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Exhibit 10.9
FORM OF RESTRICTED STOCK UNIT
AGREEMENT
UNDER THE MAC-GRAY CORPORATION
2009 STOCK OPTION AND INCENTIVE PLAN
Name of Grantee:
No. of Restricted Stock Units
Granted:
Grant Date:
Final Acceptance Date:
Pursuant to the Mac-Gray Corporation
2009 Stock Option and Incentive Plan as amended through the date
hereof (the “Plan”), Mac-Gray Corporation (the
“Company”) hereby grants a deferred stock award
consisting of the number of Restricted Stock Units listed above (an
“Award”) to the Grantee named above. Each
Restricted Stock Unit shall relate to one share of Common Stock,
par value $0.01 per share (the “Stock”) of the Company
specified above, subject to the restrictions and conditions set
forth herein and in the Plan.
1.
Acceptance of
Award . The Grantee shall
have no rights with respect to this Award unless he or she shall
have accepted this Award prior to the close of business on the
Final Acceptance Date specified above by signing and delivering to
the Company a copy of this Award Agreement. Any consideration
due to the Company on the issuance of the Award has been deemed to
be satisfied by past services rendered by the Grantee to the
Company.
2.
Restrictions
on Transfer of Award .
(a)
The Award may not
be sold, transferred, pledged, assigned or otherwise encumbered or
disposed of by the Grantee until (i) the Restricted Stock
Units have vested as provided in Section 3 of this Agreement
and (ii) shares of Stock have been issued to the
Grantee.
(b)
If the
Grantee’s employment with the Company and its Subsidiaries is
voluntarily or involuntarily terminated for any reason prior to the
satisfaction of the vesting conditions set forth in Section 3
below, any Restricted Stock Units that have not vested as of such
date shall automatically and without notice terminate, be forfeited
and be and become null and void, and neither the Grantee nor any of
his or her successors, heirs, assigns, or personal representatives
will thereafter have any further rights or interests in such
unvested Restricted Stock Units.
3.
Vesting of
Restricted Stock Units . The Restricted Stock
Units shall vest in accordance with the schedule set forth below,
provided in each case that the Grantee is then, and since the Grant
Date has continuously been, employed by the Company or its
Subsidiaries.
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Incremental (Aggregate)
Number of
Restricted Stock Units Vested
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Vesting Date
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( %)
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( %)
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( %)
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The Administrator may at any time
accelerate the vesting schedule specified in this Paragraph
3. Notwithstanding the foregoing, the Grantee shall become
vested in the Restricted Stock Units prior to the Vesting Date set
forth above in the following circumstances:
(a)
In the event the Grantee’s
employment terminates on account of death or disability, all
Restricted Stock Units that have not previously been forfeited
shall immediately vest; or
(b)
In the event the Grantee attains the
age of sixty (60) years and retires from the Company having had
five (5) consecutive years of service to the
Company.
4.
Dividend
Equivalents .
(a)
If on any date
the Company shall
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