Document:

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                                                                     EXHIBIT 4.1

            UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO ISSUER OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

No. 1
Cusip No.    637432873
ISIN No.     US6374328739

                                      5,400,000 Subordinated Deferrable Interest
                                  Notes (the "Notes"), $25 principal amount each

            NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

                        5.95% SUBORDINATED NOTES DUE 2045
                    (SUBORDINATED DEFERRABLE INTEREST NOTES)

            NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION, a
cooperative association duly organized and existing under the laws of the
District of Columbia (herein referred to as the "Company", which term includes
any successor Person under the Indenture), for value received, hereby promises
to pay to CEDE & CO., or registered assigns, the principal sum of $135,000,000
on February 16, 2045, to pay interest on said principal sum from February 15,
2005 or from the most recent Interest Payment Date through which interest has
been paid or duly provided for, quarterly in arrears on February 15, May 15,
August 15, and November 15 of each year, commencing May 15, 2005, at the rate of
5.95% per annum to, but not including, the date on which the principal hereof is
paid or made available for payment. The amount of interest payable on any
Interest Payment Date shall be computed on the basis of a 360-day year of twelve
30-day months. In the event that any date on which interest is payable on the
Securities is not a Business Day, then payment of the interest payable on such
date will be made on the next succeeding day which is a Business Day (and
without any interest or other payment in respect of any such delay), except
that, if such Business Day is in the next succeeding calendar year, such payment
will be made on the immediately preceding Business Day, in each case with the
same force and effect as if made on such date. A "Business Day" is any day other
than a day on which banking institutions in New York City are authorized or
obligated by law to close. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in such Indenture,
be paid to the

<PAGE>

Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business

<PAGE>

on the Regular Record Date for such interest, which shall be the Business Day
next preceding such Interest Payment Date. Any such interest not so punctually
paid or duly provided for will forthwith cease to be payable to the Holder on
such Regular Record Date and may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, notice whereof shall be given to Holders of Securities
of this series not less than 10 days prior to such Special Record Date, or be
paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities of this series
may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in the Indenture referred to on the reverse hereof.

            Payment of the principal of and interest on this Security will be
made at the office or agency of the Company maintained for that purpose in the
Borough of Manhattan, the City and State of New York, in such coin or currency
of the United States of America at the time of payment is legal tender for
payment of public and private debts.

            Reference is hereby made to the further provisions of this Security
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if forth at this place.

            Unless the certificate of authentication hereon has been executed by
the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

            IN WITNESS WHEREOF, the Company has caused this instrument to be
duly executed.

                                                NATIONAL RURAL UTILITIES
                                                COOPERATIVE FINANCE CORPORATION

                                                By:_____________________________

ATTEST:

_________________________

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

Dated:  February 16, 2005

            This is one of the Securities of the series designated herein
referred to in the within-mentioned Indenture.

                                            U.S. BANK TRUST NATIONAL ASSOCIATION

                                            By:_________________________________
                                                      Authorized Signatory

<PAGE>

                                 REVERSE OF NOTE

            This Security is one of a duly authorized issue of securities of the
Company (herein called the "Securities"), issued and to be issued in one or more
series under an Indenture, dated as of October 15, 1996, as amended (herein
called the "Indenture", which term shall have the meaning assigned to it in such
instrument), between the Company and U.S. Bank Trust National Association, as
successor trustee (herein called the "Trustee", which term includes any
successor trustee under the Indenture), and reference is hereby made to the
Indenture for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of
the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series designated on
the face hereof in the initial principal amount of $135,000,000 (which principal
amount may be increased in accordance with the Indenture).

            The Securities of this series are subject to redemption upon not
less than 30 nor more than 60 days' notice by mail, at any time on or after
February 15, 2010 as a whole or in part, at the election of the Company, at a
Redemption Price equal to 100% of the principal amount, together in the case of
any such redemption with accrued interest to, but not including, the Redemption
Date, but interest installments whose Stated Maturity is on or prior to such
Redemption Date will be payable to the Holder of such Security, or one or more
Predecessor Securities, of record at the close of business on the related
Regular Record Date referred to on the face hereof, all as provided in the
Indenture. If a partial redemption would result in a delisting of the Securities
from any national securities exchange on which the Securities are then listed,
the Company may redeem such Securities only in whole.

