Document:

Form of ALH Holding Inc. Nonqualified Stock Option Agreement

 Exhibit 10.33 
  
 ALH Holding Inc. 
  
 FORM OF NONQUALIFIED STOCK OPTION AGREEMENT 
  
 NON-QUALIFIED STOCK OPTION AGREEMENT, dated as of January     , 2005 between ALH Holding Inc., a Delaware corporation (the
“Company”), and «Name» (the “Employee”), pursuant to the ALH Holding Inc. Stock Incentive Plan, as in effect and as amended from time to time (the “Plan”).
Capitalized terms that are not defined herein shall have the meanings given to such terms in the Plan. 
  
 WHEREAS, the Company desires to grant options to purchase shares of its common stock, par value $.01 per share (the “Common
Stock”) to certain key employees of the Company; 
  
 WHEREAS, the Company has adopted the Plan in order to effect such grants; and 
  
 WHEREAS, the Employee is a key employee as contemplated by the Plan, and the Committee has determined that it is in the interest of the Company to grant these options to the Employee. 
  
 NOW, THEREFORE, in consideration of the premises and subject to the terms and
conditions set forth herein and in the Plan, the parties hereto agree as follows: 
  
 1. Confirmation of Grant, Option Price. 
  
 (a) Confirmation of Grant. The Company hereby evidences and confirms the grant to the Employee, effective as of the date hereof (the “Grant Date”), of: 
  
 (i) options to purchase from the Company
«Service_Options» shares of Common Stock, which shall become exercisable, if at all, as provided in Section 2(a) (the “Service Options”); 
  
 (ii) options to purchase from the Company «Performance_Options» shares of Common Stock, which
shall become exercisable, if at all, as provided in Section 2(b) (the “Performance Options”); and 
  
 (b) Option Price. The Options shall have an option price of $100 per share (the “Option Price”), which is not less than the
Fair Market Value per share of the Common Stock on the Grant Date. 
  
 (c) Options Subject to Plan. The Options granted pursuant to this Agreement are subject in all respects to the Plan, all of the terms of which are made a part 

  

 
of and incorporated into this Agreement. By signing this Agreement, the Employee acknowledges that he has been provided a copy of the Plan and has had the
opportunity to review such Plan. 
  
 (d) Character of
Options. The Options granted hereunder are not intended to be “incentive stock options” within the meaning of section 422 of the Internal Revenue Code of 1986, as amended. 
  
 2. Exercisability. 
  
 (a) Service Options. The Service Options shall become exercisable in five equal installments on each of the first five anniversaries of the Grant
Date, subject to the Employee’s continuous employment with the Company or a Subsidiary from the Grant Date to such anniversary. Notwithstanding the foregoing (but subject to Section 4), 100% of such Options shall become exercisable at the time
and under the circumstances described in Section 5. 
  
 (b)
Performance Options. For each of the five fiscal years of the Company beginning with fiscal year ending December 31, 2005 (collectively, the “Performance Period”), one-fifth of the Performance Options shall become
exercisable if (i) the EBITDA objectives for such fiscal year set forth on Exhibit A hereto (but which may be adjusted from time to time by the Committee to reflect significant changes and developments in the Company’s operations,
including, without limitation, acquisitions or dispositions of other companies, businesses or significant product lines) are met or exceeded and (ii) the Employee is employed by the Company or any Subsidiary on the last day of such fiscal
year. 
  
 If any Performance Options have not become exercisable
in accordance with the immediately preceding paragraph, such Performance Options shall, subject to Section 4, become exercisable (to the extent provided in Exhibit A, in the case of clause (i) below) at the earliest to occur of the following dates
or events: 
  
 (i) the end of any subsequent
fiscal year in the Performance Period if the cumulative EBITDA objective for the period ending with the end of such fiscal year (as set forth on Exhibit A hereto, as the same may be adjusted from time to time) is met or exceeded, provided
that the Employee is employed by the Company or a Subsidiary on the last day of such fiscal year; or 
  
 (ii) upon the occurrence of a Change in Control, if the Aggregate Share Value is at least equal to the Aggregate Floor Value. 

 
 Performance Options that do not vest on or prior to a Change in Control will lapse and be
cancelled upon the Change in Control. 
  

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 (c) Definitions. For purposes of this Agreement, the following terms shall have the meanings set
forth below: 
  
 “Aggregate Floor
Value” means the product of (i) 2.5 times (ii) the cumulative amount of cash and other property invested by OTPP in the Company. 
  
 “Aggregate Share Value” means the aggregate amount of cash and Marketable Securities received by OTPP in
connection with any Change in Control, which shall be determined assuming that all Options issued under the Plan and outstanding at the date of the Change in Control (but excluding Options (including, without limitation, Performance Options granted
hereunder) which by their terms are canceled in conjunction with the occurrence of such Change in Control) are exercised for cash immediately prior to the Change in Control and that any “in the money” securities convertible or exchangeable
into, and all such other warrants, options and other rights exercisable for, shares of Common Stock are so exchanged or converted immediately prior to the Change in Control. Aggregate Share Value shall include any cash or Marketable Securities
received prior to such Change in Control by OTPP arising from and directly related to OTPP’s ownership of Common Stock, including, but not limited to, OTPP’s receipt of cash or Marketable Securities in consideration for the sale of Common
Stock or receipt of any cash dividend with respect to Common Stock by OTPP. 
  
