Document:

exv10w17

 

EXHIBIT 10.17

	 	 	 
	

	 	Amendment to Credit Agreement

This agreement is dated as of October 31, 2006, by and between TASER International, Inc. (the
“Borrower”) and JPMorgan Chase Bank, N.A. (the “Bank”), and its successors and assigns. The
provisions of this agreement are effective on November 1, 2006 (the “Effective Date”).

WHEREAS, the Borrower and the Bank entered into a credit agreement dated June 22, 2004, as amended
(if applicable) (the “Credit Agreement”); and

WHEREAS, the Borrower has requested and the Bank has agreed to amend the Credit Agreement as set
forth below;

NOW, THEREFORE, in mutual consideration of the agreements contained herein and for other good and
valuable consideration, the parties agree as follows:

	1.	 	DEFINED TERMS. Capitalized terms not defined herein shall have the meaning ascribed in the
Credit Agreement.

	2.	 	WAIVER. The Bank hereby waives the violation of Section 5.2 B. of the Credit Agreement,
entitled “Sale of Shares”, and any default caused thereby, which violations occurred prior to
the date of this agreement, but strict compliance with each of these covenants shall be
required at all times hereafter. Nothing in this paragraph shall be construed as a waiver of
any other term or condition of the Credit Agreement nor shall be construed as a commitment on
the part of the Bank to waive any subsequent violation of the same or any other term or
condition set forth in the Credit Agreement, as amended by this agreement.

	3.	 	MODIFICATION OF CREDIT AGREEMENT. The Credit Agreement is hereby amended as follows:

	 	3.1	 	From and after the Effective Date, Section 5.2 B. captioned “Sale of Shares”
of the Credit Agreement is amended and restated to read as follows:

B. Sale of Shares. Issue, sell or otherwise dispose of any shares of its capital
stock or other securities, or rights, warrants or options to purchase or acquire
those shares or securities, except that (i) Borrower can acquire shares of its
capital stock or other securities in an amount not to exceed $10,000,000.00 in the
aggregate (inclusive of the $2,200,000.00 already acquired, leaving $7,800,000.00
in the aggregate that may be acquired under this exception), if there is no
existing default under this agreement or any agreement related to the Liabilities
and to do so will not cause a default under any of such agreements and (ii)
Borrower can issue and permit the exercise of employee, director and consultant
stock options in the ordinary course of business.

	4.	 	RATIFICATION. The Borrower ratifies and reaffirms the Credit Agreement and the Credit
Agreement shall remain in full force and effect as modified herein.

	5.	 	BORROWER REPRESENTATIONS AND WARRANTIES. The Borrower represents and warrants that, other
than as may be described in Section 2 of this agreement (a) the representations and warranties
contained in the Credit Agreement are true and correct in all material respects as of the date
of this agreement, (b) no condition, act or event which could constitute an event of default
under the Credit Agreement or any promissory note or credit facility executed in reference to
the Credit Agreement exists, and (c) no condition, event, act or omission has occurred, which,
with the giving of notice or passage of time, would constitute an event of default under
the Credit Agreement or any promissory note or credit facility executed in reference to the
Credit Agreement.

	6.	 	FEES AND EXPENSES. The Borrower agrees to pay all fees and out-of-pocket disbursements
incurred by the Bank in connection with this agreement, including legal fees incurred by the
Bank in the preparation, consummation, administration and enforcement of this agreement.

	7.	 	EXECUTION AND DELIVERY. This agreement shall become effective only after it is fully executed
by the Borrower and the Bank.

	8.	 	ACKNOWLEDGEMENTS OF BORROWER. The Borrower acknowledges that as of the date of this agreement
it has no offsets with respect to all amounts owed by the Borrower to the Bank arising under
or related to the Credit Agreement on or prior to the date of this agreement. The Borrower
fully, finally and forever releases and discharges the Bank and its 

 

 

	 	 	successors, assigns,
directors, officers, employees, agents and representatives from any and all claims, causes of
action, debts and liabilities, of whatever kind or nature, in law or in equity, of the
Borrower, whether now known or unknown to the Borrower, which may have arisen in connection
with the Credit Agreement or the actions or omissions of the Bank related to the Credit
Agreement on or prior to the date hereof. The Borrower acknowledges and agrees that this
agreement is limited to the terms outlined above, and shall not be construed as an agreement
to change any other terms or provisions of the Credit Agreement. This agreement shall not
establish a course of dealing or be construed as evidence of any willingness on the Bank’s
part to grant other or future agreements, should any be requested.

