Document:

Exhibit 10.1

 

	
        Notice of Grant of Stock Options

        And Option Agreement

         

         

         
	
        Perceptron, Inc.

        ID: 38-2381442

        47827 Halyard Drive

        Plymouth, Michigan 48170

	
        

         
	 
	W. Richard Marz	Option Number:   

Plan:

Grant Date:	3466

2004
 February 2, 2016

 

 

 

	
        Effective February 2, 2016, you have been granted a (n)
        Non-Qualified Stock Option to buy 100,000 shares of Perceptron (the Company) stock at $6.41 per share.

         

         

         

        Shares vest as stated in the Option Agreement attached. The
        grant expires on February 2, 2026.

        

 

 

 

Please sign and return this
copy.

 

 

 

 

 

 

	By your signature and the Company’s signature below, you and the Company agree that these options are granted under and governed by the terms and conditions of the Company’s 2004 Stock Incentive Option Plan, as amended, and the Option Agreement attached and made a part of this document.

 

 

 

	/s/ David L. Watza	 	February 2, 2016
	
        Senior Vice President, Finance and

        Chief Financial Officer
	 	Date
	Perceptron, Inc.	 	 
	 	 	 
	/s/ W. Richard Marz	 	February 4, 2016
	W. Richard Marz 	 	Date

 

 

 

     

     

    

Initial Usage Date: 2/2/16

 

 

 

NON-QUALIFIED STOCK OPTION AGREEMENT
TERMS – W. RICHARD MARZ

UNDER THE PERCEPTRON, INC. 2004 STOCK INCENTIVE PLAN

 

 

THESE STOCK OPTION AGREEMENT TERMS
pertain to stock options granted effective February 2, 2016, under the 2004 Stock Incentive Plan (the “Plan”) as detailed
in the accompanying Notice of Grant of Stock Options and Option Agreement (the “Notice”) between Perceptron, Inc.,
a Michigan corporation (the “Corporation”), and W. Richard Marz (the “Optionee”). A copy of the 2004 Stock
Incentive Plan is not attached hereto but is available upon written request made to the Secretary of the Corporation.

 

 

		1.	Grant of Option. Subject to the terms and conditions hereof, the Corporation hereby
grants to the Optionee an option to purchase from the Corporation up to, but not exceeding in the aggregate, the number of shares
of the Corporation’s Common Stock detailed in the accompanying Notice at the price per share designated in the Notice. This
option is not intended to constitute an “incentive stock option” within the meaning of Section 422 of the Internal
Revenue Code (“Code”).

 

		2.	Right to Exercise Option. Unless otherwise indicated in the Notice, the Optionee
may purchase from the Corporation (a) on and after the earlier of (i) the first day of employment of a President and Chief Executive
Officer to replace the Optionee, or (ii) August 31, 2016 (the “Initial Vesting Date”), 75% of the shares covered by
this option, and (b) on the one year anniversary of the Initial Vesting Date may exercise an additional 25% of the shares covered
by this option, so that at that time this option shall be fully exercisable. To the extent not exercised, installments shall accumulate
and the Optionee may exercise them in whole or in part in any subsequent period. Unless a shorter period is specified in the Notice
under the “Expiration” column, and notwithstanding any provision of this Agreement, no portion of this option shall
be exercisable on or after the tenth anniversary of the date of grant. The Committee (as defined in the Plan), in its sole discretion,
may accelerate the time at which this option may be exercised in whole or in part.

 

		3.	Termination of Service. If, prior to the Initial Vesting Date, the Optionee ceases
to serve as President and Chief Executive Officer of the Corporation, the Optionee’s right to exercise this option shall
terminate and all rights hereunder shall cease. As used in this Agreement, the term “subsidiary” of the Corporation
means any “subsidiary corporation” as defined in Section 424(f) of the Code and the term “disability” means
“total and permanent disability,” as defined in Section 22(e) of the Code.

 

If, on or after the date that
this option shall first become exercisable, the Optionee, for any reason other than death or disability, ceases to serve as a member
of the Board of Directors of the Corporation and is not otherwise employed by the Corporation or any of its subsidiaries as an
employee or independent contractor, the Optionee shall have the right to exercise this option to the extent that it shall have
been exercisable and unexercised on the date of such termination of services, at any time on or before the earlier of: (i) the
expiration date of the option, or (ii) three (3) months after the date of such termination of services, subject to any other limitation
on the exercise of such option in effect at the date of exercise.