 (d) Normal Expiration Date. Unless the Options earlier terminate in accordance with Sections 2, 4 or 5, the Options shall terminate on the tenth anniversary of the Grant Date (the “Normal Expiration
Date”). Once Options have become exercisable pursuant to this Section 2, such Options may be exercised, subject to the provisions hereof, at any time and from time to time until the Normal Expiration Date. 
  
 (e) Calculations. All calculations required or contemplated by this
Section 2 shall be made in the sole determination of the Committee in good faith and shall be final and binding on the Company and the Employee. 
  
 3. Method of Exercise and Payment. 
  
 All or part of the exercisable Options may be exercised by the Employee upon (a) the Employee’s written notice to the Company of exercise,
(b) the Employee’s payment of the Option Price in full at the time of exercise (i) in cash or cash equivalents, (ii) in unencumbered Shares owned by the Employee for at least six (6) months (or such longer period as is
required by applicable accounting standards to avoid a charge to earnings) having a Fair Market Value on the date of exercise equal to such Option Price, (iii) in a combination of cash and Common Stock or (iv) in accordance with such
procedures or in such other form as the Committee shall from time to time determine and (c) if such Options are exercised prior to a Public Offering, the Employee’s execution of 

  

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the Stockholders Agreement and the Registration Rights Agreement in order to become a party to such agreements with respect to the shares of Common Stock
issuable upon the exercise of such Options. As soon as practicable after receipt of a written exercise notice and payment in full of the exercise price of any exercisable Options and, if applicable, receipt of evidence of the Employee’s
execution of the Stockholders Agreement and Registration Rights Agreement in accordance with this Section 3, but subject to Section 6 below, the Company shall deliver to the Employee a certificate or certificates representing the shares of Common
Stock acquired upon the exercise thereof, registered in the name of the Employee, provided that, if the Company, in its sole discretion, shall determine that, under applicable securities laws, any certificates issued under this Section 3 must
bear a legend restricting the transfer of such Common Stock, such certificates shall bear the appropriate legend. 
  
 4. Termination of Employment. 
  
 (a) Termination of Employment Due to Death, Disability or Retirement. Unless otherwise determined by the Committee, in the event that the
Employee’s employment with the Company or any Subsidiary terminates by reason of the Employee’s death, Disability or Retirement (each a “Special Termination”), then all Options held by the Employee that are
exercisable as of the date of such Special Termination may be exercised by the Employee or the Employee’s beneficiary as designated in accordance with Section 9, or if no such beneficiary is named, by the Employee’s estate, at any time
prior to one (1) year following the Employee’s termination of employment or the Normal Expiration Date of the Options, whichever period is shorter. Upon a Special Termination, any Options that are not then exercisable shall terminate and be
canceled immediately upon such termination of employment. 
  
 (b)
Termination for Cause. Unless otherwise determined by the Committee, in the event that the Employee’s employment with the Company or any Subsidiary is terminated for Cause, all Options held by the Employee, whether or not then
exercisable, shall terminate and be canceled immediately upon such termination of employment. 
  
 (c) Other Termination of Employment. Unless otherwise determined by the Committee, in the event that the Employee’s employment with the Company or any Subsidiary terminates due to Voluntary Resignation or
for any reason other than (i) a Special Termination or (ii) for Cause, then any Options held by the Employee which are exercisable at the date of the Employee’s termination of employment shall be exercisable at any time up until
the 60th day following the Employee’s termination of employment (or, in the event that the Employee dies after terminating his employment, but within the period during which the Options would otherwise be exercisable hereunder, the 120th day
after the date of the Employee’s death) or the Normal Expiration Date of the Options, whichever period is shorter, but any Options held by the Employee that are not then 

  

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exercisable shall terminate and be canceled immediately upon such termination of employment. 
  
 (d) Committee Discretion. Notwithstanding anything else contained herein to the contrary, the Committee may at any
time extend the post-termination exercise period of all or any portion of the Options up to and including, but not beyond, the Normal Expiration Date of such Options. 
  
 5. Change in Control. 
  
 (a) Accelerated Vesting and Payment. Unless the Committee shall otherwise determine in the manner set forth in Section 5(b), in the event of a
Change in Control, (i) each outstanding Service Option (regardless of whether such Service Options are at such time otherwise exercisable), and (ii) each outstanding Performance Option exercisable pursuant to Section 2(b) shall be
canceled in exchange for a payment in cash of an amount equal to the excess, if any, of the Change in Control Price over the Option Price. 
  
 (b) Alternative Options. Notwithstanding Section 5(a), no cancellation, cash settlement or other payment shall occur with respect to any Option in
connection with a Change in Control if the Committee reasonably determines in good faith, prior to the occurrence of such Change in Control, that such Option shall be honored or assumed, or new rights substituted therefor (such honored, assumed or
substituted Option being hereinafter referred to as an “Alternative Option”) by the new employer, provided that any such Alternative Option must: 
  
 (i) provide for the accelerated vesting of such Options that would otherwise have been canceled pursuant to
Section 5(a) (to the extent not previously vested at the time of the Change in Control); 
  
 (ii) provide the Employee that held such Option with other rights and entitlements substantially equivalent to or better than the rights,
terms and conditions applicable under such Option; and 
  
 (iii) have substantially equivalent economic value to such Option (determined at the time of the Change in Control). 
  
