Document:

Registration Rights Agreement by and between X-Rite Incorporated

 Exhibit 4.3 
  
  
 REGISTRATION RIGHTS AGREEMENT 
 by and between 
 X-RITE, INCORPORATED 

 and 
 OEPX, LLC

 and 
 SAGARD CAPITAL
PARTNERS, L.P. 
 and 
 TINICUM CAPITAL PARTNERS II, L.P. 
 TINICUM CAPITAL PARTNERS II PARALLEL FUND, L.P. 
 TINICUM CAPITAL PARTNERS II EXECUTIVE FUND L.L.C. 
  
  
 Dated as of October 28,
2008 
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 Section 1.
	  	Certain Definitions.	  	1
			
	 Section 2.
	  	Demand Registration.	  	4
			
	 Section 3.
	  	Piggyback Registrations.	  	6
			
	 Section 4.
	  	S-3 Shelf Registration.	  	8
			
	 Section 5.
	  	Suspension Periods; Blackout Periods.	  	9
			
	 Section 6.
	  	Registration Procedures.	  	9
			
	 Section 7.
	  	Registration Expenses.	  	14
			
	 Section 8.
	  	Indemnification.	  	14
			
	 Section 9.
	  	Securities Act Restrictions.	  	16
			
	 Section 10.
	  	Transfers of Rights.	  	17
			
	 Section 11.
	  	Miscellaneous.	  	17

  

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 THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), is made and entered into as of
October 28, 2008, by and between X-Rite, Incorporated, a Michigan corporation (the “Company”) and OEPX, LLC, a Delaware limited company (“Investor O”), Sagard Capital Partners, L.P., a Delaware limited
partnership (“Investor S”), and 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 (collectively, “Investor T” and, together with Investor O, Investor S and any of their Permitted Transferees, the “Investors,” and each, an “Investor”).

 WHEREAS, the Company and Investor O are parties to an Investment Agreement, dated August 20, 2008 (the “Investor O Investment
Agreement”) pursuant to which Investor O has purchased from the Company shares of common stock of the Company (“Common Shares”), par value $0.10 per share (such purchased shares, “Investor O Purchased
Securities”), and the Company and Investor S and Investor T are parties to an Investment Agreement, dated August 20, 2008 (together with the Investor O Investment Agreement, the “Investment Agreements”) pursuant to
which Investor S and Investor T have purchased from the Company shares of Common Stock (such purchased shares, together with Investor O Purchased Securities, the “Purchased Securities”); 
 WHEREAS, in connection with the consummation of the transactions contemplated by the Investment Agreements, the parties desire to enter into this
Agreement in order to create certain registration rights for the Investors as set forth below; 
 NOW, THEREFORE, in consideration of the
mutual covenants and agreements herein contained and other good and valid consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 Section 1. Certain Definitions. 
 In addition to the terms defined elsewhere in this Agreement, the following terms shall have the following meanings: 
 “Affiliate” of any Person means any other Person which directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person. The term “control”
(including the terms “controlling,” “controlled” and “under common control with”) as used with respect to any Person means the possession, direct or indirect, of the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Agreement” means this Registration Rights Agreement, including all amendments, modifications and supplements and any exhibits or schedules to any of the foregoing, and shall refer to this Registration Rights Agreement as
the same may be in effect at the time such reference becomes operative. 
 “beneficially own” means, with respect to any
Person, securities of which such Person or any of such Person’s Affiliates, directly or indirectly, has “beneficial ownership” as determined pursuant to Rule 13d-3 and Rule 13d-5 of the Exchange Act, including securities
beneficially 

 
owned by others with whom such Person or any of its Affiliates has agreed to act together for the purpose of acquiring, holding, voting or disposing of such
securities; provided that a Person shall not be deemed to “beneficially own” (i) securities tendered pursuant to a tender or exchange offer made by such Person or any of such Person’s Affiliates until such tendered
securities are accepted for payment, purchase or exchange, or (ii) any security as a result of an oral or written agreement, arrangement or understanding to vote such security if such agreement, arrangement or understanding: (a) arises
solely from a revocable proxy given in response to a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable provisions of the Exchange Act, and (b) is not also then reportable by such Person on
Schedule 13D under the Exchange Act (or any comparable or successor report). Without limiting the foregoing, a Person shall be deemed to be the beneficial owner of all Registrable Shares owned of record by any majority-owned subsidiary of such
Person. 
 “Closing Date” has the meaning set forth in the Investment Agreements. 
 “Common Shares” has the meaning set forth in the first Recital hereto. 
 “Company” has the meaning set forth in the introductory paragraph. 
 “Demand Registration” has the meaning set forth in Section 2(a). 
 “Demand Registration Statement” has the meaning set forth in Section 2(a). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Form S-3” means a registration statement on Form S-3 under the Securities Act or such successor forms thereto permitting
registration of securities under the Securities Act. 
 “Governmental Entity” means any national, federal, state, municipal,
local, territorial, foreign or other government or any department, commission, board, bureau, agency, regulatory authority or instrumentality thereof, or any court, judicial, administrative or arbitral body or public or private tribunal. 

“Investment Agreement” or “Investment Agreements” means one or both of the agreements specified in the first Recital
hereto, as the case may be, as such agreements may be amended from time to time. 
 “Investor” or
“Investors” means the Person or Persons, as applicable, named as such in the first paragraph of this Agreement; provided, that if any Permitted Transferee of Registrable Shares succeeds to the rights and obligations of such
Investor or Investors hereunder in accordance with Section 10, “Investor” or “Investors” shall also mean such Permitted Transferees. 
 “Investor’s Counsel” has the meaning set forth in Section 6(a)(i). 
 “Minimum Amount” means $20.0 million. 
 “Permitted Transferee” has the meaning set forth in
Section 10(a). 
  

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 “Person” means any individual, sole proprietorship, partnership, limited liability
company, joint venture, trust, incorporated organization, association, corporation, institution, public benefit corporation, Governmental Entity or any other entity. 
 “Piggyback Registration” has the meaning set forth in Section 3(a). 
 “Prospectus” means the prospectus or prospectuses (whether preliminary or final) included in any Registration Statement and relating to Registrable Shares, as amended or supplemented and including all material incorporated
by reference in such prospectus or prospectuses. 
 “Purchased Securities” has the meaning set forth in the first Recital
hereto. 
 “Registrable Shares” means, at any time, with respect to a particular Investor, (i) the Purchased Securities
(and, in the case of Investor S and Investor T, any other Common Shares held of record by such Investor as of the date hereof) held of record by such Investor at such time and (ii) any securities issued by the Company after the date hereof in
respect of the Shares referred to in clause (i) by way of a share dividend or share split or other distribution or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization, but excluding
(x) any and all such Common Shares and other securities that at any time after the date hereof have been sold by such Investor to a Person that does not become an Investor pursuant to Section 10 hereof, and (y) all such Common Shares
and such other securities held by such Investor at a time when such securities are eligible for resale by such Investor pursuant to Rule 144 under the Securities Act without limitation thereunder on volume or manner of sale. 
 “Registration Expenses” has the meaning set forth in Section 7(a). 
 “Registration Statement” means any registration statement of the Company which covers any of the Registrable Shares pursuant to the
provisions of this Agreement, including the Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits and all documents incorporated by reference in such Registration Statement.

 “S-3 Shelf Registration” has the meaning set forth in Section 4(a). 
 “S-3 Shelf Registration Statement” has the meaning set forth in Section 4(a). 
 “SEC” means the Securities and Exchange Commission or any successor agency. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Shares” means any of the Common Shares. If at any time Registrable Shares include securities of the Company other than Common Shares,
then, when referring to Shares other than Registrable Shares, “Shares” shall include the class or classes of such other securities of the Company. 
 “Shelf Effectiveness Deadline” has the meaning set forth in Section 4(a). 
  

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 “Suspension Period” has the meaning set forth in Section 5. 
 “Termination Date” means with respect to a particular Investor the first date on which such Investor no longer owns any Registrable
Shares or such Investor is no longer an “Investor”. 
 “underwritten offering” means a registered offering in
which securities of the Company are sold to one or more underwriters on a firm-commitment basis for reoffering to the public, and “underwritten Shelf Takedown” means an underwritten offering effected pursuant to an S-3 Shelf
Registration. 
 In addition to the above definitions, unless the context requires otherwise: 
 (i) any reference to any statute, regulation, rule or form as of any time shall mean such statute, regulation, rule or form as amended or
modified and shall also include any successor statute, regulation, rule or form from time to time; 
 (ii)
“including” shall be construed as inclusive without limitation, in each case notwithstanding the absence of any express statement to such effect, or the presence of such express statement in some contexts and not in others; 
 (iii) references to “Section” are references to Sections of this Agreement; 
 (iv) words such as “herein”, “hereof”, “hereinafter” and “hereby” when used in this Agreement
refer to this Agreement as a whole; 
 (v) references to “business day” mean a business day in The City of New York;
and 
 (vi) references to “dollars” and “$” mean U.S. dollars. 
 Section 2. Demand Registration. 
 (a) Right to Request Registration. Subject to the provisions hereof and until the applicable Termination Date, if the Company has not filed, and caused to be effective and maintained the effectiveness of an S-3 Shelf Registration
Statement, Investor O or its Permitted Transferees may request in writing registration for resale under the Securities Act of all or part of its Registrable Shares (a “Demand Registration”); provided, however, that
(based on the then-current market prices) the number of Registrable Shares included in the Demand Registration would, if fully sold, reasonably be expected to yield gross proceeds to Investor O or its Permitted Transferees, as applicable, of at
least the Minimum Amount. Subject to Section 2(d) and Section 5 below, the Company shall use reasonable best efforts (i) to file a Registration Statement registering for resale such number of Registrable Shares as requested to be so
registered pursuant to this Section 2(a) (and such number of Registrable Shares requested to be so registered by Investor S and Investor T or their Permitted Transferees) (a “Demand Registration Statement”) within 60 days after
Investor O’s or its Permitted Transferees’ request therefor and (ii) if not automatically effective upon filing, to cause such Demand Registration Statement to be declared effective by the SEC as soon as practical thereafter. If
permitted under the Securities Act, such Registration Statement shall be one that is automatically effective upon 

