Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Stock Options. On March 13, 2008, the following executive officers were awarded stock options pursuant to the X-Rite, Incorporated 2006 Omnibus Long Term Incentive Plan. Name Title Number of Stock Options ------------------------ ------------------------------- ----------------------- Thomas J. Vacchiano, Jr. CEO and President 57,129 Lynn J. Lyall CFO and Executive Vice President 21,423 Francis Lamy CTO and Executive Vice President 21,423 The stock options vest in equal annual installments over a period of three years from date of grant. Restricted Stock. On March 13, 2008, the following executive officers were awarded shares of restricted stock pursuant to the X-Rite, Incorporated 2006 Omnibus Long Term Incentive Plan. Name Title Number of Shares of Restricted Stock ------------------------ -------------------------------- ---------------------- Thomas J. Vacchiano, Jr. CEO and President 28,565 Lynn J. Lyall CFO and Executive Vice President 10,712 Francis Lamy CTO and Executive Vice President 10,712 The restricted stock vests at the earlier of the third anniversary of the date of grant or satisfaction of certain Company performance targets based on cumulative revenue and EBITDA (earnings before income tax, depreciation and amortization). Additional Stock Awards. On March 13, 2008, the following executive officer was awarded additional stock options pursuant to the X-Rite, Incorporated 2006 Omnibus Long Term Incentive Plan. Name Title Number of Stock Options ----------------------- ------------------------------- ----------------------- Francis Lamy CTO and Executive Vice President 50,000 The stock options vest in equal annual installments over a period of three years from date of grant. Short-Term Incentive Awards. On March 13, 2008, the Company's Compensation Committee established targeted 2008 short-term incentive awards for the following executive officers. Name Title Target Short-Term Incentive ------------------------ -------------------------------- ---------------------- Thomas J. Vacchiano, Jr. CEO and President $192,000 Lynn J. Lyall CFO and Executive Vice President $144,000 Francis Lamy CTO and Executive Vice President $134,000 Short-term incentive performance components are comprised of 50 percent EBITDA and 50 percent revenue. Payouts range from 0% to 200% of target based on satisfaction of performance metrics. 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. X-RITE, INCORPORATED Dated: March 19, 2008 By: /s/ Lynn J. Lyall ----------------- Lynn J. Lyall Chief Financial Officer </TEXT> </DOCUMENT>