 (c) Limitation on Benefits. Notwithstanding anything contained in this Option agreement or the Plan to the contrary (i) to the extent that
any of the payments and benefits provided for under the Plan, this Option agreement or any other agreement or arrangement between the Company and the Employee (collectively, the “Payments”) would constitute a “parachute
payment” within the meaning of section 280G of the Code, the amount of such Payments shall be reduced to the amount that would result in no portion of the Payments being subject to the excise tax imposed 

  

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pursuant to section 4999 of the Code and (ii) if and to the extent any Payments in respect of the Service Options would, absent application of this
clause (ii), be an “excess parachute payment” within the meaning of section 280G of the Code (and the regulations promulgated thereunder), such Service Options shall not accelerate in the event of a Change in Control (notwithstanding
Section 5(a)), and shall be honored, assumed or new rights substituted therefor by the new employer in such Change in Control in accordance with Section 5(b). If Payments that would otherwise be reduced or eliminated, as the case may be, pursuant to
the immediately preceding sentences would not be so reduced or eliminated, as the case may be, if the shareholder approval requirements of section 280G(b)(5) of the Code are capable of being satisfied, the Company shall use its reasonable best
efforts to cause such payments to be submitted for such approval prior to the Change in Control giving rise to such payments. 
  
 6. Tax Withholding. 
  
 Whenever Common Stock is to be issued pursuant to the exercise of an Option or any cash payment is to be made hereunder, the Company or any Subsidiary
shall have the power to withhold, or require the Employee to remit to the Company or such Subsidiary, an amount (in cash or in shares of Common Stock otherwise deliverable to the Employee upon Option exercise) sufficient to satisfy the statutory
minimum federal, state, and local withholding tax requirements relating to such transaction, and the Company or such Subsidiary may defer payment of cash or issuance of Common Stock until such requirements are satisfied. 
  
 7. Nontransferability of Awards. 
  
 No Options granted hereby may be sold, transferred, pledged, assigned,
encumbered or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution or, on such terms and conditions as the Committee shall establish, to a Permitted Transferee. All rights with respect to Options granted
to the Employee hereunder shall be exercisable during his lifetime only by such Employee or, if permitted by the Committee, a Permitted Transferee. Following the Employee’s death, all rights with respect to Options that were exercisable at the
time of the Employee’s death and have not terminated shall be exercised by his designated beneficiary, his estate or, if permitted by the Committee, a Permitted Transferee. 
  
 8. Beneficiary Designation. 
  

The Employee may from time to time name any beneficiary or beneficiaries (who may be named contingently or successively) by whom any right under the
Plan and this Agreement is to be exercised in case of his death. Each designation will revoke all prior designations by the Employee, shall be in a form reasonably prescribed by the Committee, and will be effective only when filed by the Employee in
writing with 

  

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the Committee during his lifetime. If no beneficiary is named, or if a named beneficiary does not survive the Employee, Section 9.2 of the Plan shall
determine who may exercise the Employee’s rights under the Plan. 
  
 9. Adjustment in Capitalization. 
  
 The aggregate
number of shares of Common Stock subject to outstanding Option grants, the respective Option exercise prices and/or vesting criteria applicable to outstanding Options, shall be proportionately adjusted to reflect, as deemed equitable and appropriate
by the Committee any Adjustment Event. All determinations and calculations required under this Section 9 shall be made in the sole discretion of the Committee. 
  

10. Requirements of Law. 
  
 The issuance of shares of Common Stock pursuant to the Options shall be subject to all applicable laws, rules and regulations, and to such approvals by
any governmental agencies or national securities exchanges as may be required. No shares of Common Stock shall be issued upon exercise of any Options granted hereunder, if such exercise would result in a violation of applicable law, including the
U.S. federal securities laws and any applicable state or foreign securities laws. 
  
 11. No Guarantee of Employment. 
  
 Nothing in this Agreement shall interfere with or limit in any way the right of the Company or any Subsidiary to terminate the Employee’s employment at any time, or confer upon the Employee any right to continue in the employ of the
Company or any Subsidiary. 
  
 12. No Rights as
Stockholder. 
  
 Except as otherwise required by law, the
Employee shall not have any rights as a stockholder with respect to any shares of Common Stock covered by the Options granted hereby until such time as the shares of Common Stock issuable upon exercise of such Options have been so issued.
Notwithstanding anything else contained herein to the contrary, the exercise of any portion of the Options conveyed hereby is expressly conditioned upon the Employee becoming a party to the Stockholders Agreement and the Registration Rights
Agreement with respect to any shares of Common Stock to be acquired upon such exercise. 
  
 13. Restrictions on Sale Upon Public Offering. 
  
 Except as otherwise provided in the Registration Rights Agreement, the Employee agrees that, in the event that the Company files a registration statement under 

  

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the Act with respect to a public offering of any shares of its capital stock, the Employee will not effect any sale or distribution of any shares of the
Common Stock including, but not limited to, pursuant to Rule 144 under the Act, within seven days prior to and 180 days (or such shorter period as the managing underwriter for any underwritten offering may agree) after the effective date of the
registration statement relating to such registration (the “Trigger Date”), except as part of such registration or unless, in the case of a sale or distribution not involving a public offering, the transferee agrees in writing
to be subject to this Section 13; provided that, with respect to any shelf registration statement on Form S-3, the Trigger Date shall be the pricing of any offering made under such registration statement and the Employee agrees to execute a
customary holdback agreement with the underwriters for any such public offering. 
  