  

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filing. In order to facilitate Investor S and Investor T’s possible participation in such Demand Registration, the Company shall give Investor S and
Investor T prompt notice of any exercise by Investor O or its Permitted Transferees of Demand Registration rights under this Section 2. 
 (b) Number of Demand Registrations. Subject to the limitations of Sections 2(a) and 2(d) below, Investor O and its Permitted Transferees shall be entitled to request, in the aggregate, three (3) Demand Registrations under
this Agreement and in no event more than one in any rolling period of 180 days. A Registration Statement shall not count as a permitted Demand Registration unless and until it has become effective and Investor O or its Permitted Transferees are able
to register and sell the Registrable Shares requested to be included in such registration. 
 (c) Priority on Demand Registrations.
The Company may include Shares other than Registrable Shares in a Demand Registration for any accounts on the terms provided below, if such Demand Registration is an underwritten offering, only with the consent of the managing underwriter(s) of such
offering. If the managing underwriter(s) of the requested Demand Registration advise the Company and the Investor requesting such Demand Registration that in their opinion the number of Shares proposed to be included in the Demand Registration
exceeds the number of Shares which can be sold in such underwritten offering, or securities other than Common Shares cannot be sold in the offering, in either case without materially delaying or jeopardizing the success of the offering (including
the price per share of the Shares proposed to be sold in such underwritten offering), the Company shall include in such Demand Registration (i) first, the number of Registrable Shares that Investor O proposes to sell, (ii) second, the
number of Registrable Shares that Investor S and Investor T propose to sell, allocated among such Investors pro rata according to the number of Registrable Shares such Investors request to include in such underwritten offering, and (iii) third,
the number of Shares proposed to be included therein by any other Persons (including Shares to be sold for the account of the Company) allocated among such other Persons in such manner as the Company may determine. If the number of Shares which can
be so sold is less than the number of Shares proposed to be registered pursuant to clause (i) above by Investor O, the amount of Shares to be sold shall be fully allocated to Investor O. 
 (d) Restrictions on Demand Registrations. Notwithstanding the foregoing, the Company shall not be obligated to proceed with a Demand Registration
if the offering to be effected pursuant to such registration can be effected at that time pursuant to a then currently effective S-3 Shelf Registration previously filed by the Company in accordance with Section 4. 
 (e) Underwritten Offerings. Investor O and its Permitted Transferees shall be entitled to request an underwritten offering pursuant to a Demand
Registration, but only if the number of Registrable Shares to be sold in the offering would reasonably be expected to yield gross proceeds to Investor O of at least the Minimum Amount (based on then-current market prices) and only if the request is
not made within 60 days after the Investor has sold Shares in another underwritten registered offering pursuant to Section 2 or Section 4 hereof. If any of the Registrable Shares covered by a Demand Registration are to be sold in an
underwritten offering, Investor O shall have the right to select the managing underwriter or underwriters to lead the offering, subject to the Company’s consent, not to be unreasonably withheld. 
  

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 (f) Effective Period of Demand Registrations. Upon the date of effectiveness of any Demand
Registration for an underwritten offering and if such offering is priced promptly on or after such date, the Company shall use reasonable best efforts to keep such Demand Registration Statement effective for a period equal to 60 days from such date
or such shorter period which shall terminate when all of the Registrable Shares covered by such Demand Registration have been sold by the Investors pursuant to such Demand Registration. If the Company shall withdraw any Demand Registration pursuant
to Section 5 before such 60 days end and before all of the Registrable Shares covered by such Demand Registration have been sold pursuant thereto, Investor O shall be entitled to a replacement Demand Registration which shall be subject to
all of the provisions of this Agreement. A Demand Registration shall not count against the limit on the number of such registrations set forth in Section 2(b) if (i) after the applicable Registration Statement has become effective, such
Registration Statement or the related offer, sale or distribution of Registrable Shares thereunder becomes the subject of any stop order, injunction or other order or restriction imposed by the SEC or any other governmental agency or court for any
reason not attributable to Investor O or its Affiliates (other than the Company and its controlled Affiliates) and such interference is not thereafter eliminated so as to permit the completion of the contemplated distribution of Registrable Shares
or (ii) in the case of an underwritten offering, the conditions specified in the related underwriting agreement, if any, are not satisfied or waived for any reason not attributable to Investor O or its Affiliates (other than the Company and its
controlled Affiliates), and as a result of any such circumstances described in clause (i) or (ii), less than all of the Registrable Shares covered by the Registration Statement are sold by the Investors pursuant to such Registration Statement.

 Section 3. Piggyback Registrations. 
 (a) Right to Piggyback. 
 Whenever prior to the applicable Termination Date the Company proposes to
register any Shares under the Securities Act (other than on a registration statement on Form S-8, F-8, S-4 or F-4), whether for its own account or for the account of one or more holders of Shares, and the form of registration statement to be
used may be used for any registration of Registrable Shares (a “Piggyback Registration”), the Company shall give prompt written notice to the Investors of its intention to effect such a registration and, subject to
Sections 3(b) and 3(c), shall include in such registration statement and in any offering of Shares to be made pursuant to that registration statement all Registrable Shares with respect to which the Company has received a written request for
inclusion therein from any Investor within 10 days after such Investor’s receipt of the Company’s notice (provided that only Registrable Shares of the same class or classes as the Shares being registered may be included). The
Company shall have no obligation to proceed with any Piggyback Registration and may abandon, terminate and/or withdraw such registration for any reason at any time prior to the pricing thereof. If the Company or any other Person other than the
Investors proposes to sell Shares in an underwritten offering pursuant to a registration statement on Form S-3 under the Securities Act, such offering shall be treated as a primary or secondary underwritten offering pursuant to a Piggyback
Registration. Notwithstanding the foregoing, no Investor will have any rights under this Section 3 in respect of an underwritten Shelf Takedown that has been requested by another Investor, and any such underwritten Shelf Takedown will be
subject to Section 4(c) hereof. 
  

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 (b) Priority on Primary Piggyback Registrations. If a Piggyback Registration is initiated as a
primary underwritten offering on behalf of the Company and the managing underwriter(s) advise the Company and any Investor (if such Investor has elected to include Registrable Shares in such Piggyback Registration) that in their opinion the number
of Shares proposed to be included in such offering exceeds the number of Shares (of any class) which can be sold in such offering without materially delaying or jeopardizing the success of the offering (including the price per share of the Shares
proposed to be sold in such offering), the Company shall include in such registration and offering (i) first, the number of Shares that the Company proposes to sell and (ii) second, the number of Shares requested to be included therein by
other holders of Shares, including any Investor (if such Investor has elected to include Registrable Shares in such Piggyback Registration), pro rata among all such holders on the basis of the number of Shares requested to be included therein by all
such holders or as such holders and the Company may otherwise agree (with allocations among different classes of Shares, if more than one are involved, to be reasonably determined by the Company). If the number of Shares which can be so sold is less
than the number of Shares proposed to be registered pursuant to the Piggyback Registration by the Company, the amount of Shares to be sold shall be fully allocated to the Company. 
 (c) Priority on Secondary Registrations. If a Piggyback Registration is initiated as an underwritten registration on behalf of a holder of Shares,
and the managing underwriter(s) advise the Company that in their opinion the number of Shares proposed to be included in such registration exceeds the number of Shares (of any class) (the “Secondary Maximum Number of Shares”) which
can be sold in such offering without materially delaying or jeopardizing the success of the offering (including the price per share of the Shares to be sold in such offering), then the Company shall include in such registration (i) first, the
number of Shares requested to be included therein by holder(s) requesting such registration, (ii) second, the number of Shares requested to be included therein by other holders of Shares, including any Investor (if such Investor has elected to
include Registrable Shares in such Piggyback Registration), pro rata among such holders on the basis of the number of Shares requested to be included therein by such holders or as such holders and the Company may otherwise agree (with allocations
among different classes of Shares, if more than one are involved, to be reasonably determined by the Company), and (iii) third, the number of Shares that the Company proposes to sell, to the extent that, in the case of clauses (ii) and
(iii), the Secondary Maximum Number of Shares is not thereby exceeded. 
 (d) Selection of Underwriters. If any Piggyback Registration
is a primary or secondary underwritten offering, the Company (or if the Person or Persons initiating the Piggyback Registration in the context of a secondary underwritten offering have such right, such Person(s)) shall have the right to select the
managing underwriter or underwriters to administer any such offering. 
 (e) Basis of Participations. No Investor may sell Registrable
Shares in any offering pursuant to a Piggyback Registration unless it (a) agrees to sell such Shares on the basis provided in the underwriting or other distribution arrangements approved by the Company and (b) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements, lockups and other documents reasonably required of other participants under the terms of such arrangements. 
  

