Document:

Exhibit
10.37

 

NOTICE OF
OPTION EXERCISE FOR 1995 OPTION

 

WILLIAMS
SCOTSMAN INTERNATIONAL, INC.

Corporate Secretary:

Reference is hereby made
to the Option Agreement, dated March 31, 1995 (the “Option Agreement”),
between myself and Williams Scotsman International Inc. (f/k/a
Scotsman Holdings, Inc.,) a Delaware corporation (the “Corporation”), as
amended March 25, 2005.  Reference is
also made to an anticipated initial public offering of the Corporation’s common
stock, expected to close on or around September __, 2005 (the “Offering”).

By signing and
acknowledging this Notice of Option Exercise, the Corporation and I agree that,
notwithstanding anything to the contrary in the Option Agreement:

1.  The option evidenced by the Option Agreement (the
“Option”) is hereby terminated, by exercise thereof, as more fully
provided herein.

2.  I hereby elect to exercise the Option
pursuant to the Option Agreement, as amended, subject to all the terms and
provisions thereof and of the 1994 Employee Stock Option Plan, as amended (the “Plan”),
and agree to purchase ________ shares (the “Shares”) of the common
stock, par value $0.01 per share (“Common Stock”), of the Corporation at
a price of $_________ per share pursuant to such exercise.  This election shall become irrevocable
effective upon the execution of the Underwriting Agreement between the
underwriters, the Corporation, and the selling stockholders of the Corporation.

3.  Pursuant to the terms of the custody
agreement entered into by myself, the Corporation and the selling stockholders
of the Corporation in connection with the Offering (the

 

 

“Custody Agreement”),
I hereby direct (i) the Corporation to issue the Shares and (ii) the attorneys
in fact under the Custody Agreement and the Corporation as custodian to direct
the transfer agent of the Corporation to register and deliver the Shares upon
the direction of the underwriters, such delivery to be made on the Closing Date
against payment by me on the Closing Date of the Option exercise price and
related tax withholding.

4.  The Option exercise price for the Shares (the
“Exercise Price”) and the related legal minimum tax withholding, shall
be paid to the Corporation on my behalf by the underwriters of the Offering on
the Closing Date and in full satisfaction of my obligation to pay the Exercise
Price and the legal minimum required tax withholding, and these amounts shall
be retained by the underwriters from the proceeds of the sale of the Shares in
the Offering (to return the payment to the Corporation on my behalf), and any
remaining proceeds shall be remitted to me.

 

	
  Date:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (Optionee)

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Received by Williams Scotsman International on

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  , 2005

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
						

 

2Exhibit 10.42 

 

ENTERPRISE BANCORP, INC.

 

Restricted Stock Agreement

 

This
Agreement made as of this 7th day of September, 2005 (the “Grant Date”) by and
between Enterprise Bancorp, Inc., a Massachusetts corporation (the “Company”),
and John P. Clancy, Jr. (the “Grantee”).

 

WITNESSETH THAT:

 

WHEREAS,
the Company has instituted a program entitled “Enterprise Bancorp, Inc.
2003 Stock Incentive Plan” (the “Plan”); and

 

WHEREAS,
the Compensation Committee of the Board of Directors, or the full Board of
Directors, as the case may be, of the Company has authorized the grant of
shares of the Company’s common stock to the Grantee upon the terms and
conditions set forth below; and

 

WHEREAS,
the Compensation Committee or the full Board of Directors, as the case may be,
has authorized the grant of shares of the Company’s common stock to the Grantee
pursuant and subject to the terms of the Plan, which is incorporated herein by
this reference;

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants and agreements
herein contained, the Company and the Grantee agree as follows.

 

1.                                       Grant.  Subject to the terms of the Plan and this
Agreement, the Company hereby grants to the Grantee, and the Grantee hereby
accepts, 8,750 shares of the Company’s common stock, par value $0.01 per share
(the “Restricted Stock”).  The term “Restricted
Stock” shall include any additional shares of stock of the Company issued on
account of the foregoing shares by reason of stock dividends, stock splits or
recapitalizations (whether by way of mergers, consolidations, combinations or
exchanges of shares or the like).