            In the event of redemption of this Security in part only, a new
Security or Securities of this series and of like tenor for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon the
cancellation hereof.

            The indebtedness evidenced by this Security is, to the extent
provided in the Indenture, subordinated and subject in right of payment to the
prior payment in full of all Senior Indebtedness, and this Security is issued
subject to the provisions of the Indenture with respect thereto. Each Holder of
this Security, by accepting the same, (a) agrees to and shall be bound by such
provisions, (b) authorizes and directs the Trustee on his behalf to take such
action as may be necessary or appropriate to acknowledge or effectuate the
subordination so provided and (c) appoints the Trustee his attorney-in-fact for
any and all such purposes. Each Holder hereof, by his acceptance hereof, hereby
waives all notice of the acceptance of the subordination provisions contained
herein and in the Indenture by each holder of Senior Indebtedness, whether now
outstanding or hereafter incurred, and waives reliance by each such Holder upon
said provisions.

            The Indenture contains provisions for defeasance at any time of the
entire indebtedness of this Security upon compliance with certain conditions set
forth in the Indenture.

            If an Event of Default with respect to Securities of this series
shall occur and be continuing, the principal of the Securities of this series
may be declared due and payable in the manner and with the effect provided in
the Indenture.

<PAGE>

            In addition to the events of default set forth in the Indenture, the
following will constitute an Event of Default under the Indenture with respect
to the Securities: the Company shall pay any dividend or interest on, or
principal of, or redeem, purchase, acquire or make a liquidation payment with
respect to, any Members' Subordinated Certificates, Members' Equity or patronage
capital, if such payment is made during an Extension Period, and either (i) such
Extension Period has not expired or been terminated or (ii) the Company had not
made all payments due on the Securities as a result of such expiration or
termination.

            The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of a majority in principal amount of the Securities at
the time Outstanding of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount
of the Securities of each series at the time Outstanding, on behalf of the
Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and upon all
future Holders of this Security and of any Security issued upon the registration
of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security.

            As provided in and subject to the provisions of the Indenture, the
Holder of this Security shall not have the right to institute any proceeding
with respect to the Indenture or for the appointment of a receiver or trustee or
for any other remedy thereunder, unless such Holder shall have previously given
the Trustee written notice of a continuing Event of Default with respect to the
Securities of this series, the Holders of not less than 33-1/3% in aggregate
principal amount of the Securities of this series at the time Outstanding shall
have made written request to the Trustee to institute proceedings in respect of
such Event of Default as Trustee and offered the Trustee reasonable indemnity,
and the Trustee shall not have received from the Holders of a majority in
aggregate principal amount of Securities of this series at the time Outstanding
a direction inconsistent with such request, and shall have failed to institute
any such proceeding, for 60 days after receipt of such notice, request and offer
of indemnity. The foregoing shall not apply to any suit instituted by the Holder
of this Security for the enforcement of any payment of principal hereof or
interest hereon on or after the respective due dates expressed herein.

            No reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and
interest on this Security at the times, place and rate, and in the coin or
currency, herein prescribed.

            The Company shall have the right at any time and from time to time
during the term of the Securities of this series to extend the interest payment
period to a period not exceeding 20 consecutive quarters (an "Extended Interest
Payment Period"), and at the end of such Extended Interest Payment Period or
upon the date of the termination of the Extended Interest Payment Period if
prior to the end, the Company shall pay all interest then accrued and unpaid
(together with interest thereon at the same rate as specified for the Securities
of this series

