Exhibit 10.63
NON-QUALIFIED STOCK OPTION AGREEMENT
FOR NON-EMPLOYEE DIRECTORS
UNDER THE MAC-GRAY CORPORATION
[STOCK OPTION AND INCENTIVE PLAN]
Name of Optionee:
___________________________________
No. of Option Shares:
_________________________________
Option Exercise Price per Share:
________________________
Grant Date:
_________________________________________
Expiration Date:
_____________________________________
Pursuant to the Mac-Gray Corporation
[Stock Option and Incentive Plan] as amended through the date
hereof (the “Plan”), Mac-Gray Corporation (the
“Company”) hereby grants to the Optionee named above,
who is a Director of the Company but is not an employee of the
Company, an option (the “Stock Option”) to purchase on
or prior to the Expiration Date specified above all or part of the
number of shares of Common Stock, par value $0.01 per share (the
“Stock”) of the Company specified above at the Option
Exercise Price per Share specified above subject to the terms and
conditions set forth herein and in the Plan. This Stock
Option is not intended to be an “incentive stock
option” under Section 422 of the Internal Revenue Code
of 1986, as amended (the “Code”).
1.
Exercisability
Schedule . No portion of this
Stock Option may be exercised until such portion shall have become
exercisable. Except as set forth below, and subject to the
discretion of the Administrator (as defined in the Plan) to
accelerate the exercisability schedule hereunder, this Stock Option
shall be exercisable with respect to the following number of Option
Shares on the dates indicated:
|
Number of
Option Shares Exercisable
|
|
Exercisability Date
|
|
|
(100
|
)%
|
May 1,
[ ]
|
|
In the event of the termination of
the Optionee’s service as a Director of the Company because
of death or disability (as defined in Section 422(c) of
the Code), this Stock Option shall become immediately exercisable
in full, whether or not exercisable at such time. Once
exercisable, this Stock Option shall continue to be exercisable at
any time or times prior to the close of business on the Expiration
Date, subject to the provisions hereof and of the Plan.