	9.	 	NOT A NOVATION. This agreement is a modification only and not a novation. Except for the
above-quoted modification(s), the Credit Agreement, any loan agreements, credit agreements,
reimbursement agreements, security agreements, mortgages, deeds of trust, pledge agreements,
assignments, guaranties, instruments or documents executed in connection with the Credit
Agreement, and all the terms and conditions thereof, shall be and remain in full force and
effect with the changes herein deemed to be incorporated therein. This agreement is to be
considered attached to the Credit Agreement and made a part thereof. This agreement shall not
release or affect the liability of any guarantor of any promissory note or credit facility
executed in reference to the Credit Agreement or release any owner of collateral granted as
security for the Credit Agreement. The validity, priority and enforceability of the Credit
Agreement shall not be impaired hereby. To the extent that any provision of this agreement
conflicts with any term or condition set forth in the Credit Agreement, or any document
executed in conjunction therewith, the provisions of this agreement shall supersede and
control. The Bank expressly reserves all rights against all parties to the Credit Agreement.

	 	 	 	 	 	 	 	 	 
	 	 	Borrower:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	TASER International, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Daniel M. Behrendt
	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	DANIEL M. BEHRENDT
	 	CFO
	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Printed Name
	 	Title
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Date
Signed: November 1, 2006           
                
       	 	 

	 	 	 	 	 	 	 	 	 
	 	 	Bank:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	JPMorgan Chase Bank, N.A.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Steven J. Krakoski
	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	STEVEN J. KRAKOSKI
	 	SVP
	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Printed Name
	 	Title
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Date Signed:
November 1, 2006                
                 
 	 	 

2exv10w56

 

EXHIBIT 10.56

MARINEMAX, INC.

1998 Incentive Stock Plan

Restricted Stock Unit Grant Notice

MarineMax, Inc. (the “Company”), pursuant to its 1998 Incentive Stock Plan (the “Plan”), hereby
grants to Participant a right to receive the number of shares of the Company’s Common Stock set
forth below on the terms and conditions of this Grant Notice, the Plan and the Restricted Stock
Unit Award Agreement (the “Agreement”). The Restricted Stock Unit granted in this Grant Notice are
subject to all of the terms and conditions as set forth herein and in the Agreement, the Plan and,
the applicable provisions of any employment agreement between the Participant and the Company, if
any.

	 	 	 
	Participant:
	 	 
	 

	 	 
	Date of Grant:
	 	 
	 

	 	 
	Vesting Commencement Date:
	 	 
	 

	 	 
	Number of Restricted Stock Units:
	 	 
	 

	 	 
	Expiration Date:

	 	Subject to termination as provided in Section 3(b) of the Agreement.

	 	 	 	 	 
	Vesting Schedule:
	 	 	 	 
	 

	 	 

	 	 
	 

	 	 

	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	Delivery Schedule:
	 	 	 	 
	 

	 	 

	 	 
	 

	 	 

	 	 
	 

	 	 

	 	 

Additional Terms/Acknowledgements: The undersigned Participant acknowledges receipt of, and
understands and agrees to, this Restricted Stock Unit Award Grant Notice, the Agreement and the
Plan. Participant further acknowledges that as of the Date of Grant, this restricted Stock Unit
Award Grant Notice, the Agreement, the Plan and any applicable provisions of any employment
agreement between the Participant and the Company, if any, set forth the entire understanding
between Participant and the Company regarding the acquisition of Common Stock in the Company and
supersede all prior oral and written agreements on that subject with the exception of (i) options
and other awards previously granted and delivered to Participant under the Plan, and (ii) the
following agreements only:

	 	 	 
	Other Agreements:
	 	 
	 

	 	 
	 
	 	 
	 

	 	 

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	MarineMax, Inc.	 	 	 	Participant:
	 
	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Signature	 	 	 	Signature
	 
	 	 	 	 	 	 	 	 
	Title:

	 	 	 	 	 	Date:	 	 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Date:
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 

Attachments: Restricted Stock Unit Award Agreement and 1998 Incentive Stock Plan.

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MARINEMAX, INC.

1998 Incentive Stock Plan

Restricted Stock Unit Award Agreement

     MarineMax, Inc. (the “Company”) wishes to grant to the person (the “Participant”) named in the
Restricted Stock Unit Award Grant Notice (the “Notice of Grant”) a restricted stock unit award (the
“Award”) pursuant to the provisions of the Company’s 1998 Incentive Stock Plan (the “Plan”). The
Award will entitle Participant to shares of Stock from the Company, if Participant meets the
vesting requirements described herein. Therefore, pursuant to the terms of the attached Notice of
Grant and this Restricted Stock Unit Award Agreement (the “Agreement”), the Company grants
Participants the number of restricted stock units listed in the Notice of Grant (the “Restricted
Stock Units”).

