Document:

EX-10.1: WRIGHT/KELSO MEMORANDUM

 

Exhibit 10.1

	 	 	 	 	 
		 	
 
	 	Interoffice Communication
 
 

Elease E. Wright

Aetna Human Resources, RC3A

(860) 273-8371

Fax: (860) 560-8721

          

	 	 	 
	To	 	
David B. Kelso
	
	
	
	

	Date	 	
September 30, 2002
	
	
	
	

	Subject	 	
Relocation

As we had discussed, your eligibility for the executive relocation program
under your employment agreement was for a 12-month period ending this month.
At its meeting on September 27, 2002, the Board of Directors’ Committee on
Compensation and Organization considered your request for an extension of your
eligibility for the program. This is to advise you that the Committee and the
Board have approved your participation in Aetna Inc.’s executive relocation
program through March 15, 2003 and reimbursement of living expenses in the
Hartford area for that period prior to your relocation.<PAGE>

                                  EXHIBIT 10(e)

                               INDEMNITY AGREEMENT

         AGREEMENT made as of the _____ day of August, 2002, by and among Gentex
Corporation, a Michigan corporation (the "Corporation") and ________________(the
"Indemnitee") with respect to the following:

                              W I T N E S S E T H:

         WHEREAS, the Board of Directors of the Corporation has recognized that
the present trend in litigation against corporate directors and officers,
together with new legislation, regulations, and rules which increase the
obligations for, and expectations of corporate directors and officers, have
created a reluctance in persons to serve in such a capacity and that such effect
is likely to result in less effective direction and supervision of the
Corporation's business affairs;

         WHEREAS, the Board of Directors of the Corporation has determined that
such consequences are so detrimental to the best interests of the Corporation
and its shareholders that its directors and certain officers should be provided
with protection against inordinate risks in order to insure that the most
capable persons available will be attracted to such positions;

         WHEREAS, in light of the rising costs and reduced coverage of director
and officer liability insurance, significant new legislation, regulations, and
rules governing the conduct of corporate directors and officers, and amendments
to the Michigan Business Corporation Act ("MBCA"), expanding the scope of
permissible indemnification of directors and officers, and establishing new
procedures for directors or officers to receive an advancement of Expenses (as
defined in Section 1(b)), it is reasonable and necessary for the Corporation to
contractually obligate itself to indemnify its directors for certain costs,
expenses, and other monetary liabilities to the fullest extent permitted by law
and as further provided in this Agreement.

         NOW, THEREFORE, in order to induce Indemnitee to serve or continue to
serve the Corporation as a director and/or officer, as applicable, and in
consideration of the mutual covenants and agreements hereinafter set forth, the
parties agree as follows:

         1. Definitions. As used herein, the following terms are defined as
         follows:

                  (a) Claim. Any threatened, pending or completed action, suit
         or proceeding, or any inquiry or investigation, whether civil,
         criminal, administrative or investigative and whether formal or
         informal, by reason of the fact that Indemnitee is or was a director or
         officer of the Corporation or is or was serving at the request of the
         Corporation as a director or officer or agent of another corporation,
         partnership, joint venture, trust, or other enterprise, whether for
         profit or not, specifically including, not by way of limitation, any
         action related to certification of financial and other reports under
         the federal securities laws.

                  (b) Expenses. Attorneys' fees and all other costs, expenses,
         and obligations actually and reasonably paid or incurred in connection
         with investigating, defending, participating, or being a witness in, or
         preparing to defend, participate, or be a witness in any Claim or
         appeal therefrom.

         2. Agreement to Serve. Indemnitee agrees to serve as a director and/or
         officer, as applicable, of the Corporation to the best of his or her
         ability as long as he or she is duly elected and qualified in
         accordance with the Articles of Incorporation and Bylaws of the
         Corporation, or until his or her earlier resignation or removal.

         3. Indemnification. Subject to the terms and conditions of this
         Agreement, the Corporation hereby agrees to indemnify Indemnitee as
         follows:

                  (a) In the event Indemnitee was, is or becomes a party to or
         witness or other participant in, or is threatened to be made a party to
         or witness or other participant in a Claim, the Corporation shall
         indemnify Indemnitee to the fullest extent permitted by law and as
         provided in this Agreement, pursuant to the authorization of the MBCA,
         against any and all Expenses, judgments, fines, penalties, and amounts
         paid in settlement of such Claim.

                  (b) The Corporation shall indemnify Indemnitee as soon as
         practicable, but in any event not later than thirty (30) days after
         written demand is presented to the Corporation.

