Document:

Indemnity Agreement

 Exhibit 10.21 
  
 INDEMNITY AGREEMENT 
  
 AGREEMENT made as of the 25th day of November 2003, by and among X-RITE, INCORPORATED, a Michigan corporation (the “Corporation”),
and L. PETER FRIEDER (the “Indemnitee”) with respect to the following: 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Board of Directors of the Corporation has recognized that the present trend in litigation against corporate directors and officers, together with new legislation, regulations, and rules which increase the obligations for,
and expectations of corporate directors and officers, have created a reluctance in persons to serve in such a capacity and that such effect is likely to result in less effective direction and supervision of the Corporation’s business affairs;

  
 WHEREAS, the Board of Directors of the Corporation has
determined that such consequences are so detrimental to the best interests of the Corporation and its shareholders that its directors and certain officers should be provided with protection against inordinate risks in order to insure that the most
capable persons available will be attracted to such a position; 
  
 WHEREAS, in light of the rising costs of and reduced coverage of director and officers liability insurance, significant new legislation, regulations, and rules governing the conduct of corporate directors and officers, and amendments to the
Michigan Business Corporation Act (“MBCA”), expanding the scope of permissive indemnification of directors and officers, and establishing new procedures for directors and officers to receive an advancement of Expenses (as defined in
Section 1(b)), it is reasonable and necessary for the Corporation to contractually obligate itself to indemnify its directors and certain officers for certain costs, expenses and other monetary liabilities to the fullest extent permitted by law and
as further provided in this Agreement. 
  
 NOW, THEREFORE, in
order to induce Indemnitee to serve or continue to serve the Corporation as a director and/or officer, and in consideration of the mutual covenants and agreements hereinafter set forth, the parties agree as follows: 
  
 1. Definitions. As used herein, the following terms are defined as
follows: 
  
 (a) Claim. Any threatened,
pending or completed action, suit or proceeding, or any inquiry or investigation, whether civil, criminal, administrative or investigative and whether formal or informal, by reason of the fact that Indemnitee is or was a director or officer of the
Corporation or is or was serving at the request of the Corporation as a director or officer or agent of another corporation, partnership, joint venture, trust, or other enterprise, whether for profit or not, specifically including, not by way of
limitation, any action related to certification of financial or other reports under the federal securities laws. 
  
 (b) Expenses. Attorneys’ fees and all other costs, expenses and obligations actually and reasonably paid or incurred in
connection with investigating, defending, participating or being a witness in, or preparing to defend, participate or be a witness in any Claim or appeal therefrom. 
  
 2. Agreement to Serve. Indemnitee agrees to serve as a director and/or officer of the Corporation to the best of his
or her ability as long as he or she is duly elected and qualified in accordance with the Articles of Incorporation and Bylaws of the Corporation, or until his or her earlier resignation or removal. 
  
 3. Indemnification. Subject to the terms and conditions of this
Agreement, the Corporation hereby agrees to indemnify Indemnitee as follows: 
  
 (a) In the event Indemnitee was, is or becomes a party to or witness or other participant in, or is threatened to be made a party to or witness or other participant in a Claim, the Corporation shall indemnify
Indemnitee to the fullest extent permitted by law and as provided in this Agreement, pursuant to the authorization of the MBCA, against any and all Expenses, judgments, fines, penalties and amounts paid in settlement of such Claim. 
  
 (b) The Corporation shall indemnify Indemnitee as soon as
practicable, but in any event not later than thirty (30) days after written demand is presented to the Corporation. 
  

 4. Condition Precedent to Indemnification. Indemnitee, as a condition precedent to indemnification
under this Agreement, shall tender written notice to the Corporation as soon as practicable of any Claim made against him or her for which indemnification will or likely will be sought under the terms of this Agreement. Notice to the Corporation
shall be directed to X-Rite, Incorporated, 3100 – 44th Street, S.W., Grandville, Michigan 49418, Attn:
Corporate Secretary. In addition, Indemnitee shall give the Corporation such information and cooperation as may he reasonably necessary and requested by the Corporation. 
  