     The details of the award are as follows:

     1. Grant Pursuant to Plan. This Award is granted pursuant to the Plan, which is incorporated
herein for all purposes. The Participant hereby acknowledges receipt of a copy of the Plan and
agrees to be bound by all of the terms and conditions of this Agreement and of the Plan. All
capitalized terms in this Agreement shall have the meaning assigned to them in this Agreement, or,
if such term is not defined in this Agreement, such term shall have the meaning assigned to it
under the Plan.

     2. Restricted Stock Unit Award. The Company hereby grants to the Participant the Restricted
Stock Units listed in the Notice of Grant as of the grant date specified in the Notice of Grant
(the “Grant Date”). Such number of Restricted Stock Units may be adjusted from time to time
pursuant to Section 4.3 of the Plan.

     3. Vesting and Forfeiture of Restricted Stock Units.

          (a) Vesting. The Participant shall become vested in the Restricted Stock Units in accordance
with the vesting schedule in the Notice of Grant; subject to vesting acceleration as provided in
Section 3(c) below.

          (b) Forfeiture. The Participant shall forfeit any unvested Restricted Stock Units, if any, in
the event that the Participant’s Continuous Service is terminated for any reason, except (i) as
provided in the Participant’s employment agreement with the Company, if any and (ii) as otherwise
determined by the Plan Administrator in its sole discretion, which determination need not be
uniform as to all Participants.

          (c) Acceleration of Vesting. The Restricted Stock Units shall vest on an accelerated basis if
vesting acceleration is provided pursuant to any employment agreement between the Participant and
the Company.

     4. Settlement of Restricted Stock Unit Award.

          (a) Settlement of Units for Stock. The Company shall deliver to the Participant one share of
Common Stock for each vested Restricted Stock Unit subject of this

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Award on the appropriate Delivery Date (as defined in Section 4(b)). The Company shall have
no obligation to settle this Award for cash.

          (b) Delivery of Common Stock. Except as otherwise provided in this Section 4, shares of
Common Stock (the “Shares”) shall be delivered on the delivery date(s) (each a “Delivery Date”)
specified in the Notice of Grant. Once a share of Common Stock is delivered with respect to a
vested Restricted Stock Unit, such vested Restricted Stock Unit shall terminate and the Company
shall have no further obligation to deliver shares of Common Stock or any other property for such
vested Restricted Stock Unit.

          (c) Deferral of Delivery. Notwithstanding the foregoing, the Participant may elect, in a
writing received by the Plan Administrator at least twelve (12) months prior to a Delivery Date, to
defer that date until any later date (which such date is at least five years after the original
Delivery Date).

          (d) Deferral Due to Section 162(m). To the extent that the Company reasonably anticipates
that the Shares to be delivered would not be deductible under Section 162(m) of the Code, the
delivery date of such Shares shall be delayed until the earlier of (i) the first tax year of the
Company in which the tax deduction for such Shares is permitted under Section 162(m) and (ii) the
Participant’s “separation from service” (as such term is defined under Section 409A of the Code any
temporary or final Treasury Regulations and Internal Revenue Service guidance thereunder). To the
extent that a portion of the Shares that are deliverable may be deducted for tax purposes under
Section 162(m), then that portion of the Shares shall be delivered and the remaining Shares that
are deliverable shall continue to be delayed pursuant to this Section.

          (e) Acceleration of Delivery upon a Change of Control. In the event of a Change in Control,
the full amount of the Common Stock corresponding to the Participant’s vested Restricted Stock
Units shall be distributed to the Participant as soon as administratively practicable on or after
the Change in Control.

          (f) Delay in Payment under Section 409A. To the extent necessary to comply with Section
409A(a)(2)(B)(i) of the Code, the delivery of the Shares shall be delayed for six (6) months upon a
“separation from service” (as defined in Section 409(a) any temporary or final Treasury Regulations
and Internal Revenue Service guidance thereunder). Any amounts that would have been delivered
within six (6) months of a separation from service but for the effect of this Section, shall be
delivered promptly after the six (6) month delay, but, in any event, no later than five (5)
business days after the six (6) month delay.

