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Exhibit 10.60
FORM OF SECOND AMENDMENT
TO EMPLOYMENT AGREEMENT
THIS SECOND AMENDMENT TO EMPLOYMENT
AGREEMENT (the “Amendment”) is entered into as of this
[ ]
day of December, 2008 by and between Mac-Gray Corporation (the
“Company”) and
[ ]
(the “Executive”). Capitalized terms used herein
but not otherwise defined shall have the respective meaning so
ascribed in that certain Employment Agreement, dated as of
[
,
] , by and between the Company and the Executive
(the “Employment Agreement”). The Employment
Agreement is hereby amended as follows:
1.
Section 11(b) is hereby deleted in its entirety and
replaced with the following:
“(b)
Termination by the Company Without Cause or by the Executive for
Good Reason . In the event of termination of the
Executive’s employment with the Company pursuant to
Section 10(c) or 10(d) above, and subject to the
Executive’s agreement to a release of any and all legal
claims in a form satisfactory to the Company and the lapse of the
seven-day revocation period provided in the release, which such
release must be executed by the Executive and delivered to the
Company within twenty-one (21) days following the Executive’s
receipt thereof in order to be deemed effective for purposes of
this Section 11(b), the Executive shall continue to receive
(1) for eighteen (18) months (the ‘Severance
Period’), full Base Salary, (2) a one time lump sum
payment in an amount equal to the Executive’s average annual
bonus over the three (3) fiscal years immediately prior to
termination (or the
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