Document:

Form of Employee Stock Option Agreement

 Exhibit 10.37 
 X-RITE, INCORPORATED 
 EMPLOYEE STOCK OPTION AGREEMENT 
 UNDER THE 
 X-RITE, INCORPORATED

 2006 OMNIBUS LONG TERM INCENTIVE PLAN 
 This Employee Stock Option Agreement (“Agreement”) is made as of _______________, (the “Grant Date”), between X-RITE, INCORPORATED, a Michigan corporation (the “Company”), and
__________________ (the “Optionee”). 
 1. Recital. The Company has adopted the X-Rite, Incorporated 2006 Omnibus
Long Term Incentive Plan, as amended from time to time (the “Plan”), which Plan was approved by the Board and shareholders of the Company on June 30, 2006 and August 22, 2006, respectively. Capitalized terms not otherwise defined
herein shall be defined according to the Plan. The Plan provides for the granting of certain awards, including Incentive Stock Options and Nonqualified Stock Options, to its employees. 
 2. Grant of Option. Pursuant to the Plan, the Company hereby grants to the Optionee the option (the “Option”) to purchase from
the Company a total of __________shares of Stock, at the exercise price of $____________ per share, the Market Value of a share of Stock on the Grant Date. In no event shall the total number of shares of Stock subject to an Award in any calendar
year for any individual Optionee under the Plan exceed 125,000. To the extent that all or a portion of this Option has been designated as an incentive stock option (“ISO”) qualifying under the provisions of Section 422 of the Internal
Revenue Code of 1986, as amended, in no event shall the aggregate fair Market Value of the Stock at Grant Date with respect to which ISOs are exercisable for the first time by the Optionee during any calendar year under all option plans of the
Company exceed $100,000. In the event the Optionee owns stock possessing (in accordance with the terms of the Plan) more than 10% of the total combined voting power of all outstanding classes of stock of the Company or any subsidiary of the Company
(a “10% Shareholder”), the exercise price described above is in no event less than 110% of the fair Market Value of the Company on the Grant Date with respect to the portion of this Option designated as an ISO. 
 3. Term of Option. The Option may be exercised no sooner than ___________ year(s) after the Grant Date and no later than ten
(10) years after the Grant Date, subject to earlier termination as provided in Paragraph 4 of this Agreement and under the Plan. Notwithstanding the foregoing, in the event that the Optionee is a 10% Shareholder, the portion of this Option that
is an ISO may be exercised no sooner than one (1) year after the Grant Date and no later than five (5) years after the Grant Date. 
 4. Termination of the Option. 
 (a) Termination of Employment for Cause or for Reasons Other
Than Without Cause, Disability, Retirement, or Death. In the event the Optionee ceases to be employed by the Company for Cause (as defined in the Plan) or for any reason other than termination without Cause, Disability, retirement with the
Company’s consent at age sixty (60) or greater, or death, the expiration date specified in Section 3 above may be accelerated, in the discretion of the Committee, to any earlier date, up to and including the date of termination of
employment, by action of the Committee taken not later than thirty (30) days after the date of termination of employment; provided, however, that with respect to any portion of this Option consisting of ISOs, the expiration date cannot be any
later than three (3) months following the date the Optionee ceases to be employed by the Company. 

 (b) Termination of Employment Without Cause or Due to Disability or
Retirement. [delete following sentence if option is an ISO] In the event the Optionee is terminated by the Company without Cause, or the Optionee ceases to be employed by the Company by reason of Disability or retirement with the
Company’s consent at age sixty (60) or greater, the Option shall be exercisable no later than the expiration of a period of two (2) years following the Optionee’s termination of employment for any such reason, subject to prior
expiration of the term of the Option and any other limitations imposed by the Plan. “Disability” means a physical or mental infirmity which impairs the Optionee’s ability to substantially perform Optionee’s duties of the
Optionee’s regular occupation with the Company, which continues for a period of at least one hundred and eighty (180) consecutive days. Notwithstanding the foregoing, with respect to any portion of this Option consisting of ISOs, in the
event the Optionee is terminated by the Company without Cause, or the Optionee ceases to be employed by the Company by reason of Disability or retirement with the Company’s consent at age sixty (60) or greater, the Option shall be
exercisable no later than the expiration of a period of three (3) months following the Optionee’s termination of employment for any such reason, subject to prior expiration of the term of the Option and any other limitations imposed by the
Plan; provided, however, that if the Optionee ceases to be employed by the Company by reason of Disability, the Option shall be exercisable no later than the expiration of a period of twelve (12) months following the Optionee’s termination
of employment for Disability. If the Optionee dies after such termination of employment, the Options shall be exercisable in accordance with Paragraph 4(c) hereof. “Disability” for purposes of ISOs means a medically determinable physical
or mental impairment which renders the Optionee unable to engage in any substantial gainful activity and can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months.