 

2.                                       Vesting
Schedule.  Subject to the terms of
the Plan and Section 3 below, the interest of the Grantee in the
Restricted Stock shall vest as to twenty percent (20%) or one thousand seven
hundred fifty (1,750) shares of such Restricted Stock on the first anniversary
of the Grant Date, and as to an additional twenty percent (20%) or one thousand
seven hundred fifty (1,750) shares of such Restricted Stock on each of the next
four succeeding anniversaries of the Grant Date; provided, however, that each
such vesting of shares of the Restricted Stock shall be and hereby is
conditioned upon the Grantee’s continuing employment with the Company and
continuing compliance with all applicable employee confidentiality, noncompetition and other agreements with the Company and
any of its subsidiaries.

 

3.                                       Restrictions
on Stock.  Until the termination of
restrictions and the vesting of the shares of Restricted Stock as provided in Section 2
above, none of the Restricted Stock may be sold, assigned, transferred,
pledged, or otherwise encumbered except as provided in this Agreement.

 

Except
as otherwise expressly provided for in this paragraph, if the Grantee’s
employment with the Company is terminated for any reason, then all shares of
Restricted Stock 

 

 

that have not yet vested as of the time of the Grantee’s termination of
employment, if any, shall be forfeited and returned to the Company, unless the
Compensation Committee of the Board of Directors, or the full Board of
Directors, as the case may be, of the Company, in its sole discretion shall
otherwise determine.  Notwithstanding the
foregoing, if the Grantee’s employment with the Company terminates by reason of
the Grantee’s death or Disability (as such term is defined in that certain
Salary Continuation Agreement that the parties anticipate will be entered into
by and between the Company’s wholly owned subsidiary, Enterprise Bank and Trust
Company (the “Bank”), and the Grantee shortly after the date hereof, except
that the reference in such definition to the Plan Administrator shall mean, for
purposes of this Agreement, the Compensation Committee or the full Board of
Directors as the case may be) or as a result of the Company’s termination of
the Grantee’s employment without Cause (as such term is defined in that certain
Employment Agreement by and among the Company, the Bank and the Grantee dated
as of April 1, 2004, as amended by Amendment No. 1 thereto as of December 31,
2004), then all shares of Restricted Stock that have not yet vested as of the
time of such death, Disability or termination without Cause shall become fully
vested at such time with respect to the Grantee’s, or his estate’s as the case
may be, ownership of such shares.

 

4.                                       Rights
as Stockholder.  Except for the
restrictions and other limitations and conditions provided in this Agreement,
the Grantee as owner of the Restricted Stock shall have all the rights of a
stockholder, including but not limited to the right to receive all dividends
paid on such Restricted Stock and the right to vote all of the shares of such
Restricted Stock.

 

5.                                       Stock
Certificates.  Each certificate
issued for shares of Restricted Stock shall be registered in the name of the
Grantee and deposited by the Grantee, together with a stock power endorsed in
blank, with the Company or its duly appointed transfer agent and shall bear the
following (or a similar) legend:

 

The
transferability of this certificate and the shares of stock represented hereby
are subject to the terms, conditions and restrictions (including forfeiture)
contained in a Restricted Stock Agreement between the registered owner and
Enterprise Bancorp, Inc.  A copy of
such Restricted Stock Agreement will be furnished to the holder of this
certificate upon written request and without charge.

 

Upon
the termination of the restrictions imposed under this Agreement as to any
shares of Restricted Stock, the Corporation shall return to the Grantee (or to
such Grantee’s legal representative, beneficiary or heir) certificates, without
a legend, for the shares of common stock deposited with it or its transfer
agent pursuant to this Section 5 as to which the restrictions have been
terminated.

 

6.                                       Tax
Consequences; Withholding; Tax Assistance. 
The Grantee has reviewed with the Grantee’s own tax advisors the
federal, state, local and foreign tax consequences of the investment and the
transactions contemplated by this Agreement. 
The Grantee is relying solely on such advisors and not on any statements
or representations of the Company or any of its agents or representatives.  The Grantee understands that the Grantee
shall be liable for any and all taxes, including withholding taxes, arising out
of this grant or the vesting of the shares of Restricted Stock hereunder.  The Company shall have the right to deduct
from amounts otherwise payable to the Grantee, or to require the Grantee to
pay, any taxes required by law to be withheld with respect to the Restricted
Stock.  The Company shall pay to the
Grantee, or to 

 

2

 

the Grantee’s estate in the event of the death of the Grantee, as
additional compensation, payable at such time as may be determined in the sole
discretion of the Grantee or the Grantee’s estate in the event of the death of
the Grantee, a cash amount equal to 35% of the fair market value of the
Restricted Stock as of the date of this grant.