 

If, on or after the date that
this option shall first become exercisable, the Optionee, due to death or disability, ceases to serve as a member of the Board
of Directors of the Corporation and is not otherwise employed by the Corporation or any of its subsidiaries as an employee or independent
contractor, the Optionee or the executor or administrator of the estate of the Optionee (as the case may be) or the person or persons
to whom the option shall have been transferred by will or by the laws of descent and distribution, shall have the right to exercise
this option, at any time on or before the earlier of:

 

		(a)	the expiration date of the option, or,

 

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		(b)	one (1) year from the date of the Optionee’s death or disability, to the extent that it was
exercisable and unexercised on the date of the Optionee’s death or disability, subject to any other limitation on exercise
in effect at the date of exercise.

 

The transfer of the Optionee
from one corporation to another among the Corporation and any of its subsidiaries, or a leave of absence with the written consent
of the Corporation, shall not be a termination of services for purposes of this option.

 

		4.	Acceleration of Vesting. Notwithstanding the provisions of Section 2 “Right
to Exercise Option” and Section 3 “Termination of Service” of this Agreement, (i) in the event of a termination
by the Corporation of the Optionee’s membership on the Board of Directors or failure to renominate the Optionee for election
to the Board of Directors, or voluntary resignation by the Optionee from the Board of Directors at the request of the Board of
Directors, following a Change in Control of the Company, (ii) failure of the Optionee to be reelected to the Board of Directors
after being renominated for election by the Board of Directors, or (iii) in the event of a Change in Control, any portion of this
option that is then not exercisable shall become immediately exercisable. For purposes hereof, a “Change in Control”
shall be deemed to have occurred in the event of (i) a merger involving the Corporation in which the Corporation is not the surviving
corporation (other than a merger with a wholly-owned subsidiary of the Corporation formed for the purpose of changing the Corporation's
corporate domicile); (ii) a share exchange in which the shareholders of the Corporation exchange their stock in the Corporation
for stock of another corporation (other than a share exchange in which all or substantially all of the holders of the voting stock
of the Corporation, immediately prior to the transaction, exchange, on a pro rata basis, their voting stock of the Corporation
for more than 50% of the voting stock of such other corporation); (iii) the sale of all or substantially all of the assets of the
Corporation; or (iv) any person or group of persons (as defined by Section 13(d) of the Securities Exchange Act of 1934, as amended)
(other than any employee benefit plan or employee benefit trust benefiting the employees of the Corporation) becoming a beneficial
owner, directly or indirectly, of securities of the Corporation representing more than fifty (50%) percent of either the then outstanding
Common Stock of the Corporation, or the combined voting power of the Corporation's then outstanding voting securities.

 

In the event of a Change of
Control, the Committee may, in its sole discretion and without the consent of the Optionee, cancel this option in exchange for
a payment with respect to each vested share of Common Stock as provided in Section 9.2(b) of the Plan.

 

		5.	Exercise of Option.

 

		(a)	At any time that this option may be exercised as provided in this Agreement, the Optionee may exercise
any portion of this option which is then exercisable, in whole or in part, by delivery to the Corporation of a written notice,
in the form attached hereto, signed by the Optionee.

 

		(b)	In addition, the Optionee shall deliver, on the date of exercise:

 

		(i)	cash equal to the purchase price of the shares being purchased,

 

		(ii)	such documents as are or may be required under the terms of Section 2.4(b) of the Plan to effect
a cashless exercise, except to the extent that the Corporation determines that the Optionee is not permitted to use a cashless
exercise under applicable law, or

 

		(iii)	Permitted Shares with a Fair Market Value (as defined in the Plan and determined as of the date
of exercise of the option) and equal to the purchase price of the shares being purchased and in accordance with Section 2.4 of
the Plan (the “Delivered Shares Method”).

