Document:

Exhibit 10.4

 

 

NON-DISCLOSURE AGREEMENT

 

The undersigned (the “Director”), being a member of
the Board of Directors of Perceptron, Inc., a Michigan corporation (the “Company”), may be provided certain information
and data in connection with serving as a director of the Company which the Company wishes to keep confidential, including, but
not limited to, information (whether furnished in writing or electronic format or orally) regarding the Company’s governance,
board of directors, management, plans, strategies, business, finances or operations, including information relating to financial
statements, evaluations, plans, programs, customers, plants, equipment and other assets, products, processes, manufacturing, marketing,
research and development, know-how and technology, intellectual property and trade secrets and information which the Company has
obtained from third parties and with respect to which the Company is obligated to maintain confidentiality (collectively, “Confidential
Information”). Except as provided in this Agreement, the Director will not (i) disclose any Confidential Information in
any manner whatsoever or (ii) use any Confidential Information other than in connection with serving as a director of the Company,
without securing the prior written consent of the Company.

 

Nothing contained in this Agreement shall prevent the Director
from privately disclosing Confidential Information to (i) officers, directors, accountants and counsel for the Company or (ii)
the Director’s legal counsel (“Director Representative”) who need to know such information for the sole purpose
of advising the Director on his actions as a director of the Company;  provided however, that the Director shall not disclose
Confidential Information to the extent such disclosure would be reasonably likely to constitute waiver of the attorney-client
privilege between the Company and its counsel or the Company’s attorney work product privilege. Any Director Representative
shall only be provided Confidential Information by the Director to the extent that they are informed of the confidential nature
of the Confidential Information and agree or are otherwise obligated to keep such information confidential and to restrict the
use of such confidential information in accordance with the terms of this Agreement. Prior to the disclosure of Confidential Information
from the Director or the Director Representatives who will receive Confidential Information shall agree in writing to keep the
Confidential Information confidential, to restrict the use of Confidential Information in accordance with the terms of this Agreement,
to be bound by this Agreement on the same terms as the Director and to permit the Company to enforce such agreement, and a copy
of such writing executed by the Director Representatives who will receive Confidential Information shall be delivered to the Company.

 

The term “Confidential Information” shall not include
information which (a) is at the time of disclosure or thereafter becomes generally available to the public other than as a result
of a disclosure by the Director or a Director Representative in violation of this Agreement; (b) was, prior to disclosure by the
Company, already in the possession of the Director or a Director Representative, provided that the source of such information
was, to such person’s knowledge after reasonable inquiry, not bound by a confidentiality agreement with or other contractual,
legal or fiduciary obligation of confidentiality to the Company; (c) becomes available to the Director or a Director Representative
on a non-confidential basis from a source (other than the Company, a Company affiliate or a Company agent, representative, attorney,
advisor, director, officer or employee (collectively, the “Company Representatives”)) that is, to such person’s
knowledge after reasonable inquiry, not bound by a confidentiality agreement with or other contractual, legal or fiduciary obligation
of confidentiality to the Company, and is not, to such person’s knowledge after reasonable inquiry, under an obligation
to the Company not to transmit the information to such person; or (d) was independently developed by the Director or a Director
Representative without reference to or use of the Confidential Information.

 

     

    

    

The Director is aware, and will advise any Director Representative
who is informed of the matters that are the subject of this Agreement, that the Confidential Information may constitute material,
non-public information and of the restrictions imposed by the United States securities laws on the purchase or sale of securities
by any person who has received material, non-public information from a publicly traded company and on the communication of such
information to any other person who may purchase or sell such securities in reliance upon such information. The Director or any
Director Representative to whom the Director transmits Confidential Information under this Agreement will comply with all applicable
federal and state securities laws in connection with the purchase or sale, directly or indirectly, of securities of the Company
or any other entity of which the Director is provided material non-public information in his capacity as a director of the Company
for as long as the Director or any Director Representative are in possession of material non-public information about the Company
or such other entity. The Director and the Company acknowledge that none of the provisions hereto shall in any way limit the Director’s
activities in the ordinary course of his businesses if such activities will not violate applicable securities laws or the obligations
specifically agreed to under this Agreement.

 

The Director or any Director Representative to whom the Director
transmits Confidential Information under this Agreement acknowledges that none of the Company, any Company affiliate or any Company
Representative makes any representation or warranty, express or implied, as to the accuracy or completeness of the Confidential
Information. None of the Company, any Company affiliate or any Company Representative shall have any liability to the Director
or any Director Representative hereunder relating to or resulting from the use of the Confidential Information by the Director
or any Director Representative or any errors in or omissions from the Confidential Information.

