Document:

Letter Agreement between X-Rite and Sagard Capital Partners, L.P.

 Exhibit 10.4 
 August 18, 2009 
 X-Rite,
Incorporated 
 4300 44th Street SE 
 Grand Rapids Michigan 49512
USA 
 Attention: Thomas J. Vacchiano Jr., Chief Executive Officer 
  

			
	Re:	  	Exchange Agreement, dated as of August 18, 2009 (the “Exchange Agreement”), among OEPX, LLC, a Delaware limited liability company, Sagard Capital Partners, L.P., a
Delaware limited partnership, Tinicum Capital Partners II, L.P., a Delaware limited partnership, Tinicum Capital Partners II Parallel Fund, L.P., a Delaware limited partnership, and Tinicum Capital Partners II Executive Fund, L.L.C., a Delaware
limited liability company.

 Ladies and Gentlemen: 
 Pursuant to the Exchange Agreement and as an inducement to the Company entering into the Exchange Agreement, the undersigned agrees that at the Shareholders’ Meeting, the undersigned will (i) appear, in
person or by proxy, or otherwise cause all shares of Common Stock owned by the undersigned at such time and that the undersigned is entitled to vote (or cause to be voted) at the time of such vote to be counted as present for purposes of determining
a quorum and (ii) vote, or instruct to be voted (including by written consent, if applicable), all such shares of Common Stock in favor of the Shareholder Proposal. Capitalized terms not otherwise defined in this letter agreement will have the
meanings set forth in the Exchange Agreement. 
 This letter agreement may not be amended other than by a written instrument executed by the
undersigned and the Company. This letter agreement represents the entire agreement between the parties with respect to the subject matter hereof, and supersedes all prior negotiations and understandings between the parties with respect to such
subject matter. This letter agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and will become effective when one or more counterparts have been signed by each of the parties and
delivered to the other party, it being understood that both parties need not sign the same counterpart. Facsimile signatures will, for all purposes of this letter agreement, be deemed to be originals and will be enforceable as such. 
 This letter agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be
performed entirely within such State. The parties hereby irrevocably and unconditionally consent to submit to the exclusive jurisdiction of the state and federal courts located in the Borough of Manhattan, State of New York for any actions, suits or
proceedings arising out of or relating to this Agreement and the transactions contemplated hereby. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. The parties agree that irreparable damage would occur in the event that any of the provisions of this letter agreement were not performed in accordance with their specific terms. It is accordingly
agreed that the parties shall be entitled to seek specific performance of the terms hereof, this being in addition to any other remedies to which they are entitled at law or equity. 
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	Very truly yours,
	
	SAGARD CAPITAL PARTNERS, L.P.
		
	By:	 	 Sagard Capital Partners GP, Inc.,
 its general partner

		
	By:	 	 /s/ Daniel Friedberg

	Name:	 	Daniel Friedberg
	Title:	 	Chief Executive Officer

  

			
	 Accepted and agreed as of
 the date first set
forth above:

	
	X-RITE, INCORPORATED
		
	By:	 	 /s/ Thomas J. Vacchiano Jr.

	Name:	 	Thomas J. Vacchiano Jr.
	Title:	 	Chief Executive OfficerLetter Agreement between X-Rite and the Tinicum investors

 Exhibit 10.5 
 August 18, 2009 
 X-Rite,
Incorporated 
 4300 44th Street SE 
 Grand Rapids Michigan 49512
USA 
 Attention: Thomas J. Vacchiano Jr., Chief Executive Officer 
  

			
	Re:	  	Exchange Agreement, dated as of August 18, 2009 (the “Exchange Agreement”), among OEPX, LLC, a Delaware limited liability company, Sagard Capital Partners, L.P., a
Delaware limited partnership, Tinicum Capital Partners II, L.P., a Delaware limited partnership, Tinicum Capital Partners II Parallel Fund, L.P., a Delaware limited partnership, and Tinicum Capital Partners II Executive Fund, L.L.C., a Delaware
limited liability company.