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 Section 4. S-3 Shelf Registration. 
 (a) Shelf Registration. No later than twelve (12) months after the Closing Date (the “Shelf Effectiveness Deadline“), the
Company shall use reasonable best efforts (i) to file (if permitted to do so under the Securities Act and the rules and regulations thereunder) with the SEC a Registration Statement on Form S-3 (an “S-3 Shelf Registration
Statement”) for a public offering of all or such portion of the Registrable Shares designated by any Investor pursuant to Rule 415 promulgated under the Securities Act or otherwise (an “S-3 Shelf Registration”) and
(ii) to cause such S-3 Shelf Registration Statement to become effective immediately upon expiration of the Shelf Effectiveness Deadline and to thereafter remain effective. If permitted under the Securities Act, such Registration Statement shall
be one that is automatically effective upon filing. 
 (b) Right to Effect Shelf Takedowns. The Investors each shall be entitled, at
any time and from time to time when an S-3 Shelf Registration Statement is effective to sell such Registrable Shares as are then registered pursuant to such Registration Statement (each, a “Shelf Takedown”), but only upon not less
than two (2) business days’ prior written notice to the Company, during which period the Company shall be entitled to implement a Suspension Period to the extent then permitted pursuant to Section 5. The Investors each shall give the
Company prompt written notice of the consummation of each Shelf Takedown (whether or not underwritten). 
 (c) Underwritten Shelf
Takedowns. Investor O and its Permitted Transferees shall be entitled to request, in the aggregate, five (5), Investor S and its Permitted Transferees shall be entitled to request, in the aggregate, two (2), and Investor T and its Permitted
Transferees shall be entitled to request, in the aggregate, two (2), underwritten Shelf Takedown(s) under this Agreement, but only if (i) the number of Registrable Shares to be sold in the offering would reasonably be expected to yield gross
proceeds to such Investor of at least the Minimum Amount (based on then-current market prices) and (ii) without the Company’s consent, such consent not to be unreasonably withheld, the request is not made within 120 days after such
Investor has sold Shares in another underwritten registered offering pursuant to Section 2 or 4 hereof, as applicable. The Company may not include Shares in an underwritten Shelf Takedown requested by an Investor without such Investor’s
prior written consent; provided that, only in the case of an underwritten Shelf Takedown that includes a “roadshow,” the Investor that requests such underwritten Shelf Takedown shall provide reasonable notice to the other Investors (based
on the then current notice information of the Investors as set forth in the books and records of the Company) and shall give the other Investors a reasonable opportunity to participate in such underwritten Shelf Takedown, subject to
(x) priority equivalent to that found in Section 3(c) and (y) the requirements in Section 3(e). 
 (d) Selection of
Underwriters. In connection with an underwritten Shelf Takedown, the initiating Investor shall have the right to select the managing underwriter or underwriters to lead the offering, subject to the Company’s consent, not to be unreasonably
withheld. 
 (e) Effective Period of S-3 Shelf Registrations. Subject to Section 5 of this Agreement, the Company shall use
reasonable best efforts to keep any S-3 Shelf Registration Statement continuously effective until the applicable Termination Date. 
  

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 Section 5. Suspension Periods; Blackout Periods. 
 (a) Suspension Periods. The Company may delay the filing or effectiveness of, or by written notice to the applicable Investor(s) suspend the
use of, a Registration Statement in conjunction with a Demand Registration or an S-3 Shelf Registration (and, if reasonably required, withdraw any registration statement that has been filed), but in each such case only if the board of directors of
the Company determines in good faith that (x) such delay would enable the Company to avoid disclosure of material information, the disclosure of which at that time would be materially adverse to the Company’s best interests (including by
materially interfering with, or jeopardizing the success of, any pending or proposed material acquisition, disposition or reorganization) or (y) obtaining any financial statements (including required consents) required to be included in any
such Registration Statement would be impracticable. Any period during which the Company has delayed a filing, an effective date or the use of a Registration Statement pursuant to this Section 5 is herein called a “Suspension
Period”. In no event shall there be more than two Suspension Periods during any rolling period of 365 days, and the number of days covered by any one Suspension Period shall not exceed 75 days, and the number of days covered by
all Suspension Periods shall not exceed 150 days in the aggregate during any rolling period of 365 days. If pursuant to this Section 5 the Company delays or withdraws a Demand Registration or underwritten Shelf Takedown requested by
the applicable Investor, the applicable Investor shall be entitled to withdraw such request and, if it does so, such request shall not count against the limitation on the number of such registrations set forth in Section 2 or 4. The Company
shall provide prompt written notice to the Investors of the commencement and termination of any Suspension Period (and any withdrawal of a registration statement pursuant to this Section 5), but shall not be obligated under this Agreement to
disclose the reasons therefor. The Investors shall keep the existence of each Suspension Period confidential. 
 (b) Blackout Periods.
At any time when an Investor’s Board Representative (as such term is defined in the Investment Agreements) is a member of, or an Observer (as such term is defined in the Investment Agreements) entitled to attend meetings of, the Company’s
board of directors, unless the Company otherwise permits by notice in writing to the Investors, such Investor which then has a Board Representative or Observer shall not make any offers or sales of Registrable Shares during any period when all
directors of the Company and their Affiliates are required under the Company’s standard trading policy (not to be materially more restrictive than that in place on the date hereof) not to trade in securities of the Company. 
 (c) Investment Agreement Restrictions. Nothing in this Agreement shall affect the restrictions on transfers of Shares and other provisions of the
Investment Agreements, which shall apply independently hereof in accordance with the terms thereof. 
 Section 6. Registration
Procedures. 
 (a) In connection with the S-3 Shelf Registration provided for in Section 4 and otherwise whenever any Investor
requests that any Registrable Shares be registered pursuant to this Agreement, the Company shall use reasonable best efforts to effect, as soon as practical as provided herein, the registration and the sale of such Registrable Shares in accordance
with the intended methods of disposition thereof, and, pursuant thereto, the Company shall, as soon as practical as provided herein: 
 (i) subject to the other provisions of this Agreement, use reasonable best efforts to prepare and file with the SEC a Registration Statement with respect to such Registrable Shares and cause such Registration Statement to become effective
(unless it is automatically effective upon filing); and before filing a Registration Statement or Prospectus or any amendments or supplements thereto, furnish to the Investors and the underwriters or other distributors, if any, identified by the
applicable Investor copies of all such documents proposed to be filed, including documents incorporated by reference in the Prospectus and one set of the exhibits incorporated by reference, and the Investors and a single counsel selected by Investor
O (or in the case of an underwritten Shelf Takedown, a single counsel selected by the Investor requesting such underwritte Shelf Takedown pursuant to Section 4(c)) (“Investor’s Counsel”) shall have a reasonable opportunity
to review and comment on the Registration Statement and each such Prospectus (and each amendment or supplement thereto) before it is filed with the SEC, and the Investors shall have the opportunity to object to any information pertaining to the
Investors that is contained therein and the Company will make the corrections reasonably requested by the Investors with respect to such information prior to filing any Registration Statement or Prospectus or any amendment or supplement thereto;

  

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 (ii) use reasonable best efforts to prepare and file with the SEC such amendments and
supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to comply with the applicable requirements of the Securities Act and to keep such Registration Statement effective for the relevant period
required hereunder, but no longer than is necessary to complete the distribution of the Shares covered by such Registration Statement, and to comply with the applicable requirements of the Securities Act with respect to the disposition of all the
Shares covered by such Registration Statement during such period in accordance with the intended methods of disposition set forth in such Registration Statement; 
 (iii) use reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement, or the
lifting of any suspension of the qualification or exemption from qualification of any Registrable Shares for sale in any jurisdiction in the United States; 
 (iv) furnish to the Investors and each managing underwriter, if any, without charge, conformed copies of each Registration Statement and amendment thereto and copies of each supplement thereto promptly after they are
filed with the SEC (but only one set of exhibits thereto need be provided); and deliver, without charge, such number of copies of the preliminary and final Prospectus and any supplement thereto as the Investors may reasonably request in order to
facilitate the disposition of the Registrable Shares of the applicable Investor covered by such Registration Statement in conformity with the requirements of the Securities Act; 
 (v) use reasonable best efforts to register or qualify such Registrable Shares under such other securities or blue sky laws of such U.S.
jurisdictions as the applicable 

  

