Document:

EX-10(b)(10)

 EXHIBIT 10(b)(10) 

GENTEX CORPORATION 
 2012 AMENDED AND RESTATED NONEMPLOYEE DIRECTOR 
 STOCK OPTION PLAN

 BACKGROUND 
 The Gentex Corporation 2012 Amended and Restated Nonemployee Director Stock Option Plan (the “Plan”) amends and restates the 2002 Nonemployee Director Stock Option Plan. This amendment and
restatement is effective as of February 16, 2012, contingent upon shareholder approval. 
 PART I: PLAN ADMINISTRATION
AND ELIGIBILITY 
 1.1 Purpose. The purpose of the Plan is to make service on the Board of Directors (the
“Board”) of Gentex Corporation (the “Company”) more attractive to present and prospective outside directors of the Company, as the continued services of qualified outside directors are considered essential to the Company’s
sustained progress, and to provide additional incentive for such directors to direct the Company effectively by offering them a greater interest in the continued success of the Company through stock ownership. The Plan is also intended to encourage
stock ownership by outside directors of the Company. 
 1.2 Administration. The Plan shall be administered by the Board.
Grants of stock options under the Plan (“Options”) and the amount and nature of the Options to be granted shall be automatic as described in Sections 1.4 and 2.2. The Board shall have the power to determine all questions arising under the
Plan and to adopt and amend such rules and regulations for the administration of the Plan as it may deem desirable. 
 1.3
Stock Subject to the Plan. 
 (A) Class. The stock which is to be made the subject of Options granted under the
Plan shall be the Company’s authorized common stock, par value $.06 per share (“Common Stock”). Shares shall be supplied to satisfy the requirements of Options granted under the Plan out of authorized but unissued shares. 

(B) Aggregate Amount. 
 (1) The total number of shares issuable under the Plan shall not exceed five-hundred thousand (500,000) shares (subject to adjustment as provided in Section 3.4). 

(2) If any outstanding Option under the Plan expires or is terminated for any reason, then the Common Stock allocable to the unexercised
or surrendered portion of such Option shall not be charged against the limitation of Section 1.3(B)(1) above, and may again become the subject of a Option granted under the Plan. 

1.4 Eligibility; Grant of Options. Only directors who are not common law or contractual employees of the Company or any of its
subsidiaries (a “Nonemployee Director”) shall be eligible to receive Options under this Plan. Effective as of the date of each annual meeting of the shareholders of the Company (including the annual meeting at which shareholders approve
the Plan), each Nonemployee Director who is newly elected or continues in office as a director subsequent to such meeting, shall be granted an Option to acquire six thousand (6,000) shares. Any Nonemployee Director who is elected as a director
by the Board shall be granted an Option to acquire that number of shares that is equal to six thousand (6,000) shares multiplied by a fraction that is equal to three hundred sixty-five (365), minus the number of days that have elapsed since the
last annual meeting of shareholders, and dividing that difference by three hundred sixty-five (365); the result shall be rounded to the nearest whole share. Any Nonemployee Director who receives Options pursuant to this Plan may be referred to
herein as “Optionee.” 
 PART II: OPTIONS AND RIGHTS 

2.1 Nonstatutory Stock Options. All Options granted under the Plan shall be nonstatutory options, not entitled to special tax
treatment under Section 422 of the Internal Revenue Code of 1986, as amended. 

  
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 2.2 Terms, Conditions, and Form of Options. Each Option granted under this Plan shall
be evidenced by a written agreement in such form and containing such terms as the Board shall from time to time approve, which agreements shall comply with and be subject to the following terms and conditions: 

(A) Transferability of Options. Options may not be sold, pledged, assigned, or transferred in any manner otherwise than by will or
the laws of descent and distribution to the extent provided in Section 2.2(D), except that the Board may authorize the grant or amendment of Options so as to permit transfer 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 the Optionee satisfies such conditions to the transfer as may be
required by the Board. The agreement pursuant to which a transferable Option is granted shall expressly set forth the transfer rights and limitations, prohibit payment of any consideration by the Authorized Transferee to the original Optionee,
prohibit any further transfer of the Option and provide that the Authorized Transferee shall succeed to all rights and benefits (except any right to further transfer of the Option) and be subject to all obligations, conditions, and limitations
applicable to the original Optionee. However, such rights and benefits (except any right to further transfer of the Option) and obligations, conditions, and limitations shall be determined as if the original Optionee continued to hold the Option,
whereby provisions of this Plan dealing with death of an Optionee will continue to refer to the original Optionee regardless of whether the Option has been transferred to an Authorized Transferee. Options may be exercised during the lifetime of the
original Optionee only by the original Optionee or an Authorized Transferee. After the Optionee’s death, the Option shall be exercisable only to the extent provided in Section 2.2(D). 

