Document:

exv4w5

Exhibit 4.5

G&K SERVICES, INC.

RESTATED EQUITY INCENTIVE PLAN (2010)

TERMS OF NON-QUALIFIED

NON-EMPLOYEE DIRECTOR STOCK OPTION

ANNUAL GRANT

Pursuant to a letter (the “Grant Letter”) addressed and delivered to you from G&K Services,
Inc. (the “Company”), and subject to your acceptance in accordance with paragraph 1 below,
the Company has granted you a non-qualified stock option (the “Option”) pursuant to the
terms of the G&K Services, Inc. Restated Equity Incentive Plan (2010) (the “Plan”). A copy
of the Plan is enclosed herewith. The terms of your Option are governed by the provisions of the
Plan generally and the specific terms set forth below. Your Grant Letter and this statement of
terms are your Award Agreement under the Plan. In the event of any conflict or inconsistency
between the terms set forth below and the provisions of the Plan, the provisions of the Plan shall
govern and control.

	1.	 	Number of Shares Subject to the Option. Upon your acceptance of the Option, the
Option entitles you to purchase all or any part of the aggregate number of shares of Class A
Common Stock of the Company (the “Common Stock”) set forth in the Grant Letter as “G&K
Stock Option Shares,” in accordance with the Plan. To accept the Option, within 14 days of
the Grant Date, you must log into your account at
www.bnymellon.com/shareowner/equityaccess
and select the ‘Acknowledge Grant’ button associated with your grant.
	 
	2.	 	Purchase Price. The purchase price of each share of Common Stock covered by the
Option shall be the “Exercise Price” set forth in the Grant Letter.
	 
	3.	 	Exercise and Vesting of Option. The Option is exercisable only to the extent that
all, or any portion thereof, has vested. Except as provided in paragraph 4 below, the Option
shall vest on the first anniversary of the “Grant Date” set forth in the Grant Letter
(“Vesting Date”). In the event that you cease to be a Director of the Company prior to the
Vesting Date, that portion of the Option scheduled to vest on the Vesting Date, shall not vest
and all rights to and under such non-vested Option will terminate.
	 
	4.	 	Term of Option.

	 	(a)	 	To the extent vested, and except as otherwise provided herein or in the Plan,
no Option is exercisable after the expiration of ten (10) years from the Grant Date
(such date to be hereinafter referred to as the “Expiration Date”).
	 
	 	(b)	 	Notwithstanding anything to the contrary herein, an Option shall automatically
become immediately exercisable in full upon the death of a Non-Employee Director.

 

 

	 	(c)	 	A Non-Employee Director of the Company who shall cease to be such a
Non-Employee Director for any reason, including death, while holding an Option that has
not expired and has not been fully exercised, may, at any time within one year of the
date the Non-Employee Director ceased to be a Non-Employee Director (but in no event
after the Option has expired under the provisions of subparagraph 4(a) above), exercise
the Option with respect to any Common Stock as to which the Non-Employee Director could
have exercised on the date he or she ceased to be such a Non-Employee Director.

	5.	 	Method of Exercise. Subject to the terms and conditions set forth herein and in the
Plan, the Option may be exercised, in whole or in part, by logging into your account at
www.bnymellon.com/shareowner/equityaccess or calling 1-800-851-1982 and specifying the number
of shares to be purchased and by paying in full the Purchase Price for the number of shares of
Common Stock with respect to which the Option is exercised. Subject to the provisions of the
Plan, such Purchase Price shall be paid in cash and/or in shares of Common Stock of the
Company or other property. In addition, you shall, on or about notification to you of the
amount due, pay promptly an amount sufficient to satisfy applicable federal, state and local
tax requirements, if any. In the event the Option shall be exercised by any person other than
you, such notice shall be accompanied by appropriate proof of the right of such person to
exercise the Option. The Company has no obligation to deliver shares or cash upon exercise of
the Option until all applicable withholding taxes have been paid or provided for payment and
until such shares are qualified for delivery under such laws and regulations as may be deemed
by the Company to be applicable thereto. Prior to the issuance of shares of Common Stock upon
the exercise of the Option, you will have no rights as a shareholder.
	 
	6.	 	Non Transferability. No stock Option may be transferred, pledged or assigned
otherwise than by will or the laws of descent and distribution. An Option may be exercised,
during your lifetime, only by you, or by your guardian or legal representative. Any attempted
assignment, transfer, pledge, hypothecation, or other disposition of the Option contrary to
the provisions of the Plan or the provisions hereof, and the levy of any execution,
attachment, or similar process upon the Option, will be null and void and without effect.
	 