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Investor reasonably requests and continue such registration or qualification in effect in such jurisdictions for as long as the applicable Registration
Statement may be required to be kept effective under this Agreement (provided that the Company will not be required to (I) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for
this subparagraph (v), (II) subject itself to taxation in any such jurisdiction or (III) consent to general service of process in any such jurisdiction); 
 (vi) notify the Investors and each distributor of such Registrable Shares identified by the applicable Investor, at any time when a
Prospectus relating thereto would be required under the Securities Act to be delivered by such distributor, of the occurrence of any event as a result of which the Prospectus included in such Registration Statement contains an untrue statement of a
material fact or omits a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and, at the request of the Investors, the Company shall use reasonable best efforts to
prepare, as soon as practical, a supplement or amendment to such Prospectus so that, as thereafter delivered to any prospective purchasers of such Registrable Shares, such Prospectus shall not contain an untrue statement of a material fact or omit
to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 
 (vii) in the case of an underwritten offering in which the applicable Investor participates pursuant to a Demand Registration, Piggyback Registration or an S-3 Shelf Registration, enter into an underwriting agreement
containing such provisions (including provisions for indemnification, lockups, opinions of counsel and comfort letters) as are customary and reasonable for an offering of such kind, and take all such other customary and reasonable actions as the
managing underwriters of such offering may request in order to facilitate the disposition of such Registrable Shares (including making members of senior management of the Company available at reasonable times and places to participate in
“road-shows” and investor calls, provided that any reasonable travel and accommodation expenses in connection with any such road shows shall be borne by the applicable Investor(s)); provided, that if any Investor requests an
underwritten Shelf Takedown in accordance with this Agreement, (i) no other Investor who is not participating in such underwritten Shelf Takedown shall be required to enter into a lock-up agreement with the Company and/or managing
underwriter(s) and (ii) the Company shall not enter into any agreement in connection with such underwritten Shelf Takedown that will limit the Company’s ability in any manner to conduct an underwritten Shelf Takedown at the request of any
other Investor at any time; 
 (viii) in the case of an underwritten offering in which the applicable Investor participates
pursuant to a Demand Registration, Piggyback Registration or an S-3 Shelf Registration, and to the extent not prohibited by applicable law or pre-existing applicable contractual restrictions, (A) make reasonably available, for inspection by the
Investors, Investor’s Counsel, the managing underwriter(s) of such offering and counsel and accountants acting for such managing underwriter(s), pertinent corporate documents and financial and other records of the Company and its subsidiaries
and controlled Affiliates, (B) cause the Company’s officers and employees to supply information reasonably requested by the Investors or such managing underwriter(s) or attorney in connection 

  

 - 11 - 

 
with such offering, (C) make the Company’s independent accountants available for any such managing underwriter(s)’ due diligence and have them
provide customary “cold comfort” letters to such underwriters in connection therewith, and (D) cause the Company’s counsel to furnish customary legal opinions to such underwriters in connection therewith; provided,
however, that such records and other information shall be subject to such confidential treatment as is customary for underwriters’ due diligence reviews; 
 (ix) use reasonable best efforts to cause all such Registrable Shares to be listed on each securities exchange (if any) on which
securities of the same class issued by the Company are then listed; 
 (x) provide a transfer agent and registrar for all such
Registrable Shares not later than the effective date of such Registration Statement and, a reasonable time before any proposed sale of Registrable Shares pursuant to a Registration Statement, provide the transfer agent with printed certificates for
the Registrable Shares to be sold, subject to the provisions of Section 11; 
 (xi) make generally available to its
shareholders a consolidated earnings statement (which need not be audited) for a period of 12 months beginning after the effective date of the Registration Statement as soon as reasonably practicable after the end of such period, which earnings
statement shall satisfy the requirements of an earning statement under Section 11(a) of the Securities Act and Rule 158 thereunder; and 
 (xii) promptly notify the Investors and the managing underwriter(s) of any underwritten offering, if any: 
 (1) when the Registration Statement, any pre-effective amendment, the Prospectus or any Prospectus supplement or any post-effective amendment to the Registration Statement has been filed and, with respect to the
Registration Statement or any post-effective amendment, when the same has become effective; 
 (2) of any request by the SEC
for amendments or supplements to the Registration Statement or the Prospectus or for any additional information regarding the Investors; 
 (3) of the notification to the Company by the SEC of its initiation of any proceeding with respect to the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement; and

 (4) of the receipt by the Company of any notification with respect to the suspension of the qualification of any
Registrable Shares for sale under the applicable securities or blue sky laws of any jurisdiction; and 
 keep Investor’s Counsel
reasonably apprised as to the intention and progress of the Company with respect to any Registration Statement hereunder. 
  

 - 12 - 

 For the avoidance of doubt, the provisions of clauses (vii), (viii) and (xi) of this
Section 7(a) shall apply only in respect of an underwritten offering and only if (based on market prices at the time the offering is requested by the applicable Investor) the number of Registrable Shares to be sold in the offering would
reasonably be expected to yield gross proceeds to one or more Investors of at least the Minimum Amount. 
 (b) No Registration Statement
(including any amendments thereto) shall contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein not misleading, and no Prospectus (including any
supplements thereto) shall contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, in each case, except for
any untrue statement or alleged untrue statement of a material fact or omission or alleged omission of a material fact made in reliance on and in conformity with written information furnished to the Company by or on behalf of any Investor or any
underwriter or other distributor specifically for use therein. 
 (c) Until the applicable Termination Date, the Company shall use reasonable
best efforts to file all reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder, all to the extent required to enable any Investor to be eligible to sell
Registrable Shares (if any) pursuant to Rule 144 under the Securities Act. 
 (d) The Company may require any Investor and each
distributor of Registrable Shares as to which any registration is being effected to furnish to the Company any other information regarding such Person and the distribution of such securities as the Company may from time to time reasonably request.

 (e) Subject to the limitations on the Company’s ability to delay the use or effectiveness of a Registration Statement as provided by
the Suspension Periods set forth in Section 5(a), each Investor agrees by having its stock treated as Registrable Shares hereunder that, upon being advised in writing by the Company of the occurrence of an event pursuant to
Section 6(a)(vi) when the Company is entitled to do so pursuant to Section 5, such Investor will immediately discontinue (and direct any other Persons making offers and sales of Registrable Shares to immediately discontinue) offers and
sales of Registrable Shares pursuant to any Registration Statement (other than those pursuant to a plan that is in effect and that complies with Rule 10b5-1 of the Exchange Act) until it is advised in writing by the Company that the use of the
Prospectus may be resumed and is furnished with a supplemented or amended Prospectus as contemplated by Section 6(a)(vi), and, if so directed by the Company, such Investor will deliver to the Company all copies, other than permanent file copies
then in such Investor’s possession, of the Prospectus covering such Registrable Shares current at the time of receipt of such notice. 
 (f) The Company may prepare and deliver an issuer free-writing prospectus (as such term is defined in Rule 405 under the Securities Act) in lieu of any supplement to a prospectus, and references herein to any “supplement” to
a Prospectus shall include any such issuer free-writing prospectus. No seller of Registrable Shares may use a free-writing prospectus to offer or sell any such shares without the Company’s prior written consent. 
  

 - 13 - 

 (g) It is understood and agreed that any failure of the Company to file a registration statement or any
amendment or supplement thereto or to cause any such document to become or remain effective or usable within or for any particular period of time as provided in Section 2, 4 or 6 or otherwise in this Agreement, due to reasons that are not
reasonably within its control, or due to any refusal of the SEC to permit a registration statement or prospectus to become or remain effective or to be used because of unresolved SEC comments thereon (or on any documents incorporated therein by
reference) despite the Company’s good faith and reasonable best efforts to resolve those comments, shall not be a breach of this Agreement. However, neither shall any such failure relieve the Company of its obligations hereunder to continue to
use reasonable best efforts to remedy such failure. 
 (h) It is further understood and agreed that the Company shall not have any
obligations under this Section 6 at any time on or after the applicable Termination Date, unless an underwritten offering in which an Investor participates has been priced but not completed prior to the applicable Termination Date, in which
event the Company’s obligations under this Section 6 shall continue with respect to such offering until it is so completed. 
 Section 7. Registration Expenses. 
 (a) All expenses incident to the Company’s performance of or compliance with
this Agreement, including all registration and filing fees, fees and expenses of compliance with securities or blue sky laws, Financial Industry Regulatory Authority fees, listing application fees, printing expenses, transfer agent’s and
registrar’s fees, cost of distributing Prospectuses in preliminary and final form as well as any supplements thereto, and fees and disbursements of counsel for the Company and all independent certified public accountants and other Persons
retained by the Company, together with the reasonable documented fees and expenses of one counsel for the Investor(s) (all such expenses being herein called “Registration Expenses”) (but not including any underwriting discounts or
commissions attributable to the sale of Registrable Shares), shall be borne by the Company. Each Investor shall bear its pro rata cost of all underwriting discounts and commissions associated with any sale of Registrable Shares. 
 (b) The obligation of the Company to bear the expenses described in Section 7(a) shall apply irrespective of whether a registration, once properly
demanded or requested becomes effective or is withdrawn or suspended, unless the applicable Investor elects to pay the Registration Expenses, in which event such registration shall not count against the limit on the number of registrations set forth
in Section 2(b). 
 Section 8. Indemnification. 
 (a) The Company shall indemnify, to the fullest extent permitted by law, the Investors and each Person who controls the Investors (within the meaning of
the Securities Act) against all losses, claims, damages, liabilities, judgments, costs (including reasonable costs of investigation) and expenses (including reasonable attorneys’ fees) arising out of or based upon any untrue or alleged untrue
statement of a material fact contained in any Registration Statement or Prospectus or any amendment thereof or supplement thereto or arising out of or based upon any omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading, except insofar as the same are made in reliance and 

  