 

In the event that the Director or any Director Representative is
requested in any proceeding or governmental inquiry to disclose any Confidential Information, the Director will give the Company
prompt written notice, to the extent not legally prohibited, of such request so that the Company may seek an appropriate protective
order or waive compliance with the applicable provisions of this Agreement. If the Company seeks a protective order, the Director
agrees to provide such cooperation as the Company shall reasonably request and in no event will they oppose action by the Company
to obtain a protective order or other relief to prevent the disclosure of Confidential Information or to obtain reliable assurance
that confidential treatment will be afforded to the Confidential Information. If in the absence of a protective order, the Director
or any Director Representative, based upon the advice of counsel, is legally required to disclose Confidential Information, or
if the Company waives compliance with this Agreement, such person or entity may disclose without liability under this Agreement
such portion of the Confidential Information which counsel advises that the Director or any Director Representative is legally
required to disclose if the recipient of such Confidential Information is informed of this Agreement and the confidential nature
of such Confidential Information. For the avoidance of doubt, there shall be no legal requirement applicable to the Director to
disclose any Confidential Information solely by virtue of the fact that, absent such disclosure, such parties would be prohibited
from purchasing, selling, or engaging in derivative or other voluntary transactions with respect to the Company’s securities.

 

     

    

    

The Director agrees that in the event of a breach of this Agreement,
monetary damages alone may be inadequate, and the Company shall be entitled to seek injunctive or other equitable relief to prevent
breaches of this Agreement in addition to any and all other remedies that may be available to the Company.

 

This Agreement may not be amended except in writing signed by all
the parties hereto. No failure or delay by either party in exercising any right hereunder or any partial exercise thereof shall
operate as a waiver thereof or preclude any other or further exercise of any right hereunder.

 

The provisions of this Agreement relating to confidentiality shall
terminate one (1) year after the Director ceases to be a director of the Company, except that any Confidential Information constituting
trade secrets of the Company (as defined in 18 U.S.C. § 1839(3)) shall be kept confidential in accordance with the obligations
of this Agreement for such longer time as such information constitutes a trade secret of the Company. The invalidity or unenforceability
of any provision of this Agreement shall not affect the validity or enforceability of any other provision.

 

This Agreement shall be governed by the laws of the state of Michigan,
without giving effect to any conflicts of laws principles thereof, and shall be binding on each party’s successors and assigns.

 

All Confidential Information shall remain the property of the Company
and the Director shall not by virtue of any disclosure of or use of any Confidential Information acquire any rights with respect
thereto, all of which rights (including all intellectual property rights) shall remain exclusively with the Company. At any time
after the date on which the Director is no longer a director of the Company, upon the request of the Company for any reason, the
Director promptly return to the Company or destroy all hard copies of the Confidential Information and use reasonable best efforts
to permanently erase or delete all electronic copies of the Confidential Information in the possession or control of the Director.
Notwithstanding anything to the contrary contained in this paragraph, the Director shall be permitted to retain such Confidential
Information as is necessary to enable them to comply with any applicable document retention requirements under applicable law or
regulation or its internal compliance procedures, and to retain any computer records and computer files containing any Confidential
Information if required pursuant to their respective current automatic archiving and backup procedures; provided, however, that
such retention shall be solely for legal, regulatory or archival purposes, as the case may be, and the provisions of this Agreement
shall continue as to such information as long as it is retained by such person irrespective of the termination provisions set forth
above.

 

The Director agrees to be bound by the terms and conditions of the
Standstill Agreement, dated August 9, 2016, by and between the Company, Harbert Discovery Fund LP, Harbert Discovery Fund GP, LLC,
Harbert Fund Advisors, Inc. and Harbert Management Corporation, by executing and delivering to the Company a Joinder Agreement
in the form attached to this Agreement as Exhibit A.

 

 

 

     

    

    

Acceptance of the above terms shall be indicated by having this
letter countersigned by the Director.

 

	 	Sincerely,	 
	 	 	 	 
	 	PERCEPTRON, INC.	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ W. Richard Marz	 
	 	Name: W. Richard Marz	 
	 	Title: Chairman of the Board, President and Chief Executive Officer
	 	 	 	 
	 	Received and consented to this 9th
day of August, 2016
	 	 	 	 
	 	/s/ James A. Ratigan	 
	 	James A. Ratigan	 

 

 

 

 

 

 

 

 

 

 

 

     

    

    

 

Exhibit A

 

JOINDER AGREEMENT

 

This Joinder Agreement (the “Agreement”),
dated as of August 9, 2016, is delivered pursuant to the Non-Disclosure Agreement (the “Confidentiality Agreement”),
dated August 9, 2016, by and between Perceptron, Inc. (the “Company”) and the undersigned. Capitalized terms not otherwise
defined herein have the meaning set forth in the Standstill Agreement (the “Standstill Agreement”), dated August 9,
2016, by and between the Company, Harbert Discovery Fund LP, Harbert Discovery Fund GP, LLC, Harbert Fund Advisors, Inc., and Harbert
Management Corporation, a copy of which is attached to this Agreement as Exhibit A.

