EXHIBIT 10.3
OMNIBUS AMENDMENT TO OPTION AGREEMENTS
--------------------------------------
This Agreement (the "Omnibus Amendment to Option Agreements"), dated
as of September 17, 1996, is made by and among Coinmach Laundry Corporation, a
Delaware corporation, with offices at 00 Xxxxxx Xxxx, Xxxxxx, Xxx Xxxx 00000
(together with any and all present and future affiliates and subsidiaries
thereof, the "Corporation"), and each of MCS Capital, Inc. ("MCS"), Xxxxxx X.
Xxxxx ("Brody"), Xxxxx X. Xxxxxxx ("Xxxxxxx"), Xxxxxx X. Xxxxx ("Xxxxx"),
Xxxxxxx X. Xxxxxx ("Stanky"), Xxxxx X. Xxxxxx ("Xxxxxx"), R. Xxxxxx Xxxxxxx
("Xxxxxxx"), Xxxx X. Xxxxxx ("Xxxxxx"), Xxxxx XxXxxxxxx ("XxXxxxxxx"), Xxxxxxx
Xxxxxxxx ("Xxxxxxxx"), Xxxxxxx Xxxxx ("Xxxxx") and Xxxxxxx X. Xxxxxx ("Xxxxxx"
and together with MCS, Brody, Chapman, Doyle, Stanky, Siegel, Osborne, Denson,
McDonnell, Xxxxxxxx and Prato, the "Optionees").
WHEREAS, the Corporation and each Optionee entered into an Option
Agreement, dated July 23, 1996, pursuant to which the Corporation granted to
each such Optionee certain options to purchase its Class A common stock, par
value $.01 per share (the "Common Stock"), subject to the terms and conditions
set forth in such Option Agreement (collectively, the "Option Agreements");
WHEREAS, in connection with the initial public offering of the
Corporation's Common Stock (the "Offering"), on August 16, 1996, the
underwriters in the Offering exercised their over-allotment option to purchase
additional shares of Common Stock thereby increasing the aggregate number of
issued and outstanding shares of Common Stock;
WHEREAS, subject to the terms and conditions hereof, the Corporation
and each Optionee desire to amend the Option Agreements to increase the number
of options granted thereunder so as to preserve, on a pro-rata basis, the
percentage interest of issued and outstanding Common Stock on a fully diluted
basis represented by the stock options granted pursuant to the Option
Agreements;
NOW, THEREFORE, for good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, and intending to be legally bound
hereby, the parties hereto agree to amend the Option Agreements as follows:
1. Defined Terms. All capitalized terms contained in this Omnibus
-------------
Amendment to Option Agreements not otherwise defined herein shall have the
meanings ascribed to such terms in the Option Agreements.
2. Grant of Options. Section 1 of each Option Agreement is hereby
----------------
amended by replacing the number of shares of Common Stock granted to each
Optionee set forth in Section 1 of the Option Agreements with the number of
shares of Common Stock appearing beside each such Optionee's name set forth on
Schedule A attached hereto.
3. Terms of Options. The first sentence of Section 4 of each Option
----------------
Agreement is hereby amended by replacing the number of shares of Common Stock
each Optionee is entitled to purchase upon exercise of Options with the number
of shares of Common Stock appearing beside each such Optionee's name set forth
on Schedule A attached hereto. Additionally, the vesting schedule set forth in
Section 4 of each Option Agreement is hereby amended by replacing the number of
shares of Common Stock set forth below the column captioned "Number of Options
Vesting on the Vesting Date" with the number of shares of Common Stock appearing
beside each such Optionee's
Omnibus Amendment to Option Agreements
Page 2
name and set forth below the column captioned "Number of Options Vesting on the
Vesting Date" set forth on Schedule A attached hereto.
4. Reaffirmation of Representations and Warranties. Each Optionee
-----------------------------------------------
hereby reaffirms to the Corporation, but only with respect to such Optionee,
that each of the representations and warranties made by such Optionee in Section
13 of the Option Agreements are true and correct as of the date hereof.
5. Notices. Section 16 of each Option Agreement is hereby amended
-------
in its entirety as follows:
"Notices. Any notice or other communication to be given by any party
-------
hereunder to any other party shall be in writing, delivered personally,
mailed by certified or registered mail, return receipt requested, or sent
by a nationally recognized courier service, and shall be addressed to such
party at its address stated on its signature page to the Omnibus Amendment
to Option Agreements, dated September __, 1996, by and among the
Corporation, Optionee and certain other parties or to such other address as
may have been furnished by any party to the other pursuant to this Section
16, and shall be deemed to be given on the date of receipt."
6. Voting Agreement. Upon exercise of the Options by each Optionee
----------------
pursuant to the terms hereof and the Option Agreements, each Optionee shall
become party to the Voting Agreement, dated July 23, 1996 (the "Voting
------
Agreement"), by and among the Corporation and the signatories thereto, by
---------
executing a written agreement, substantially in the form of the Voting
Agreement, pursuant to which such Optionee agrees to be bound by all of the
provisions thereof.
7. Entire Agreement. Except as herein specifically amended, all
----------------
other terms, covenants and provisions of each of the Option Agreements shall
remain in full force and effect and shall be performed by the parties thereto in
accordance therewith.
[SIGNATURE PAGES FOLLOW]
Omnibus Amendment to Option Agreements
Page 3
IN WITNESS WHEREOF, the undersigned have executed and delivered this
Omnibus Amendment to Option Agreements as of the date first above stated.
