Executive’s average annual
bonus over the three (3) fiscal years immediately prior to termination (or
the Executive’s annual bonus for the last fiscal year immediately prior to
termination, if higher) payable within the first 75 days of the year following
the year of termination, (3) all other benefits and compensation that the
Executive would have been entitled to under this Agreement in the absence of
termination of employment during the Severance Period (except to the extent
that the Executive may be ineligible for one or more such benefits under
applicable plan terms or law), and, (4) if the Executive elects to
continue group health plan benefits to the extent authorized by and consistent
with 29 U.S.C. § 1161 et seq.
(commonly known as ‘COBRA’), payment by the Company of the full COBRA premium
during the Severance Period so long as the Executive remains eligible for COBRA
coverage (collectively, the ‘Severance Amount’).  The continuation of Base Salary shall
commence on the first payroll date which is on or immediately after the 30th day following the Executive’s
termination of employment.”

 

2.             Section 11(f) is hereby amended by adding the
following paragraph at the end thereof:

 

“All in-kind benefits provided and expenses eligible for
reimbursement under this Agreement shall be provided by the Company or incurred
by the Executive during the

 

 

time periods set forth in
this Agreement.  All reimbursements shall
be paid as soon as administratively practicable, but in no event shall any
reimbursement be paid after the last day of the taxable year following the
taxable year in which the expense was incurred. 
The amount of in-kind benefits provided or reimbursable expenses
incurred in one taxable year shall not affect the in-kind benefits to be
provided or the expenses eligible for reimbursement in any other taxable
year.  Such right to reimbursement or
in-kind benefits is not subject to liquidation or exchange for another benefit.”

 

3.             In all other respects the Employment Agreement is hereby
affirmed and shall remain in full force and effect.

 

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2

 

IN WITNESS WHEREOF, this
Amendment has been executed as a sealed instrument as of the date first written
above on behalf of the Company, by its duly authorized officer, and by the
Executive.

 

 

	
   

  	
  Mac-Gray Corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Executive

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  

 

[Signature Page to Second
Amendment to Employment Agreement]Exhibit 10.61

 

FORM OF FIRST AMENDMENT

TO

EXECUTIVE SEVERANCE AGREEMENT

 

First Amendment (“Amendment”) made as of                           
day of December, 2008 to the Executive Severance Agreement (“Agreement”)
dated as of March 3, 2008, by and between Mac-Gray Corporation, a Delaware
corporation with its principal place of business in Waltham, Massachusetts (the
“Company”), and                    (the “Executive”).

 

WHEREAS, the parties hereto desire to amend the Agreement to comply
with the requirement of Section 409A of the Internal Revenue Code of 1986,
as amended; and

 

WHEREAS, the parties hereto desire that this Amendment be deemed a
modification and an amendment to the Agreement.

 

NOW, THEREFORE, in consideration of the mutual covenants contained herein,
the Company and the Executive agree as follows:

 

1.             Section 5(a) of the
Agreement is hereby amended by deleting the final sentence of the first
paragraph of said Section in its entirety and by substituting therefor the
following:

 

“To the extent that there
is more than one method of reducing the payments to bring them within the
Threshold Amount, the payments and benefits shall be reduced in the following
order:  (1) cash payments not
subject to Section 409A of the Code; (2) cash payments subject to Section 409A
of the Code; (3) equity-based payments and acceleration; and (4) non-cash
forms of benefits.  To the extent any
payment is to be made over time (e.g., in installments, etc.), then the
payments shall be reduced in reverse chronological order.”

 

2.             Section 5 of the Agreement is
hereby amended by adding the following subsection (d) at the end thereof:

 

“(d)         All in-kind benefits provided and
expenses eligible for reimbursement under this Agreement shall be provided by
the Company or incurred by the Executive during the time periods set forth in
this Agreement.  All reimbursements shall
be paid as soon as administratively practicable, but in no event shall any
reimbursement be paid after the last day of the taxable year following the
taxable year in which the expense was incurred. 
The amount of in-kind benefits provided or reimbursable expenses
incurred in one taxable year shall not affect the in-kind benefits to 

 

 

be provided or the
expenses eligible for reimbursement in any other taxable year.  Such right to reimbursement or in-kind
benefits is not subject to liquidation or exchange for another benefit.”

 

3.             All other provisions of the
Agreement shall remain in full force and effect according to their respective
terms, and nothing contained herein shall be deemed a waiver of any right or
abrogation of any obligation otherwise existing under the Agreement except to
the extent specifically provided for herein.

 

4.             This is a Massachusetts contract
and shall be construed under and be governed in all respects by the laws of the
Commonwealth of Massachusetts.

 

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2

 

IN WITNESS WHEREOF, this Amendment has been executed as a sealed
instrument by the Company and by the Executive as of the date first above
written.

 

	
   

  	
  Mac-Gray Corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Executive

  
	
   

  	
   

  
	
   

  	
   

  

 

[Signature Page to First Amendment to Executive Severance Agreement]Exhibit 10.62

 

MAC-GRAY CORPORATION

NON-EMPLOYEE DIRECTOR COMPENSATION POLICY

 

The
following summarizes the compensation arrangements established between Mac-Gray
Corporation (the “Company”) and its directors to be effective as of May 1,
2009:

 

Directors
who are also employees of the Company do not receive compensation for their
services on the Board or any committee thereof. 
Each director who is not an employee of the Company receives:

 

·                  An annual fee of $30,000, paid in quarterly
installments, 50% of which is paid in shares of common stock and the balance of
which, at the discretion of the director, is paid in cash, shares of common
stock or any combination thereof; and

 

·                  An additional fee of $1,600 for each Board
meeting attended in person and $500 per meeting attended by teleconference.

 

Committee
members receive $1,600 per meeting of the Compensation Committee or the Audit
Committee, and $1,300 per meeting of the Governance and Nominating
Committee.  Committee members receive
$300 per meeting attended by teleconference. 
In addition, the Chairman of each of the Compensation Committee and the
Audit Committee is paid $8,000 per year, and the Chairman of the Governance and
Nominating Committee receives $5,500 per year.

 

Each
newly elected non-employee director receives an option to purchase 5,000 shares
of common stock on the fifth business day after his or her election to the
Board, and each non-employee director who is serving as a director on the fifth
business day after each annual meeting of stockholders automatically receives
an option to purchase shares of common stock valued at $60,000 based on the
Black-Scholes option-pricing model.  All
of such options granted to non-employee directors become fully exercisable as
of May 1 of the year following the date of grant, have an exercise price
equal to the fair market value of the common stock on the date of the grant,
and terminate upon the tenth anniversary of the date of grant.  All directors are reimbursed for significant
travel expenses, if any, incurred in attending meetings of the Board and its
committees.

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