 

The undersigned wishes to be elected as a Director.
As a condition precedent to being elected as Director, the undersigned is required to become a party to the Standstill Agreement.

 

By executing and delivering this Agreement,
the undersigned hereby becomes a party to the Standstill Agreement and shall be fully bound by, and subject to, all of the covenants,
terms and conditions of the Standstill Agreement as though an original party to such agreement and shall be deemed a Holders Director
for all purposes of such agreement.

 

 

 

	 	 	 
	 	James A. RatiganExhibit 10.5

 

 

NON-DISCLOSURE AGREEMENT

 

The undersigned (the “Director”), being a director and
co-portfolio manager of Harbert Discovery Fund GP, LLC, the General Partner of Harbert Discovery Fund LP (collectively with Harbert
Fund Advisors, Inc. and Harbert Management Corporation (“Harbert”) and a member of the Board of Directors of Perceptron,
Inc., a Michigan corporation (the “Company”), may be provided certain information and data in connection with serving
as a director of the Company which the Company wishes to keep confidential, including, but not limited to, information (whether
furnished in writing or electronic format or orally) regarding the Company’s governance, board of directors, management,
plans, strategies, business, finances or operations, including information relating to financial statements, evaluations, plans,
programs, customers, plants, equipment and other assets, products, processes, manufacturing, marketing, research and development,
know-how and technology, intellectual property and trade secrets and information which the Company has obtained from third parties
and with respect to which the Company is obligated to maintain confidentiality (collectively, “Confidential Information”).
Except as provided in this Agreement, the Director will not (i) disclose any Confidential Information in any manner whatsoever,
(ii) use any Confidential Information other than in connection with serving as a director of the Company or (iii), in the case
of Jack Bryant, notwithstanding clause (ii) of this paragraph, use any Confidential Information other than in connection with decisions
by Harbert to purchase or sell common stock of the Company in compliance with the terms of this Agreement, without securing the
prior written consent of the Company.

 

Nothing contained in this Agreement shall prevent the Director from
privately disclosing Confidential Information to (i) officers, directors, accountants and counsel for the Company, (ii) the Director’s
legal counsel (“Director Representative”) who need to know such information for the sole purpose of advising the Director
on his actions as a director of the Company or (iii) officers, directors, accountants and legal counsel of Harbert (“Harbert
Representatives”); provided however, that the Director shall not disclose Confidential Information to the extent such disclosure
would be reasonably likely to constitute waiver of the attorney-client privilege between the Company and its counsel or the Company’s
attorney work product privilege. Any Director Representative shall only be provided Confidential Information by the Director to
the extent that they are informed of the confidential nature of the Confidential Information and agree or are otherwise obligated
to keep such information confidential and to restrict the use of such confidential information in accordance with the terms of
this Agreement. Prior to the disclosure of Confidential Information from the Director, the Director Representatives or Harbert
Representatives who will receive Confidential Information shall agree in writing to keep the Confidential Information confidential,
to restrict the use of Confidential Information in accordance with the terms of this Agreement, to be bound by this Agreement on
the same terms as the Director and to permit the Company to enforce such agreement, and a copy of such writing executed by the
Director Representatives or Harbert Representatives who will receive Confidential Information shall be delivered to the Company.

 

The term “Confidential Information” shall not include
information which (a) is at the time of disclosure or thereafter becomes generally available to the public other than as a result
of a disclosure by the Director, a Director Representative, Harbert or Harbert Representatives in violation of this Agreement;
(b) was, prior to disclosure by the Company, already in the possession of the Director, a Director Representative, Harbert or Harbert
Representatives, provided that the source of such information was, to such person’s knowledge after reasonable inquiry, not
bound by a confidentiality agreement with or other contractual, legal or fiduciary obligation of confidentiality to the Company;
(c) becomes available to the Director, a Director Representative, Harbert or Harbert Representatives on a non-confidential basis
from a source (other than the Company, a Company affiliate or a Company agent, representative, attorney, advisor, director, officer
or employee (collectively, the “Company Representatives”)) that is, to such person’s knowledge after reasonable
inquiry, not bound by a confidentiality agreement with or other contractual, legal or fiduciary obligation of confidentiality to
the Company, and is not, to such person’s knowledge after reasonable inquiry, under an obligation to the Company not to transmit
the information to such person; or (d) was independently developed by the Director, a Director Representative, Harbert or Harbert
Representatives without reference to or use of the Confidential Information.