COINMACH LAUNDRY CORPORATION
/s/ Xxxxxx X. Xxxxx
By: ______________________________
Xxxxxx X. Xxxxx
Senior Vice President
Address: 00 Xxxxxx Xxxx
Xxxxxx, Xxx Xxxx 00000
Omnibus Amendment to Option Agreements
Page 4
MCS CAPITAL, INC.
/s/ Xxxxxxx X. Xxxxxxxx
By: ______________________________
Xxxxxxx X. Xxxxxxxx
President
Address: 00 Xxxxxx Xxxx
Xxxxxx, Xxx Xxxx 00000
Omnibus Amendment to Option Agreements
Page 5
/s/ Xxxxxx X. Xxxxx
____________________________________
Xxxxxx X. Xxxxx
Address: 000 Xxxx 00xx Xxxxxx
Xxxxxxxxx 00X
Xxx Xxxx, Xxx Xxxx 00000
Omnibus Amendment to Option Agreements
Page 6
/s/ Xxxxx X. Xxxxxxx
____________________________________
Xxxxx X. Xxxxxxx
Address: 00 Xxxxxx Xxxx
Xxxxxxxxx, Xxxxxxxxxxx 00000
Omnibus Amendment to Option Agreements
Page 7
/s/ Xxxxxx X. Xxxxx
____________________________________
Xxxxxx X. Xxxxx
Address: 00 Xxxxxx Xxxx
Xxxxxx, Xxx Xxxx 00000
Omnibus Amendment to Option Agreements
Page 8
/s/ Xxxxxxx X. Xxxxxx
____________________________________
Xxxxxxx X. Xxxxxx
Address: 0000 Xxxxxx Xxx
Xxxxxx, Xxxxx 00000
Omnibus Amendment to Option Agreements
Page 9
/s/ Xxxxx X. Xxxxxx
____________________________________
Xxxxx X. Xxxxxx
Address: 00000 Xx. Xxxx'x
Xxxxxxx, Xxxxx 00000
Omnibus Amendment to Option Agreements
Page 10
/s/ R. Xxxxxx Xxxxxxx
____________________________________
R. Xxxxxx Xxxxxxx
Address: 000 Xxxxxxx Xxxxxxx
Xxxxxxxx, Xxxxxxxx 00000
Omnibus Amendment to Option Agreements
Page 11
/s/ Xxxx X. Xxxxxx
____________________________________
Xxxx X. Xxxxxx
Address: 000 Xxxx Xxxx
Xxxxx, Xxxxxxxxxxxx 00000
Omnibus Amendment to Option Agreements
Page 12
/s/ Xxxxx XxXxxxxxx
____________________________________
Xxxxx XxXxxxxxx
Address: 000 Xxxxxxxx Xxxxx Xxxx
Xxxxxxxxxxx, Xxx Xxxxxx 00000
Omnibus Amendment to Option Agreements
Page 13
/s/ Xxxxxxx Xxxxxxxx
____________________________________
Xxxxxxx Xxxxxxxx
Address: 00 Xxxxxx Xxxx
Xxxxxx, Xxx Xxxx 00000
Omnibus Amendment to Option Agreements
Page 14
/s/ Xxxxxxx Xxxxx
____________________________________
Xxxxxxx Xxxxx
Address: 00 Xxxxxx Xxxx
Xxxxxx, Xxx Xxxx 00000
Omnibus Amendment to Option Agreements
Page 15
/s/ Xxxxxxx X. Xxxxxx
____________________________________
Xxxxxxx X. Xxxxxx
Address: 000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
SCHEDULE A TO OMNIBUS AMENDMENT TO OPTION AGREEMENTS
===================================================================
NUMBER OF OPTIONS VESTING
GRANT OF OPTIONS ON THE VESTING DATE/*/
===================================================================
MCS 308,098| 61,622; 61,619; 61,619; 61,619; 61,619
---------------------------|---------------------------------------
Brody 57,512| 11,504; 11,502; 11,502; 11,502; 11,502
---------------------------|---------------------------------------
Xxxxxxx 28,756| 5,752; 5,751; 5,751; 5,751; 5,751
---------------------------|---------------------------------------
Xxxxx 71,890| 14,378; 14,378; 14,378; 14,378; 14,378
---------------------------|---------------------------------------
Stanky 103,521| 20,705; 20,704; 20,704; 20,704; 20,704
---------------------------|---------------------------------------
Xxxxxx 28,756| 5,752; 5,751; 5,751; 5,751; 5,751
---------------------------|---------------------------------------
Xxxxxxx 28,756| 5,752; 5,751; 5,751; 5,751; 5,751
---------------------------|---------------------------------------
Xxxxxx 28,756| 5,752; 5,751; 5,751; 5,751; 5,751
---------------------------|---------------------------------------
XxXxxxxxx 28,756| 5,752; 5,751; 5,751; 5,751; 5,751
---------------------------|---------------------------------------
Xxxxxxxx 14,378| 2,878; 2,875; 2,875; 2,875; 2,875
---------------------------|---------------------------------------
Prato 11,502| 2,302; 2,300; 2,300; 2,300; 2,300
---------------------------|---------------------------------------
Xxxxxx 28,756| 5,752; 5,751; 5,751; 5,751; 5,751
===========================|=======================================
_________
/*/ Represents the number of shares of Common Stock vesting on each of July 23,
1996, July 23, 1997, July 23, 1998, July 23, 1999 and July 23, 2000,
respectively.