 

		(c)	“Permitted Shares” are shares of Corporation Common Stock to be delivered to pay the
exercise price of the option (the “Delivered Shares”):

 

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		(i)	which have been owned by the Optionee for at least six months prior to the date of delivery, or,

 

		(ii)	if they have not been owned by the Optionee for at least six months prior to the date of delivery,
the Optionee then owns, and has owned for at least six months prior thereto, a number of shares of Corporation Common Stock at
least equal in number to the Delivered Shares.

 

		(d)	Shares which have been counted during the prior six months as owned by the Optionee for purposes
of determining whether the Optionee may exercise options to purchase Common Stock pursuant to the Delivered Shares Method:

 

		(i)	may not be used as Delivered Shares, and

 

		(ii)	may not be counted as owned by the Optionee for purposes of making calculations under the Delivered
Shares Method.

 

		6.	Compliance with Securities Laws. Anything to the contrary herein notwithstanding,
the Corporation's obligation to sell and deliver stock under this option is subject to such compliance with federal and state laws,
rules and regulations applying to the authorization, issuance or sale of securities, and applicable stock exchange requirements,
as the Corporation deems necessary or advisable.

 

		7.	Non-Assignability. The option hereby granted shall not be transferable by the Optionee
other than by will or the laws of descent and distribution, and the option may be exercised during the Optionee’s lifetime
only by the Optionee. Any transferee of the option shall take the same subject to the terms and conditions of this Agreement. No
such transfer of the option shall be effective to bind the Corporation unless the Corporation shall have been furnished with written
notice thereof and a copy of the will and/or such other evidence as the Corporation may deem necessary to establish the validity
of the transfer and the acceptance by the transferee or transferees of the terms and conditions of this Agreement. No assignment
or transfer of this option, or of the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise,
except a transfer by the Optionee by will or by the laws of descent and distribution, shall vest in the purported assignee or transferee
any interest or right herein whatsoever.

 

		8.	Disputes. As a condition of the granting of the option granted hereby, the Optionee
and the Optionee's successors and assigns agree that any dispute or disagreement which shall arise under or as a result of this
Agreement shall be determined by the Committee in its sole discretion and judgment and that any such determination and any interpretation
by the Committee of the terms of this Agreement shall be final and shall be binding and conclusive for all purposes.

 

		9.	Adjustments. In the event of any stock dividend, subdivision or combination of shares,
reclassification, or similar transaction affecting the shares covered by this option, determined by the Committee to be covered
by this Section 9, a proposed dissolution or liquidation of the Corporation, a merger of the Corporation with or into another corporation
where the Corporation is not the surviving corporation, but its stock is exchanged for stock of the parent Corporation of the other
party to the merger, the sale of substantially all of the assets of the Corporation, the reorganization of the Corporation or other
similar transaction determined by the Committee to be covered by this Section 9, a proposed spin-off or a transfer by the Corporation
of a portion of its assets resulting in the employment of the Optionee by the spin-off entity or the entity acquiring assets of
the Corporation, the rights of the Optionee shall be as provided in Section 9.1 of the Plan and any adjustment therein provided
shall be made in accordance with Section 9.1 of the Plan.

 

		10.	Rights as Shareholder. The Optionee shall have no rights as a shareholder of the
Corporation with respect to any of the shares covered by this option until the issuance of a stock certificate or certificates
upon the exercise of the option in full or in part, and then only with respect to the shares represented by such certificate or
certificates.

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		11.	Notices. Every notice relating to this Agreement shall be in writing and if given
by mail shall be given by registered or certified mail with return receipt requested. All notices to the Corporation shall be delivered
to the Secretary of the Corporation at the Corporation's headquarters or addressed to the Secretary of the Corporation at the Corporation's
headquarters. All notices by the Corporation to the Optionee shall be delivered to the Optionee personally or addressed to the
Optionee at the Optionee’s last residence address as then contained in the records of the Corporation or such other address
as the Optionee may designate. Either party by notice to the other may designate a different address to which notices shall be
addressed. Any notice given by the Corporation to the Optionee at the Optionee’s last designated address shall be effective
to bind any other person who shall acquire rights hereunder.