     5. No Rights as Shareholder until Delivery. The Participant shall not have any rights,
benefits or entitlements with respect to any Common Stock subject to this Agreement unless and
until the Common Stock has been delivered to the Participant. On or after delivery of the Common
Stock, the Participant shall have, with respect to the Common Stock delivered, all of the rights of
an equity interest holder of the Company, including the right to vote the Common Stock and the
right to receive all dividends, if any, as may be declared on the Stock from time to time.

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     6. Tax Provisions.

          (a) Tax Consequences. Participant has reviewed with Participant’s own tax advisors the
federal, state, local and foreign tax consequences of this investment and the transactions
contemplated by this Agreement. Participant is relying solely on such advisors and not on any
statements or representations of the Company or any of its agents. Participant understands that
Participant (and not the Company) shall be responsible for any tax liability that may arise as a
result of the transactions contemplated by this Agreement.

          (b) Withholding Obligations. At the time the Award is granted, or at any time thereafter as
requested by the Company (as such term is defined in Section 3 of the Plan), Participant hereby
authorizes withholding from payroll and any other amounts payable to Participant, including the
shares of Common Stock deliverable pursuant to this Award, and otherwise agrees to make adequate
provision for, any sums required to satisfy the minimum federal, state, local and foreign tax
withholding obligations of the Company (as such term is defined in Section 3 of the Plan), if any,
which arise in connection with the Award.

     The Company, in its sole discretion, and in compliance with any applicable legal conditions or
restrictions, may withhold from fully vested shares of Stock otherwise deliverable to Participant
pursuant to the Award a number of whole shares of Stock having a Fair Market Value, as determined
by the Company as of the date of the Participant recognizes income with respect to those shares of
Stock, not in excess of the minimum amount of tax required to be withheld by law (or such other
amount that would avoid adverse financial accounting treatment). Any adverse consequences to
Participant arising in connection with such Common Stock withholding procedure shall be the
Participant’s sole responsibility.

     In addition, the Company (as such term is defined in Section 3 of the Plan), in its sole
discretion, may establish a procedure whereby the Participant may make an irrevocable election to
direct a broker (determined by the Company) to sell sufficient shares of Common Stock from the
Award to cover the tax withholding obligations of the Company (as such term is defined in the Plan)
and deliver such proceeds to the Company.

     Unless the tax withholding obligations of the Company (as such term is defined in Section 3 of
the Plan) are satisfied, the Company shall have no obligation to issue a certificate for such
shares of Stock.

          (c) Section 409A Amendments. The Company agrees to cooperate with Participant to amend this
Agreement to the extent either the Company or Participant deems necessary to avoid imposition of
any additional tax or income recognition prior to actual payment to Participant under Section 409A
of the Code and any temporary or final Treasury Regulations and Internal Revenue Service guidance
thereunder, but only the extent such amendment would not have an adverse effect on the Company and
would not provide Participant with any additional rights, in each case as determined by the
Company, in its sole discretion.

     8. Consideration. With respect to the value of the shares of Common Stock to be delivered
pursuant to the Award, such shares of Common Stock are granted in consideration for the services
Participant shall provide to the Company during the vesting period.

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     9. Transferability. The Restricted Stock Units granted under this Agreement are not
transferable otherwise than by will or under the applicable laws of descend and distribution. In
addition, the Restricted Stock Units shall not be assigned, negotiated, pledged or hypothecated in
any way (whether by operation of law or otherwise), and the Restricted Stock Units shall not be
subject to execution, attachment or similar process.

     10. General Provisions.

          (a) Employment at Will. Nothing in this Agreement or in the Plan shall confer upon
Participant any right to continue in the service of the Company (as such term is defined in Section
3 of the Plan) for any period of specific duration or interfere with or otherwise restrict in any
way the rights of the Company or of Participant, which rights are hereby expressly reserved by
each, to terminate Participant’s service at any time for any reason, with or without cause.

          (b) Notices. Any notice required to be given under this Agreement shall be in writing and
shall be deemed effective upon personal delivery or upon deposit in the U.S. mail, registered or
certified, postage prepaid and properly addressed to the party entitled to such notice at the
address indicated below such party’s signature line on this Agreement or at such other address as
such party may designate by ten (10) days’ advance written notice under this paragraph to all other
parties to this Agreement.

          (c) No Limit on Other Compensation Arrangements. Nothing contained in this Agreement shall
preclude the Company from adopting or continuing in effect other or additional compensation
arrangements, and those arrangements may be either generally applicable or applicable only in
specific cases.