 - 14 - 

 
in conformity with information furnished in writing to the Company by the Investors or to the Company by any participating underwriter, in each case
expressly for use therein. In connection with an underwritten offering in which any Investor participates conducted pursuant to a registration effected hereunder, the Company shall indemnify each participating underwriter and each Person who
controls such underwriter (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of such Investor(s). 
 (b) In connection with any Registration Statement in which an Investor is participating, such Investor shall furnish to the Company in writing such information as the Company reasonably requests for use in connection
with any such Registration Statement or Prospectus, or amendment or supplement thereto, and shall indemnify, severally and not jointly, to the fullest extent permitted by law, the Company, its officers and directors and each Person who controls the
Company (within the meaning of the Securities Act), against all losses, claims, damages, liabilities, judgments, costs (including reasonable costs of investigation) and expenses (including reasonable attorneys’ fees) arising out of or based
upon any untrue or alleged untrue statement of material fact contained in the Registration Statement or Prospectus, or any amendment or supplement thereto, or arising out of or based upon any omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein not misleading, but only to the extent that the same are made in reliance and in conformity with information furnished in writing to the Company by or on behalf of such Investor
expressly for use therein. In connection with an underwritten offering conducted pursuant to a registration effected hereunder, such Investor shall indemnify each participating underwriter and each Person who controls such underwriter (within the
meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Company. 
 (c) Any Person
entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying Person of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying Person to assume the defense of such claim
with counsel reasonably satisfactory to the indemnified Person. Failure so to notify the indemnifying Person shall not relieve it from any liability that it may have to an indemnified Person except to the extent that the indemnifying Person is
materially and adversely prejudiced thereby. The indemnifying Person shall not be subject to any liability for any settlement made by the indemnified Person without its consent (but such consent will not be unreasonably withheld). An indemnifying
Person who is entitled to, and elects to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel (in addition to one local counsel) for all Persons indemnified (hereunder or otherwise) by such
indemnifying Person with respect to such claim (and all other claims arising out of the same circumstances), unless in the reasonable judgment of any indemnified Person there may be one or more legal or equitable defenses available to such
indemnified Person which are in addition to or may conflict with those available to another indemnified Person with respect to such claim, in which case each such indemnified Person shall be entitled to use separate counsel. The indemnifying Person
shall not consent to the entry of any judgment or enter into or agree to any settlement relating to a claim or action for which any indemnified Person would be entitled to indemnification by any indemnified Person hereunder unless such judgment or
settlement imposes no ongoing obligations on any such indemnified Person and includes as an unconditional term the giving, by all relevant claimants and plaintiffs to such indemnified Person, a release, reasonably satisfactory in form and substance
to such indemnified Person, from all liabilities in respect of such claim or 

  

 - 15 - 

 
action for which such indemnified Person would be entitled to such indemnification. The indemnifying Person shall not be liable hereunder for any amount paid
or payable or incurred pursuant to or in connection with any judgment entered or settlement effected with the consent of an indemnified Person unless the indemnifying Person has also consented to such judgment or settlement. 
 (d) The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of
the indemnified Person or any officer, director or controlling Person of such indemnified Person and shall survive the transfer of securities and the applicable Termination Date but only with respect to offers and sales of Registrable Shares made
before the applicable Termination Date or during the period following the applicable Termination Date referred to in Section 6(h). 
 (e) If the indemnification provided for in or pursuant to this Section 8 is due in accordance with the terms hereof, but is held by a court to be unavailable or unenforceable in respect of any losses, claims, damages, liabilities or
expenses referred to herein, then each applicable indemnifying Person, in lieu of indemnifying such indemnified Person, shall contribute to the amount paid or payable by such indemnified Person as a result of such losses, claims, damages,
liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying Person on the one hand and of the indemnified Person on the other in connection with the statements or omissions which result in such
losses, claims, damages, liabilities or expenses as well as any other relevant equitable considerations. The relative fault of the indemnifying Person on the one hand and of the indemnified Person on the other shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying Person or by the indemnified Person, and by such
Person’s relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. In no event shall the liability of any Investor be greater in amount than the amount for which such indemnifying Person
would have been obligated to pay by way of indemnification if the indemnification provided for under Section 8(a) or 8(b) hereof had been available under the circumstances. 
 Section 9. Securities Act Restrictions. 
 (a) Each Investor agrees that all certificates or other instruments representing the Purchased Securities will bear a legend substantially to the following effect: 
 (1) THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR SECURITIES LAWS OF ANY STATE
AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH
LAWS. 
 (2) THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO TRANSFER AND OTHER RESTRICTIONS SET FORTH IN AN INVESTMENT
AGREEMENT, DATED AS OF AUGUST 20, 2008, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE ISSUER. 
  

 - 16 - 

 (b) Upon the reasonable request of an Investor, at a time when such legend is no longer required under
the Securities Act and applicable state laws, the Company shall promptly cause clause (1) of the legend to be removed from any certificate for any Purchased Securities to be Transferred by such Investor in accordance with the terms of the
relevant Investment Agreement, upon the receipt by the Company of an opinion of counsel, certification and/or other information reasonably satisfactory to the Company; and clause (2) of the legend shall be removed upon the expiration of such
transfer and other restrictions set forth in the relevant Investment Agreement. Each Investor acknowledges that the Purchased Securities have not been registered under the Securities Act or under any state securities laws and agrees that it will not
sell or otherwise dispose of any of the Purchased Securities, except in compliance with the registration requirements or exemption provisions of the Securities Act and any other applicable securities laws. 
 Section 10. Transfers of Rights. 
 (a) If an Investor transfers Registrable Shares it owns to a third party, such party shall succeed to the rights and obligations of such Investor under this Agreement with respect to such Registrable Shares and be treated hereunder as if it
were a separate “Investor” hereunder, but only if (i) the transfer is made to a party to whom such Investor is permitted to transfer Common Shares under section 4.2(b)(i) of the applicable Investment Agreement (a “Permitted
Transferee”) and (ii) such party signs and delivers to the Company a written acknowledgment (in form and substance reasonably satisfactory to the Company) that it has succeeded to such Investor as a party to this Agreement and has
assumed the rights and obligations of such Investor hereunder. Each such transfer shall be effective when (but only when) the transferred securities are registered in the name of the transferee and the transferee has signed and delivered the written
acknowledgment to the Company. Upon any such effective transfer, the transferee shall automatically become and have the rights and obligations of an Investor with respect to the Registrable Shares so transferred and the transferor shall
automatically cease to be and to have the rights and obligations of an Investor but only with respect to the transferred Registrable Shares and the transferor shall otherwise maintain all of its rights and obligations as a separate Investor
hereunder, provided that the rights and obligations of the transferor arising under Section 8 or otherwise hereunder with respect to periods and matters existing before such cessation shall survive such cessation. Notwithstanding any
other provision of this Agreement, no Person who acquires securities transferred in violation of this Agreement or the applicable Investment Agreement, or who acquires securities that are not or upon acquisition cease to be Registrable Shares, shall
have any rights under this Agreement with respect to such securities, and such securities shall not have the benefits afforded hereunder to Registrable Shares. 
 Section 11. Miscellaneous. 
 (a) Notices. Except as otherwise provided herein, all
notices, requests, consents and other communications required or permitted hereunder shall be in writing and shall be hand delivered, mailed (postage prepaid) by registered or certified mail or sent by e-mail or facsimile transmission (with
telephone confirmation promptly thereafter), 
  

 - 17 - 

			
	If to Investor O:

					
		
		 	One Equity Partners III, L.P.
		 	320 Park Avenue, 18th Floor
		 	New York, New York 10022
		 	Tel:	 	(212) 277-1500
		 	Facsimile:	 	(212) 277-1572
		 	Attention:	 	David M. Cohen
		 		 	Colin M. Farmer

			
	
	with a copy (which copy alone shall not constitute notice) to:

					
		
		 	Simpson Thacher & Bartlett LLP
		 	425 Lexington Avenue
		 	New York, NY 10017
		 	Tel:	 	(212) 455-7295
		 	Facsimile:	 	(212) 455-2502
		 	Attention:	 	William R. Dougherty, Esq.

			
	
	If to Investor S:

					
		
		 	Sagard Capital Partners, L.P.
		 	325 Greenwich Avenue
		 	Greenwich, Connecticut 06830
		 	Tel:	 	(203) 629-6700
		 	Facsimile:	 	(203) 629-6781
		 	Attention:	 	Daniel Friedberg

			
	
	with a copy (which copy alone shall not constitute notice) to:

					
		
		 	Finn Dixon & Herling LLP
		 	177 Broad Street
		 	Stamford, Connecticut 06901
		 	Tel:	 	(203) 325-5000
		 	Facsimile:	 	(203) 325-5001
		 	Attention:	 	Charles J. Downey III, Esq.

			
	
	If to Investor T:

					
		
		 	Tinicum Capital Partners II, L.P.
		 	800 Third Avenue
		 	40th Floor
		 	New York, NY 10022
		 	Tel:	 	(212) 446-9300
		 	Facsimile:	 	(212) 750-9264
		 	Attention:	 	Robert J. Kelly

  

 - 18 - 

			
	with a copy (which copy alone shall not constitute notice) to:

			
	
	Sullivan & Cromwell LLP
	1888 Century Park East
	Suite 2100
	Los Angeles, CA 90067
	Tel:	 	(310) 712-6600
	Facsimile:	 	(310) 712-8800
	Attention:	 	Alison S. Ressler, Esq.

