Exhibit 10.59
FORM OF SECOND AMENDMENT
TO
EXECUTIVE SEVERANCE AGREEMENT
Second Amendment (“
Amendment ”) made as of
day of
,
2008 to the Executive Severance Agreement (“ Agreement
”) dated as of
,
by and between Mac-Gray Corporation, a Delaware corporation with
its principal place of business in Waltham, Massachusetts (the
“ Company ”), and
(the “ Executive ”).
WHEREAS, the parties hereto desire
to amend the Agreement to comply with the requirement of
Section 409A of the Internal Revenue Code of 1986, as amended;
and
WHEREAS, the parties hereto desire
that this Amendment be deemed a modification and an amendment to
the Agreement.
NOW, THEREFORE, in consideration of
the mutual covenants contained herein, the Company and the
Executive agree as follows:
1.
Section 4 of
the Agreement is hereby amended by adding the following at the end
thereof:
“Notwithstanding the
foregoing, if the Change in Control does not constitute a change in
the ownership or effective control of the Company, or in the
ownership of a substantial portion of the assets of the Company,
within the meaning of Section 409A of the Code, the severance
amount under subsection (i) shall be paid in salary
continuation in accordance with the Company’s regular payroll
practices over 18 months, commencing on the first payroll date
which is on or immediately after the 30 th day after the Executive’s Date of
Termination and the severance amount under subsection
(ii) shall be paid in a lump sum within the first 75 days of
the year following the year of termination.”
2.
Section 5(a) of the
Agreement is hereby amended by