          (d) Severability. If any provision of this Agreement is or becomes or is deemed to be
invalid, illegal, or unenforceable in any jurisdiction or would disqualify this Agreement or the
Award under any applicable law, that provision shall be construed or deemed amended to conform to
applicable law (or if that provision cannot be so construed or deemed amended without materially
altering the purpose; or intent of this Agreement and the Award, that provision shall be stricken
as to that jurisdiction and the remainder of this Agreement and the Award shall remain in full
force and effect).

          (e) No Trust or Fund Created. Neither this Agreement nor the grant of the Award shall create
or be construed to create a trust or separate; fund of any kind or a fiduciary relationship between
the Company and the Participant or any other person. The Restricted Stock Units subject to this
Agreement represent only the Company’s unfunded and unsecured promise to issue Stock to the
Participant in the future. To the extent that the Participant or any other person acquires a right
to receive payments from the Company pursuant to this Agreement, that right shall be no greater
than the right of any unsecured general creditor of the Company.

          (f) Cancellation of Award. If any Restricted Stock Units subject to this Agreement are
forfeited, then from and after such time, the person from whom such Restricted Stock Units are
forfeited shall no longer have any rights to such Restricted Stock Units or the

6

 

corresponding shares of Stock. Such Restricted Stock Units shall be deemed forfeited in
accordance with the applicable provisions hereof.

          (g) Participant Undertaking. Participant hereby agrees to take whatever additional action and
execute whatever additional documents the Company may deem necessary or advisable in order to carry
out or effect one or more of the obligations or restrictions imposed on either Participant or the
shares of Stock deliverable pursuant to the provisions of this Agreement.

          (h) Amendment, Modification, and Entire Agreement. No provision of this Agreement may be
modified, waived or discharged unless that waiver, modification or discharge is agreed to in
writing and signed by the Participant and an officer of the Company, other than the Participant,
designated by the Plan Administrator. The Participant and the Company acknowledge that as of the
Grant Date, this Agreement, the Plan and any applicable provisions of the Participant’s employment
agreement with the Company, if any, set forth the entire understanding between the Participant and
the Company regarding the acquisition of Common Stock pursuant to this Award and supersede all
prior oral and written agreements on that subject with the exception of awards from the Company
previously granted and delivered to the Participant. This Agreement is made pursuant to the
provisions of the Plan and shall in all respects be construed in conformity with the terms of the
Plan. In the event of a conflict between the Plan and this Agreement, the terms of the Plan shall
govern. In the event of a conflict among any of an employment agreement, any Grant Notice and this
Agreement or the Plan, the terms of such employment agreement shall govern. No agreements or
representations, oral or otherwise, express or implied, with respect to the subject matter hereof
have been made by either party which are not set forth expressly in this Agreement.

          (i) Governing Law. This Agreement shall be governed by, and construed in accordance with, the
laws of the State of Florida without regard to the conflict-of-laws rules thereof or of any other
jurisdiction.

          (j) Interpretation. The Participant accepts this Award subject to all the terms and
provisions of this Agreement and the terms and conditions of the Plan. The undersigned Participant
hereby accepts as binding, conclusive and final all decisions or interpretations of the Plan
Administrator upon any questions arising under this Agreement.

          (k) Successors and Assigns. The provisions of this Agreement shall inure to the benefit of,
and be binding upon, the Company and its successors and assigns and upon Participant, Participant’s
assigns and the legal representatives, heirs and legatees of Participant’s estate, whether or not
any such person shall have become a party to this Agreement and have agreed in writing to join
herein and be bound by the terms hereof. The Company may assign its rights and obligations under
this Agreement, including, but not limited to, the forfeiture provision of Section 3(b) to any
person or entity selected by the Plan Administrator.

          (l) Counterparts. This Agreement may be executed in counterparts, each of which shall be
deemed to be an original, but all of which together shall constitute one and the same instrument.

7

 

          (m) Headings. Headings are given to the Paragraphs and Subparagraphs of this Agreement solely
as a convenience to facilitate reference. The headings shall not be deemed in any way material or
relevant to the construction or interpretation of this Agreement or any provision thereof.

     11. Representations. Participant acknowledges and agrees that Participant has reviewed the
Agreement in its entirety, has had an opportunity to obtain the advice of counsel prior to
executing and accepting the Award and fully understands all provisions of the Award.

     IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first
indicated above.

	 	 	 	 	 
	 	 	MARINEMAX, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Its:	 	 
	 

	 	 	 	 

8

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