                                        1

<PAGE>
         4. Condition Precedent to Indemnification. Indemnitee, as a condition
         precedent to indemnification under this Agreement, shall tender written
         notice to the Corporation as soon as practicable of any Claim made
         against him or her for which indemnification will or likely will be
         sought under the terms of this Agreement. Notice to the Corporation
         shall be directed to: Gentex Corporation, 600 N. Centennial, Zeeland,
         Michigan 49464, Attn: Chief Financial Officer. In addition, Indemnitee
         shall give the Corporation such information and cooperation as may be
         reasonably necessary and requested by the Corporation.

         5. Consent of Corporation. No amounts paid in settlement for which
         indemnity will be sought hereunder shall be incurred without the
         Corporation's written consent, which consent shall not be unreasonably
         withheld.

         6. Limitations on Indemnity.

                  (a) The Corporation shall not be liable under this Agreement
                  to make any payment in connection with any Claim made against
                  Indemnitee:

                           (1) For which payment is made to Indemnitee under a
                           valid and collectible insurance policy, except for
                           any excess beyond the amount of payment under such
                           insurance policy;

                           (2) For which Indemnitee is indemnified by the
                           Corporation otherwise than pursuant to this
                           Agreement;

                           (3) For any of the following: (i) the amount of a
                           financial benefit received by a director to which he
                           or she is not entitled; (ii) intentional infliction
                           of harm on the corporation or the shareholders; (iii)
                           a violation of Section 551 of the MBCA; or (iv) an
                           intentional criminal act, except as authorized in
                           Section 564c of the MBCA;

                           (4) For an accounting of profits made from the
                           purchase or sale by Indemnitee of securities of the
                           Corporation, within the meaning of Section 16(b) of
                           the Securities Exchange Act of 1934 and amendments
                           thereto, or similar successor statute or provisions
                           of any state law; or

                           (5) For which payment of indemnification by the
                           Corporation is otherwise prohibited by applicable
                           law. Both the Corporation and the Indemnitee
                           acknowledge that in certain instances federal law or
                           applicable public policy may prohibit the Corporation
                           from indemnifying its directors and officers under
                           this Agreement or otherwise. Indemnitee understands
                           and acknowledges that the Corporation has undertaken
                           or may be required in the future to undertake with
                           the Securities and Exchange Commission to submit the
                           question of indemnification to a certain court in
                           circumstances for a determination of the
                           Corporation's right under public policy to indemnify
                           Indemnitee.

                  (b) Except as provided in Paragraph 8 hereof, the Corporation
                  shall not be liable under this Agreement to make any payment
                  in connection with any action initiated by Indemnitee against
                  the Corporation or any director of the Corporation, unless the
                  Corporation has joined in or consented to the initiation of
                  such action.

         7. Payment of Costs and Expenses in Advance. If requested by
         Indemnitee, the Corporation shall pay (within ten (10) days of such
         written request) any and all costs and Expenses incurred by Indemnitee
         in defending or investigating any Claim, in advance of the final
         disposition of such Claim, upon the receipt of a written undertaking by
         Indemnitee, executed personally or on his or her behalf, to repay any
         such amounts if it is ultimately determined that Indemnitee did not
         meet the applicable standard of conduct, if any, required by the MBCA
         or this Agreement for indemnification under the circumstances.

         8. Indemnification for Additional Expenses. The Corporation shall
         indemnify Indemnitee against any and all expenses, including attorneys'
         fees, incurred by Indemnitee in connection with any action, including
         expenses of preparation for such action, brought by Indemnitee for: (a)
         indemnification or advance payment of Expenses by the Corporation under
         this Agreement; or (b) recovery under any directors' liability
         insurance policy or policies maintained by the Corporation; provided,
         however, that indemnification under this Paragraph 8 shall be limited
         to those circumstances where the Indemnitee is successful in obtaining
         a recovery of, or a determination that he or she is entitled to such
         indemnification, advance expense payment or insurance recovery.

                                       2
<PAGE>

         9. Partial Indemnification. In the event Indemnitee is entitled to
         indemnification hereunder for a portion of the Expenses, judgments,
         fines, penalties, and amounts paid in settlement actually and
         reasonably incurred by him or her in the investigation, defense, appeal
         or settlement of any Claim but not, however, for all of the total
         amount thereof, the Corporation shall indemnify Indemnitee for the
         portion thereof to which Indemnitee is entitled.

         10. Subrogation. In the event of payment under this Agreement, the
         Corporation shall be subrogated to the extent of such payment to all of
         the rights of recovery of Indemnitee, who shall execute all papers
         required and shall do everything that may be necessary to secure such
         rights, including the execution of such documents necessary to enable
         the Corporation effectively to bring suit or enforce such rights.

