Document:

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                                                                    Exhibit 10.5

                             STOCKHOLDERS AGREEMENT

         This Stockholders Agreement (this "Agreement"), dated as of February
22, 1994, is made by those persons whose names and addresses appear on the
schedule attached hereto as Appendix A, each of whom is a stockholder or
prospective stockholder of NN Ball & Roller, Inc., a Delaware corporation (the
"Company"), and Richard D. Ennen, Monica C. Ennen, John C. Ennen, Melissa Ennen,
Deborah Ennen Bagierek and Elizabeth Ennen.

                                   WITNESSETH

         WHEREAS, the Company has an authorized capitalization of 20,000,000
shares of common stock, par value $.01 per share (the "Common Stock"), and
5,000,000 shares of preferred stock, par value $.01 per share (the "Preferred
Stock");

         WHEREAS, as of the date hereof, 4,432,300 shares of Common Stock, and
no shares of Preferred Stock, are issued and outstanding;

         WHEREAS, as of the date hereof, the members of the Ennen Family (as
such term is hereinafter defined) in the aggregate own, beneficially and of
record, 2,286,000 shares (approximately 52%) of the outstanding Common Stock;

         WHEREAS, as of the date hereof, the Minority Stockholders (as such term
is hereinafter defined) in the aggregate own, beneficially and of record, the
remaining 2,146,300 shares (approximately 48%) of the outstanding Common Stock;

         WHEREAS, the Company currently plans to effect a public offering of its
Common Stock and, in connection with the offering, expects to grant an option to
James J. Mitchell, the Company's President and Chief Operating Officer, to
purchase approximately 226,060 shares of Common Stock;

         WHEREAS, the Minority Stockholders desire, and deem it to be in their
best interests, that the Company effect the public offering of its Common Stock;
and

         WHEREAS, the Ennen Family is unwilling to permit the public offering or
the issuance of the option to Mr. Mitchell unless the Minority Stockholders
enter into the contractual arrangements set forth herein regarding the election
and composition of the Company's board of directors;

         NOW, THEREFORE, in consideration of the foregoing premises and other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, and in order to induce the Ennen Family to permit a public

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                                      -2-

offering of the Common Stock, the parties hereto, intending to be legally bound,
hereby agree as follows:

                                   ARTICLE I

                               PRELIMINARY MATTERS

1.01     Certain Definitions.  As used herein, the following terms shall be
defined as follows:

               (a) An "Affiliate" of any party shall mean any individual,
partnership, corporation, group, foundation or trust that directly or indirectly
Controls, or is Controlled by, or is under common Control with, such party, and
in the case of a party that is a natural person it also shall mean (i) any trust
or foundation established or created by such party; (ii) any individual related
by blood or marriage to such party; (iii) a guardian, conservator, or
attorney-in-fact acting for a disabled party; and (iv) in the case of a deceased
party, such party's spouse, descendant(s), estate, executor, administrator,
personal representative, or other fiduciary (i.e., trustee, guardian,
conservator or custodian).

               (b) "Capital Stock" shall mean the Common Stock and the Preferred
Stock and any other class of capital stock hereafter authorized by the
Corporation's Certificate of Incorporation and any amendments thereto.

               (c) The term "Control", whether used as a noun or verb, means the
possession, directly or indirectly, of the power to direct, or cause the
direction of, the management and policies of a person, whether through the
ownership of voting securities or otherwise.

               (d) "Ennen Family" (i) shall mean Richard D. Ennen, Monica C.
Ennen, John C. Ennen, Melissa Ennen, Deborah Ennen Bagierek, Elizabeth Ennen and
any Affiliate of any such person, whether now or hereafter existing, and (ii)
shall be represented for purposes of this Agreement by the Ennen Family
Coordinator designed pursuant to paragraph (f) of this Section 1.01.

               (e) "Ennen Family Capital Stock" shall mean the shares of Capital
Stock the Ennen Family shall directly or indirectly beneficially own from time
to time.

               (f) "Ennen Family Coordinator" shall mean Richard D. Ennen,
provided that the Ennen Family Coordinator is subject to change as set forth in
Section 1.02 hereof.

               (g) "Minority Stockholders" shall mean those persons whose names
and addresses appear on Appendix A

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                                      -3-

(including James J. Mitchell) and shall include any transferee of a Minority
Stockholder that is bound by the terms and provisions of this Agreement pursuant
to Section 2.01 hereof.