 (c) Termination of Employment for Death. In the event of the Optionee’s death, the Option shall
be exercisable by the personal representative of the Optionee’s estate or by any person or persons who shall have acquired the Option directly from the Optionee by bequest or inheritance, to the same extent that the deceased Optionee could
exercise the Option at the date of death. Notwithstanding the foregoing, with respect to any portion of this Option consisting of ISOs, in the event of the Optionee’s death, the Option shall be exercisable by the personal representative of the
Optionee’s estate or by any person or persons who shall have acquired the Option directly from the Optionee by bequest or inheritance, to the same extent that the deceased Optionee could exercise the Option at the date of death, but no later
than three (3) months following the date of the Optionee’s death. 
 (d) Termination of Option.
If the Option is not exercised within whichever of the exercise periods specified in this paragraph 4 is applicable, the Option shall terminate upon expiration of such exercise period. 
 (e) Employment With Competitor. In the event that the Optionee engages in any activity competitive to any business of the
Company that is being actively conducted or planned at the time of the Optionee’s termination of employment with the Company, prior to the expiration of two (2) years after such termination of employment, either directly or indirectly, as
a proprietor, partner, employee, officer, director, consultant, or holder of any equity interest in any competitive entity (excluding less than a two percent (2%) interest in any publicly traded entity), then the Option shall immediately
terminate and the Optionee shall forfeit all economic benefits derived by the Optionee with respect to any part of the Option exercised at any time after six (6) months prior to the Optionee’s termination of employment. Forfeiture of
economic benefits shall mean payment to the Company of an amount equal to the difference between the price paid by the Optionee for shares received upon the exercise of the Option and the Market Value of those shares on the date of exercise.

 5. Notice of Exercise; Payment. To exercise the Option, in whole or in part, the Optionee shall deliver written notice of
exercise to the Company at its principal executive offices (attention: Chief Executive Officer), unless the Committee decides otherwise. The notice shall 