 Ladies and Gentlemen: 
 Pursuant to the Exchange Agreement and as an inducement to the Company entering into the Exchange Agreement, the undersigned Investors agree that at the Shareholders’ Meeting, each of the undersigned Investors
will (i) appear, in person or by proxy, or otherwise cause all shares of Common Stock owned by such Investor at such time and that such Investor is entitled to vote (or cause to be voted) at the time of such vote to be counted as present for
purposes of determining a quorum and (ii) vote, or instruct to be voted (including by written consent, if applicable), all such shares of Common Stock in favor of the Shareholder Proposal. Capitalized terms not otherwise defined in this letter
agreement will have the meanings set forth in the Exchange Agreement. 
 This letter agreement may not be amended other than by a written
instrument executed by the undersigned Investors and the Company. This letter agreement represents the entire agreement between the parties with respect to the subject matter hereof, and supersedes all prior negotiations and understandings between
the parties with respect to such subject matter. This letter agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and will become effective when one or more counterparts have been signed
by each of the parties and delivered to the other party, it being understood that both parties need not sign the same counterpart. Facsimile signatures will, for all purposes of this letter agreement, be deemed to be originals and will be
enforceable as such. 
 This letter agreement shall be governed by and construed in accordance with the laws of the State of New York
applicable to contracts made and to be performed entirely within such State. The parties hereby irrevocably and unconditionally consent to submit to the exclusive jurisdiction of the state and federal courts located in the Borough of Manhattan,
State of New York for any actions, suits or proceedings arising out of or relating to this Agreement and the transactions contemplated hereby. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. The parties agree that irreparable damage would occur in the event that any of the provisions of this letter agreement were not performed in accordance
with their specific terms. It is accordingly agreed that the parties shall be entitled to seek specific performance of the terms hereof, this being in addition to any other remedies to which they are entitled at law or equity. 
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	Very truly yours,
	
	TINICUM CAPITAL PARTNERS II, L.P.
		
	By:	 	 Tinicum Lantern II L.L.C.,
 its general
partner

		
	By:	 	 /s/ Robert J. Kelly

	Name:	 	Robert J. Kelly
	Title:	 	Member
	
	TINICUM CAPITAL PARTNERS II PARALLEL FUND, L.P.
		
	By:	 	 Tinicum Lantern II L.L.C.,
 its general
partner

		
	By:	 	 /s/ Robert J. Kelly

	Name:	 	Robert J. Kelly
	Title:	 	Member
	
	TINICUM CAPITAL PARTNERS II EXECUTIVE FUND L.L.C.
		
	By:	 	 Tinicum Lantern II L.L.C.,
 its managing
member

		
	By:	 	 /s/ Robert J. Kelly

	Name:	 	Robert J. Kelly
	Title:	 	Member

  

			
	 Accepted and agreed as of
 the date first set
forth above:

	
	X-RITE, INCORPORATED
		
	By:	 	 /s/ Thomas J. Vacchiano Jr.

	Name:	 	Thomas J. Vacchiano Jr.
	Title:	 	Chief Executive OfficerAmendment No. 1 to Investment Agreement (OEP)