<PAGE>

to the extent permitted by applicable law) through the last day of such Extended
Interest Payment Period, provided that if any principal amount of this Security
is paid on such day, then not including interest for such day with respect to
such principal amount; provided, that during such Extended Interest Payment
Period the Company may not declare or pay any dividend or interest on, or
principal of, or redeem, purchase, acquire or make a liquidation payment with
respect to, any of its Members' Subordinated Certificates, Members' Equity or
patronage capital. Prior to the termination of any such Extended Interest
Payment Period, the Company may further extend the interest payment period,
provided that such Extended Interest Payment Period, together with all such
previous and further extensions thereof, may not exceed 20 consecutive quarters
or extend beyond the Stated Maturity of the Securities of this series. Upon the
termination of any such Extended Interest Payment Period and the payment of all
amounts then due, the Company may select a new Extended Interest Payment
Period, subject to the above requirements. No interest during an Extended
Interest Payment Period, except at the end thereof, shall be due and payable.
The Company shall give the Holder of this Security notice of its selection of
such Extended Interest Payment Period ten business days before the earlier of
(i) the next interest payment due date and (ii) the date CFC is required to
give notice to holders of the notes (or, if applicable, to the New York Stock
Exchange or other applicable self-regulatory organization) of the record or
payment date for such interest payment, but in any event not less than two
business days before that date as provided in the Indenture.

            The Securities of this series are issuable only in registered form
without coupons in denominations of $25 and any integral multiple thereof. As
provided in the Indenture and subject to certain limitations therein set forth,
Securities of this series are exchangeable for a like aggregate principal amount
of Securities of this series and of like tenor and of authorized denominations,
as requested by the Holder surrendering the same.

            No service charge shall be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

            The Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the absolute
owner hereof for all purposes, whether or not this Security be overdue, and
neither the Company, the Trustee nor any such agent shall be affected by notice
to the contrary.

            All terms used in this Security which are defined in the Indenture
shall have the meanings assigned to them in the Indenture.<PAGE>

                                                                   EXHIBIT 10.43

                                                     October 13, 2004
Mr. Peter J. Chatel
4137 Grove Street
Skokie, Illinois 60076

Dear Pete,

I am very pleased to offer you the position of Senior Vice President for New
Market Development, reporting to me. Information regarding your compensation and
benefits follows:

[ ]  Your starting salary will be at the annual rate of $195,000.

[ ]  Perceptron has a profit sharing plan that rewards team members when company
     performance warrants. Your potential award under our profit sharing plan
     would be 55% of your annual salary rate. Provisions of the plan change from
     year to year based upon business forecasts and objectives. Your eligibility
     begins with Perceptron's fiscal year 2005, which runs from July 1, 2004 to
     June 30, 2005. Any award based upon company performance in fiscal 2005 will
     be prorated based upon your date of hire and the resulting portion of the
     full fiscal year you are employed by Perceptron.

[ ]  Stock Options: You will be awarded 50,000 Perceptron Stock Option Shares,
     effective on the first of the month following the month in which you are
     hired. These shares will be priced by averaging the closing price on the
     last five trading days before the effective date of the grant. The grant
     vests at 25% per year. Additional and specific terms of the grant would be
     covered in a grant agreement.

[ ]  You will be eligible for Perceptron's standard company car program for
     executives which includes either use of a leased car and reimbursement for
     related expenses, or receipt of monthly car allowance of $600. If you chose
     the allowance, travel miles by car are not reimbursable, even when
     travelling on company business.

[ ]  Signing Bonus: You will receive $30,000 as a signing bonus. This bonus will
     be paid in five equal installments during your first, sixth, 12th, 18th and
     24th months of employment at Perceptron.

[ ]  Relocation: Perceptron will reimburse reasonable and customary moving, real
     estate sale and/or purchase costs and temporary living expenses up to
     $35,000, incurred during the period up to four months following the start
     of your employment.

                                  - continued -

<PAGE>

Pete Chatel
10/13/04
page 2

Your starting date will be November 22, 2004 or two weeks following the end of
the Black & Decker transition period, whichever is later but no later than
December 20, 2004.

