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FORM OF RESTRICTED STOCK UNIT AGREEMENT

Restricted Stock Units Agreement

FORM OF RESTRICTED STOCK UNIT AGREEMENT | Document Parties: MAC-GRAY CORPORATION You are currently viewing:
This Restricted Stock Units Agreement involves

MAC-GRAY CORPORATION

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Title: FORM OF RESTRICTED STOCK UNIT AGREEMENT
Date: 8/10/2009
Industry: Personal Services     Sector: Services

FORM OF RESTRICTED STOCK UNIT AGREEMENT, Parties: mac-gray corporation
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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.

 

Incremental (Aggregate)
Number of
Restricted Stock Units Vested

 

Vesting Date

                 (       %)

 

 

                 (       %)

 

 

                 (       %)

 

 

 



 

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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