 

     

    

    

The Director is aware, and will advise any Director Representative,
Harbert or Harbert Representatives who is informed of the matters that are the subject of this Agreement, that the Confidential
Information may constitute material, non-public information and of the restrictions imposed by the United States securities laws
on the purchase or sale of securities by any person who has received material, non-public information from a publicly traded company
and on the communication of such information to any other person who may purchase or sell such securities in reliance upon such
information. The Director, any Director Representative, Harbert or Harbert Representatives to whom the Director transmits Confidential
Information under this Agreement will comply with all applicable federal and state securities laws in connection with the purchase
or sale, directly or indirectly, of securities of the Company or any other entity of which the Director is provided material non-public
information in his capacity as a director of the Company for as long as the Director, any Director Representative, Harbert or Harbert
Representatives are in possession of material non-public information about the Company or such other entity. The Director and the
Company acknowledge that none of the provisions hereto shall in any way limit the Director’s or Harbert or Harbert Representative’s
activities in the ordinary course of their businesses if such activities will not violate applicable securities laws or the obligations
specifically agreed to under this Agreement.

 

The Director, any Director Representative, Harbert or any Harbert
Representative to whom the Director transmits Confidential Information under this Agreement acknowledges that none of the Company,
any Company affiliate or any Company Representative makes any representation or warranty, express or implied, as to the accuracy
or completeness of the Confidential Information. None of the Company, any Company affiliate or any Company Representative shall
have any liability to the Director, any Director Representative, Harbert or Harbert Representative hereunder relating to or resulting
from the use of the Confidential Information by the Director, any Director Representative, Harbert or Harbert Representative or
any errors in or omissions from the Confidential Information.

 

In the event that the Director, any Director Representative, Harbert
or Harbert Representative is requested in any proceeding or governmental inquiry to disclose any Confidential Information, the
Director will give the Company prompt written notice, to the extent not legally prohibited, of such request so that the Company
may seek an appropriate protective order or waive compliance with the applicable provisions of this Agreement. If the Company seeks
a protective order, the Director and Harbert agree, and shall cause Harbert, to provide such cooperation as the Company shall reasonably
request and in no event will they oppose action by the Company to obtain a protective order or other relief to prevent the disclosure
of Confidential Information or to obtain reliable assurance that confidential treatment will be afforded to the Confidential Information.
If in the absence of a protective order, the Director, any Director Representative, Harbert or Harbert Representatives, based upon
the advice of counsel, is legally required to disclose Confidential Information, or if the Company waives compliance with this
Agreement, such person or entity may disclose without liability under this Agreement such portion of the Confidential Information
which counsel advises that the Director, any Director Representative, Harbert or Harbert Representatives is legally required to
disclose if the recipient of such Confidential Information is informed of this Agreement and the confidential nature of such Confidential
Information. For the avoidance of doubt, there shall be no legal requirement applicable to the Director, Harbert or Harbert Representatives
to disclose any Confidential Information solely by virtue of the fact that, absent such disclosure, such parties would be prohibited
from purchasing, selling, or engaging in derivative or other voluntary transactions with respect to the Company’s securities.

 

     

    

    

The Director and Harbert agree that in the event of a breach of
this Agreement, monetary damages alone may be inadequate, and the Company shall be entitled to seek injunctive or other equitable
relief to prevent breaches of this Agreement in addition to any and all other remedies that may be available to the Company.

 

This Agreement may not be amended except in writing signed by all
the parties hereto. No failure or delay by either party in exercising any right hereunder or any partial exercise thereof shall
operate as a waiver thereof or preclude any other or further exercise of any right hereunder.

 

The provisions of this Agreement relating to confidentiality shall
terminate one (1) year after the Director ceases to be a director of the Company, except that any Confidential Information constituting
trade secrets of the Company (as defined in 18 U.S.C. § 1839(3)) shall be kept confidential in accordance with the obligations
of this Agreement for such longer time as such information constitutes a trade secret of the Company. The invalidity or unenforceability
of any provision of this Agreement shall not affect the validity or enforceability of any other provision.

 

This Agreement shall be governed by the laws of the state of Michigan,
without giving effect to any conflicts of laws principles thereof, and shall be binding on each party’s successors and assigns.