			
	
	If to the Company:

			
	
	X-Rite, Incorporated
	4300 44th St. SE
	Grand Rapids, MI 49512
	Tel:	 	(616) 803-2309
	Facsimile:	 	(616) 803-2530
	Attention:	 	Thomas Vacchiano

			
	
	with copies (which copies alone shall not constitute notice) to:

			
	
	Shearman & Sterling LLP
	599 Lexington Ave.
	New York, NY 10022
	Tel:	 	(212) 848-4000
	Facsimile:	 	(212) 848-7179
	Attention:	 	Creighton O’M. Condon, Esq.
		 	Scott Petepiece, Esq.
		
	and	 	
	
	McDermott Will & Emery LLP
	227 West Monroe
	Chicago, IL 60606
	Tel:	 	(312) 984-7563
	Facsimile:	 	(312) 983-7700
	Attention:	 	Helen Friedli, Esq.

 or at such other address as any such party hereto may specify by written notice to the others, and, except as
otherwise provided herein, each such notice, request, consent and other communication shall for all purposes of the Agreement be treated as being effective or having been given when delivered personally or by mail or, in the case of e-mail or
facsimile delivery, upon receipt of e-mail or facsimile confirmation of delivery and telephonic confirmation. 
 (b) No Waivers. No
failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise 

  

 - 19 - 

 
thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall
be cumulative and not exclusive of any rights or remedies provided by law. 
 (c) Successors and Assigns. The provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and Permitted Transferees, it being understood that there are no intended third-party beneficiaries hereof (except as specified in
Section 10 hereof). 
 (d) Governing Law. This Agreement shall be governed by and construed in accordance with the law of the
State of New York applicable to contracts made and to be performed entirely within such state. 
 (e) Jurisdiction. Any suit, action
or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby must be brought in any federal or state court located in the Borough of Manhattan
in The City of New York, and each of the parties hereby consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by
law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an
inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of
process on such party as provided in Section 13(a) shall be deemed effective service of process on such party. 
 (f) Waiver of Jury
Trial. 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. 
 (g) Counterparts; Effectiveness. This Agreement may be executed in any number of counterparts (including by e-mail or facsimile) and by different
parties hereto in separate counterparts, with the same effect as if all parties had signed the same document. All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument. This
Agreement shall become effective when each party hereto shall have received counterparts hereof signed by all of the other parties hereto. 
 (h) Entire Agreement. This Agreement contains the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes and replaces all other prior agreements, written or oral, among the parties hereto
with respect to the subject matter hereof. 
 (i) Captions. The headings and other captions in this Agreement are for convenience and
reference only and shall not be used in interpreting, construing or enforcing any provision of this Agreement. 
 (j) Severability. If
any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, 

  

 - 20 - 

 
the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected,
impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

(k) Amendments. (a) The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given without the prior written consent of the Company and the Investors. 
 (b) The Company has not entered into, and will not, from and after the date hereof, enter into, any agreements or arrangements that grant to any other holders of its securities any rights that violate or conflict with
this Agreement or impede the Company’s ability to fulfill and comply with its obligations set forth herein. 
 (l) Lock-Up. Each
Investor shall, in connection with any underwritten offering of the Company’s securities, in each case, in which such Investor is selling Registrable Shares pursuant to its rights under Section 3, upon the request of the Company or the
managing underwriter(s), agree in writing not to effect any sale, disposition or distribution of any Registrable Shares (other than those included in such offering) without the prior written consent of the Company or such managing underwriter(s), as
the case may be, for such period of time prior to and/or following the completion of the sale of the Company’s securities in such underwritten offering as the Company or the managing underwriter(s) may specify; provided, however, that all
executive officers and directors of the Company shall also have agreed not to effect any sale, disposition or distribution of any such securities under the circumstances and pursuant to the terms set forth in this Section 11(l). 
 [Execution Page Follows] 
  

 - 21 - 

 IN WITNESS WHEREOF, this Registration Rights Agreement has been duly executed by each of the parties
hereto as of the date first written above. 
  

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

	Name:	 	Thomas J. Vacchiano, Jr.
	Title:	 	CEO
	
	OEPX, LLC
		
	By:	 	 /s/ Colin M. Farmer

	Name:	 	Colin M. Farmer
	Title:	 	Vice President
	
	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

 [Registration Rights Agreement Signature Page] 

			
	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

 [Registration Rights Agreement Signature Page]Amendment No. 8 to Receivables Purchase Agreement

 Exhibit 10.1 
 AMENDMENT NO. 8 
 TO RECEIVABLES PURCHASE AGREEMENT 
 THIS AMENDMENT NO. 8 (this “Amendment”), dated as of October 24, 2008, is among Truck
Retail Accounts Corporation, a Delaware corporation (“Seller”), Navistar Financial Corporation, a Delaware corporation (“Navistar”), as initial Servicer (Navistar, together with Seller, the
“Seller Parties” and each a “Seller Party”), the entities listed on Schedule A to the Agreement (together with any of their respective successors and assigns hereunder, the “Financial
Institutions”), JS Siloed Trust (the “Trust”) and JPMorgan Chase Bank, N.A., successor by merger to Bank One, NA, as agent for the Purchasers (together with its successors and assigns, the
“Agent”), and pertains to that certain Receivables Purchase Agreement dated as of April 8, 2004 by and among the parties hereto, as heretofore amended (the “Agreement”). Unless defined elsewhere
herein, capitalized terms used in this, Amendment shall have the meanings assigned to such terms in the Agreement. 
 PRELIMINARY
STATEMENT 
 The Seller Parties have requested that the Agent and the Purchasers agree to certain amendments to the
Agreement; and 
 The Agent and the Purchasers are willing to agree to the requested amendments on the terms hereinafter set
forth. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1.
Amendments. 
 (a) Section 2.6 of the Agreement is hereby amended to delete “two (2) Business Days” where it
appears and to substitute in lieu thereof “one (1) Business Day.” 
 (b) All references to “Prime Rate” in Sections
1.4, 4.1, 4.4 and 4.5, in the definition of “Tranche Period” and in Exhibit II are hereby replaced with “Alternate Base Rate”. 
 (c) Section 8.5 of the Agreement is hereby amended and restated in its entirety to read as follows: 
 Section 8.5. Reports. The Servicer shall prepare and forward to the
Agent (i) on the 15th day of each month or, if such day is not a Business Day, the first Business Day thereafter and at such times as the Agent
shall request, a Monthly Report, (ii) on the second Business Day of each week, a Weekly Report which updates the previous month’s Monthly Report for the previous week’s Incremental Purchases and Collections, and (iii) at such
times as the Agent shall reasonably request, a listing by Obligor of all Receivables together with an aging of such Receivables. 
  

 1 

 (d) Section 9.1(f) of the Agreement is hereby amended and restated in its entirety to read as
follows: 
 (f) As at the end of any calendar month, the three month rolling average Delinquency Ratio shall exceed 5.5% or the three month
rolling average Default Trigger Ratio shall exceed 3.0% or the three month rolling average Dilution Ratio shall exceed 1.5%. 
 (e) A new
Section 9.1(l) is hereby added to the Agreement which reads as follows: 
 (l) Navistar shall fail to observe or perform any condition,
covenant or agreement contained in Section 8.01 of the Transferor Credit Agreement as of October 24, 2008; provided, however, if the Transferor Credit Agreement is terminated or Section 8.01 of the Transferor Credit Agreement or any
defined term or provision that affects the calculation specified in Section 8.01 of the Transferor Credit Agreement is terminated, amended, supplemented or modified, then Section 8.01 as used herein may, at the direction of the Agent, be
similarly terminated, amended, supplemented or modified. 
 (f) The following new definitions are hereby added to Exhibit I to the Agreement
in their appropriate alphabetical order: 
 “Alternate Base Rate” means a rate per annum equal to the
higher of (a) the Prime Rate, and (b) the sum of the Federal Funds Effective Rate plus 50 basis points, provided, however, that in no event shall such higher rate for any day be less than the LIBO Rate for a Tranche Period of
one month on such date (or the immediately preceding Business Day, if such date is not a Business Day), adjusted for statutory reserves (if any) applicable to the Agent. 
 “Excess Refinancings” means the amount, if any, by which Receivables that are refinanced by Navistar Financial
Corporation in any calendar month exceed 5% of the aggregate Outstanding Balance of all Receivables on the last day of the prior calendar month. 
 (g) The definitions of the following terms set forth in Exhibit I to the Agreement are hereby amended and restated in their entirety to read, respectively, as follows: 
 “Concentration Limit” means, at any time, for any Obligor,
6.67% of Eligible Receivables, or such other amount (a “Special Concentration Limit”) for such Obligor designated by the Agent; provided, that in the case of an Obligor and any Affiliate of such Obligor, the Concentration
Limit shall be calculated as if such Obligor and such Affiliate are one Obligor; and provided, further, that Trust or the Required Financial Institutions may, upon notice to Seller, cancel any Special Concentration Limit; provided,
however, that such Special Concentration Limit shall remain in place until the first Weekly Settlement Date following the fifteenth (15th) Business Day following the delivery of such notice. As of October 24, 2008 until notice from the Agent to the contrary in accordance with the 

  

 2 

 
proceeding sentence, the following Special Concentration Limits, as amended with the Agent’s consent in the Weekly Report, shall be in effect:
(i) Walmart Leasing, and Affiliates, 18% of Eligible Receivables; (ii) Anheuser Bush, Inc. and Affiliates, 10% of Eligible Receivables; (iii) Safeway Stores, 10% of Eligible Receivables; (iv) Sara Lee, and Affiliates 10% of
Eligible Receivables; (v) Ryder Truck Rental and Affiliates, 10% of Eligible Receivables and (vi) Laidlaw, Inc. and Affiliates, 5% of Eligible Receivables. 
 “Default Fee” means with respect to any amount due and payable by Seller in respect of any Aggregate Unpaids, an
amount equal to the interest on any such unpaid Aggregate Unpaids at a rate per annum equal to 200 basis points above the Alternate Base Rate. 
 “Dilutions” means, as of any date, the sum of (a) the aggregate amount of reductions or cancellations described in clause (i) of the definition of “Deemed Collections”
plus (b) the aggregate amount of Excess Refinancings during the calendar month then most recently ended (it being understood that Excess Refinancings need only be counted once per month as Dilutions). 
 “Discount Rate” means, the LIBO Rate or the Alternate Base Rate, as applicable, with respect to each Purchaser
Interest of the Financial Institutions. 
 “Liquidity Termination Date” means August 7, 2009.