 

		12.	“Optionee” to Include Certain Transferees. Whenever the word “Optionee”
is used in any provision of this Agreement under circumstances where the provision should logically apply to any other person or
persons to whom the option, in accordance with the provisions of Section 6 hereof, may be transferred, the word “Optionee”
shall be deemed to include such person or persons.

 

		13.	Governing Law. This Agreement has been made in and shall be construed in accordance
with the laws of the State of Michigan, without regard to its choice of law rules.

 

		14.	Provisions of Plan Controlling. The provisions hereof are subject to the terms and
provisions of the Plan, copies of which are available for review upon request. In the event of any conflict between the provisions
of this option and the provisions of the Plan, the provisions of the Plan shall control, except to the extent that the provisions
of this option limit or restrict the rights of the Optionee to a greater extent than set forth in the Plan.

 

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

 

		16.	Captions. The captions to the sections and subsections contained in this Agreement
are for reference only, do not form a substantive part of this Agreement and shall not restrict or enlarge substantive provisions
of this Agreement.

 

		17.	Parties in Interest. This Agreement shall bind and shall inure to the benefit of
the parties hereto, their respective permitted successors and assigns.

 

		18.	Complete Agreement. This Agreement shall constitute the entire agreement between
the parties hereto and shall supersede all proposals, oral or written, and all other communications between the parties relating
to the subject matter of this Agreement.

 

		19.	Modifications. The terms of this Agreement cannot be modified except in writing and
signed by each of the parties hereto.

 

		20.	Severability. In the event that any one or more of the provisions of this Agreement
should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
contained herein shall not in any way be affected or impaired thereby.

 

		21.	Withholding. The Optionee hereby authorizes the Corporation to withhold from his
compensation or agrees to tender the applicable amount to the Corporation to satisfy any requirements for withholding of income
and employment taxes in connection with the exercise of the option granted hereby.

 

 

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NOTICE OF EXERCISE OF NON-QUALIFIED STOCK
OPTION

UNDER THE PERCEPTRON, INC.

2004 STOCK INCENTIVE PLAN

 

 

Perceptron, Inc.

47827 Halyard Drive

Plymouth, MI 48170

 

Dear Sir:

 

A non-qualified
stock option was granted to me on           
to purchase           
shares of Perceptron, Inc. Common Stock at a price of $        .  
per share.

 

I hereby
elect to exercise my non-qualified stock option with respect to           
shares for an aggregate purchase price of $        .  .
I hereby elect to pay for such shares as follows:

 

	Personal Check	$	 
	Cash	$	 
	Bank Draft	$	 
	Money Order	$	 
	Cashless Exercise	$	 
	Perceptron Common Stock	$	 
	Tax Withholding	$	 
	TOTAL	$	 

 

[A personal check [or cash, bank draft or money order] for the
purchase price is enclosed herewith.]

 

[Documents as are required to effect a cashless exercise are
enclosed.]

 

[I
hereby elect to exercise my stock option with respect to           
shares through a combination of cash payments and shares of Perceptron, Inc. Common Stock, as described on the attached Exhibit
A. A personal check for the purchase price to be paid in cash is enclosed herewith. Certificates for           
shares of Perceptron, Inc. Common Stock are enclosed herewith,
along with a duly executed stock power in proper form for transfer, with all signatures properly guaranteed by a national bank
or member firm of the NYSE or AMEX. I represent that the shares of Perceptron, Inc. Common Stock enclosed herewith have been owned
by me for more than six months or I currently own more than           
shares of Perceptron, Inc. Common Stock which have been owned by me for more than six months. Such shares have not been counted
during the prior six months as owned by me for purposes of determining whether I may exercise options to purchase Common Stock
pursuant to the Delivered Shares Method.]

 

[I represent that the shares of stock that I am purchasing upon
this exercise of my option are being purchased for investment purposes and not with a view to resale. This representation shall
not be binding upon me if the shares of Common Stock that I am purchasing are subject to an effective Registration Statement under
the Securities Act of 1933.]

 

 

 

	Optionee:	 	 	Date:Exhibit 10.2

 

	 
        Notice of Restricted Stock Grant and 

Restricted Stock Award
        Agreement

         

         
	
        Perceptron, Inc.