Benefits:  Perceptron offers excellent benefits.  Here is a summary:

      A 401K investment plan in which the company from time to time provides a
      partial match of your investment, normally capped only by IRS limits. Your
      eligibility begins on the first of the calendar quarter following six
      months from your date of hire.

      A stock purchase plan that provides opportunity to purchase Perceptron
      stock at below market prices. Eligibility begins on the first January or
      July enrollment date following six months of service. Continuance of this
      plan is subject to shareholder approval at the December 6, 2004 annual
      meeting of shareholders.

      Group life Insurance will be provided for you in the amount of $50,000.
      You also have the option of purchasing additional and/or dependent life
      insurance.

      An executive term life insurance policy with a death benefit of $1
      million.

      Short and Long-Term Disability income protection.

      Group health, dental, and vision care insurance plans. Insurance costs are
      shared between Perceptron and the Team Member. The health plan has two
      options, offering choices to meet your needs. Either plan allows
      in-network and out-of-network services. Both include office visits for
      preventive care with no co-payments or deductibles. Coverage is immediate
      upon hire and enrollment.

      A Tuition Refund Program.

Pete, we are confident that you will make significant contributions to
Perceptron and find your work here both fulfilling and enjoyable. However, if
things do not work out for you at Perceptron, there are some conditions, which
would apply. These conditions are set forth in the severance addendum attached
hereto.

                                  - continued -

<PAGE>

Pete Chatel
10/13/04
Page 3

This offer is contingent upon your signing of Perceptron's standard agreements
for executives covering proprietary information, inventions, non-compete, and
business conduct and ethics, as well as the completion of the Directors and
Officers Questionnaire. This offer expires October 31, 2004.

Please indicate your acceptance by signing in the space provided below.

                                                              Yours truly,

                                                              /s/ A. A. Pease

                                                              Alfred Pease
                                                              President and CEO

I accept this employment offer. I understand that Perceptron is an at-will
employer and that no terms of this offer express or imply that employment is for
any specified period of time. I further understand that Perceptron, Inc., in its
sole discretion, reserves the right to make changes to employee compensation,
benefits, practices and/or policies.

/s/ Peter J. Chatel                 10/21/04
-------------------                 --------
Peter J. Chatel                        Date

<PAGE>

            Severance Addendum to Letter dated October 13, 2004

      In the event of the termination of your employment Without Cause (as
defined below), upon execution of a release in the form attached hereto as
Exhibit A, Perceptron, Inc. will continue your base salary and employee benefits
("Severance Benefits") for six months after termination and you shall have the
right to earn a Pro Rata Share of any bonus that you would have earned if you
have been employed by the Company at the end of the bonus period in which your
employment was terminated. Also, if your employment with Perceptron, Inc.
terminates within two years for your date of hire for any reason other than a
termination Without Cause, any signing bonus received up to the time of your
termination would be subject to repayment to Perceptron, Inc. on a pro rata
basis.

      If your employment with Perceptron, Inc. terminates for any reason, other
than a termination Without Cause, or is terminated by Perceptron, Inc. as a
result of your disability or death, you shall not be entitled to any severance
payments or benefits, to the extent permitted by law and the terms of such
benefit programs, for periods after your Disability or death, except that in the
case of your Disability or death you shall have the right to earn a Pro Rata
Share of any bonus that you would have earned if you had been employed by
Perceptron, Inc. at the end of the applicable bonus period.

      The effect of the termination of your employment on options to purchase
the Company's Common Stock held by you shall be governed by the terms of the
agreements pursuant to which such options were issued.

      A Pro Rata Share of any bonus shall mean the total bonus payable to you
multiplied by a fraction, the numerator of which is the number of days in the
applicable bonus period prior to the date of death or Disability and the
denominator of which is the number of days in the bonus period (or, in the case
of fiscal year 2005, the number of days from the date your employment begins to
June 30, 2005).