          1.02 Ennen Family Coordinator. The Ennen Family Coordinator shall at
all times be a natural person who is a member of the Ennen Family. Neither a
guardian, conservator, or attorney-in-fact acting for a disabled member of the
Ennen Family, nor an estate, executor, administrator, personal representative or
other fiduciary of a deceased member of the Ennen Family shall at any time serve
as the Ennen Family Coordinator. The Ennen Family Coordinator shall (a) serve as
the only person to receive any notice to be given under this Agreement to the
Ennen Family; and (b) be the only person to notify the Minority Stockholders of
the exercise of any rights and selections of the Ennen Family under this
Agreement. The Minority Stockholders may completely rely on any written
notification or statement by the Ennen Family Coordinator, and no recourse or
liability shall arise from such reliance. The Ennen Family Coordinator may be
changed by written notice to the Minority Stockholders from the Ennen Family
Coordinator then serving. In the case of the death or disability of an Ennen
Family Coordinator, the oldest surviving lineal descendant of Richard D. Ennen
and Monica C. Ennen shall automatically succeed as Ennen Family Coordinator.

          1.03 Current Ownership of Common Stock. Each Minority Stockholder
represents and warrants, as of the date hereof, that he owns of record and
beneficially the number of shares of Common Stock set forth opposite his name on
Appendix A, free and clear of any liens, claims, options, charges, encumbrances
or rights of others.

                                   ARTICLE II

                 RESTRICTIONS ON MINORITY STOCKHOLDER TRANSFER

          2.01 Transfer Void. Each Minority Stockholder agrees that he will not
hereafter sell, give, transfer, or assign any Common Stock now owned or
hereafter acquired by him to any Affiliate without first obtaining the
Affiliate's written consent, in form and substance reasonably satisfactory to
the Ennen Family Coordinator, to be bound by the terms and provisions of this
Agreement. Upon any such transfer, said Affiliate shall be deemed for all
purposes to be a party hereto, and shall be subject to all the obligations
created hereby with respect to the Minority Stockholders. Any sale, gift,
transfer or assignment of any Common Stock in violation of the this Section 2.01
shall be void ab initio.

          2.02 Certain Acknowledgements. The parties hereto acknowledge and
agree that, subject to the limitations set

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                                      -4-

forth in Section 2.01 hereof, nothing in this Agreement shall be construed to
limit the rights of any Minority Stockholder or the Ennen Family to sell or
otherwise transfer shares of Common Stock. If any Minority Stockholder sells or
otherwise transfers shares of Common Stock to a non-Affiliate during the term of
this Agreement or disposes of shares of Common Stock in a "brokers' transaction"
or a transaction with a "market maker" within the meaning of Rule 144(f)
promulgated under the Securities Act or 1933, as amended, without regard to the
identity of the ultimate purchaser thereof, such shares shall no longer be
subject to the restrictions set forth in this Agreement.

                                  ARTICLE III

                              ELECTION OF DIRECTOR

          3.01 Nomination of Director. Each Minority Stockholder hereby agrees
that if Richard D. Ennen shall at any time no longer serve on the board of
directors of the Company, the Minority Stockholder shall vote all of the shares
of Common Stock which he may own from time to time to cause the election to the
Company's board of directors of one individual designated by the Ennen Family
Coordinator in writing. The Ennen Family Coordinator shall designate for such
purpose such person as has been nominated by the members of the Ennen Family
holding a majority of the voting power of the Ennen Family Capital Stock. The
director so designated by the Ennen Family Coordinator is hereinafter referred
to as the "Ennen Family Director."

          3.02 Removal. In the event that the Ennen Family Coordinator gives
notice in writing to the Minority Stockholders that the members of the Ennen
Family desire to remove, whether for cause or without cause, the Ennen Family
Director, then each Minority Stockholder agrees to vote the shares of the Common
Stock which he then owns for the removal of such director. Each Minority
Stockholder further agrees that he shall not vote to remove Richard D. Ennen or
any other Ennen Family Director unless the Ennen Family Coordinator has given
notice in writing to the Minority Stockholder that the members of the Ennen
Family desire such removal. The Ennen Family Coordinator shall give notices
contemplated by this Section 3.02 upon, and only upon, the direction by Ennen
Family Members holding a majority of the voting power of the Ennen Family
Capital Stock.