 

7.                                       Notice
of Election Under Section 83(b). 
If the Grantee makes an election under Section 83(b) of the Internal
Revenue Code of 1986, as amended, and the regulations and rulings promulgated thereunder, he will provide a copy thereof to the Company
within thirty days of the filing of such election with the Internal Revenue
Service.

 

8.                                       Securities
and Other Laws; Lock-Up Agreement. 
In any case in which in the opinion of the Compensation Committee of the
Board of Directors, or the full Board of Directors, as the case may be, of the
Company, the issue and/or delivery of shares of common stock under this Agreement
would violate requirements of federal or state securities or other laws, or the
requirements of any securities exchange on which the stock is listed, the
Company shall be entitled to postpone such issue and/or delivery until such
requirements have been met.  The
Compensation Committee or the full Board of Directors, as the case may be, may
require representations and agreements from the Grantee in order to ensure such
compliance with federal or state securities or other laws or the requirements
of any securities exchange.

 

The
Grantee hereby further agrees that as a condition to his receipt of the
Restricted Stock, he will execute an agreement in a form acceptable to the
Company to the effect that the shares of such Restricted Stock shall be subject
to any underwriter’s lock-up agreement in connection with a public offering of
any securities of the Company that may from time to time apply to shares held
by officers and employees of the Company, and such agreement or a successor
agreement must be in full force and effect.

 

9.                                       Grantee’s
Investment Representations.  Grantee
represents that he is acquiring the shares of Restricted Stock for his own
account for investment purposes and not with a view towards distribution of the
shares to the public.

 

10.                                 Adjustment
in Provisions.  In the event that
there are any changes in the outstanding common stock of the Company by reason
of stock dividends, stock splits, or recapitalizations (whether by way of
mergers, consolidations, combinations, or exchanges of shares or the like), the
divisions of shares of Restricted Stock into parts, the provisions for
termination of restrictions on parts of Restricted Stock, and any other
relevant portions of this Agreement shall be appropriately adjusted by the
Compensation Committee of the Board of Directors, or the full Board of
Directors, as the case may be, of the Company, if necessary, to reflect
equitably such change or changes.

 

11.                                 Right
of Repayment.  In the event that the
Grantee accepts employment with or performs services for a competitor of the
Company at any time within six (6) years after the  date of this grant, then the Grantee shall
pay to the Company an amount equal to the Fair Market Value (as determined in
accordance with the Plan) of any shares of Restricted Stock then held by the
Grantee without restriction under this Agreement if such shares have vested
under Section 2 above (and not including any accelerated vesting pursuant
to the terms of the Plan) at any time within one (1) year prior to the
date of the Grantee’s accepting such employment or performing such services;
provided, however, that the Compensation Committee of the Board of Directors,
or the full Board of Directors, as the case may be, of the Company in its
discretion may release 

 

3

 

the Grantee from the requirement to make such payment, if the
Compensation Committee or the full Board of Directors, as the case may be,
determines that the Grantee’s acceptance of such employment or performance of
such services is not inimical to the best interests of the Company.  The Company may deduct from any compensation
or other amount otherwise payable by the Company to the Grantee the amount of
payment due under the preceding sentence. 
For purposes of this Section 11, the term “Company” refers to the
Company and all of its subsidiaries.

 

12.                               Termination
or Amendment of Plan.  The
Compensation Committee of the Board of Directors, or the full Board of
Directors, as the case may be, of the Company may terminate or amend the Plan
at any time.  No such termination or
amendment will affect the parties’ respective rights and obligations under this
Agreement, as and to the extent that this Agreement then remains in effect.

 

13.                               Effect
Upon Employment.  Nothing in this
Agreement or the Plan shall be construed to impose any obligation upon the
Company or any of its subsidiaries to employ the Grantee or to retain the
Grantee in its employ.