      Termination of your employment "Without Cause" shall be defined as
termination of your employment by Perceptron, Inc. for any reason other than (i)
your personal dishonesty in connection with your performance of services for
Perceptron, Inc., (ii) your willful misconduct in connection with your
performance of services for Perceptron, Inc.,, (iii) your conviction for
violation of any law (other than minor traffic violations or similar offenses);
(iv) your repeated and intentional failure to perform stated duties, after
written notice is delivered identifying the failure, and it is not cured within
ten (10) days following receipt of such notice, (v) your accepting employment or
rendering services which are detrimental or inimical to the interests of
Perceptron, Inc. or engaging in conduct which adversely affects or conflicts
with the interests of Perceptron, Inc., and your failure to cease the same
within five (5) days following written notice to you by Perceptron, Inc.
identifying the same and requesting you to cease the same, (vi) death or (vii)
Disability. "Disability" means your inability to substantially perform your
stated duties for such period as would qualify you for benefits under the
long-term disability insurance policy provided by Perceptron, Inc. to you.

<PAGE>

      Your severance compensation shall be payable in the same manner as the
Base Salary is paid and any Pro Rata Share of a bonus payable to you hereunder
shall be payable at the time set forth in the bonus program. Base Salary and
bonus payments and employee benefits payable as severance as described above
shall not be reduced or suspended if you accept other employment, except that
Perceptron, Inc. is not required to continue any employee benefits which
duplicate employee benefits and perquisites received by you in connection with
such subsequent employment. For purposes of COBRA, your employment shall be
deemed to have terminated as of the date of actual termination of employment
irrespective of the continuation of Base Salary and benefits for periods
thereafter as provided above.

<PAGE>

                                    EXHIBIT A
                                RELEASE AGREEMENT

      THIS AGREEMENT ("Agreement") is made by and between Peter J. Chatel
("Employee") and Perceptron, Inc. (the "Company").

                                    RECITALS

      A. Employee has terminated employment as an Employee officer of Company,
effective __________, _____.

      B. Employee has been given the opportunity to review this Agreement, to
consult with legal counsel, and to ascertain his rights and remedies.

      C. Employee and Company, without any admission of liability, desire to
settle with finality, compromise, dispose of, and release any and all claims and
demands asserted or which could be asserted arising out of Employee's employment
at and separation from Company.

      In consideration of the foregoing and of the promises and mutual covenants
contained herein, it is hereby agreed between Employee and Company as follows:

                                    AGREEMENT

      1. In exchange for the good and valuable consideration, Employee hereby
releases, waives and discharges any and all manner of action, causes of action,
claims, rights, charges, suits, damages, debts, demands, obligations, attorneys
fees, and any and all other liabilities or claims of whatsoever nature, whether
in law or in equity, known or unknown, including, but not limited to, age
discrimination under The Age Discrimination In Employment Act of 1967 (as
amended), employment discrimination prohibited by other federal, state or local
laws, and any other claims, which Employee has claimed or may claim or could
claim in any local, state or federal or other forum, against Company, its
directors, officers, employees, agents, attorneys, successors and assigns as a
result of or relating to Employee's employment at and separation from Company
and as an officer of Company as a result of any acts or omissions by Company or
any of its directors, officers, employees, agents, attorneys, successors or
assigns ("Covered Acts or Omissions") which occurred prior to the date of this
Agreement; excluding only (i) those to compel the payment of amounts due to
Employee as provided in the Employee's severance agreement dated October 13,
2004, (ii) enforcement of any rights of Employee under any stock option
agreements with the Company or (iii) those for indemnification under the
Company's articles of incorporation, bylaws or applicable law by reason of his
service as an officer or director of the Company.

      2. Employee agrees to immediately return to Company all property, assets,
manuals, materials, information, notes, reports, agreements, memoranda, customer
lists, formulae, data, know-how, inventions, trade secrets, processes,
techniques, and all other assets, materials and information of any kind or
nature, belonging or pertaining to Company ("Company Information and Property"),
including, but not limited to, computer programs and diskettes or other media
for electronic storage of information containing

<PAGE>

Company Information and Property, in Employee's possession, and Employee shall
not retain copies of any such Company Information and Property. Employee further
agrees that from and after the date hereof he will not remove from Company's
offices any Company Information and Property, nor retain possession or copies of
any Company Information and Property.