 14. Interpretation; Construction. 
  
 Any determination, interpretation or action made or taken (including any failure to make any determination or interpretation, or take any other action) by the Committee under or pursuant to this Agreement shall be
final and conclusive on all persons affected hereby. Except as otherwise expressly provided in the Plan, in the event of a conflict between any term of this Agreement and the terms of the Plan, the terms of the Plan shall control. 
  
 15. Amendments. 
  
 (a) In General. The Committee may, at its sole discretion, at any time
and from time to time alter or amend this Agreement and the terms and conditions of any unvested Options (but not any previously granted vested Options) in whole or in part, including without limitation, amending the criteria for vesting and
exercisability set forth in Section 2 hereof, substituting alternative vesting and exercisability criteria and imposing certain blackout periods on Options, provided, however, that (i) such alteration, amendment, suspension or termination
shall preserve the economic value, and vesting and exercisability, as determined by the Committee in its sole good faith discretion, of any previously granted Option and (ii) the Committee shall only be permitted to alter, amend, suspend or
terminate previously granted unvested Options with the consent of the holders of a majority of such Options. The Company shall give written notice to the Employee of any such alteration or amendment of this Agreement as promptly as practicable after
the adoption thereof. This Agreement may also be amended by a writing signed by both the Company and the Employee. 
  
 (b) Public Offering. Unless otherwise determined by the Committee, in the event of a Public Offering, the Committee shall amend this Agreement to
provide for (i) subject to Section 15(a) above, the substitution of the exercisability criteria set forth in Section 2(c) with criteria based on stock price and (ii) the imposition of certain blackout periods, in each case, as the
Committee shall determine to be appropriate; 

  

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provided, however that such amendments shall preserve the economic value, and vesting and exercisability, as determined by the Committee in its sole good
faith discretion. 
  
 16. Miscellaneous. 
  
 (a) Notices. All notices, requests, demands, letters, waivers and
other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given if (i) delivered personally, (ii) mailed, certified or registered mail with postage prepaid,
(iii) sent by next-day or overnight mail or delivery, or (iv) sent by fax, as follows: 
  
 (i) If to the Company, to it: 
  
 ALH Holding Inc. 
 c/o Ontario Teachers’
Pension Plan Board 
 5650 Yonge Street 
 Toronto, Ontario M2M 4H5 
 Fax No.: (416) 730-3771 
 Attn: General Counsel 
  
 Fax
No.: (416) 730-5082 
 Attn: Lee Sienna 
          Shael J. Dolman 
  
 with a copies to: 
  
 Debevoise
& Plimpton LLP 
 919 Third Avenue 
 New York, New York 10022 
 Fax: (212) 909-6836 
 Attn: Margaret A. Davenport 
  
 and 
  
 Alliance Laundry Systems LLC 
 Shepard Street, P.O. Box 990 
 Ripon,
Wisconsin 54971-0990 
 Fax: (920) 748-4334 
 Attn: Scott L. Spiller 
  
 (ii) If
to the Employee, to the Employee’s last known home address, or to such other person or address as any party shall specify by notice in writing to the Company. All such notices, requests, demands, letters, waivers and other 

  

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communications shall be deemed to have been received (w) if by personal delivery on the day after such delivery, (x) if by certified or
registered mail, on the fifth business day after the mailing thereof, (y) if by next-day or overnight mail or delivery, on the day delivered, or (z) if by fax, on the day delivered, provided that such delivery is confirmed.

  
 (b) Binding Effect; Benefits. This Agreement shall be
binding upon and inure to the benefit of the parties to this Agreement and their respective successors and assigns. Nothing in this Agreement, express or implied, is intended or shall be construed to give any person other than the parties to this
Agreement or their respective successors or assigns any legal or equitable right, remedy or claim under or in respect of any agreement or any provision contained herein. 
  
 (c) Waiver. Either party hereto may by written notice to the other (i) extend the time for the performance of
any of the obligations or other actions of the other under this Agreement, (ii) waive compliance with any of the conditions or covenants of the other contained in this Agreement and (iii) waive or modify performance of any of the
obligations of the other under this Agreement. Except as provided in the preceding sentence, no action taken pursuant to this Agreement, including, without limitation, any investigation by or on behalf of either party, shall be deemed to constitute
a waiver by the party taking such action of compliance with any representations, warranties, covenants or agreements contained herein. The waiver by either party hereto of a breach of any provision of this Agreement shall not operate or be construed
as a waiver of any preceding or succeeding breach and no failure by either party to exercise any right or privilege hereunder shall be deemed a waiver of such party’s rights or privileges hereunder or shall be deemed a waiver of such
party’s rights to exercise the same at any subsequent time or times hereunder. 
  
 (d) Applicable Law. This Agreement shall be governed by and construed in accordance with the law of the State of Delaware, regardless of the law that might be applied under principles of conflict of laws.

  
 (e) Section and Other Headings. The section and
other headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement. 
  
 (f) Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which
together shall be deemed to be one and the same instrument. 
  