 
state whether the Optionee is exercising the ISO or non-ISO portion of the Option (if such distinction has been made hereunder), or a combination thereof.
The Company and the Optionee agree to take any action necessary to identify clearly the ISO and non-ISO, if any, portions of the Option. The Option may be exercised at any time and from time to time during the term of this Option, as to any part or
all of the shares covered hereby, but not as to less than one hundred (100) shares at any one time, unless the number purchased is the total number at the time purchasable under the Option. The Optionee’s notice shall: (a) state the
election to exercise the Option, the number of shares with respect to which it is being exercised, and the address and social security number of the Optionee; (b) be signed by the person entitled to exercise the Option and, if being exercised
by any person or persons other than the Optionee, be accompanied by proof, satisfactory to legal counsel for the Company, of the right of such person or persons to exercise the Option; (c) be accompanied by payment in full of the Option Price
for the shares to be purchased which shall be payable to the Company, in whole or in part, in: (i) cash; (ii) shares of the Company already owned by Optionee, valued at the Market Value as of the date of the notice of exercise; or
(iii) Stock Appreciation Rights, if applicable; or by a combination of these methods. The certificate or certificates for shares as to which the option shall be exercised shall bear any restrictive endorsement the Company, in its sole
discretion, deems necessary. In lieu of the delivery of shares already owned by the Optionee, the Optionee may also provide the Company with a notarized statement attesting to the number of shares owned for at least six months, where upon
verification by the Company, the Company may issue to the Optionee only the number of incremental shares to which the Optionee is entitled upon the exercise of the option. In accordance with the terms of the Plan, payment may also be made by
delivering a properly executed exercise notice to the Company together with a copy of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale or loan proceeds to pay the purchase price. 
 Shares delivered in payment shall be valued at their Market Value at the date of delivery. This Option may not be exercised if such exercise will
constitute a violation of applicable federal or state securities or other law or valid regulations. As a condition to the exercise of this Option, the Company may require the person exercising this Option to make any representations and warranties
to the Company as the Company may deem to be required by applicable law or regulation. In any such event, no shares shall be issued unless and until the Company is satisfied with the correctness of such representation and warranty. Moreover, the
Company in its discretion may postpone the issuance and/or delivery of such stock pending exchange listing, or registration or other qualification of such shares under any state and/or federal law, rule or regulation as the Company may consider
appropriate. Upon exercise of all or any portion of this Option and receipt of proper payment, the certificate or certificates for the number of shares as to which the Option is exercised shall be issued to and registered in the name of any person
or persons exercising the Option. 
 6. Tax Withholding. The exercise of the Option is subject to the satisfaction of
withholding tax or other withholding liabilities, if any, under federal, state and local laws in connection with such exercise or the delivery or purchase of shares pursuant hereto. The exercise of the Option shall not be effective unless applicable
withholding shall have been effected or obtained. The Optionee may satisfy any such withholding tax obligation for the Option by tendering a cash payment or in any other manner acceptable to the Committee in its sole discretion. 
 7. Option Transferability. Except as provided below, the Option by its terms is not transferable by the Optionee otherwise than by will or
the laws of descent and distribution, and is exercisable during the Optionee’s lifetime only by the Optionee. Except as provided below, any attempted sale, transfer, assignment, pledge, hypothecation or other disposition of the Option contrary
to the terms hereof, and any execution, levy, attachment or similar process upon the Option, shall be without effect. To the extent the Option is not designated as an ISO, the Option may be transferred to (a) the Optionee’s spouse,
(b) the Optionee’s descendants, or (c) a trust created primarily for the benefit of the Optionee, the Optionee’s spouse and/or the Optionee’s 

 
descendants (“Authorized Transferees”). The non-ISO portion of the Option may only be transferred to an Authorized Transferee provided there is no
consideration for the transfer, all further transfers are prohibited, and the Authorized Transferee succeeds to all the rights and benefits (except any right to transfer) and is subject to all obligations, conditions, and limitations applicable to
the original Optionee. Such rights and benefits (except any right to further transfer) and obligations shall be determined as if the original Optionee continues to hold the Option, whereby provisions of the Plan and this Agreement dealing with
termination of employment, retirement, disability or death of an Optionee will continue to refer to the original Optionee notwithstanding a transfer to an Authorized Transferee. 
 8. Rights as a Shareholder. Neither the Optionee nor a transferee of this Option shall have any rights as a shareholder with respect to any
shares covered hereby until the date he or she shall have become the holder of record of such shares. No adjustment shall be made for dividends, distributions or other rights for which the record date is prior to the date on which he or she shall
have become the holder of record thereof, except as provided in the Plan. 
 9. Other Plan Provisions. All rights of the
Optionee and all obligations of the Company with respect to the Option granted hereby or otherwise arising under this Agreement are further limited and qualified as set forth in the Plan, and, in the event of any conflict between provisions of the
Plan and those of this Agreement, the Plan provisions shall govern. 
 10. Successors. This Agreement shall inure to the
benefit of and be binding upon the parties and their respective successors. 
 This Agreement has been executed by the parties as of the date
first set forth above. 
  