 5. Consent of Corporation. No amounts paid in settlement for which indemnity will be sought hereunder shall be
incurred without the Corporation’s written consent, which consent shall not be unreasonably withheld. 
  
 6. Limitations on Indemnity. 
  
 (a) The Corporation shall not be liable under this Agreement to make any payment in connection with any Claim made against Indemnitee:

  
 (1) For which payment is made to Indemnitee
under a valid and collectible insurance policy, except for any excess beyond the amount of payment under such insurance policy; 
  
 (2) To the extent by which Indemnitee is indemnified by the Corporation otherwise than pursuant to this Agreement; 
  
 (3) For any of the following: (i) the amount of a financial
benefit received by a director to which he or she is not entitled; (ii) intentional infliction of harm on the Corporation or its shareholders; (iii) a violation of Section 551 of the MBCA; or (iv) an intentional criminal act, except as authorized in
Section 564c of the MBCA; 
  
 (4) For an
accounting of profits made from the purchase or sale by Indemnitee of securities of the Corporation, within the meaning of Section 16(b) of the Securities Exchange Act of 1934 and amendments thereto, or similar successor statutes or provisions of
any state law; or 
  
 (5) For which
payment of indemnification by the Corporation is otherwise prohibited by applicable law. Both the Corporation and Indemnitee acknowledge that in certain instances federal law or applicable public policy may prohibit the Corporation from indemnifying
its directors or officers under this Agreement or otherwise. Indemnitee understands and acknowledges that the Corporation has undertaken or may be required to in the future undertake with the Securities and Exchange Commission to submit the question
of indemnification to a certain court in circumstances for a determination of the Corporation’s rights under public policy to indemnify Indemnitee. 
  
 (b) Except as provided in Paragraph 8 hereof, the Corporation shall not be liable under this Agreement to make any payment in connection
with any action initiated by Indemnitee against the Corporation or any director of the Corporation, unless the Corporation has joined in or consented to the initiation of such action. 
  
 7. Payment of Costs and Expenses in Advance. If requested by Indemnitee, the Corporation shall pay (within ten (10)
days of such written request) any and all costs and Expenses incurred by Indemnitee in defending or investigating any Claim, in advance of the final disposition of such Claim, upon the receipt of a written undertaking by Indemnitee, executed
personally or on his or her behalf, to repay any such amounts if it is ultimately determined that Indemnitee did not meet the applicable standard of conduct, if any, required by the MBCA or this Agreement for indemnification under the circumstances.

  

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 8. Indemnification for Additional Expenses. The Corporation shall indemnify Indemnitee against any
and all expenses, including attorneys’ fees, incurred by Indemnitee in connection with any action, including expenses of preparation for such action, brought by Indemnitee for: (a) indemnification or advance payment of Expenses by the
Corporation under this Agreement; or (b) recovery under any directors’ liability insurance policy or policies maintained by the Corporation; provided, however, that indemnification under this Paragraph 8 shall be limited to those circumstances
where the Indemnitee is successful in obtaining a recovery of, or a determination that he or she is entitled to such indemnification, advance expense payment or insurance recovery. 
  
 9. Partial Indemnification. In the event Indemnitee is entitled to indemnification hereunder for a portion of the
Expenses, judgments, fines, penalties and amounts paid in settlement actually and reasonably incurred by him or her in the investigation, defense, appeal or settlement of any Claim but not, however, for all of the total amount thereof, the
Corporation shall indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. 
  
 10. Subrogation. In the event of payment under this Agreement, the Corporation shall be subrogated to the extent of such payment to all of the
rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Corporation effectively to bring suit or
enforce such rights 
  
 11. No Presumption. For purposes of
this Agreement, the termination of any action, suit or proceeding by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that
Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law. 
  