         11. No Presumption. For purposes of this Agreement, the termination of
         any action, suit or proceeding by judgment, order, settlement (whether
         with or without court approval) or conviction, or upon a plea of nolo
         contendere, or its equivalent, shall not create a presumption that
         Indemnitee did not meet any particular standard of conduct or have any
         particular belief or that a court has determined that indemnification
         is not permitted by applicable law.

         12. Specific Determination of Entitlement to Indemnification. In the
         event Indemnitee is found liable to the Corporation as a result of any
         Claim brought by or in the right of the Corporation, whether and the
         extent to which Indemnitee is nevertheless entitled to indemnification,
         other than for Expenses (for which indemnification is available), under
         this Agreement shall be predicted on a determination that
         indemnification is appropriate in light of the circumstances of the
         case and applicable legal standards, which determination shall be made,
         at the option of Indemnitee, by: (a) majority vote of a committee of
         two (2) or more disinterested directors appointed by the Board of
         Directors; (b) independent legal counsel in a written opinion; or (c)
         the court in which the Claim was brought.

         13. Liability Insurance. To the extent the Corporation maintains an
         insurance policy or policies providing liability insurance for
         directors, Indemnitee shall be covered by such policy or policies, in
         accordance with its or their terms, to the maximum extent of the
         coverage extended to any other director of the Corporation, if
         Indemnitee is a director; or any of the Corporation's officers, if
         Indemnitee is not a director but is an officer.

         14. Scope of Agreement. The rights of Indemnitee hereunder shall be in
         addition to any other rights Indemnitee may have under any provision of
         the Corporation's Articles of Incorporation, Bylaws or laws of the
         State of Michigan. In the event of any change, after the date of this
         Agreement in any applicable law, regulation, or rule which narrows the
         right of the Corporation to indemnify its directors or officers, such
         changes, to the extent not otherwise required by such law, regulation,
         or rule to be applied to this Agreement shall have no effect on this
         Agreement or the parties' rights or obligations hereunder.

         15. Amendment; Termination and Waiver. This Agreement may be amended,
         modified, supplemented, or terminated and any of the terms and
         conditions herein may be waived only by the written consent of the
         parties hereto. The failure of any party at any time or times to
         require performance of any provisions contained herein shall in no
         manner affect the right of such party at any later time to enforce the
         same.

         16. Binding Effect and Assignment. This Agreement shall be binding upon
         and inure to the benefit of the Indemnitee and his or her personal
         representatives, heirs and assigns, and the Corporation and its
         successors and assigns, including any direct or indirect successor of
         the Corporation by purchase, merger, consolidation or otherwise to all
         or substantially all of the business and/or assets of the Corporation;
         provided, however, that no assignment of any rights or delegation of
         obligations provided for herein may be made by either party without the
         express written consent of the other party. This Agreement shall
         continue in effect while Indemnitee is a director or officer of the
         Corporation and for the period immediately thereafter, terminating two
         (2) years subsequent to the duration of any applicable period of
         limitations for commencing any claims.

         17. Governing Law; Jurisdiction. The parties hereto acknowledge and
         agree that this Agreement shall be to its conflicts of laws principles.
         The Corporation and Indemnitee each hereby irrevocably consent to the
         jurisdiction of the courts of the State of Michigan in connection with
         any action or proceeding which arises out of or relates to this
         Agreement and agree that any action instituted under this Agreement
         shall be brought only in the state courts of the state of Michigan.

                                       3

<PAGE>

         18. Severability. Any provision of this Agreement which may be
         prohibited by law, or otherwise held invalid by a court of competent
         jurisdiction, shall be ineffective only to the extent of such
         prohibition or invalidity and shall not invalidate or otherwise render
         ineffective the remaining provisions of this Agreement. Nothing in this
         Agreement, however, is intended to or shall be construed as requiring
         the Corporation to do or fail to do any act in violation of applicable
         law. The Corporation's inability, pursuant to court order, to perform
         its obligations under this Agreement shall not constitute a breach of
         this Agreement.

         19. Entire Agreement. This Agreement sets forth the entire
         understanding between the parties with respect to its subject matter
         and supersedes all previous written or oral negotiations, commitments,
         understandings and agreements, including any written indemnity
         agreement in effect at the time of execution of this Agreement.

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
         day and year first above written.

                            GENTEX CORPORATION

                            By
                                     -----------------------------------

                                     Its
                                         -------------------------------

                            INDEMNITEE

                            --------------------------------------------

                                       4

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