			
		 	X-RITE, INCORPORATED
		
	By	 	  
		
		 	OPTIONEE:Form of Consultant & Advisor Stock Option Agreement

 Exhibit 10.38 
 X-RITE, INCORPORATED 
 CONSULTANT & ADVISOR STOCK OPTION AGREEMENT 
 UNDER THE 
 X-RITE, INCORPORATED

 2006 OMNIBUS LONG TERM INCENTIVE PLAN 
 This Stock Option Agreement (“Agreement”) is made as of _______________, between X-RITE, INCORPORATED, a Michigan corporation (the “Company”), and _________________, a consultant or advisor
performing services for the Company (the “Optionee”), pursuant to the X-Rite, Incorporated 2006 Omnibus Long Term Incentive Plan, as amended from time to time (the “Plan”), which Plan was approved by the Board and shareholders of
the Company on June 30, 2006 and August 22, 2006, respectively. Capitalized terms not otherwise defined herein shall be defined according to the Plan. 
 1. Grant of Option. Pursuant to the Plan, the Company hereby grants an option to purchase _____________ (            ) shares of
the Company’s common stock, par value $.10 per share (“Stock”), to Optionee subject to the terms and conditions of this Agreement and the Plan. 
 2. Option Price. The Option Price of Stock covered by this option shall be $________ per share. Such Option Price represents the Market Value of the shares of Stock covered by the option on the
date that the option is granted. 
 3. Optionee’s Agreement. In consideration of the services performed by Optionee
for the Company, as provided in the Plan, the Company has granted this option. Nothing contained herein, however, shall be interpreted so as to impose on the Company any obligation to retain the Optionee as a consultant or advisor to the Company for
any period of time or any particular rate of compensation. 
 4. Exercise of Option. This option shall be exercisable,
in whole or in part, at any time, and from time to time during the period of the option, in accordance with the terms of this Agreement as follows: 
 (a) Period of Option. The option shall terminate upon the earlier of: (i) the date the Optionee ceases to provide services to the Company as a consultant or advisor to the Company; or (ii) the
expiration of ten (10) years from the date upon which such option was granted, subject to prior termination as provided in the Plan. Notwithstanding the foregoing, in the event the Optionee becomes Disabled (as defined in the Plan) or dies
while providing services to the Company, the option shall terminate at such date as provided under the Plan. 
 (b)
Right to Exercise. This option shall be exercisable during the lifetime of the Optionee only by the Optionee, or an Authorized Transferee, as defined in Section 5 below. After the Optionee’s death, the option shall be
exercisable at any time prior to expiration by: (i) the personal representative of the estate of the Optionee; (ii) any person or persons who shall have acquired the option directly from the Optionee by bequest or inheritance;
(iii) any person designated to exercise the option by means of a specific written designation executed by the Optionee and filed with the Company prior to the Optionee’s death in accordance with the terms of the Plan; or (iv) an
Authorized 

 
Transferee as defined in Section 5 below. 
 (c) Method of Exercise. This option shall be exercisable, in full or in part, only by giving written notice to the chief financial officer of the Company, which shall: 
 (i) state the election to exercise the option, the number of shares in respect to which it is being exercised, and the name of the person
exercising the option, his or her address and tax identification number (and if the stock certificates are to be registered in more than one name, the names, addresses, and tax identification numbers of such other persons); 
 (ii) contain such representations and agreements as to the holder’s investment intent with respect to such shares of Stock as may be
satisfactory to the Company’s counsel; and 
 (iii) be signed by the person or persons entitled to exercise the option
and, if the option is being exercised by any person or persons other than Optionee, be accompanied by proof, satisfactory to counsel for the Company, of the right of such person or persons to exercise the option. 
 Payment of the purchase price of any shares with respect to which the option is being exercised shall accompany the written notice and such payment may be
made, in whole or in part, in: (a) cash; (b) shares of Stock of the Company already owned by Optionee, valued at the Market Value as of the date of the notice of exercise; provided, however, that (i) there shall be no exercise at any
time as to fewer than one hundred (100) shares, unless fewer than one hundred (100) shares remain to be purchased under the option being exercised; and (ii) the option may not be exercised for a period of six (6) months after the
date of grant; or (c) Stock Appreciation Rights, if applicable; or by a combination of these methods. The certificate or certificates for shares of Stock as to which the option shall be exercised shall bear any restrictive endorsement the
Company, in its sole discretion, deems necessary. In lieu of the delivery of shares of Stock already owned by the Optionee, the Optionee may also provide the Company with a notarized statement attesting to the number of shares owned for at least six
months, where upon verification by the Company, the Company may issue to the Optionee only the number of incremental shares to which the Optionee is entitled upon the exercise of the option. In accordance with the terms of the Plan, payment may also
be made by delivering a properly executed exercise notice to the Company together with a copy of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale or loan proceeds to pay the purchase price. 
 (d) Restrictions on Exercise. As a condition to an exercise of this option, the Company may require the person
exercising this option to make such representation and warranties to the Company as may be required by any applicable law or regulation. 
 5. Nontransferability of Option. This option may not be transferred or assigned other than by will, or by the laws of descent and distribution, except that the option may be transferred, in whole or in part, to the
Optionee’s spouse and/or the Optionee’s descendants, or to a trust created primarily for the benefit of the Optionee, the Optionee’s spouse, and/or the Optionee’s descendants (“Authorized Transferee”); 