        ID: 38-2381442

        47827 Halyard Drive

        Plymouth, Michigan 48170

	
        

         
	 
	W. Richard Marz	 Award Number:

Plan:

Grant Date:	42

2004
 February 2, 2016

 

 

 

	
        Effective February 2, 2016, you have been granted 25,000
        restricted shares of common stock of Perceptron, Inc. (the “Company”) in accordance with the terms of the Perceptron,
        Inc. First Amended and Restated 2004 Stock Incentive Plan (the “Plan”) and the Restricted Stock Award Agreement (“Agreement”)
        attached hereto.

         

        The restricted shares vest as stated in the Restricted Stock
        Award Agreement attached. However, as provided in the Restricted Award Agreement attached, in the event of your termination of
        employment prior to the vesting date you will forfeit the restricted shares. Any unvested stock will be 100% vested upon a Change
        in Control. While the stock is restricted, you will have all voting rights and entitlement to dividends and other distributions
        paid (although any dividends or distributions paid in Common Stock will be subject to the same restrictions, terms and conditions
        as the Restricted Stock to which it relates) with respect to stock subject to the Restricted Stock Award.

         

        The Restricted Stock cannot be transferred, sold, assigned,
        pledged, hypothecated or otherwise disposed of prior to vesting.

         

        The Company will retain the physical shares until vesting occurs.

         

 

Please sign and return this
copy within 30 days.

 

 

	By your signature and the Company’s signature below, you and the Company agree that these Restricted Shares are awarded under and governed by the terms and conditions of the Company’s First Amended and Restated 2004 Stock Incentive Plan, as amended, and the Restricted Stock Award Agreement attached and made a part of this document.

 

 

	/s/ David L. Watza	 	February 2, 2016
	
        Senior Vice President, Finance and

        Chief Financial Officer
	 	Date
	Perceptron, Inc.	 	 
	 	 	 
	/s/ W. Richard Marz	 	February 4, 2016
	W. Richard Marz	 	Date

 

 

     

     

    

 

PERCEPTRON, INC.

FIRST AMENDED AND RESTATED

2004 STOCK INCENTIVE PLAN

RESTRICTED STOCK AWARD AGREEMENT FOR
W. RICHARD MARZ

 

THIS RESTRICTED STOCK
AWARD AGREEMENT (the “Award Agreement”) is made effective as of February 2, 2016 (the “Grant Date”), between
Perceptron, Inc., a Michigan Corporation (hereinafter called the “Corporation”), and W. Richard Marz, hereinafter referred
to as the “Grantee.” Capitalized terms not otherwise defined herein shall have the same meanings as in the Perceptron,
Inc. First Amended and Restated 2004 Stock Incentive Plan, as may be amended from time to time (the terms of which are hereby incorporated
by reference and made a part of this Award Agreement) (the “Plan”).

 

1.Grant of
the Restricted Stock. Subject to the terms and conditions of the Plan and the additional terms and conditions set forth
in this Award Agreement, the Corporation hereby grants to the Grantee 25,000 shares of Common Stock (hereinafter called the “Restricted
Stock”). The Restricted Stock shall vest and become nonforfeitable in accordance with Section 2 hereof.

 

2.Restriction
Period. The Common Stock subject to this Award Agreement is restricted from transfer until the restrictions lapse. Subject
to the Grantee’s termination of employment or services with the Corporation or a Subsidiary, as described in this Section
2, the Common Stock subject to this Award Agreement shall vest as follows: 75% on the earlier of (i) the first day of employment
of a President and Chief Executive Officer to replace Grantee, or (ii) August 31, 2016 (the “Initial Vesting Date”),
and 25% on the one year anniversary of the Initial Vesting Date, (individually, or in the aggregate, a “Restriction Period”).
However, if prior to the Initial Vesting Date, the Grantee ceases to serve as President and Chief Executive Officer of the Corporation,
the Restricted Stock will be forfeited. Following the Initial Vesting Date, any unvested portion of the Restricted Stock will terminate
and be forfeited by Grantee if Grantee ceases to serve as a member of the Board of Directors of the Corporation and is not otherwise
employed by the Corporation or one of its subsidiaries as an employee or independent contractor. Upon the lapse of the restrictions,
the associated Common Stock shall become freely transferable. Notwithstanding the provisions of this subsection, (i) in the event
of a termination by the Corporation of the Grantee’s membership on the Board of Directors or failure to re-nominate the Grantee
for election to the Board of Directors, or voluntary resignation by the Grantee from the Board of Directors at the request of the
Board of Directors, following a Change in Control of the Corporation, (ii) failure of the Grantee to be reelected to the Board
of Directors after being re-nominated for election by the Board of Directors, or (iii) in the event of a Change in Control, the
Common Stock subject to this Award Agreement that has not previously been forfeited shall become 100% vested and nonforfeitable
and all restrictions shall lapse. Until the lapse of the restrictions in this Section 2, any certificate evidencing the Common
Stock subject to this Award Agreement shall be held in escrow by the Corporation and carry a restrictive legend that prohibits
any transfer including the assignment, hypothecation or pledge of the Common Stock subject to this Award Agreement, prior to the
lapse of any remaining Restriction Period.