          3.03 Vacancies. In the event that the seat on the board of directors
to be occupied by the Ennen Family Director is vacant for any reason, each
Minority Stockholder agrees to vote all of the shares of Common Stock which he
then owns to cause the vacancy to be filled by an individual designated by

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                                      -5-

the Ennen Family Coordinator in writing. The Ennen Family Coordinator shall
designated for such purpose such person as has been nominated by the members of
the Ennen Family holding a majority of the voting power of the Ennen Family
Capital Stock.

                                   ARTICLE IV

                                  MISCELLANEOUS

          4.01 Term. This Agreement and the rights granted to the Ennen Family
hereunder shall terminate on the earlier to occur of (a) July 31, 1994, if the
Company shall not have consummated a public offering of its Common Stock prior
to such date, (b) the first date upon which the Ennen Family, in the aggregate,
shall own less than 10% of the outstanding shares of Common Stock, and (c) the
tenth anniversary of the date hereof.

          4.02 Governing Law. This Agreement shall be subject to and governed by
the laws of the State of Delaware, irrespective of the conflicts of laws rules
thereof.

          4.03 Notices. Notices and other communications hereunder shall be
sufficient if contained in a writing delivered in person or sent by cable,
telegram or facsimile or by overnight courier addressed to the particular party
to whom the notice is to be sent as set forth herein. Notices to the Ennen
Family shall be given to the Ennen Family Coordinator at the address set forth
below and notices to the Minority Stockholders shall be sent to each Minority
Stockholder at his address set forth on Appendix A, provided that any party
hereto shall have the right to designate a different address to the other
parties in writing. All such notices and other communications shall be deemed
given (i) in the case of personal delivery, on the date of such delivery, or
(ii) in the case of transmission by cable, telegram or facsimile or by overnight
courier, on the first day following the date of dispatch.

          If to the Ennen Family Coordinator:

          Richard D. Ennen
          9 Dinghy Lane
          Hilton Head, South Carolina 29928
          Facsimile: 803-842-3843

          4.04 Severability. In the event any provision hereof is held void or
unenforceable by any court, then such provision shall be severable and shall not
affect the remaining provisions hereof.

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                                       -6-

     4.05  Counterparts. This Agreement may be executed simultaneously in one or
more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

     4.06  Entire Agreement; Benefit. This Agreement is the entire agreement
among the parties, and, when executed by the parties hereto, supersedes all
prior agreements and communications, either verbal or in writing, between the
parties hereto concerning the respective subject matters contained herein. The
provisions of this Agreement shall inure to the benefit of the members of the
Ennen Family which currently own or may hereafter acquire any shares of Capital
Stock.

     4.07  Amendment. Any amendment to this Agreement must be in writing and
duly signed by (a) members of the Ennen Family holding a majority of the voting
power of the Ennen Family Capital Stock and (b) Minority Stockholders holding a
majority of the voting power of the Capital Stock then held by all of the
Minority Stockholders, except that no such amendment shall eliminate the rights
or increase the obligations of any party hereto without the consent of such
party.

     4.08  Waiver. Any failure by a party hereto to comply with any obligation,
agreement or condition herein may be expressly waived in writing by each of the
other parties hereto, but such waiver or failure to insist upon strict
compliance with such obligation, agreement or condition shall not operate as a
waiver of, or estoppel with respect to, any subsequent or other failure.

     4.09  Consent to Specific Performance. The parties hereto acknowledge and
agree that a breach of any of the covenants or agreements set forth herein would
result in irreparable injury to the other parties hereto and that the other
parties would not have an adequate remedy at law for such breach, and therefore,
each party hereto agrees that the other parties hereto will be entitled to
enforce their rights by injunction proceedings restraining such party from
breaches or threatened breaches hereof. Neither the institution of an injunction
proceeding nor the granting of any injunctive relief therein shall in any way
limit the right of the parties hereto to other relief available at law or in
equity.

     4.10  Variations in Pronouns. All pronouns and any variations thereof shall
be deemed to refer to the masculine, feminine or neuter, singular or plural, as
the identity of the antecedent person or persons or entity or entities may
require.

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                                       -7-

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first set forth above.