 (g) FOR FLORIDA PURCHASERS. PURCHASERS OF SECURITIES THAT ARE EXEMPTED FROM REGISTRATION BY SECTION 517.061(11) OF THE FLORIDA SECURITIES AND INVESTOR PROTECTION ACT HAVE THE RIGHT TO VOID THEIR PURCHASE WITHIN THREE (3) DAYS 

  

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AFTER THE FIRST TENDER OF CONSIDERATION UNLESS SALES ARE MADE TO FEWER THAN FIVE (5) PURCHASERS IN FLORIDA (NOT COUNTING INSTITUTIONAL INVESTORS DESCRIBED IN
SECTION 517.061(7)). 
  
 (h) Accredited Investor Status.
The Employee is an “accredited investor” as such term is defined in Rule 501(a) promulgated under the Act. 
  

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 IN WITNESS WHEREOF, the Company and the Employee have duly executed this Agreement as of the date first
above written. 
  

					
	 ALH HOLDING INC.

		
	 By:
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

			
	
	 EMPLOYEE

	
	 
	 «Name»

  

  
 Exhibit A

  
 EBITDA Objectives 
  

													
	 Fiscal Year

	  	Annual
EBITDA Target

	  	Annual Vesting%
if Annual EBITDA
Target is Met

	 	 	Cumulative
EBITDA Target

	  	Cumulative “Catch-
Up” Vesting% if
Cumulative EBITDA
Target is Met

	 
	 2005
	  	$	63.6 million	  	20	%	 	 	N/A	  	N/A	 
	 2006
	  	$	67.2 million	  	20	%	 	$	130.8 million	  	40	%
	 2007
	  	$	72.2 million	  	20	%	 	$	203.0 million	  	60	%
	 2008
	  	$	76.2 million	  	20	%	 	$	279.2 million	  	80	%
	 2009
	  	$	80 million	  	20	%	 	$	359.2 million	  	100	%

  
 As used herein, the
following terms shall have the meanings set forth below: 
  
 “EBITDA” means the “Adjusted EBITDA” as defined in the Credit Agreement, dated as of the Effective Date, among Alliance Laundry Holdings LLC, Alliance Laundry Systems LLC, ALH Finance LLC, the banks and
other financial institutions from time to time party thereto as Lenders, Lehman Brothers Inc., as sole advisor, sole lead arranger and sole bookrunner, The Bank of Nova Scotia, as syndication agent, LaSalle Bank National Association and Royal Bank
of Canada, as co-documentation agents, and Lehman Commercial Paper Inc., as administrative agent for the Lenders. 
  
 “Cumulative EBITDA” means the cumulative net EBITDA from January 1, 2005 through the end of such fiscal year.Form of Management Subscription Agreement of ALH Holdinge Inc.

  
 Exhibit 10.34

  
 FORM OF MANAGEMENT SUBSCRIPTION AGREEMENT

  
 Management Subscription Agreement, dated as of January
    , 2005 (this “Agreement”), among ALH Holding Inc., a Delaware corporation (the “Company”), and the signatories hereto (individually, a “Purchaser” and
collectively, the “Purchasers”). 
  
 WHEREAS, the Company has entered into a Unit Purchase Agreement, dated as of December 7, 2004, as the same shall be amended from time to time, with Alliance Laundry Holdings LLC and the Sellers (as defined therein) (the “Unit
Purchase Agreement”); 
  
 WHEREAS, certain Purchasers
(the “Rollover Sellers”) hereunder for whom an amount is indicated opposite such Rollover Seller’s name (the “Rollover Amount”) on such Rollover Seller’s respective signature page hereto,
shall exchange units of Alliance Laundry Holdings LLC for shares of Common Stock, par value $.01 per share (the “Common Stock”), of the Company (such shares, the “Rollover Shares”) as provided herein;

  
 WHEREAS, pursuant to the ALH Holding Inc. Stock Purchase and
Rollover Investment Plan, each of the Purchasers desires to subscribe for, and the Company desires to make available for purchase, (i) those shares of the Company’s Common Stock, par value $.01 per share (the “ Investment
Shares”) and (ii) with respect to Purchasers who are Rollover Sellers, the Rollover Shares (together with the Investment Shares, the “Shares”), indicated as being subscribed for by each Purchaser on such
Purchaser’s respective signature page hereto, on the terms and conditions set forth below. 
  
 NOW, THEREFORE, in consideration of the mutual covenants and obligations set forth in this Agreement, the parties hereto agree as follows: 
  
 1. Purchase and Sale of the Shares. 
  
 (a) General. Subject to all of the terms and conditions of this
Agreement, and in reliance upon the representations and warranties contained herein, each Purchaser hereby subscribes for and agrees to purchase, and the Company hereby agrees to sell to each such Purchaser for such Purchaser’s own account, the
number of Investment Shares and Rollover Shares set forth opposite such Purchaser’s name on such Purchaser’s signature page hereto. 
  
 Notwithstanding anything in this Agreement to the contrary, the Company shall not have any obligation to sell any of the Shares to any Purchaser who is a
resident 

  

 
of a jurisdiction in which the sale of Shares to such Purchaser would constitute a violation of the securities, “blue sky” or other similar laws of
such jurisdiction. 
  
 (b) Purchase Price. The purchase
price per Share shall be $100.00. 
  
