Exhibit 10.7
RESTRICTED STOCK AWARD
AGREEMENT
UNDER THE UNIFIRST CORPORATION
AMENDED
1996 STOCK INCENTIVE
PLAN
Name of Grantee:
No. of Shares (the
“Shares”):
Purchase Price per Share: $0.10 per
share
Grant Date: _______________, 20__
Vesting Date: ______________,
20__
Pursuant to the UniFirst Corporation
Amended 1996 Stock Incentive Plan (the “Plan”), as
amended through the date hereof, UniFirst Corporation (the
“Company”) hereby grants a Restricted Stock Award (an
“Award”) to the Grantee named above. Upon acceptance of
this Award, the Grantee shall receive the number of Shares of
Common Stock, par value $0.10 per share (the “Stock”),
of the Company specified above, subject to the restrictions and
conditions set forth herein and in the Plan. Capitalized terms used
herein without definition shall have the respective meanings
ascribed to them in the Plan.
1.
Acceptance of Award . The Grantee shall have no rights with
respect to this Award unless and until he or she shall have
accepted this Award (on or before the 60 th day
following the Grant Date) by (i) making payment to the Company (by
check, by set-off against Director fees otherwise then due and
payable by the Company to the Grantee, or by other means acceptable
to the Company) of an amount equal to the Purchase Price per Share,
multiplied by the number of Shares hereby awarded, and (ii) signing
and delivering to the Company a copy of this Award Agreement. Upon
acceptance of this Award by the Grantee, the Shares of Restricted
Stock awarded hereunder shall be issued to the Grantee subject to
the terms hereof. Thereupon, the Grantee shall have all the rights
of a shareholder with respect to the Shares, including voting and
dividend rights, subject however to the restrictions and conditions
specified in Paragraph 2 below.
|
|
2.
|
Restrictions and Conditions
.
|
|
|
(a)
|
Any certificates representing the Shares shall
bear an appropriate legend, as determined by the Committee in its
sole discretion, to the effect that the Shares are subject to
restrictions as set forth herein and in the Plan.
|
|
|
(b)
|
Shares of Restricted Stock granted herein may
not be sold, assigned, transferred, pledged or otherwise encumbered
or disposed of by the Grantee prior to vesting.
|