 Exhibit 10.6 
 AMENDMENT NO. 1 TO INVESTMENT AGREEMENT 
 This AMENDMENT NO. 1, effective as of August 18,
2009 (this “Amendment”), amends and modifies that certain Investment Agreement, dated as of August 20, 2008 (the “Investment Agreement”), between X-Rite, Incorporated (the “Company”) and OEPX,
LLC (the “Investor”). All capitalized terms used in this Amendment and not otherwise defined herein, shall have the meaning given them in the Investment Agreement. 
 WHEREAS, pursuant to the Exchange Agreement, dated as of August 18, 2009 (the “Exchange Agreement”), between the Company, the
Investor, Sagard Capital Partners, L.P., Tinicum Capital Partners II, L.P., Tinicum Capital Partners II Parallel Fund, L.P. and Tinicum Capital Partners II Executive Fund L.L.C., the Company will issue, subject to the terms and conditions set forth
therein, shares of preferred stock, par value $0.10 per share of the Company (“Preferred Stock”) and warrants (“Warrants”) to acquire 7,500,000 shares of common stock, par value $0.10 per share, of the Company
(“Common Stock”), in exchange for the consideration set forth in the Exchange Agreement; 
 WHEREAS, pursuant to the
Certificate of Designation, Preferences and Rights of Series A Preferred Stock of the Company (the “Certificate of Designation”), filed with the Michigan Department of Energy, Labor and Economic Growth on August 18, 2009, the
Company shall, in certain circumstances, deliver a portion of the liquidation preference relating to the Preferred Stock in shares of Common Stock; 
 WHEREAS, the Investor is the Beneficial Owner of approximately 37.0% of the outstanding shares of Common Stock; 
 WHEREAS, the
Investment Agreement provides that, among other things and subject to certain conditions, for so long as the Investor holds greater than 10% of the issued and outstanding Voting Shares, the Investor shall not acquire beneficial ownership of
additional Equity Securities; 
 WHEREAS, on August 17, 2009, the Board of Directors of the Company adopted a resolution approving the
execution of this Amendment and, pursuant to Section 6.3 of the Investment Agreement, hereby amends the Investment Agreement as set forth herein; and 
 WHEREAS, all acts and things necessary to make this Amendment a valid agreement, enforceable according to its terms have been done and performed, and the execution and delivery of this Amendment by the Company and
Investor have been in all respects duly authorized by the Company and the Investor. 
 NOW, THEREFORE, in consideration of the rights and
obligations contained herein, and for other good and valuable consideration, the adequacy of which is hereby acknowledged, the parties agree as follows: 
 Section 1. Amendment of Section 4.1. Section 4.1 of the Investment Agreement is hereby amended by adding the following at the end thereof as a new Section 4.1(e): 
 “Notwithstanding anything in this Agreement to the contrary, the provisions of Section 4.1 shall not prohibit the Investor (or its Affiliates)
from: 
 (i) entering into the Exchange Agreement, dated August 18, 2009 (the “Exchange Agreement”),
among the Company, the Investor and the Institutional 

 
Investors and consummating the transactions contemplated thereby, or acquiring shares of Preferred Stock (as defined in the Exchange Agreement) having such
rights, privileges, preferences and other terms as set forth in the Certificate of Designation, Preferences and Rights of Series A Preferred Stock of the Company (the “Certificate of Designation”), filed with the Secretary of
State of the State of Michigan on August 18, 2009; 
 (ii) acquiring shares of Common Stock from the Company pursuant to,
and in accordance with, the terms of the Certificate of Designation upon redemption of the Preferred Stock (the “Redemption Shares”); 
 (iii) following a redemption of the Preferred Stock in which the Company elects to pay the Participation Amount (as defined in the Certificate of Designation), if any, in cash, acquiring up to 4,568,527.88063 shares
of Common Stock (as such number may be adjusted in accordance with terms of the Certificate of Designation) (the “Redemption Purchase Shares”) with the proceeds of such redemption during the five (5) year period following
receipt thereof; provided, that in the case of this clause (iii), to the extent that such acquisition of shares causes the Investor, immediately following such acquisition, to beneficially own more than 40.0% of the issued and outstanding
shares of Common Stock (the “Voting Cap”), from the date of consummation of such acquisition until such time that the Investor no longer beneficially owns Common Stock in excess of the Voting Cap, the Investor hereby agrees that
with respect to each matter for which a vote of the Company’s shareholders is properly taken (a “Shareholders’ Vote”), the Investor shall vote such shares of Common Stock beneficially owned by it which are, at the time of
any such vote, in excess of the Voting Cap in proportion with the votes cast by all holders of Common Stock (including, for the avoidance of doubt, votes cast by the Investor with respect to its shares of Common Stock below the Voting Cap) for each
Shareholders’ Vote; 
 (iv) entering into, or complying with, the agreement to vote certain shares of Common Stock as
described in clause (iii) above; and 
 (v) entering into the Warrant, dated August 18, 2009, between the Company
and the Investor and consummating the transactions contemplated thereby (including, for the avoidance of doubt, acquiring shares of Common Stock upon exercise of such Warrant) (the transactions contemplated in clauses (i) through (v) above
collectively, the “Permitted Transactions”).” 
 Section 2. Waiver of Section 4.1(a)(v). For the avoidance
of doubt, the Company hereby confirms that as of the date of this Amendment, there has been no violation of Section 4.1(a)(v) of the Investment Agreement as a result of this Amendment or the transactions contemplated by the Exchange Agreement.