 (c) Consideration. At
the Closing (as defined below), each Purchaser shall purchase, as the case may be, (i) the Investment Shares for the aggregate amount set forth as “Cash Consideration for Investment Shares” opposite such Purchaser’s name on
such Purchaser’s respective signature page hereto (the “Investment Consideration”), and (ii) the Rollover Shares, in the case of the Rollover Sellers, for the Rollover Amount set forth opposite such Purchaser’s name
on such Purchasers’ respective signature page hereto (such Rollover Amount, together with the Investment Consideration, the “Consideration”). Upon verbal notice by the Company to the applicable Purchasers, (A) the
Investment Consideration shall be paid by each applicable Purchaser two business days prior to the Closing in cash to an escrow account (payable by wire transfer of immediately available funds) and such funds in the escrow account shall be released
to the Company on the Closing Date (as defined below) and (B) the Rollover Amount shall be deemed paid by each applicable Purchaser to the Company at the Closing pursuant to a reduction of the amount payable to each such Rollover Seller under
the Unit Purchase Agreement by their respective Rollover Amounts. If the Closing hereunder does not occur within 10 business days after the deposit of funds into the escrow account, any amounts then held in the escrow account shall be returned to
the applicable Purchasers. 
  
 2. Closing. 
  
 (a) Time and Place. The closing of the transactions contemplated by
this Agreement (the “Closing”) shall be held at the same place and at the same time as the closing under the Unit Purchase Agreement (the “Closing Date”). 
  
 (b) Delivery by the Company. At the Closing, against delivery of the
Consideration by each Purchaser and the release of the funds held in the escrow account to the Company pursuant to Section 1(c) hereof, the Company will deliver to each such Purchaser (i) a stock certificate registered in such
Purchaser’s name and representing the number of Shares purchased by such Purchaser, which certificates shall bear the legends set forth in the Stockholders Agreement, dated as of the Closing Date (as the same shall be amended from time to time,
the “Stockholders Agreement”), among the Company, Ontario Teachers’ Pension Plan Board (“OTPP”) and the Purchasers, and (ii) a signature page to the Stockholders Agreement executed by the
Company. 
  
 (c) Delivery by the Purchasers. At the
Closing, each of the Purchasers will deliver (i) the Consideration as provided in Section 1(c) and (ii) a signature page to the Stockholders Agreement executed by such Purchaser. 
  

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 (d) Conditions Precedent. The obligation of the Purchasers under this Agreement to purchase the
Shares, and the obligation of the Company under this Agreement to sell the Shares, are both subject to the conditions that the closing under the Unit Purchase Agreement shall have occurred or shall be occurring. 
  
 3. Purchaser’s Representations, Warranties and Covenants.

  
 (a) Investment Intention and Restrictions on
Disposition. Each Purchaser represents and warrants that such Purchaser is acquiring the Shares solely for such Purchaser’s own account for investment and not with a view to, or for sale in connection with, any distribution thereof. Each
Purchaser agrees that such Purchaser will not, directly or indirectly, offer, transfer, sell, pledge, hypothecate or otherwise dispose of any of the Shares (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of any of the
Shares) or any interest therein or any rights relating thereto, except in compliance with the Securities Act of 1933, as amended, and the rules and regulations of the Securities and Exchange Commission thereunder (the “Act”),
all applicable state or foreign securities or “blue sky” laws and the Stockholders Agreement, as the same shall be amended from time to time. Any attempt by a Purchaser, directly or indirectly, to offer, transfer, sell, pledge, hypothecate
or otherwise dispose of any Shares, or any interest therein, or any rights relating thereto, without complying with the provisions of this Agreement, the Stockholders Agreement and the Registration Rights Agreement, dated as of the Closing Date (as
the same shall be amended from time to time, the “Registration Rights Agreement”), among the Company, OTPP and each of the other parties thereto, shall be void and of no effect. 
  
 (b) Securities Laws Matters. Each Purchaser acknowledges receipt of
advice from the Company that (i) the Shares have not been registered under the Act or qualified under any state or foreign securities or “blue sky” laws, (ii) it is not anticipated that there will be any public market for the
Shares, (iii) the Shares must be held indefinitely and such Purchaser must continue to bear the economic risk of the investment in the Shares unless the Shares are subsequently registered under the Act and such state laws or an exemption from
registration is available, (iv) Rule 144 promulgated under the Act (“Rule 144”) is not presently available with respect to sales of any securities of the Company and the Company has made no covenant to make Rule 144
available and Rule 144 is not anticipated to be available in the foreseeable future, (v) when and if the Shares may be disposed of without registration in reliance upon Rule 144, such disposition can be made only in limited amounts and in
accordance with the terms and conditions of such Rule, (vi) if the exemption afforded by Rule 144 is not available, public sale of the Shares without registration will require the availability of an exemption under the Act, (vii)
restrictive legends in the form set forth in the Stockholders Agreement shall be placed on the certificate representing the Shares and (viii) a notation shall be made in the appropriate records of the Company indicating that the Shares are
subject to restrictions on transfer and, if the Company should in the future engage the 

  

 3 

 
services of a stock transfer agent, appropriate stop-transfer instructions will be issued to such transfer agent with respect to the Shares. 
  
 (c) Ability to Bear Risk. Each Purchaser represents and warrants that
(i) such Purchaser’s financial situation is such that such Purchaser can afford to bear the economic risk of holding the Shares for an indefinite period and (ii) such Purchaser can afford to suffer the complete loss of such
Purchaser’s investment in the Shares. 
  