      3. Employee agrees that he shall never make any negative, disparaging,
defamatory or other unfavorable comments regarding, or other statements that
negatively affects the goodwill or good reputation of, the Company, or any
officer or director of Company, except as required by law, and except that such
statements may be made to members of the Board of Directors of the Company.

      4. Employee covenants and agrees that he shall never commence or
prosecute, or knowingly encourage, promote, assist or participate in any way,
except as required by law, in the commencement or prosecution, of any claim,
demand, action, cause of action or suit of any nature whatsoever against Company
or any officer, director, employee or agent of Company ("Covered Litigation")
that is based upon any claim, demand, action, cause of action or suit released
pursuant to this Agreement or involving or based upon the Covered Acts and
Omissions.

      5. Employee further agrees that he has read this Agreement carefully and
understands all of its terms.

      6. Employee understands and agrees that he was advised to consult with an
attorney and did so prior to executing this Agreement.

      7. Employee understands and agrees that he has been given twenty-one (21)
days within which to consider this Agreement.

      8. Employee understands and agrees that he may revoke this Agreement for a
period of seven (7) calendar days following the execution of this Agreement (the
"Revocation Period"). This Agreement is not effective until this revocation
period has expired. Employee understands that any revocation, to be effective,
must be in writing and either (a) postmarked within seven (7) days of execution
of this Agreement and addressed to Perceptron, Inc., 47827 Halyard Drive,
Plymouth, Michigan 48170 or (b) hand delivered within seven (7) days of
execution of this Agreement to Perceptron, Inc., 47827 Halyard Drive, Plymouth,
Michigan 48170. Employee understands that if revocation is made by mail, mailing
by certified mail, return receipt requested, is recommended to show proof of
mailing.

      9. In agreeing to sign this Agreement and separate from Company, Employee
is doing so completely voluntarily and of his own free-will and without any
encouragement or pressure from Company and agrees that in doing so he has not
relied on any oral statements or explanations made by Company or its
representatives.

      10. Both parties agree not to disclose the terms of this Agreement to any
third party, except as is required by law, or as is necessary for purposes of
securing counsel from either parties' attorneys or accountants.
<PAGE>

      11. This Agreement shall not be construed as an admission of wrongdoing by
Company.

      12. This Agreement contains the entire agreement between Employee and
Company regarding the matters set forth herein. Any modification of this
Agreement must be made in writing and signed by Employee and each of the
entities constituting the Company.

      13. This Agreement shall be governed by and construed in accordance with
the domestic laws of the State of Michigan, without giving effect to any choice
of law or conflict of law provision or rule (whether of the State of Michigan or
any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of Michigan.

      14. In the event any provision of this Agreement or portion thereof is
found to be wholly or partially invalid, illegal or unenforceable in any
judicial proceeding, then such provision shall be deemed to be modified or
restricted to the extent and in the manner necessary to render the same valid
and enforceable, or shall be deemed excised from this Agreement, as the case may
require, and this Agreement shall be construed and enforced to the maximum
extent permitted by law, as if such provision had been originally incorporated
herein as so modified or restricted, or as if such provision had not been
originally incorporated herein, as the case may be.

      15. If there is a breach or threatened breach of the provisions of this
Agreement, Company may, in addition to other available rights and remedies,
apply to any court of competent jurisdiction for specific performance and/or
injunctive relief in order to enforce, or prevent any violation of, any of the
provisions of this Agreement.

      16. In the event that Employee violates the terms of this Agreement, in
addition to other available rights and remedies, the Company shall be released
of all of its remaining obligations under the Severance Agreement.

      The parties hereto have entered into this Agreement as of this______ day
of _____, ______.

                                            PERCEPTRON, INC.

                                            By:  _______________________________

                                            Name:  _____________________________

                                            Title:  ____________________________

                                            EMPLOYEE

                                            ____________________________________

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