 “Originator” means Navistar, Inc., formerly known as International Truck and Engine Corporation, a
Delaware corporation, and its successors. 
 (h) Clauses (xv), (xx) and (xxi) of the definition of “Eligible
Receivable” set forth in Exhibit I to the Agreement are hereby deleted and replaced, respectively, with the following: 
 (xv) which is not subject to any right of rescission, set-off, counterclaim, any other defense (including defenses arising out of violations of usury laws) (any such right referred to herein as a “Setoff Right”) of
the applicable Obligor against Parent or any other Adverse Claim, and the Obligor thereon holds no right as against Parent to cause Parent to repurchase the goods or merchandise the sale of which shall have given rise to such Receivable (except with
respect to sale discounts effected pursuant to the Contract, or defective goods returned in accordance with the terms of the Contract); provided, however, any Receivable subject to a Setoff Right will be included as an Eligible
Receivable provided, that the aggregate of the Net Obligor Setoff Amounts for all Obligors does not exceed $0 in the case of Setoff Rights arising from trade-ins and $500,000 in all other cases (either such amount, the
“Agreed Limit”), and if the aggregate of the Net Obligor Setoff Amounts exceeds the Agreed Limit, the Receivables of each Obligor that are subject to a Setoff Right shall be included as Eligible Receivables but the aggregate
amount of such Receivables shall be reduced by the Net Obligor Setoff Amount for such Obligor; 
  

 3 

 * * * * * 
 (xx) which is not a B Receivable; and 
 (xxi) with respect to any C Receivable, whether or
not delivery has been made to the applicable Obligor, payment, or part thereof, remains unpaid for not more than 90 days after the original factory invoice date for such payment. 
 (i) The definition of “Credit Enhancement Trigger” set forth in Exhibit I to the Agreement, and all reference to such term in the
Agreement, are hereby deleted. 
 (j) Exhibit IV to the Agreement is hereby amended to delete: 
 “Blocked Account: a trust account number 10208044.1 in the name ‘Blocked
Account for JPMorgan Chase Bank, N.A., as Agent’ maintained with JPMorgan Chase Bank, N.A., 4 New York Plaza, 6th Floor, New York, New York
10004” 
 and to replace the same with the following: 
 “Blocked Account: a trust account number 232874 in the name ‘Blocked Account for JPMorgan Chase Bank, N.A., as Agent’ maintained with the Bank of New York Mellon, 101 Barclay Street, 4W, New York, New
York 10286”. 
 (k) Exhibits X and XI to the Agreement are hereby amended and restated in their entirety to read as set forth in Annexes
A and B, respectively, hereto. 
 Section 2. Representations and Warranties. In order to induce the parties to enter into this
Amendment, each of the Seller Parties hereby represents and warrants to the Agent and the Purchasers that (a) after giving affect to this Amendment, each of such Seller Party’s representations and warranties contained in Article V of the
Agreement is true and correct as of the date hereof, (b) the execution and delivery by such Seller Party of this Amendment, and the performance of its obligations hereunder, are within its corporate or limited partnership, as applicable, powers
and authority and have been duly authorized by all necessary corporate or limited partnership, as applicable, action on its part, and (c) this Amendment has been duly executed and delivered by such Seller Party and constitutes the legal, valid
and binding obligation of such Seller Party enforceable against such Seller Party in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or
limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
  

 4 

 Section 3. Conditions Precedent. This Amendment shall become effective as of the date first
above written upon receipt by the Agent of (a) counterparts hereof, duly executed by each of the parties hereto, and (b) counterparts of an amendment to the Liquidity Agreement. 
 Section 4. Miscellaneous. 
 (a)
THIS AMENDMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF ILLINOIS. 
 (b) Except as expressly modified hereby, the Agreement remains unaltered and in full force and effect and is hereby ratified and confirmed. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns (including any trustee in bankruptcy). 
 (c) This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. 
 <signature pages follow> 
  

 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and
delivered by their duly authorized officers as of the date hereof. 
  

			
	TRUCK RETAIL ACCOUNTS CORPORATION
		
	By:	 	 /s/ Dave Derfelt

	Name:	 	Dave Derfelt
	Title:	 	V.P. & Controller
	
	NAVISTAR FINANCIAL CORPORATION
		
	By:	 	 /s/ Dave Derfelt

	Name:	 	Dave Derfelt
	Title:	 	V.P. & Controller

  

 6 

			
	JS SILOED TRUST
		
	BY:	 	 JPMORGAN CHASE BANK, N.A., 
 AS ADMINISTRATIVE TRUSTEE

		
	By:	 	 /s/ John M. Kuhns

	Its:	 	John M. Kuhns
		 	Executive Director
	
	JPMORGAN CHASE BANK, N.A., INDIVIDUALLY AS A FINANCIAL INSTITUTION AND AS
AGENT
		
	By:	 	 /s/ John M. Kuhns

	Its:	 	John M. Kuhns
		 	Executive Director

  

 7 

 Annex A 
 EXHIBIT X 
 FORM OF MONTHLY REPORT 
 [Attached] 
  

 8 

 Truck Retail Accounts Corporation 

			
	Monthly Report For:	  	September-08
	as of October 06, 2008	  	

  

	I.	Receivables Rollforward  

  

									
	Beginning Receivables	 		 		 		 	
	 Gross Sales
	 		 		 		 	
	 Additional Post Invoice Sales
	 		 		 		 	
	 Total Cash Collections
	 		 		 		 	
	 Dilution
	 		 		 		 	
	 Charge-offs
	 		 		 		 	
	 Recoveries
	 		 		 		 	
	 Unapplied Cash
	 		 		 		 	
	 Other Adjustments
	 		 		 		 	
		 	 	 		 		 	
	Total Receivables	 		 		 		 	
		 	 	 		 		 	

  

	II.	Master Aging Schedule 

  

									
	 	 	Aging	 	 	 	 
	 Current
	 		 		 		 	
	 1-30 days past due
	 		 		 		 	
	 31-60 days past due
	 		 		 		 	
	 61-90 days past due
	 		 		 		 	
	 91-120 days past due
	 		 		 		 	
	 >120 days past due
	 		 		 		 	
	 Future (unapplied cash & terms > 30)
	 		 		 		 	
	 Non-Aged
	 		 		 		 	
	 Non-Aged Credits
	 		 		 		 	
	 Other Credits & Unapplied Cash
	 		 		 		 	
		 	 	 		 	
	 Total Receivables
	 		 		 		 	
		 	 	 		 	

 UNRECONCILED DIFFERENCE 
  

							
	Past Due Aging Schedule of A’s and B’s	  	Past Invoice Aging Schedule of C’s
				
	 	  	 Aging
	  	 	  	 Aging

	Current	  		  		  	
	1-30 days past due	  		  	1-30 days past invoice	  	
	31-60 days past due	  		  	31-60 days past invoice	  	
	61-90 days past due	  		  	61-90 days past invoice	  	
	91-120 days past due	  		  	91-120 days past invoice	  	
	>120 days past due	  		  	>120 days past invoice	  	
	 Credits & Unapplied Cash
	  		  	 Credits & Unapplied Cash
	  	
		  	 	  		  	 
	Total Receivables	  		  	Total Receivables	  	
		  	 	  		  	 

  

	III.	Eligible Receivables  

  

							
	 Total Receivables
	  	
	Minus:	  	A & B Receivables > 60 days past due	 		  	
		  	Aggregate B Receivables	 		  	
		  	Total B Receivables	 		  	
		  	Undelivered B Receivables	 		  	
		  	C Receivables > 90 days past invoice	 		  	
		  	Non-aged (N) Receivables less N Credits	 		  	
		  	Contra-Accounts > $500K	 		  	
		  	Extended Terms > 60 days	 		  	
		  	Extended Term Receivables	 		  	
		  	U.S. Government Receivables > 5%	 		  	
		  	Obligors w/ 30% of A&B Rec’s > 60 dpd (NOTE #1)	 		  	
		  	Obligors w/ 30% of Cs Rec’s > 90 dpi (NOTE #1)	 		  	
		  	Bankrupt Obligors	 		  	
		  	Set-off Rights for trade ins	 		  	
		  	Other Ineligibles	 		  	
		  		 	 	  	
	Eligible Receivables Balance	  	
		  		 	 	  	

  

	IV.	Capital Availability 

  

							
	Eligible Receivables Balance	  		  	
	Minus:	  	Excess Concentrations (see Section VI)	  		  	
		  	Cendant excess concentration	  		  	
		
	Net Receivable Balance	  	
	Minus:	  	Loss Reserve Percentage X Net Receivables Balance (NOTE#2)	  		  	
		  	Dilution Reserve Percentage X Net Receivables Balance (NOTE#3)	  		  	
		  	Yield & Servicing Reserve Percentage X Net Receivables Balance (NOTE#4)	  		  	
		  	 In the event of a Credit Enhancement Trigger, the aggregate reserves would be the greater of:
	  		  	
		  	 (a) 35% or (b) the sum of the Loss, Dilution and Yield and Servicing Reserve.
	  		  	