 (d) Access to
Information; Sophistication; Lack of Reliance. Each Purchaser represents and warrants that (i) such Purchaser is familiar with the business and financial condition, properties, operations and prospects of the Company and that such
Purchaser has been granted the opportunity to ask questions of, and receive answers from, representatives of the Company concerning the Company and the terms and conditions of the purchase of the Shares and to obtain any additional information that
such Purchaser deems necessary, (ii) such Purchaser’s knowledge and experience in financial and business matters is such that such Purchaser is capable of evaluating the merits and risk of the investment in the Shares, (iii) such
Purchaser has carefully reviewed the terms and provisions of the Stockholders Agreement and the Registration Rights Agreement and has evaluated the restrictions and obligations contained therein. In furtherance of the foregoing, each Purchaser
represents and warrants that (i) no representation or warranty, express or implied, whether written or oral, as to the financial condition, results of operations, prospects, properties or business of the Company or as to the desirability or
value of an investment in the Company has been made to such Purchaser by or on behalf of the Company, except for those representations and warranties contained in Section 4 of this Agreement, the Stockholders Agreement and the Registration Rights
Agreement, (ii) such Purchaser has relied upon such Purchaser’s own independent appraisal and investigation, and the advice of such Purchaser’s own counsel, tax advisors and other advisors, regarding the risks of an investment in
the Company, (iii) such Purchaser has carefully reviewed the ALH Holding Stock Purchase and Rollover Investment Plan and (iv) such Purchaser will continue to bear sole responsibility for making its own independent evaluation and
monitoring of the risks of its investment in the Company. 
  
 (e)
Accredited Investor. Each Purchaser represents and warrants that the information provided with respect to whether such Purchaser is an “accredited investor”, as such term is defined in Rule 501(a) promulgated under the Act, on such
Purchaser’s signature page hereto is accurate and complete as of the date hereof. 
  
 (f) Due Execution and Delivery. Each Purchaser represents and warrants that (i) such Purchaser has duly executed and delivered this Agreement, (ii) all actions required to be taken by or on behalf
of the Purchaser to authorize such Purchaser to execute, deliver and perform such Purchaser’s obligations under this Agreement, the Stockholders Agreement and the Registration Rights Agreement have been taken and this Agreement constitutes and,
upon execution thereof, the Stockholders Agreement and the 

  

 4 

 
Registration Rights Agreement will constitute such Purchaser’s legal, valid and binding obligations, enforceable against such Purchaser in accordance
with their respective terms, (iii) the execution and delivery of this Agreement, the Stockholders Agreement and the Registration Rights Agreement and the consummation by such Purchaser of the transactions contemplated hereby and thereby in
the manner contemplated hereby and thereby do not and will not conflict with, or result in a breach of any terms of, or constitute a default under, any agreement or instrument or any statute, law, rule or regulation, or any judgment, decree, writ,
injunction, order or award of any arbitrator, court or governmental authority which is applicable to such Purchaser or by which the Purchaser or any material portion of such Purchaser’s properties is bound, and (iv) no consent, approval,
authorization, order, filing, registration or qualification of or with any court, governmental authority or third person is required to be obtained by such Purchaser in connection with the execution and delivery of this Agreement, the Stockholders
Agreement or the Registration Rights Agreement or the performance of such Purchaser’s obligations hereunder or thereunder. 
  
 4. Representations and Warranties of the Company. The Company represents and warrants to each Purchaser that (i) the Company is a
corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, (ii) the execution and delivery of this Agreement, the Stockholders Agreement and the Registration Rights Agreement, the performance of
the Company’s obligations hereunder and thereunder and the consummation by it of the transactions contemplated hereby and thereby have been duly and validly authorized by all requisite corporate action on the part of the Company, (iii)
this Agreement has been duly and validly executed by the Company and constitutes, and the Stockholders Agreement and the Registration Rights Agreement when executed by the Company will constitute, the legal, valid and binding obligations of the
Company enforceable against it in accordance with their respective terms, except as the same may be affected by bankruptcy, insolvency, moratorium or similar laws, or by legal or equitable principles relating to or limiting the rights of contracting
parties generally, and (iv) the Shares, when issued and delivered in accordance with the terms hereof, will be duly authorized, validly issued, fully paid and nonassessable, and free and clear of any liens or encumbrances other than those
created by the Purchaser or pursuant to this Agreement, the Stockholders Agreement or the Registration Rights Agreement or otherwise in connection with the transactions contemplated hereby and thereby. 
  
 5. Miscellaneous. 
  
 (a) Binding Effect; Benefits. This Agreement shall be binding upon and
inure to the benefit of the parties to this Agreement and their respective successors and permitted assigns. Nothing in this Agreement, express or implied, is intended or shall be construed to give any person other than the parties to this Agreement
and their respective successors or permitted assigns any legal or equitable right, remedy or claim under or in respect of any agreement or any provision contained herein. 
  

 5 

 (b) Waiver. The waiver by any party hereto of a breach of any provision of this Agreement shall
not operate or be construed as a waiver of any preceding or succeeding breach, and no failure by any party to exercise any right or privilege hereunder shall be deemed a waiver of such party’s rights or privileges hereunder or shall be deemed a
waiver of such party’s rights to exercise the same at any subsequent time or times hereunder. 
  
 (c) Amendments. This Agreement may be amended, modified or supplemented only by the written agreement of the parties hereto. 
  