 
provided that the Optionee satisfied such conditions to the transfer as may be established from time to time by the Board or as specified in the Plan. In no
event, shall any Authorized Transferee pay any consideration to the Optionee with respect to the transfer and Authorized Transferee shall succeed to all of the rights and benefits and be subject to all of the obligations, conditions, and limitations
applicable to the original Optionee, except that an Authorized Transferee shall not have any right to further transfer the option. All such rights, benefits, obligations, conditions, and limitations shall be determined as if the original Optionee
continued to hold the option whereby provisions of the Plan dealing with the death of an Optionee will continue to refer to the original Optionee regardless of whether the option has been transferred to an Authorized Transferee. Any attempted sale,
pledge, assignment, hypothecation, or other transfer of this option contrary to the terms hereof, and any execution, levy, attachment or similar process upon the option, whether by operation of law or otherwise, shall be without any effect, except
as otherwise provided in the Plan. 
 6. No Rights as Shareholder. No Optionee shall have any rights as a shareholder
with respect to any share of Stock subject to his or her option prior to the date of issuance of a certificate evidencing ownership of such Stock, and no adjustment will be made for dividends or other rights for which the record date is prior to the
date of the certificate, except as provided in Paragraph 8. 
 7. Withholding. Whenever the Company proposes or is
required to issue or transfer shares of Stock under the Plan, the Company shall have the right to require the Optionee to remit to the Company an amount sufficient to satisfy any federal, state, or local withholding tax liability prior to the
delivery of any certificate or certificates for such shares. 
 8. Effect of Change in Stock Subject to the Plan. The
shares of Stock subject to this option and the exercise price per share shall be proportionately adjusted for any increase or decrease in the number of issued shares of Stock subsequent to the date hereof resulting from: (a) a subdivision or
consolidation of shares or any other capital adjustment; (b) the payment of a stock dividend; or (c) other increase or decrease in such shares effected without receipt of consideration by the Company. If the Company shall be the surviving
corporation in any merger or consolidation, this option shall pertain, apply, and relate to the securities to which a holder of the number of shares of Stock subject to the option would have been entitled after the merger or consolidation. Upon
dissolution or liquidation of the Company, or as of the effective date for a merger or consolidation in which the Company is not the surviving corporation, this option shall terminate. 
 9. Notices. Each notice relating to this Agreement shall be in writing and delivered in person or by certified mail to the proper
address. Each notice shall be deemed to have been given on the date it is received. Each notice to the Company and Optionee shall be sent to the address for such party as set forth in the heading of this Agreement. Anyone to whom a notice may be
given under this Agreement may designate a new address by written notice to that effect. 
 10. Benefits of Agreement. This
Agreement shall be binding upon and inure to the benefit of the Company and the Optionee and their respective heirs, personal representatives, successors, and assigns. This Agreement and the Plan shall be the sole and exclusive sources of any and
all rights which Optionee, his/her heirs, 

 
personal representatives, or assigns may have in respect to any options or Stock granted or issued hereunder, whether to Optionee or to any other person.

 11. Governing Law. This Agreement shall be governed by and interpreted in accordance with the laws of the state of
Michigan without regard to its conflicts of law principles. 
 IN WITNESS WHEREOF, the Company and Optionee have caused this Agreement
to be executed as of the day, month, and year first above written. 
  

			
		 	X-RITE, INCORPORATED
		
	By	 	  
		
		 	OPTIONEE:
		
		 	  
		 	 (NAME)

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