                                         MINORITY STOCKHOLDERS

                                         /s/ Robert P. Farnor
                                         ---------------------------------------
                                         ROBERT P. FARNOR

                                         /s/ Michael D. Huff
                                         ---------------------------------------
                                         MICHAEL D. HUFF

                                         /s/ Leonard Bowman
                                         ---------------------------------------
                                         LEONARD BOWMAN

                                         /s/ Dennis B. Richards
                                         ---------------------------------------
                                         DENNIS B. RICHARDS

                                         /s/ Charles Edmisten
                                         ---------------------------------------
                                         CHARLES EDMISTEN

                                         /s/ Robert J. Vance
                                         ---------------------------------------
                                         ROBERT J. VANCE

                                         /s/ James J. Mitchell
                                         ---------------------------------------
                                         JAMES J. MITCHELL

                                         /s/ Frank T. Gentry III
                                         ---------------------------------------
                                         FRANK T. GENTRY III

                                         /s/ Larry L. Landers
                                         ---------------------------------------
                                         LARRY L. LANDERS

                                         /s/ Gerald Foster
                                         ---------------------------------------
                                         GERALD FOSTER

                                         /s/ Ricky L. Hyder
                                         ---------------------------------------
                                         RICKY L. HYDER

                                         /s/ Frank Rice, Jr.
                                         ---------------------------------------
                                         FRANK RICE, JR.

<PAGE>

                                       -8-

                                          ENNEN FAMILY

                                          /s/ Richard D. Ennen
                                          --------------------------------------
                                          RICHARD D. ENNEN

                                          /s/ Monica C. Ennen
                                          --------------------------------------
                                          MONICA C. ENNEN

                                          /s/ John C. Ennen
                                          --------------------------------------
                                          JOHN C. ENNEN

                                          /s/ Melissa Ennen
                                          --------------------------------------
                                          MELISSA ENNEN

                                          /s/ Deborah Ennen Bagierek
                                          --------------------------------------
                                          DEBORAH ENNEN BAGIEREK

                                          /s/ Elizabeth Ennen
                                          --------------------------------------
                                          ELIZABETH ENNEN

<PAGE>

                                   APPENDIX A

          Unless otherwise indicated, the address of each person is NN Ball &
Roller, Inc., 800 Tennessee Road, Erwin, Tennessee 37650.

Name                                                             Number of
----                                                             Shares Owned
                                                                 ------------
Robert P. Farnor ..............................................       685,800
       415 Love Street
       Erwin, TN 37650

Michael D. Huff ...............................................       381,000

Leonard Bowman ................................................       304,800

Dennis B. Richards ............................................       304,800

Charles Edmisten ..............................................       203,200

Robert J. Vance ...............................................       101,600
       P.O. Box 498
       Erwin, TN 37650

James J. Mitchell .............................................             0*

Frank T. Gentry III ...........................................        50,800

Larry L. Landers ..............................................        50,800

Gerald Foster .................................................        25,400

Ricky L. Hyder ................................................        25,400

Frank Rice, Jr. ...............................................        12,700

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

     * Upon the consummation of an initial public offering of the Company's
Common Stock, the Company will grant options to Mr. Mitchell to purchase 226,060
shares of Common Stock. Options to purchase 90,424 of such shares will be
exercisable as of the date of grant.<PAGE>

                                                                    Exhibit 10.6

                            INDEMNIFICATION AGREEMENT

          This Agreement is between NN, Inc. and ___________. In this Agreement,
"NN," "we" or "us" refers to NN, Inc. and "you" refers to ________________. The
glossary attached as Exhibit "A" defines certain other capitalized terms used in
this Agreement.

          1. Date.

          This Agreement is effective as of _______________.

          2. Purpose of the Agreement.

          We desire to attract and retain your services as a NN director or
officer. We recognize, however, that you might be concerned because directors
and officers are sometimes named as parties in expensive litigation. To help
alleviate that concern and to induce you to serve, we agree to indemnify you for
certain expenses potentially resulting from such litigation. We also agree to
use reasonable efforts to maintain directors' and officers' insurance for your
benefit.

          3. Agreement to Serve.

          You agree to serve or to continue to serve as NN's _____________ until
you are no longer duly appointed, elected or qualified or until you resign.