	7.	 	Adjustment. In the event that the number of shares of Common Stock shall be increased
or decreased through a reorganization, reclassification, combination of shares, stock split,
reverse stock split, spin-off, stock dividend, or otherwise, then the Option shall be
appropriately adjusted by the Committee, in number of shares or Purchase Price or both to
reflect such increase or decrease. In the event there shall be any other change in the number
or kind of outstanding shares of Common Stock, or any stock or other securities into which
such shares of Common Stock shall have been changed, or for which it shall have been
exchanged, whether by reason of a merger, consolidation or otherwise, then the Committee
shall, in its sole discretion, determine the appropriate adjustment, if any, to be effected.
	 
	8.	 	Withholding. Pursuant to the provisions of the Plan, and as described in greater
detail therein, the Company will have the right to withhold from any payments made in

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	 	 	connection with the Option, or to collect as a condition of payment or delivery, any taxes
required by law to be withheld.
	 
	9.	 	Further Assurances. By accepting the Option, you agree to execute such papers,
agreements, assignments, or documents of title as may be necessary or desirable to effect the
purposes described herein and carry out its provisions.
	 
	10.	 	Third Party Beneficiaries. Nothing contained herein is intended or shall be construed
as conferring upon or giving to any person, firm or corporation other than you and the Company
any rights or benefits.
	 
	11.	 	Entire Understanding. The provisions set forth herein and those contained in the
Grant Letter and the Plan embody the entire agreement and understanding between you and the
Company with respect to the matters covered herein, in the Grant Letter and in the Plan, and
such provisions may only be modified pursuant to a written agreement signed by the party to be
charged.
	 
	12.	 	Governing Law. The agreement and understanding regarding the Option, and its
interpretation and effect, shall be governed by the laws of the State of Minnesota applicable
to contracts executed and to be performed therein.
	 
	13.	 	Amendments. Except as otherwise provided in the Plan, this Award Agreement may be
amended only by a written agreement executed by the Company and you.

3exv4w6

Exhibit 4.6

G&K SERVICES, INC.

RESTATED EQUITY INCENTIVE PLAN (2010)

TERMS OF NON-EMPLOYEE DIRECTOR

RESTRICTED STOCK GRANT

Pursuant to a letter (the “Grant Letter”) addressed and delivered to you from G&K Services,
Inc. (the “Company”), and subject to your acceptance in accordance with paragraph 1 below,
the Compensation Committee (the “Committee”) of the Company’s Board of Directors has
granted you restricted shares of Class A Common Stock, $0.50 par value per share, of the Company
(the “Stock”) pursuant to the terms of the G&K Services, Inc. Restated Equity Incentive
Plan (2010) (the “Plan”). A copy of the Plan is enclosed herewith. The terms of your Stock
are governed by the provisions of the Plan generally and the specific terms set forth below. Your
Grant Letter and this statement of terms are your Award Agreement under the Plan. In the event of
any conflict or inconsistency between the terms set forth below and the provisions of the Plan, the
provisions of the Plan shall govern and control.

	1.	 	Grant of Stock
	 
	 	 	
Subject to your acceptance in accordance with this paragraph 1, the Company grants you the
aggregate number of shares of Stock set forth in the Grant Letter, in accordance with the
Plan. To accept the Stock, within 14 days of the Grant Date, you must log into your account
at www.bnymellon.com/shareowner/equityaccess and select the ‘Acknowledge Grant’ button
associated with your grant. Upon such acceptance, the Stock shall be issued of record in
your name in “book-entry” form, without stock certificates, and shall be registered on the
books of the Company maintained by the Company’s transfer agent.
	 
	2.	 	Rights of Director
	 
	 	 	
Upon the acceptance and issuance of the Stock, you will become a shareholder with respect to
the Stock and shall have all of the rights of a shareholder with respect to such Stock,
including the right to vote such Stock and to receive all dividends and other distributions
paid with respect to such Stock; provided, however, that such Stock shall be subject to the
restrictions set forth in paragraph 3 below.
	 
	3.	 	Restrictions
	 
	 	 	
You agree that at all times prior to the vesting of the Stock as contemplated by paragraph 4
below:

	 	a)	 	You will not sell, transfer, pledge, hypothecate or otherwise encumber the Stock; and
	 
	 	b)	 	If you cease to be a Director of the Company, you will, for no consideration, forfeit
and transfer to the Company all shares of Stock that remain subject to the restrictions set
forth in this paragraph 3.
	 
	 	c)	 	Subject to the lapse of the restrictions set forth in subsections (a) and (b) of this
paragraph 3, the Stock registered on the books of the Company maintained by the Company’s
transfer agent shall bear such restrictive notations and be subject to such stop transfer
instructions as the Company shall deem necessary or appropriate in light of such
restrictions.