 Section 3. Amendment of Section 4.3. Section 4.3 of the Investment Agreement is hereby amended by adding the following at
the end thereof as a new Section 4.3(g): 
 “For the avoidance of doubt, Section 9(b) of the Certificate of Designation permits
the Investor to designate one or more persons to the Board of Directors in certain circumstances and Section 9(c) of the Certificate of Designation provides for the creation and maintenance of an Administrative Committee of the Board of
Directors, each of which, is in addition to the rights in this Section 4.3, and shall in no way be construed to diminish, or be duplicative of, the rights herein.” 
  

 2 

 Section 4. Amendment of Section 4.5. Section 4.5 of the Investment Agreement is
hereby amended as set forth below. 
 (a) In the first sentence therein, replacing the word “or” with “,” at the end of
clause (i). 
 (b) In the first sentence therein, adding the following new clause (iii) immediately after the existing clause (ii):

 “or (iii) to the Institutional Investors pursuant to any transactions set forth in clause (i), (ii), (v), (vi), (vii) or
(viii) of the definition of Permitted Transactions (as defined in the Institutional Investors’ Purchase Agreement, as amended on August 18, 2009),” 
 (c) At the end of the first sentence therein, replacing the phrase “acquired by the Investor at Closing Date” with the phrase “beneficially owned by the Investor”. 
 (d) In clause (y) of the second sentence therein, replacing the phrase “the number of shares of Common Stock held by the Investor” with
the phrase “the number of shares of Common Stock beneficially owned by the Investor”. 
 (e) The following sentence is added to the
end of the section: 
 “For purposes of this Section 4.5, the number of shares of Common Stock beneficially owned by the Investor
shall also include (i) any Redemption Shares issuable or issued pursuant to the Certificate of Designation and (ii) any Redemption Purchase Shares acquired by the Investor. For the avoidance of doubt, for purposes of this Section 4.5,
the phrase “beneficially owned” shall have the meaning set forth in Section 4.1(c), provided, that the term “Affiliate”, in each instance where such term is used in the definition of “beneficial
ownership” in Section 4.1(c), shall not include any entities who are exempted from the “standstill” restrictions in Section 4.1(a) pursuant solely to the exception in Section 4.1(b).” 
 Section 5. Effect of Amendment. Except as amended by this Amendment, the Investment Agreement shall continue in full force and effect. 

Section 6. Miscellaneous. Sections 6.3 through 6.16 of the Investment Agreement are incorporated herein by reference, mutatis mutandis.

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 3 

 IN WITNESS WHEREOF, the Company and the Investor have caused this Amendment to be executed by as of the
date first written above by their respective officers thereunto duly authorized. 
  

			
	X-RITE, INCORPORATED
		
	By:	 	 /s/ Thomas J. Vacchiano Jr.

	Name:	 	Thomas J. Vacchiano Jr.
	Title:	 	Chief Executive Officer

			
	OEPX, LLC
		
	By:	 	 /s/ Colin M. Farmer

	Name:	 	Colin M. Farmer
	Title:	 	Authorized Signatory

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