 

3.Termination.
The Grantee’s right to the Common Stock subject to this Award Agreement and still subject to a Restriction Period automatically
shall terminate and be forfeited by the Grantee as described in Section 2. The Committee retains the right to accelerate or waive
restrictions on Common Stock covered by this Award Agreement.

 

     

     

    

 

4.Legend
on Certificates. The Restricted Stock certificate shall contain a legend stating that it is subject to transfer restrictions
and other restrictions as the Committee may deem reasonably advisable under the Plan or the rules, regulations, and other requirements
of the Securities and Exchange Commission, any stock exchange upon which such Restricted Stock is listed, or any applicable federal
or state laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference
to such restrictions.

 

5.Securities
Laws. The Corporation may require the Grantee to make or enter into such written representations, warranties and agreements
as the Committee may reasonably request in order to comply with applicable securities laws or with this Award Agreement. Anything
to the contrary herein notwithstanding, the granting of the Restricted Stock hereunder shall be subject to such compliance with
federal and state laws, rules and regulations applying to the authorization, issuance or sale of securities, and applicable stock
exchange requirements, as the Corporation deems necessary or advisable.

 

6.Transferability.
The Restricted Stock may not, at any time prior to becoming vested pursuant to Section 2 or thereafter, be transferred, sold, assigned,
pledged, hypothecated or otherwise disposed of unless such transfer, sale, assignment, pledge, hypothecation or other disposition
complies with the provisions of this Award Agreement.

 

7.Disputes.
As a condition of the granting of the Restricted Stock granted hereby, the Grantee and the Grantee’s successors and assigns
agree that any dispute or disagreement which shall arise under or as a result of this Award Agreement shall be determined by the
Committee in its sole discretion and judgment and that any such determination and any interpretation by the Committee of the terms
of this Award Agreement shall be final and shall be binding and conclusive for all purposes.

 

8.Adjustments.
In the event of any stock dividend, subdivision or combination of shares, reclassification, or similar transaction affecting the
shares covered by this Award, determined by the Committee to be covered by this Section 8, a proposed dissolution or liquidation
of the Corporation, a merger of the Corporation with or into another corporation where the Corporation is not the surviving corporation,
but its stock is exchanged for the stock of the parent Corporation of the other party to the merger, the sale of substantially
all of the assets of the Corporation, the reorganization of the Corporation or other similar transaction determined by the Committee
to be covered by this Section 8, a proposed spin-off or a transfer by the Corporation of a portion of its assets resulting in the
employment of the Grantee by the spin-off entity or the entity acquiring assets of the Corporation, the rights of the Grantee shall
be as provided in Section 9.1 of the Plan and any adjustment therein provided shall be made in accordance with Section 9.1 of the
Plan.

 

9.Rights
as a Stockholder. Except for potential forfeitability of the Restricted Stock prior to the lapse of restrictions set forth
in Section 2 above, the Grantee shall have all the voting rights and entitlement to dividends and other distributions paid (although
any dividends or distributions paid in Common Stock will be subject to the same restrictions, terms and conditions as the Restricted
Stock to which it relates) with respect to Common Stock subject to this Award Agreement commencing on the date on which the stock
certificate is issued (or book entry representing such shares has been made and such shares have been deposited with the appropriate
book-entry custodian) evidencing the Restricted Stock under this Award Agreement.