(B) Period of Option. Options shall terminate upon the expiration of ten (10) years from the date upon which such Options
were granted, or at such earlier date as may be established in the option agreement (subject to prior termination as hereinafter provided). 
 (C) Exercise of Option. Options may be exercised, in full or in part, only by giving written notice to the Company, stating the number of shares of Common Stock with respect to which the Option is
being exercised, accompanied by payment in full for such shares, which payment may be in whole or in part in shares of the Common Stock of the Company valued at fair market value as computed under Section 2.3 below; provided, however, that
(i) there shall be no such exercise at any one time as to fewer than three thousand (3,000) shares, unless fewer than three thousand shares (3,000) remain to be purchased under the Option being exercised; (ii) Options may not be
exercised for a period of six (6) months after the date of grant, (iii) Options may be exercised only during periods beginning on the second (2nd) business day following the date on which the Company releases for publication its
annual or quarterly financial reports and ending on the twelfth (12th) business day following that date, and (iv) all or any portion of Options granted that remain unexercised at the time the Optionee’s status as a director of the
Company terminates for any reason other than death, shall automatically expire ninety (90) days after the date of such termination and be of no further force or effect. 
 (D) Death of Optionee and Transfer of Options. In the event of an Optionee’s death, Options may be exercised, to the same extent exercisable by the Optionee at the date of death, at any time
prior to the earlier of the specified expiration date or the first anniversary of the Optionee’s death, by any of the following persons: (i) personal representatives of the estate of the Optionee; (ii) any person or persons who shall
have acquired the Option directly from the Optionee by bequest or inheritance; (iii) any person designated to exercise the Option by means of a specific written designation executed by the Optionee and filed with the Company prior to the
Optionee’s death; or (iv) an Authorized Transferee. No Options, unless granted pursuant to an agreement specifically permitting transfer as described in Section 2.2(A), shall be transferable by an Optionee otherwise than by will or by
the laws of descent and distribution of the state of the Optionee’s domicile; provided, however, than an Optionee may execute and file a notice of designation as provided for in (iii) above. 

2.3 Option Price. The Option exercise price for an Option granted under the Plan shall be the fair market value of the shares of
Common Stock covered by the Option at the time the Option is granted. For purposes of this Plan, the fair market value of a share of Common Stock shall mean the closing sale price of Common Stock on the date of grant (or date of exercise as
applicable) on the NASDAQ Global Select Market (or any successor of the same). 
 PART III. GENERAL PROVISIONS 

3.1 Assignability. The rights and benefits under this Plan shall not be assignable or transferable by an Optionee, and during the
lifetime of the Optionee Options granted under the Plan shall be exercisable only by him or her, except as otherwise expressly provided in Section 2.2 of this Plan. 
 3.2 Time for Granting Options. No Options may be granted under this Plan after the day prior to the tenth (10th) annual meeting following the date the Plan was approved by the shareholders the
Company (i.e., May 17, 2012). 
 3.3 Limitation of Rights. 

  
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 (A) No Right to Continue as a Director. Neither the Plan, nor the granting of an
Option nor any other action taken pursuant to the Plan, shall constitute or be evidence of any agreement or understanding, express or implied, that the Company will retain a director for any period of time, or at any particular rate of compensation.

 (B) No Shareholders’ Rights for Options. An Optionee shall have no rights as a shareholder with respect to the
shares covered by Option(s) until the date of the issuance to him or her of a stock certificate therefor, and no adjustment will be made for dividends or other rights for which the record date is prior to the date such certificate is issued.

 3.4 Adjustments to Stock. In the event any change is made to the Common Stock subject to the Plan or subject to any
outstanding Option(s) granted under the Plan (whether by reason of merger, consolidation, reorganization, recapitalization, stock dividend, stock split, combination of shares, exchange of shares, change in corporate structure, or otherwise), then
appropriate adjustments shall be made to the maximum number of shares subject to the Plan and the number of shares and price per share of stock subject to outstanding Option(s). The Board’s determination of any such adjustments shall be final,
binding, and conclusive with respect to all Optionees. 
 3.5 Effective Date of the Plan. The Plan shall take effect on
the date of approval by the shareholders of the Company and shall be applicable to all incumbent directors as of that date. The approval by the shareholders of the Company shall, to the extent not already terminated, terminate the Gentex Corporation
2002 Nonemployee Director Stock Option Plan and no further options will be issuable under that Plan. 
 3.6 Amendment of the
Plan. The Board of the Company may suspend or discontinue the Plan or revise or amend it in any respect whatsoever; provided, however, that without approval of the shareholders no revision or amendment shall change the number of shares subject
to the Plan (except as provided in Section 3.4), change the designation of the class of directors eligible to receive Options, materially increase the benefits accruing to participants under the Plan or alter or impair any rights or obligations
of any Option previously granted without the consent of the Optionee holding such Option. 
 3.7 Governing Law. The Plan
and all determinations made and actions taken pursuant hereto shall be governed by and interpreted and construed in accordance with the laws and in the courts of the state of Michigan, without regard to its conflicts of laws principles. 

3.8 Expenses of the Plan. All costs and expenses of the adoption and administration of the Plan shall be borne by the Company.

 CERTIFICATION 
 This amendment and restatement is effective as of February 16, 2012, contingent upon shareholder approval. 