 

All Confidential Information shall remain the property of the Company
and none of the Director, Harbert, or any Harbert Representative shall by virtue of any disclosure of or use of any Confidential
Information acquire any rights with respect thereto, all of which rights (including all intellectual property rights) shall remain
exclusively with the Company. At any time after the date on which the Director is no longer a director of the Company, upon the
request of the Company for any reason, the Director promptly return to the Company or destroy all hard copies of the Confidential
Information and use reasonable best efforts to permanently erase or delete all electronic copies of the Confidential Information
in the possession or control of the Director, Harbert or Harbert Representatives. Notwithstanding anything to the contrary
contained in this paragraph, the Director, Harbert Representatives and Harbert shall be permitted to retain such Confidential Information
as is necessary to enable them to comply with any applicable document retention requirements under applicable law or regulation
or its internal compliance procedures, and to retain any computer records and computer files containing any Confidential Information
if required pursuant to their respective current automatic archiving and backup procedures; provided, however, that such retention
shall be solely for legal, regulatory or archival purposes, as the case may be, and the provisions of this Agreement shall continue
as to such information as long as it is retained by such person irrespective of the termination provisions set forth above.

 

     

    

    

The Director agrees to be bound by the terms and conditions of the
Standstill Agreement, dated August 9, 2016, by and between the Company, Harbert Discovery Fund LP, Harbert Discovery Fund GP, LLC,
Harbert Fund Advisors, Inc. and Harbert Management Corporation, by executing and delivering to the Company a Joinder Agreement
in the form attached to this Agreement as Exhibit A.

 

Acceptance of the above terms shall be indicated by having this
letter countersigned by the Director and Harbert.

 

	 	Sincerely,	 
	 	 	 	 
	 	PERCEPTRON, INC.	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ W. Richard Marz	 
	 	Name: W. Richard Marz	 
	 	Title: Chairman of the Board, President and Chief Executive Officer
	 	 	 	 
	 	Received and consented to this 9th day of August, 2016 
	 	 	 	 
	 	/s/ John F. Bryant	 
	 	John F. Bryant	 
	 	 	 	 
	 	 	 	 
	 	ACKNOWLEDGED AND AGREED:	 
	 	 	 
	 	HARBERT DISCOVERY FUND LP	 
	 	By: Harbert Discovery Fund GP, LLC	 
	 	 	 	 
	 	By: 	/s/ Kevin A. McGovern	 
	 	Name:  Kevin A. McGovern	 
	 	Title:  Vice President and Associate General Counsel
	 	 	 	 
	 	HARBERT DISCOVERY FUND GP, LLC	 
	 	 	 	 
	 	By: 	/s/ Kevin A. McGovern	 
	 	Name:  Kevin A. McGovern	 
	 	Title:  Vice President and Associate General Counsel
	 	 	 	 

 

     

    

    

	 	HARBERT FUND ADVISORS, INC. 	 
	 	 	 	 
	 	By: 	/s/ John W. McCollough	 
	 	Name:  John W. McCollough	 
	 	Title:  Executive Vice President and General Counsel
	 	 	 	 
	 	 	 	 
	 	HARBERT MANAGEMENT CORPORATION 
	 	 	 	 
	 	By: 	/s/ John W. McCollough	 
	 	Name:  John W. McCollough	 
	 	Title:  Executive Vice President and General Counsel

 

 

 

 

 

 

 

 

 

 

     

    

    

JOINDER AGREEMENT

 

This Joinder Agreement (the “Agreement”),
dated as of August 9, 2016, is delivered pursuant to the Non-Disclosure Agreement (the “Confidentiality Agreement”),
dated August 9, 2016, by and between Perceptron, Inc. (the “Company”), Harbert Discovery Fund LP, Harbert Discovery
Fund GP, LLC, Harbert Fund Advisors Inc., Harbert Management Corporation and the undersigned. Capitalized terms not otherwise defined
herein have the meaning set forth in the Standstill Agreement (the “Standstill Agreement”), dated August 9, 2016, by
and between the Company, Harbert Discovery Fund LP, Harbert Discovery Fund GP, LLC, Harbert Fund Advisors, Inc., and Harbert Management
Corporation, a copy of which is attached to this Agreement as Exhibit A.

 

The undersigned wishes to be elected as a Director.
As a condition precedent to being elected as Director, the undersigned is required to become a party to the Standstill Agreement.

 

By executing and delivering this Agreement,
the undersigned hereby becomes a party to the Standstill Agreement and shall be fully bound by, and subject to, all of the covenants,
terms and conditions of the Standstill Agreement as though an original party to such agreement and shall be deemed a Holders Director
for all purposes of such agreement.

 

 

 

 

	 	 	 
	 	John F. Bryant

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