 

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10.Notices.
Every notice relating to this Award Agreement shall be in writing and if given by mail shall be given by registered or certified
mail with return receipt requested. All notices to the Corporation shall be delivered to the Secretary of the Corporation at the
Corporation's headquarters or addressed to the Secretary of the Corporation at the Corporation's headquarters. All notices by the
Corporation to the Grantee shall be delivered to the Grantee personally or addressed to the Grantee at the Grantee’s last
residence address as then contained in the records of the Corporation or such other address as the Grantee may designate. Either
party by notice to the other may designate a different address to which notices shall be addressed. Any notice given by the Corporation
to the Grantee at the Grantee’s last designated address shall be effective to bind any other person who shall acquire rights
hereunder.

 

11.Limitation
on Obligations. The Corporation’s obligation with respect to the Restricted Stock granted hereunder is limited solely
to the delivery to the Grantee of Common Stock on the date when such shares are due to be delivered hereunder, and in no way shall
the Corporation become obligated to pay cash in respect of such obligation. This Award Agreement shall not be secured by any specific
assets of the Corporation or any of its Subsidiaries, nor shall any assets of the Corporation or any of its subsidiaries be designated
as attributable or allocated to the satisfaction of the Corporation’s obligations under this Award Agreement. In addition,
the Corporation shall not be liable to the Grantee for damages relating to any delays in issuing the stock certificates to the
Grantee (or Grantee’s designated entities), any loss of the certificates, or any mistakes or errors in the issuance of the
certificates or in the certificates themselves.

 

12.Governing
Law. Except to the extent governed by applicable federal law, the validity, interpretation, construction and performance
of this Award Agreement, shall be governed by the laws of the State of Michigan without regard to its choice of law rules.

 

13.Award
Agreement Subject to Plan. The Award Agreement shall be subject to all terms and provisions of the Plan, to the extent
applicable to the Restricted Stock. In the event of any conflict between this Award Agreement and the Plan, the terms of the Plan
shall control, it being understood that variations in this Award Agreement from terms set forth in the Plan shall not be considered
to be in conflict if the Plan permits such variations.

 

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

 

15.Captions.
The captions to the sections and subsections contained in this Award Agreement are for reference only, do not form a substantive
part of this Award Agreement and shall not restrict or enlarge substantive provisions of this Award Agreement.

 

16.Parties
in Interest.  This Award Agreement shall bind and shall inure to the benefit of the parties hereto, their respective permitted
successors and assigns.

 

17.Complete
Agreement. This Award Agreement shall constitute the entire agreement between the parties hereto and shall supersede all
proposals, oral or written, and all other communications between the parties relating to the subject matter of this Award Agreement.

 

18.Modifications.
The terms of this Award Agreement cannot be modified except in writing and signed by each of the parties hereto.

 

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19.Severability.
In the event that any one or more of the provisions of this Award Agreement should be invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected
or impaired thereby.

 

IN WITNESS WHEREOF,
the Corporation has caused the Award to be granted pursuant to this Award Agreement on the Grant Date.

 

PERCEPTRON, INC.

 

 

 

By: /s/ David L. Watza

 

Name: David L. Watza

 

Title: Senior Vice President, Finance and Chief

Financial
Officer

 

*************************************************************

 

ACKNOWLEDGEMENT

 

By signing below, the Grantee acknowledges and agrees that:

 

		·	A copy of the Plan and the Plan’s Prospectus have been made available to the Grantee;

 

		·	The Grantee has read and understands and accepts the conditions place on the Restricted Stock,
including the tax withholding requirements; and

 

		·	If the Grantee does not return a signed copy of this Award Agreement to the address shown below
not later than 30 days after the Grant Date, the Restricted Stock will be forfeited and the Award Agreement will terminate
and be of no further force or effect.

 

 

Perceptron, Inc.

Attention: Vice President, Human
Resources

47827 Halyard Drive

Plymouth, MI 48170

 

GRANTEE

 

 

 

/s/ W. Richard Marz

W. RICHARD MARZ

 

Date: February 4, 2016

 

 

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