Document:

Form of Restricted Stock Unit (RSU) Grant Agreement

 Exhibit 10.31 
 X-RITE, INCORPORATED 
 RESTRICTED STOCK UNIT (RSU) GRANT AGREEMENT 
 UNDER THE X-RITE, INCORPORATED 
 2008
OMNIBUS LONG TERM INCENTIVE PLAN 
  

					
	
	Grantee:                                      
                                         
                                         
                                         
                                         
                                       

	
	Social Security Number:                                  
                                         
                                        
                                         
                                         
            
		
	Grant Date:                                     
                                         
                            	 	Number of RSUs Awarded:                                
                                        
    

 1. Terms. X-Rite, Incorporated (the “Company”) has awarded to Grantee a
Restricted Stock Unit (“RSU”) Award, effective as of the Grant Date. This Agreement is subject to the terms and conditions of the X-Rite, Incorporated 2008 Omnibus Long Term Incentive Plan (the “Plan”), as amended from time to
time. All of the defined terms contained in this Agreement shall have the same meaning as is set forth in the Plan. If any inconsistency exists between the provisions of this Agreement and the Plan, the Plan shall govern. 
 2. RSU Grant. Effective as of the Grant Date, the Company hereby grants the Grantee that number of RSUs shown above (the “RSUs
Awarded”), subject to the restrictions set forth below and in Exhibit A. No stock certificates will be issued with respect to any shares of stock. A record of stock ownership shall be kept in the Grantee’s name, or in the Grantee’s
name and in the name of another person of legal age as joint tenants with right of survivorship, as applicable. Prior to distribution, RSUs are not transferable by the Grantee by means of sale, assignment, exchange, pledge or otherwise. 

3. Restrictions. The RSUs shall vest in accordance with the applicable vesting date set forth in Exhibit A to this Agreement
(“Vesting Period”). Vesting is based on the achievement of certain performance targets outlined in Exhibit A to this agreement. 
 4. Forfeiture. In the event the employment relationship between the Company and Grantee terminates during a Vesting Period, the Grantee’s rights with respect to vested RSUs shall be forfeited unless they are covered by
lapsed vesting restrictions provided in this Section 4. In the event the employment relationship between the Company and Grantee terminates during the Vesting Period due to the Grantee’s retirement at age sixty (60) or greater, death,
or disability, the vesting restrictions shall be deemed to have lapsed with respect to that portion of the RSUs which is proportional to the amount of the Vesting Period which has expired, and if the employment relationship terminates for any other
reason, the Committee administering the Plan shall determine the extent to which the vesting restrictions shall have lapsed, if any. “Disability” means a physical or mental infirmity which impairs the Grantee’s ability to
substantially perform Grantee’s duties of the Grantee’s regular occupation with the Company, which continues for a period of at least one hundred and eighty (180) consecutive days. In the event of a dissolution or liquidation of the
Company, or a merger or consolidation involving the Company where the Company is not the surviving corporation, the vesting restrictions shall be deemed to have lapsed with respect to all RSUs. 
 5. Distribution of RSUs. If withholding of taxes is not required, none will be taken and the gross number of shares of common stock of the
Company equal to the number of RSUs credited to the Grantee will be distributed. The Company shall also have the right to withhold shares deliverable upon vesting of the RSUs to satisfy, in whole or in part, the amount the Company is required to
withhold for taxes in connection with the award, deferral or settlement of the RSUs or other securities pursuant to this Agreement. The Grantee is personally responsible for the payment of all taxes related to distribution. 
 6. Adjustments. In the event of any recapitalization of the Company, then the number of RSUs shall be appropriately adjusted as provided in
the Plan. 
  

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 7. Post-Employment Competition. In the event the Grantee engages in any activity
competitive to any business of the Company that is being actively conducted or planned at the time of termination of Grantee’s employment with the Company, prior to the expiration of two (2) years after such termination of employment,
either directly or indirectly, as a proprietor, partner, employee, officer, director, consultant, or holder of any equity interest in any competitive corporation or limited liability company (excluding less than two percent (2%) interest in any
publicly traded entity), then Grantee shall forfeit all economic benefits derived by the Grantee with respect to all RSU grants granted to the Grantee that were outstanding and not vested as of, or granted after a date, that is six (6) months
prior to the date the competitive activity commenced. Forfeiture of economic benefits shall mean payment to the Company of an amount equal to the difference between the price paid by the Grantee for such shares, if any, and the market price for
those shares as of the date the vesting restrictions lapsed with respect to those shares. 
 8. No Rights as a
Stockholder. The Grantee shall have no rights as a stockholder of the Company in respect of the RSUs, including the right to vote until and unless the RSUs have vested, and ownership of shares represented by the RSUs has been
transferred to the Grantee. Dividend equivalents will not be accrued on behalf of the Grantee, except to the extent provided in Exhibit A, subject to any restrictions and limitations set forth in the Plan. 
 9. Miscellaneous. This Agreement contains the entire agreement of the parties with respect to its subject matter, and there are no other
terms and conditions except as expressly set forth in this Agreement and in the Plan. The Company may amend or terminate the Plan at any time without limitation. This Agreement may be amended or modified only by means of a written instrument signed
by an authorized representative of the Company and the Grantee. Grantee’s rights pursuant to this Agreement may not be assigned, in whole or in part, directly or indirectly, without the prior written consent of an authorized officer of the
Company. This Agreement shall be binding upon and inure to the benefit of the parties hereto, their respective heirs, personal representatives, successors, and permitted assigns. 
  