 

	
	

	Connie Hamblin, Secretary

  
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 EXHIBIT 10(b)(11) 

GENTEX CORPORATION GRANT AGREEMENT 
  

			
	DATE:                           
                                         
               
		
	Name:	 	 
		
	Address:	 	  

		
		 	  

	
	Dear                           
                                         
                  :

  
 Pursuant to the terms and conditions of the
Company’s 2012 Nonemployee Director Plan (the ‘Plan’), you have been granted a Non-Qualified Stock Option to purchase             shares of stock as outlined below.

  

					
	Granted To:	  	  
	  	
			
	Grant Date:	  	  
	  	
			
	Options Granted:	  	  
	  	
			
	Option Price Per Share:	  	$                            
                                         
          	  	Total Cost to Exercise:
$                                  
			
	Expiration Date:	  	  
	  	
			
	Vesting Schedule:	  	Non-Employee Director Vesting	  	
			
		  	  
	  	

 By my signature below, I hereby acknowledge receipt of this Grant on the date shown above, which has been issued to me
under the terms and conditions of the Plan. I further acknowledge receipt of the copy of the Plan and agree to conform to all of the terms and conditions of the Grant and the Plan. 
 Please return one signed copy of this agreement to Steve Dykman. 
  

							
				
	Signature:	 	 	 	Date:	 	 
		 	(Name)	 		 	

 NOTE: If there are any discrepancies in the name or address shown above, please make the appropriate corrections on
this form. 

  
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 1. Option Plan. All of the defined terms contained in this Agreement shall have the
same meaning as is set forth in the Gentex Corporation 2012 Amended and Restated Nonemployee Director Stock Option Plan (the “Plan”), and this Option Agreement (the “Agreement”) is subject to the terms and provisions of that
Plan, as amended from time to time. If any inconsistency exists between the provisions of this Agreement and the Plan, the Plan shall govern. 
 2. Option Grant. Effective as of the Grant Date, the Optionee has been granted an option to purchase that Number of Shares of the Company’s Common Stock at the Exercise Price for a period
ending on the Expiration Date, all as shown on the cover page hereof. 
 3. Exercise. Options may not be exercised for
fewer than the Minimum Shares per transaction specified on the cover page, and options shall become exercisable only in accordance with the Vesting Schedule specified on the cover page. Options shall be exercised by written notice to the Company
stating the number of shares to be purchased, signed by the person exercising the option, and accompanied by payment of the full purchase price of the shares in cash or in shares of the Company’s Common Stock, or by any combination of cash and
stock. Options may be exercised only during periods beginning on the second business day following the date on which the Company releases for publication its annual or quarterly financial reports, and ending on the twelfth business day following
that date. Promptly after exercise, the Company shall issue a stock certificate representing that number of shares to which the option was exercised. 
 4. Optionee’s Agreement. In consideration of the granting of the option, the Optionee agrees to continue to serve as a director of the Company during the term for which he or she was elected.

 5. Transfers. This Agreement and the option it represents shall not be transferable by the Optionee other than by will
or the laws of descent and distribution, and may be exercised during the lifetime of the Optionee only by the Optionee or his or her guardian or legal representative, except as hereinafter provided. Notwithstanding the previous sentence, this option
may be transferred, in whole or in part, to the Optionee’s spouse, and/or the Optionee’s descendants and/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, however, that no payment of anything of value shall be made to the Optionee in consideration of any such transfer, and no Authorized Transferee shall be entitled to make any further assignment or other
transfer of the option. Any transferred option may be exercised during the Optionee’s lifetime by the Authorized Transferee. Except as expressly provided above, this option shall not be transferred, assigned, pledged, or hypothecated in any
way, shall not be assignable by operation of law, and shall not be subject to execution, levy, attachment, or similar process. Any attempted transfer, assignment, pledge, hypothecation, or other disposition of this option contrary to the terms
hereof, and any execution, levy attachment or similar process upon the option, shall render this option null and void and without effect. 
 6. Death of Optionee. In the event of the Optionee’s death, the Optionee, the Optionee’s personal representative or legatee, or an Authorized Transferee, as the case may be, may exercise
this option for a period of twelve (12) months after the date of death or disability, to the extent then exercisable. In no event, however, shall this option be exercised after the Expiration Date. 

7. Adjustments. In the event of any change in the number of outstanding shares of the Company’s Common Stock by reason of a
merger, consolidation, reorganization, recapitalization, stock dividend, stock split, combination of shares, exchange of shares, change in corporate structure, or otherwise, then the number of shares subject to this option, and the option price
shall be appropriately adjusted as provided in the Plan. 
 8. Rights as a Shareholder. Neither the Optionee nor a
transferee of this option shall have any rights as a shareholder with respect to any shares covered hereby until the date he or she shall have become the holder of record of such shares. No adjustment shall be made for dividends, distributions, or
other rights for which the record date is prior to the date on which he or she shall have become the holder of record thereof, except as provided in paragraph 7 above. 
 9. Termination. All or any portion of the option that is the subject to this Agreement, and all or any portion of any other option previously granted to the Optionee with respect to the
Company’s Common Stock, that remains unexercised at the time the Optionee’s status as a director of the Company terminates for any reason other than death, shall automatically expire ninety (90) days after the date of such termination
and be of no further force or effect. 

  
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