 (d) Assignability. Neither this Agreement nor any right, remedy,
obligation or liability arising hereunder or by reason hereof shall be assignable by the Company without the prior written consent of a majority in interest of the Purchasers or by any Purchaser without the prior written consent of the Company.

  
 (e) Governing Law. This Agreement shall be governed by
and construed and interpreted in accordance with the law of the State of Delaware, without giving effect to the choice of law principles thereof. 
  
 (f) Notices. All notices and other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to
have been duly given if (i) delivered personally, (ii) mailed, certified or registered mail with postage prepaid, (iii) sent by next-day or overnight mail or delivery or (iv) sent by fax, as follows: 
  

	 	(A)	If to the Company, to it at: 

  
 ALH Holding Inc. 
 c/o Ontario Teachers’
Pension Plan board 
 5650 Yonge Street 
 Toronto, Ontario M2M 4H5 
 Fax No.: (416) 730-3771 
 Attn: General Counsel 
  
 Fax
No.: (416) 730-5082 
 Attn: Lee Sienna 
 Shael J. Dolman 
  
 with copies
to: 
  
 Debevoise & Plimpton LLP 
 919 Third Avenue 
 New York, New York 10022

 Fax: (212) 909-6836 
  

 6 

 Attn: Margaret A. Davenport 
  
 and: 
  
 Alliance Laundry Systems LLC 
 Shepard Street,
P.O. Box 990 
 Ripon, Wisconsin 54971-0990 
 Fax: (920) 748-4334 
 Attn: Scott L. Spiller 
  

	 	(B)	If to a Purchaser, to such Purchaser’s attention at: 

  
 c/o Alliance Laundry Systems LLC 
 Shepard
Street, P.O. Box 990 
 Ripon, Wisconsin 54971-0990 
 Fax: (920) 748-4429 
  
 or to such other person or address as the Purchaser shall specify by notice in writing to the Company. 
  
 All such notices, requests, demands, letters, waivers and other communications shall be deemed to have been received (w) if by personal delivery,
on the day delivered, (x) if by certified or registered mail, on the fifth business day after the mailing thereof, (y) if by next-day or overnight mail or delivery, on the day delivered, or (z) if by fax, on the day delivered,
provided that such delivery is confirmed. 
  
 (g)
Headings. The headings contained herein are for convenience and shall not control or affect the meaning or interpretation of any provision hereof. 
  
 (h) Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and which together
shall constitute one and the same agreement. 
  
 (i)
Termination. In the event the Unit Purchase Agreement is terminated, this Agreement shall automatically terminate. 
  
 (j) Severability. In case any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, the validity and enforceability of
the remaining provisions shall not in any way be affected thereby. 
  
 (k) Entire Agreement. This Agreement, together with the Stockholders Agreement, the Registration Rights Agreement and the Unit Purchase Agreement, shall constitute the entire agreement of the parties hereto with respect to the
subject matter hereof and shall supersede all prior agreements, arrangements, 

  

 7 

 
understandings, documents, instruments and communications, whether written or oral, with respect to such subject matter. 
  
 [Remainder of page intentionally left blank.] 
  

 8 

 IN WITNESS WHEREOF, the Company and each of the Purchasers have executed this Agreement as of the date
first set forth above. 
  

					
	 ALH HOLDING INC.

		
	By:	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

					
	Total Number of Shares:	  	«Total_Shares»	  	PURCHASER:
	Total Investment:	  	«Total_Investment»	  	 
	  
 Number of Rollover Shares:
	  	«Rollover_Shares»	  
	Rollover Amount:	  	«Rollover_Investment»	  	«Name»
	Number of Investment Shares:	  	«Investment_Shares»	  	«Address»
	Cash consideration for Investment Shares:	  	«Cash_Investment»	  	 

  
 I. The above named Purchaser
hereby represents and warrants that the following statements are applicable as indicated to such Purchaser in connection with its determination of its status as an “accredited investor” as defined in Rule 501(a) of Regulation D under the
Act. (Please check yes or no for each statement below) 
  
 The
Purchaser either: 
  

					
	 •      has an individual net worth* or joint net worth with such Purchaser’s spouse, in excess of
$1,000,000, or
	  	 ̈ Yes	  	  ̈ No

		
	 	  	(Please check either yes or no)
			
	 •      has had an individual income in excess of $200,000 in each of 2003 and 2004 or joint
income with such Purchaser’s spouse in excess of $300,000 in each of 2003 and 2004, and such Purchaser has a reasonable expectation of reaching the same income level in 2005, or
	  	 ̈ Yes	  	  ̈ No

	  	(Please check either yes or no)
			
	 •      is an executive officer of the Company or its subsidiaries.
	  	 ̈ Yes	  	 ̈ No
		
	 	  	(Please check either yes or no)

  
 II. Pursuant to Section 3(e) of
this Agreement, the above named Purchaser hereby represents and warrants that such Purchaser: 
  

	 ̈	is an “accredited investor” as such term is defined in Rule 501(a) promulgated under the Act. (Check this box if you have checked “yes” to any of
the statements above) 

  

	 ̈	is not an “accredited investor” as such term is defined in Rule 501(a) promulgated under the Act. (Check this box if you have checked “no” to
all of the statements above) 

	*	“Net worth” means the excess of total assets over total liabilities (inclusive of the value of home, home furnishings and automobiles).

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