			
	X-RITE, INCORPORATED
		
	By	 	  

 I hereby acknowledge that this Restricted Stock Unit Agreement is subject to all of the terms and conditions
of the X-Rite, Incorporated 2008 Omnibus Long Term Incentive Plan, and that I have received a copy of the Plan and the Company’s most recent proxy statement and annual report furnished to shareholders. 
  

							
		  		  		  	Grantee:
				
	Date:	  	  
	  		  	  

  

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 Exhibit A 
 X-Rite, Incorporated 
 Restricted Stock Unit Agreement 
 RESTRICTED STOCK UNIT VESTING SUMMARY 
 As adopted by the Compensation
Committee of the Board of Directors on                     , the restricted stock units awarded under this agreement vests when the following
performance objectives are achieved: 
 Performance Objective 
  

 3Form of Outside Director Stock Option Agreement

 Exhibit 10.32 
 X-RITE, INCORPORATED 
 OUTSIDE DIRECTOR STOCK OPTION AGREEMENT 
 UNDER THE X-RITE, INCORPORATED 
 2008
OMNIBUS LONG TERM INCENTIVE PLAN 
 This Stock Option Agreement (“Agreement”) is made as of [DATE], between X-RITE,
INCORPORATED, a Michigan corporation (the “Company”), and [NAME], an Outside Director of the Company (the “Optionee”), pursuant to the X-Rite, Incorporated 2008 Omnibus Long Term Incentive Plan, as amended from time to time
(the “Plan”), which Plan was approved by the Board and shareholders of the Company on August 20, 2008 and October 28, 2008, respectively. Capitalized terms not otherwise defined herein shall be defined according to the Plan.

 1. Grant of Option. Pursuant to the Plan, the Company hereby grants an option to purchase [0000] shares of the
Company’s common stock, par value $.10 per share (“Stock”), to Optionee subject to the terms and conditions of this Agreement and the Plan. 
 2. Option Price. The Option Price of Stock covered by this option shall be [0000] per share. Such Option Price represents the Market Value of a share of Stock on the day preceding the Grant. 

3. Optionee’s Agreement. In consideration of the Optionee having been elected as a director of the Company, as provided in the
Plan, the Company has granted this option. Nothing contained herein, however, shall be interpreted so as to impose on the Company any obligation to retain the Optionee as an Outside Director for any period of time or any particular rate of
compensation. 
 4. Exercise of Option. This option shall be exercisable, in whole or in part, at any time, and from time to
time during the period of the option, but in any event no sooner than one (1) year following the date of grant, in accordance with the terms of this Agreement as follows: 
 (a) Period of Option. The option shall terminate upon the expiration of ten (10) years from the date upon which such
option was granted, subject to prior termination as provided in the Plan due to termination for Cause, Disability or death of the Optionee. 
 (b) Right to Exercise. This option shall be exercisable during the lifetime of the Optionee only by the Optionee, or an Authorized Transferee, as defined in Section 5 below. After the
Optionee’s death, the option shall be exercisable at any time prior to expiration by: (i) the personal representative of the estate of the Optionee; (ii) any person or persons who shall have acquired the option directly from the
Optionee by bequest or inheritance; (iii) any person designated to exercise the option by means of a specific written designation executed by the Optionee and filed with the Company prior to the Optionee’s death in accordance with the
terms of the Plan; or (iv) an Authorized Transferee as defined in Section 5 below. 
 (c) Method of
Exercise. This option shall be exercisable, in full or in part, only by giving written notice to the chief financial officer of the Company, which shall: 
 (i) state the election to exercise the option, the number of shares in respect to which it is being exercised, and the name of the person
exercising the option, his or her address and tax identification number (and if the stock certificates are to be registered in more than one name, the names, addresses, and tax identification numbers of such other persons); 
 (ii) contain such representations and agreements as to the holder’s investment intent with respect to such shares of Stock as may be
satisfactory to the Company’s counsel; and 
 (iii) be signed by the person or persons entitled to exercise the option
and, if the option is being exercised by any person or persons other than Optionee, be accompanied by proof, satisfactory to counsel for the Company, of the right of such person or persons to exercise the option. 
 Payment of the purchase price of any shares with respect to which the option is being exercised shall accompany the written notice and such payment may be made, in whole
or in part, in: (a) cash; (b) shares of Stock of the Company already owned by Optionee, valued at the Market Value as of the date of the notice of exercise; provided, however, that (i) there shall be no exercise at any time as to
fewer than one hundred (100) shares, unless fewer than one hundred (100)