          4. Directors' and Officers' Insurance.

          We agree to use reasonable efforts to maintain one or more enforceable
policies of directors' and officers' insurance for your benefit. The insurance
will provide coverage in amounts which our Board of Directors determines to be
reasonable. Our obligation to maintain insurance ends when you are no longer
serving NN in your present capacity and there is no reasonable possibility that
someone will sue you based on your prior service to NN in that capacity. Our
obligation to maintain insurance will also cease if such insurance is not
reasonably available or if our Board of Directors determines that the cost of
providing the insurance exceeds its benefits.

          5. Agreement to Indemnify.

          Subject to the limitations set forth in Section 7 of this Agreement,
we agree to indemnify you for your expenses resulting from a threatened, pending
or completed Proceeding, including any Proceeding by or in the right of NN, if
you meet the following requirements:

          .    You are (or at the time in question were) serving as our Agent,
               or as the Agent of another entity at our request;

          .    You acted in good faith and in a manner you reasonably believed
               to be in (or not opposed to) our best interests;

<PAGE>

          .    You had no reason to believe your conduct was unlawful (if the
               Proceeding against you is criminal); and

          .    Delaware law does not prohibit us from indemnifying you.

          6.   Advancement of Expenses.

          Subject to the limitations set forth in Section 7 of the Agreement and
subject to the following conditions, we will advance all costs and expenses you
reasonably incur in connection with the investigation, defense, settlement or
appeal of any Proceeding upon receipt from you of:

          .    Your written affirmation of your good faith belief that you have
               met the standard of conduct necessary for indemnification set
               forth in Section 5 of this Agreement; and

          .    Your undertaking (or an undertaking on your behalf) to repay all
               amounts so advanced if a court having final jurisdiction
               determines that you are not entitled to indemnification for such
               expenses under this Agreement or otherwise.

          7.   Limitation of Indemnity.

          Notwithstanding anything to the contrary contained in Section 5,
Section 6 or any other section of this Agreement, we will not indemnify you or
advance expenses in connection with a Proceeding which you initiated unless our
Board of Directors authorized the Proceeding (or any part thereof). We also will
not indemnify you:

          .    to the extent that payment is made to you or on your behalf under
               a valid and collectible insurance policy;

          .    to the extent that you receive payment other than under this
               Agreement;

          .    with respect to directors' acts or omissions for which our
               Certificate of Incorporation may not limit liability under
               Delaware law; or

          .    if a court having final jurisdiction determines in a final
               decision that such indemnification is not lawful.

          8.   Notification of Right to Indemnification.

          You agree to notify us promptly after your receipt of notice that a
Proceeding has been brought (or is threatened to be brought) against you. If
your failure to notify us promptly prejudices us in our defense of a Proceeding,
we will be relieved of liability under this Agreement to the extent of the
prejudice.

          9.   Notice to Insurer.

          If we have directors' and officers' liability insurance in effect at
the time we receive notice of a Proceeding from you, we will give prompt notice
to the insurer in accordance with the

                                       2

<PAGE>

requirements of the insurance policy. We will take all necessary or desirable
action to cause the insurer to pay all amounts owed under the terms of the
policy.

          10.  Determination of Right to Indemnification.

          Subject to the limitations set forth in Section 7 of this Agreement,
we agree to indemnify you if you meet the requirements for indemnification set
forth in Section 5 of this Agreement. We will determine whether you meet those
requirements using one of the following three methods:

          .    by a majority vote of directors who are not parties to the
               Proceeding, (the "Disinterested Directors") regardless of whether
               there are enough such directors to constitute a quorum);

          .    by written opinion of Independent Legal Counsel; in the event
               there are no Disinterested Directors or if the Disinterested
               Directors so choose; or

          .    by vote of our stockholders.

If Independent Legal Counsel determines your entitlement to indemnification
under this Section 10, we will pay all reasonable fees and expenses incurred by
such counsel in connection with such determination.

          The persons determining your entitlement to indemnification will
presume that you are entitled to indemnification. The termination of any
Proceeding by judgment, order, settlement or conviction, or upon a plea of nolo
contendere or the equivalent, will not create a presumption that you did not act
in good faith and in a manner you believed to be in (or not opposed to) our best
interests. Such a termination also will not create a presumption that you had
reasonable cause to believe that your conduct was unlawful.

          Following our determination of your entitlement to indemnification,
our Secretary or another corporate officer will notify you in writing of such
determination. If we determine that you are not entitled to indemnification, you
may pursue the remedies provided by Section 14 of this Agreement.