 

 

	4.	 	Lapse of Restrictions
	 
	 	 	
The restrictions set forth in paragraph 3 above shall lapse on one-third of the Stock on the one
year anniversary of the “Grant Date” set forth in the Grant Letter, and one-third of the
Stock on each of the next two successive anniversaries of such date (each individually a
“Vesting Date”). In the event that you cease to be a Director of the Company prior to any
Vesting Date, the Stock scheduled to vest on such Vesting Date, and all Stock scheduled to vest
in the future, shall not vest and all rights to and under such non-vested Stock will terminate.
Within 30 days after the date that the restrictions set forth in subsections (a) and (b) of
Section 3 have lapsed with respect to shares of Stock and such shares have become vested, free
and clear of all restrictions, except as provided in the Plan, the Company shall instruct its
transfer agent to remove any restrictive notations and stop transfer instructions placed on the
Stock register in connection with such restrictions.
	 
	5.	 	Copy of Plan
	 
	 	 	
By the accepting the Stock, you acknowledge receipt of a copy of the Plan, the terms and
conditions of which are hereby incorporated herein by reference and made a part hereof
by reference as if set forth in full.
	 
	6.	 	Administration

	 
	 	 	
The agreement and understanding regarding the Stock shall at all times be subject to the
terms and conditions of the Plan. The Committee shall have the sole and complete
discretion with respect to all matters reserved to it by the Plan and decisions of the
Committee with respect thereto and to the terms set forth herein shall be final and
binding upon you. In the event of any conflict between the provisions set forth herein
and those set forth in the Plan, the provisions of the Plan shall govern and control.
	 
	7.	 	Withholding of Tax

	 
	 	 	
To the extent that the receipt of the Stock or the lapse of any restrictions thereon results in
income to you for federal or state income tax purposes with respect to which withholding by the
Company is required, you shall deliver to the Company at the time of such receipt or lapse, as
the case may be, such amount of money or shares of unrestricted Stock, as permitted by the Plan,
as the Company may require to meet its withholding obligation under applicable tax laws or
regulations, and, if you fail to do so, the Company is authorized to withhold from any cash or
Stock remuneration then or thereafter payable to you any tax required to be withheld by reason
of such resulting compensation income.
	 
	8.	 	Section 83(b) Election
	 
	 	 	
You understand that you (and not the Company) shall be responsible for your own federal, state,
local or foreign tax liability and any of your other tax consequences that may arise as a result
of the transactions contemplated herein. You shall rely solely on the determinations of your
tax advisors or your own determinations, and not on any statements or representations by the
Company or any of its agents, with regard to all such tax matters. You understand that Section
83 of the Internal Revenue Code of 1986, as amended (the “Code”), taxes as ordinary
income the difference between the amount paid for the Stock and the fair market value of the
Stock as of the date restrictions on the Stock lapse. In this context, “restriction” includes,
without limitation, the vesting restrictions set forth in paragraph 3 hereof. You understand
that you may elect to be taxed at the time the Award of restricted Stock is made rather than
when and as the restrictions on the Stock lapse or expire by filing an election under Section
83(b) of the Code with the Internal

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	 	 	Revenue Service within thirty (30) days from the Grant Date,
as defined in your Grant Letter. In the event you file an election under Section 83(b) of the
Code, such election shall contain all information required under the applicable treasury
regulation(s) and you shall deliver a copy of such election to the Company contemporaneously
with filing such election with the Internal Revenue Service. YOU ACKNOWLEDGE THAT IT IS YOUR
SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY THE ELECTION UNDER SECTION 83(b) OF THE
CODE, EVEN IF YOU REQUEST THAT THE COMPANY OR ITS REPRESENTATIVES MAKE THIS FILING ON YOUR
BEHALF.
	 
	9.	 	Further Assurances
	 
	 	 	
By accepting the Stock discussed herein, you agree to execute such papers, agreements,
assignments, or documents of title as may be necessary or desirable to effect the
purposes described herein and carry out its provisions.
	 
	10.	 	Governing Law
	 
	 	 	
The agreement and understanding regarding the Stock, and its interpretation and effect,
shall be governed by the laws of the State of Minnesota applicable to contracts executed
and to be performed therein.
	 
	11.	 	Amendments

	 
	 	 	
Except as otherwise provided in the Plan, this Award Agreement may be amended only by a
written agreement executed by the Company and you.
	 
	12.	 	Entire Agreement
	 
	 	 	
The provisions set forth herein and those contained in the Grant Letter and the Plan
embody the entire agreement and understanding between you and the Company with respect
to the matters covered herein, in the Grant Letter and in the Plan, and such provisions
may only be modified pursuant to a written agreement signed by the party to be charged.

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