 
shares remain to be purchased under the option being exercised; and (ii) the option may not be exercised for a period of six (6) months after the
date of grant; or (c) Stock Appreciation Rights, if applicable; or by a combination of these methods. The certificate or certificates for shares of Stock as to which the option shall be exercised shall bear any restrictive endorsement the
Company, in its sole discretion, deems necessary. In lieu of the delivery of shares of Stock already owned by the Optionee, the Optionee may also provide the Company with a notarized statement attesting to the number of shares owned for at least six
months, where upon verification by the Company, the Company may issue to the Optionee only the number of incremental shares to which the Optionee is entitled upon the exercise of the option. In accordance with the terms of the Plan, payment may also
be made by delivering a properly executed exercise notice to the Company together with a copy of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale or loan proceeds to pay the purchase price. 
 (d) Restrictions on Exercise. As a condition to an exercise of this option, the Company may require the person exercising
this option to make such representation and warranties to the Company as may be required by any applicable law or regulation. 
 5.
Nontransferability of Option. This option may not be transferred or assigned other than by will, or by the laws of descent and distribution, except that the option may be transferred, in whole or in part, to the Optionee’s spouse
and/or the Optionee’s descendants, or to a trust created primarily for the benefit of the Optionee, the Optionee’s spouse, and/or the Optionee’s descendants (“Authorized Transferee”); provided that the Optionee satisfied
such conditions to the transfer as may be established from time to time by the Board or as specified in the Plan. In no event, shall any Authorized Transferee pay any consideration to the Optionee with respect to the transfer and Authorized
Transferee shall succeed to all of the rights and benefits and be subject to all of the obligations, conditions, and limitations applicable to the original Optionee, except that an Authorized Transferee shall not have any right to further transfer
the option. All such rights, benefits, obligations, conditions, and limitations shall be determined as if the original Optionee continued to hold the option whereby provisions of the Plan dealing with the death of an Optionee will continue to refer
to the original Optionee regardless of whether the option has been transferred to an Authorized Transferee. Any attempted sale, pledge, assignment, hypothecation, or other transfer of this option contrary to the terms hereof, and any execution,
levy, attachment or similar process upon the option, whether by operation of law or otherwise, shall be without any effect, except as otherwise provided in the Plan. 
 6. No Rights as Shareholder. No Optionee shall have any rights as a shareholder with respect to any share of Stock subject to his or her option prior to the date of issuance of a certificate evidencing
ownership of such Stock, and no adjustment will be made for dividends or other rights for which the record date is prior to the date of the certificate, except as provided in Paragraph 8. 
 7. Withholding. Whenever the Company proposes or is required to issue or transfer shares of Stock under the Plan, the Company shall have
the right to require the Optionee to remit to the Company an amount sufficient to satisfy any federal, state, or local withholding tax liability prior to the delivery of any certificate or certificates for such shares. 
 8. Effect of Change in Stock Subject to the Plan. The shares of Stock subject to this option and the exercise price per share shall be
proportionately adjusted for any increase or decrease in the number of issued shares of Stock subsequent to the date hereof resulting from: (a) a subdivision or consolidation of shares or any other capital adjustment; (b) the payment of a
stock dividend; or (c) other increase or decrease in such shares effected without receipt of consideration by the Company. If the Company shall be the surviving corporation in any merger or consolidation, this option shall pertain, apply, and
relate to the securities to which a holder of the number of shares of Stock subject to the option would have been entitled after the merger or consolidation. Upon dissolution or liquidation of the Company, or as of the effective date for a merger or
consolidation in which the Company is not the surviving corporation, this option shall terminate. 
 9. Notices. Each notice
relating to this Agreement shall be in writing and delivered in person or by certified mail to the proper address. Each notice shall be deemed to have been given on the date it is received. Each notice to the Company and Optionee shall be sent to
the address for such party as set forth in the heading of this Agreement. Anyone to whom a notice may be given under this Agreement may designate a new address by written notice to that effect. 
  

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 10. Benefits of Agreement. This Agreement shall be binding upon and inure to the benefit of
the Company and the Optionee and their respective heirs, personal representatives, successors, and assigns. This Agreement and the Plan shall be the sole and exclusive sources of any and all rights which Optionee, his/her heirs, personal
representatives, or assigns may have in respect to any options or Stock granted or issued hereunder, whether to Optionee or to any other person. 
 11. Governing Law. This Agreement shall be governed by and interpreted in accordance with the laws of the state of Michigan without regard to its conflicts of law principles. 
 IN WITNESS WHEREOF, the Company and Optionee have caused this Agreement to be executed as of the day, month, and year first above written.

  

			
	X-RITE, INCORPORATED
		
	By	 	 
		
		 	OPTIONEE:
		
		 	 

  

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