          11.  Payment of Indemnification.

          If we determine that you are entitled to indemnification, we will pay
all costs and expenses you reasonably incurred in connection with the Proceeding
in question. In addition, we will pay all expenses you reasonably incurred in
cooperating with the persons responsible for determining your right to
indemnification, regardless of whether we determine that you are entitled to
indemnification.

          Our obligations to make payments under this Agreement are not subject
to diminution by set off, counterclaim, abatement or otherwise. However, you
will not be released from any liability or obligation that you may owe us,
whether under this Agreement or otherwise.

                                       3

<PAGE>

          12.  Assumption of Defense.

          If we are required to pay the costs of any Proceeding brought against
you, we shall have the right to assume the defense of such Proceeding, with
counsel approved by you, upon delivery to you of written notice of our election
to assume the defense. Notwithstanding the foregoing, however, we shall not have
the right to assume your defense in any Proceeding brought by or in the right of
NN or as to which you have reasonably concluded that there is a conflict of
interest between you and us in the conduct of the defense.

          After we have delivered notice to you that we intend to assume the
defense of a Proceeding, you will have the right to employ separate counsel at
your expense. We will not be liable to you under this Agreement for any fees of
counsel you subsequently incur with respect to the Proceeding, unless:

          .    We previously have authorized you to employ separate counsel at
               our expense;

          .    You reasonably have concluded that there is a conflict of
               interest between you and us in the conduct of your defense; or

          .    We have failed to employ counsel to assume your defense in such
               Proceeding.

          13.  Cooperation and Settlement of Claim.

          You agree to give us such information and cooperation as we may
reasonably request in defense of any claim or threat of a claim.

          You agree that we are not obligated to indemnify you under this
Agreement for any amounts you pay to settle any action or claim without our
prior written consent. We agree not to settle any action or claim in any manner
that will impose any penalty or limitation on you without your prior written
consent.

          Each party to this Agreement agrees not to unreasonably withhold
consent to any proposed settlement. If either party refuses to agree to a
proposed settlement acceptable to the other party, NN will retain Independent
Legal Counsel reasonably acceptable to you for the purpose of determining
whether the proposed settlement is reasonable under the circumstances. NN will
pay all reasonable fees and expenses incurred by Independent Legal Counsel in
connection with such determination. If Independent Legal Counsel determines that
the proposed settlement is reasonable under all the circumstances, the party
advocating the settlement may consummate the settlement without the consent of
the other party.

          14.  Your Remedies.

          If we fail to honor our obligations under Section 6 of this Agreement,
or if we determine that you are not entitled to indemnification under this
Agreement, you may seek (a) an adjudication in an appropriate court in the State
of Delaware or in any other court of competent jurisdiction, or (b) an award in
arbitration to be conducted by a single arbitrator under the rules of the
American Arbitration Association, for the purpose of enforcing your rights under
this Agreement. However, you may not seek such an adjudication or arbitration
later than 180 days

                                       4

<PAGE>

following the earlier of (x) the date of notice of a determination that you are
not entitled to indemnification, or (y) the date 60 days after we receive your
request for indemnification.

          Any judicial proceeding or arbitration commenced under this Section 14
shall be conducted de novo and without presumption that you are not entitled to
indemnification.

          If the court or arbitrator determines that you are entitled to
indemnification, we shall be bound by such determination, unless:

          .    You have misstated a material fact or omitted a material fact
               necessary to make your statements in connection with the request
               for indemnification not misleading; or

          .    Applicable law prohibits us from indemnifying you.

In addition, we will pay your reasonable expenses incurred in successfully
establishing your right to indemnification or advancement of expenses in any
action (or settlement thereof) under this Section 14.

          We shall be precluded from asserting in any judicial proceeding or
arbitration commenced under this Section 14 that the procedures and presumptions
set forth in this Agreement are not enforceable. We agree to stipulate in any
such court or before any such arbitrator that we are bound by all of the
provisions of this Agreement.

          15. Notice.

          All notices, requests, demands and other communications relating to
this Agreement shall be in writing and shall be deemed to be duly given if (a)
delivered by hand and receipted for by the party to whom the notice or
communication was directed, or (b) mailed by certified or registered mail with
postage prepaid, on the third business day after the date on which it was so
mailed:

          if to you, to:

          _____________________
          _____________________
          _____________________

          or to such other address as you furnish us, and

          if to NN, to:

          NN, Inc.
          2000 Water's Edge Drive
          Building C, Suite 12
          Johnson City, TN 37604
          Attention: Secretary/Assistant Secretary

                                       5

<PAGE>

     With a copy to:

     Blackwell Sanders Peper Martin LLP
     2300 Main Street, Suite 1000
     Kansas City, MO 64108
     Attention: James M. Ash

     or to such other address as we furnish you.