 12. Specific Determination of Entitlement to Indemnification. In the event Indemnitee is found liable to the
Corporation as a result of any Claim brought by or in the right of the Corporation, whether and the extent to which Indemnitee is nevertheless entitled to indemnification, other than for expenses of directors (for which indemnification is
available), under this Agreement shall be predicated on a determination that indemnification is appropriate in light of the circumstances of the case and applicable legal standards, which determination shall be made, at the option of Indemnitee, by:
(a) majority vote of a committee of two (2) or more disinterested directors appointed by the Board of Directors; (b) independent legal counsel in a written opinion; or (c) the court in which the Claim was brought. 
  
 13. Liability Insurance. To the extent the Corporation maintains an
insurance policy or policies providing liability insurance for directors or officers, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage extended to any other director
or officer of the Corporation, if Indemnitee is a director; or any of the Corporation’s officers if Indemnitee is not a director but is an officer. 
  
 14. Scope of Agreement. The rights of Indemnitee hereunder shall be in addition to any other rights Indemnitee may have under any provision of the
Corporation’s Articles of Incorporation, Bylaws or laws of the state of Michigan. In the event of any change after the date of this Agreement in any applicable law, regulation, or rule which narrows the right of the Corporation to indemnify
directors and officers, such changes, to the extent not otherwise required by such law, regulation, or rule to be applied to this Agreement shall have no effect on the Agreement or the parties’ rights or obligations hereunder. 
  
 15. Amendment. Termination, and Waiver. This Agreement may be amended,
modified, supplemented, or terminated and any of the terms and conditions herein may be waived only by the written consent of the parties hereto. The failure of any party at any time or times to require performance of any provisions contained herein
shall in no manner affect the right of such party at any later time to enforce the same. 
  
 16. Binding Effect and Assignment. This Agreement shall be binding upon and inure to the benefit of the Indemnitee and his personal representatives, heirs and assigns, and the Corporation and its successors and
assigns, including any direct or indirect successor of the Corporation by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Corporation; provided, however, that no assignment of any rights
or delegation of obligations provided for herein may be made by either party without the express written consent of the other party. This Agreement shall continue in effect while Indemnitee is a director of the Corporation and for the period
immediately thereafter, terminating two (2) years subsequent to the duration of any applicable period of limitations for commencing any claims. 
  

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 17. Governing Law. The parties hereto acknowledge and agree that this Agreement shall be governed
by, construed, and enforced in accordance with the laws, and in the courts, of the state of Michigan, without regard to its conflicts of laws principles. 
  
 18. Severability. Any provision of this Agreement which may be prohibited by law, or otherwise held invalid by a court of competent jurisdiction,
shall be ineffective only to the extent of such prohibition or invalidity and shall not invalidate or otherwise render ineffective the remaining provisions of this Agreement. 
  
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written. 

 

	
	X-RITE, INCORPORATED
	
	 
	 Mary E. Chowning

	 Chief Financial Officer

	
	INDEMNITEE
	
	 
	 L. Peter Frieder

  

 4Amended and Restated Outside Director Stock Option Plan

 Exhibit 10.22 
  
 X-RITE, INCORPORATED 
 AMENDED AND
RESTATED 
 OUTSIDE DIRECTOR STOCK OPTION PLAN 
 STOCK OPTION AGREEMENT 
  
 This Stock Option Agreement (“Agreement”) is made as of                         , between X-RITE,
INCORPORATED, a Michigan corporation (the “Company”), and
                                , an Outside Director of the Company (the
“Optionee”), pursuant to the X-Rite, Incorporated Amended and Restated Outside Director Stock Option Plan, as amended from time to time (the “Plan”), which Plan was approved by the Board and shareholders of the Company on January
26, 2003 and May 19, 2003, 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 as of the
last business day before the day the option is granted. 
  
 3.
Optionee’s Agreement. In consideration of the Optionee having been elected as a director of 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 an Outside Director 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 expiration of ten (10) years from the date upon which such option was granted, subject to prior termination as provided in the Agreement
or 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; 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; or (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 anytime 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. 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. 
  
 (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. 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. 
  
 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. 
  

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 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:

  

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