 

14.                               Time
for Acceptance.  Unless the Grantee
shall evidence his acceptance of the grant of shares provided for under Section 1
above by his execution of this Agreement within thirty days after its delivery
to him, such grant and this Agreement shall be null and void.

 

15.                               General
Provisions.

 

(a)                                Amendment;
Waivers.  This Agreement, including
the Plan, contains the full and complete understanding and agreement of the
parties hereto as to the subject matter hereof and, except as otherwise
permitted by the express terms of the Plan and this Agreement, it may not be
modified or amended nor may any provision hereof be waived, except by a further
written agreement duly signed by each of the parties; provided, however, that a
modification or amendment that does not materially diminish the rights of the
Grantee hereunder, as they may exist immediately before the effective date of
the modification or amendment, shall be effective upon written notice of its
provisions to the Grantee.  The waiver by
either of the parties hereto of any provision hereof in any instance shall not
operate as a waiver of any other provision hereof or in any other instance.

 

(b)                               Binding
Effect.  This Agreement shall inure
to the benefit of and be binding upon the parties hereto and their respective
heirs, executors, administrators, representatives, successors and assigns.

 

(c)                                 Governing
Law.  This Agreement has been
executed in Massachusetts and shall be governed by and construed in accordance
with the laws of The Commonwealth of Massachusetts.

 

(d)                                Construction.  This Agreement is to be construed in
accordance with the terms of the Plan. 
In case of any conflict between the Plan and this Agreement, the Plan
shall control. The titles of the sections of this Agreement and of the Plan are
included for convenience only and shall not be construed as modifying or
affecting their provisions.  The
masculine gender shall include both sexes; the singular shall include the
plural and the plural the singular unless the context otherwise requires.  Capitalized terms not defined herein shall
have the meanings given to them in the Plan.

 

4

 

(e)                                 Notices.  Any notice in connection with this Agreement
shall be deemed to have been properly delivered if it is in writing and is
delivered by hand or facsimile or sent by registered mail, postage prepaid, to
the party addressed as follows, unless another address has been substituted by
notice so given:

 

	
  To the Grantee:

  	
   

  	
  To his address
  as set forth on the signature page hereof.

  
	
   

  	
   

  	
   

  
	
  To the Company:

  	
   

  	
  Enterprise
  Bancorp, Inc.

  
	
   

  	
   

  	
  222 Merrimack
  Street

  
	
   

  	
   

  	
  Lowell, Massachusetts
  01852

  
	
   

  	
   

  	
  Attn:  Chairman, Compensation Committee

  
	
   

  	
   

  	
   

  
	
  Copy to:

  	
   

  	
  Gallagher,
  Callahan & Gartrell, P.C.

  
	
   

  	
   

  	
  112 South Street

  
	
   

  	
   

  	
  Boston,
  Massachusetts 02111

  
	
   

  	
   

  	
  Attn:  Stephen J. Coukos, Esq.

  

 

(f)                                    Transfers
in Violation of Restrictions Void. 
The Company shall not be required to transfer on its books any shares of
Restricted Stock that shall have been sold or transferred by Grantee or
otherwise in violation of any of the provisions set forth in this Agreement or
to treat as owner of any such shares or to accord the right to vote as such
owner or to pay dividends to any transferee to whom such shares shall have been
so transferred.

 

IN
WITNESS WHEREOF, the Company has caused this Restricted Stock Agreement to be
executed as a sealed instrument by its officer thereunto duly authorized as of
the date first set forth above.

 

 

	
   

  	
  ENTERPRISE
  BANCORP, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ George L. Duncan

  	
   

  
	
   

  	
   

  	
  George L. Duncan

  
	
   

  	
   

  	
  Chief Executive Officer

  

 

5

 

ACCEPTANCE

 

The
undersigned hereby accepts the foregoing grant of Restricted Stock in
accordance with the terms and conditions of this Restricted Stock Agreement and
the terms and conditions of the Enterprise Bancorp, Inc. 2003 Stock
Incentive Plan.

 

 

	
    September 7,
  2005

  	
   

  	
  /s/ John P.
  Clancy , Jr.

  	
   

  
	
  Date

  	
  (Signature of
  Grantee)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  John P.
  Clancy, Jr.

  	
   

  

 

 

Notice Address:

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

 

Date of grant:  September 7, 2005

 

6

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