     16.  Severability.

     If a court of competent jurisdiction determines that any portion of the
Agreement is unenforceable, we will nevertheless indemnify you to the full
extent permitted by the enforceable portions of the Agreement. The invalidity or
unenforceability of any provision(s) of this Agreement will not affect the
enforceability of the Agreement's other provisions.

     17.  Modification and Waiver.

     Any supplement, modification or amendment to this Agreement will be binding
only if both parties have executed it.

     If either party waives any of the provisions of this Agreement, such waiver
will be effective only as to the particular provision and matter expressly
waived.

     18.  Continuation of Indemnity.

     Our obligations under this Agreement shall continue during the period in
which (a) you are (or have consented to be) an Agent of NN, or (b) are serving
as an Agent of another corporation, partnership, joint venture, trust or other
enterprise at our request. Our obligations shall also continue for as long as
you are subject to any possible claim or threatened, pending or competed
Proceeding by reason of your service in such capacity.

     19.  Binding Effect.

     This Agreement binds us and our successors and assigns. This Agreement
inures to the benefit of you and your heirs, assigns and personal
representatives.

     20.  Non-Exclusivity.

     The indemnification to which you are entitled under this Agreement is not
exclusive of any other indemnification to which you are or may be entitled.

     21.  Subrogation Rights.

     If we pay any amounts under this Agreement, we will be subrogated to the
extent of such payment to your rights of recovery against any person or
organization. You agree to execute all papers required and to do everything that
may be reasonably necessary to secure such rights for us.

                                       6

<PAGE>

     22.  Agreement to Supersede.

     This Agreement supersedes any other prior written indemnification agreement
between you and us.

     23.  Governing Law.

     This Agreement shall be construed, enforced and governed in accordance with
the laws of the State of Delaware applicable to contracts made and to be
performed in that state.

     24.  Counterparts.

     The parties may execute any number of counterparts of this Agreement, each
of which will be an original.

     25.  Headings.

     The headings of the paragraphs in this Agreement are for convenience only.
They do not constitute part of the Agreement and do not affect the construction
of it.

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                             SIGNATURE PAGE FOLLOWS]

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<PAGE>

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

                                                NN, INC.

                                                ________________________________
                                                By: ____________________________
                                                Title:__________________________

                                                [INDIVIDUAL]

                                                ________________________________

                                       8

<PAGE>

                                   Exhibit "A"

                                    Glossary

     "Agent"

     "Agent" means:

     .    any person who is or was a director, officer, employee, agent or
          fiduciary of NN or a subsidiary of NN; or

     .    any person who is or was serving as a director, officer, employee,
          agent or fiduciary of another corporation, partnership, joint venture,
          trust or other enterprise or entity (including service with respect to
          an employee benefit plan), if such service is or was at the request
          of, or for the convenience of, or to represent the interests of, NN or
          a subsidiary of NN.

     "Expenses"

     "Expenses" are all direct and indirect costs of any type or nature which
you actually and reasonably incur in connection with the investigation, defense
or appeal of a Proceeding or establishing or enforcing a right to
indemnification under the Agreement, Delaware corporation law or otherwise.
"Expenses" include, without limitation, all attorneys' fees and related
disbursements, other out-of-pocket costs and reasonable compensation for time
spent by you for which you are not otherwise compensated by us or any third
party. "Expenses" also include all judgments, fines, and Employee Retirement
Income Security Act excise taxes or penalties.

     "Independent Legal Counsel"

     "Independent Legal Counsel" means a law firm, a member of a law firm, or an
independent practitioner that is experienced in matters of corporation law and
does not have a conflict of interest (under applicable standards of professional
conduct) in representing either NN or you in an action to determine your rights
under this Agreement.

     "Proceeding"

     "Proceeding" means any threatened, pending or completed action, suit or
other proceeding, whether civil, criminal, administrative, investigative or of
another type to which you are a party or are threatened to be made a party, or
are otherwise involved, including involvement as a witness.

                                       9

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