UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Earliest Event Reported: November 15, 2005
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X-RITE, INCORPORATED
(Exact name of registrant as specified in its charter)
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Michigan 000-14800 38-1737300
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification no)
3100 44th Street S.W.
Grandville, Michigan 49418
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code:
(616) 534-7663
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Check the appropriate box below if the Form 8-K is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions.
|_| Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 14e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01 Entry into a Material Definitive Agreement
Executive Compensation
On November 15, 2005, the Compensation Committee of the Board of Directors of
X-Rite, Incorporated established the following base salaries and bonus targets
for its executive officers [for fiscal year 2006]:
Base Salaries. Base salaries [for fiscal year 2006] are as follows
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Name Position Base Salary
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Michael C. Ferrara President, Chief Executive Officer $390,000
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Mary E. Chowning Vice President, Chief Financial Officer $275,000
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Jeffrey J. Smolinski Vice President, Operations $220,000
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Bernard J. Berg Senior Vice President, Engineering $206,000
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James M. Weaver Vice President, Marketing and Product $200,000
Development
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Joan Mariani Andrew Vice President $222,000
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Bonus Targets. Bonus targets [for fiscal year 2006] are as follows:
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Name Position Bonus Target
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Michael C. Ferrara President, Chief Executive Officer $280,800
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Mary E. Chowning Vice President, Chief Financial Officer $132,000
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Jeffrey J. Smolinski Vice President, Operations $105,600
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Bernard J. Berg Senior Vice President, Engineering $98,880
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James M. Weaver Vice President, Marketing and Product $96,000
Development
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Joan Mariani Andrew Vice President $106,560
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized officer.
Dated: November 21, 2005 X-RITE, INCORPORATED
By: /s/ Mary E. Chowning
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Mary E. Chowning
Chief Financial Officer