			
	Total Reserve Requirement	  		  	
		  		  	 	  	
			
	Available for Funding	  		  	
	Capital Outstanding (cannot exceed $100 million)	  	 	  	
			
	Purchaser Interest (cannot exceed 100%) (NOTE#5)	  		  	
			
	Amount Available or Paydown Required (NOTE # 7)	  		  	
		  		  	 	  	

							
	AMOUNT ADVANCED / PAID DOWN	  	 	  	
			
	 Purchaser Interest after Draw / Paydown (cannot exceed 100%)
	  		  	
		  		  	 	  	

  

	V.	Compliance (NOTE #6) 

							
		  		  	Termination Event?	  	
	3-Month Average Dilution Ratio (cannot be greater than 1.5%)	  		  	
		  		  	 	  	
		  	Current month dilution ratio	  		  	
		  	One month prior dilution ratio	  		  	
		  	Two month prior dilution ratio	  		  	
			
	3-Month Average Master Aging Delinquency Ratio (cannot be greater than 5.5%) 	  		  	
		  		  	 	  	
		  	Current month delinquency ratio	  		  	
		  	One month prior delinquency ratio	  		  	
		  	Two month prior delinquency ratio	  		  	
			
	3-Month Average Master Aging Default Ratio (cannot be greater than 3.0%) 	  		  	
		  		  	 	  	
		  	Current month default ratio	  		  	
		  	One month prior default ratio	  		  	
		  	Two month prior default ratio	  		  	
			
	Financial Covenants (updated Quarterly)	  		  	
	 Fixed Charge Coverage Ratio (cannot be less than 1.25 to 1) 
	  		  	
		  		  	 	  	
	 Consolidated Debt Ratio (cannot exceed 6.0 to 1)
	  		  	
		  		  	 	  	

  

	VI.	Obligor Concentration Limits 

  

													
	Loss Reserve Floor
							
	 Obligor Name
	  	Obligor
Total	  	Ineligibles	  	Eligible
Receivables	  	Concentration
Limit %	  	Limit
Amount	  	Excess
Concentration
	 Spec. Obligors:
	  		  		  		  		  		  	
	 Anheuser Bush, Inc and Affiliates
	  		  		  		  		  		  	
	 Walmart Leasing and Affiliates
	  		  		  		  		  		  	
	 Safeway Stores
	  		  		  		  		  		  	
	 Sara Lee and Affiliates
	  		  		  		  		  		  	
	 Laidlaw Transit Inc.
	  		  		  		  		  		  	
	 Ryder
	  		  		  		  		  		  	
							
	 Other Obligors: 
	  		  		  		  		  		  	
	 Penske
	  		  		  		  		  		  	
	 US Motors
	  		  		  		  		  		  	
	 Budget (Cendant)
	  		  		  		  		  		  	
	 First Student Amtran
	  		  		  		  		  		  	
	 TOTAL
	  		  		  		  		  		  	

 Notes: 
  

	1	All Receivables of any A & B Obligor for whom receivables greater than 60 dpd constitute, in the aggregate, more than 30% of all Receivables of such Obligor.

 All Receivables of any C Obligor for whom receivables greater than 90 dpi constitute, in the aggregate, more than 30% of all
Receivables of such Obligor. 

	2	This reserve percentage is calculated dynamically based on recent portfolio performance. 

	3	This reserve percentage is calculated dynamically based on recent portfolio performance. 

	4	This reserve percentage a static percentage. 

	5	Purchaser Interest is defined as follows: Capital / NRB – (Reserve Percentage X NRB). 

	6	Dilution Ratio is defined as current month’s dilution divided by sales 1-month prior, which cannot be greater than 1.5% Delinquency Ratio is defined as the aggregate Oustanding
Balance of all Receivables that were greater than 60 days divided by the aggregate Outstanding Balance of all Receivables, which cannot be greater than 5.5% Default Ratio is defined as the sum of the aggregate Outstanding Balance of all Receivables
unpaid for more than 90 but less than 121 days and the aggregate Oustanding Balance of all Receivables that became Charged-Off prior to 90 days past due divided by the aggregate Oustanding Balance of all Receivables, which cannot be greater than
3.0% 

	7	Weekly purchase date true UPS have remedied this excess / shortfall. No excess / shortfall exists as of the monthly settlement date report. 

 The undersigned hereby represent and warrants that the foregoing is a true and accurate accounting with respect to the outstandings of September 30,
2008 in accordance with the Receivables Purchase Agreement date as of April 8, 2004 and that all Representations and Warranties are restated and reaffirmed. 
  

			
	Signed by:	 	  

		 	John V. Mulvaney, Sr.
	Title:	 	VP, CFO & Treasurer

 Annex B 
 EXHIBIT XI 
 FORM OF WEEKLY REPORT 
 [Attached] 
  

 11 

 Truck Retail Accounts Corporation 
  

							
	 Weekly Report For:
in the Month of:
	 	26-Sep-08
August-08	 	as of 09/29/2008	  	

  

													
	 I.      Receivables Rollforward 
	 		 		 		 	
						
		 	 Beginning Receivables
	 		 		 		 	
		 	 Gross Sales
	 		 		 		 	
		 	 Additional Post Invoice Sales
	 		 		 		 	
		 	 Total Cash Collections
	 		 		 		 	
		 	 Dilution
	 		 		 		 	
		 	 Charge-offs
	 		 		 		 	
		 	 Recoveries
	 		 		 		 	
		 	 Unapplied Cash
	 		 		 		 	
		 	 Other Adjustments
	 		 		 		 	
		 		 		 	 	 		 		 	
		 	 Total Receivables
	 		 		 		 	
		 		 		 	 	 		 		 	
					
	 II.     Master Aging Schedule
	 		 		 		 	
						
		 	 Current
	 		 		 		 	
		 	 1-30 days past due
	 		 		 		 	
		 	 31-60 days past due
	 		 		 		 	
		 	 61-90 days past due
	 		 		 		 	
		 	 91-120 days past due
	 		 		 		 	
		 	 >120 days past due
	 		 		 		 	
		 	 Future (unapplied cash & terms > 30)
	 		 		 		 	
		 	 Non-Aged
	 		 		 		 	
		 	 Non-Aged Credits
	 		 		 		 	
		 	 Other Credits & Unapplied Cash
	 		 		 		 	
		 		 		 		 	 	 	
		 	 Total Receivables
	 		 		 		 	
		 		 		 		 	 	 	
					
	 III.   Eligible Receivables
	 		 		 		 	
						
		 	 Total Receivables
	 		 		 		 	
		 	 Minus:
	 	 Ineligibles from Month End Report
	 		 	 	 		 	
						
		 	 Eligible Receivables Balance
	 		 		 		 	
		 		 		 		 		 		 	 
					
	 IV.   Capital Availability
	 		 		 		 	
						
		 	 Eligible Receivables Balance
	 		 		 		 	
		 	 Minus:
	 	 Excess Concentrations from Month End Report
	 	 	 		 	
		 		 	 Cendant excess concentration from Month End Report
	 	 	 		 	
	 Net Receivable Balance
	 		 		 		 	
		 		 		 		 		 		 	 
		 	 Minus:
	 	 Reserve Percentage from Month End Report
	 		 	 	 		 	
					
	 Total Reserve Requirement
	 		 		 		 	
		 		 		 		 		 		 	 
	 	 	 	 	 	 	 	 	 
	 Available for Funding
	 		 		 		 	
	 Capital Outstanding Today, as reported by Servicer (cannot exceed $100 million)
	 		 		 	 
					
	 Paydown Required (within 2 business days)
	 		 		 		 	
		 		 		 		 		 		 	 
		 		 		 		 		 		 	
	 AMOUNT PAID DOWN
	 		 		 		 	 
		 		 		 		 	
	 AMOUNT DRAWN
	 		 		 		 	 
		 		 		 		 	
	 Ending Capital After Payment or Draw
	 		 		 		 	
		 		 		 		 	
	 Purchaser Interest after Paydown (cannot exceed 100%)
	 		 		 		 	
		 		 		 		 		 		 	 
					
		 		 		 	Is a paydown required?	 	
					
		 		 		 	If a paydown is required, how much?	 	
					
		 		 		 	If an additional purchase is available, how much?	 	

 The undersigned hereby represent and warrants that the foregoing is a true and accurate accounting with respect to the
outstandings of August 31, 2008 in accordance with the Receivables Purchase Agreement date as of April 8, 2004 and that all Representations and Warranties are restated and reaffirmed. 
  

			
	Signed by:	 	
		
		 	  

		 	John V. Mulvaney, Sr.
	Title:	 	VP, CFO & Treasurer

 David L. Derfelt 
 VP & Controller 
 Mary Ellen Kummer 
 Assistant Treasurer 
 John V. Mulvaney, Sr. 
 VP,
CFO & Treasurer

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