Change

<div id="palette"></div>
<script>
$("#palette").kendoColorPalette({
  change: function(e) {
/* The result can be observed in the DevTools(F12) console of the browser. */
    console.log("The newly selected color is ", e.value);
  }
});
</script>

<div id="palette"></div>
<script>
function palette_change(e) {
/* The result can be observed in the DevTools(F12) console of the browser. */
  console.log("The newly selected color is ", e.value);
}
$("#palette").kendoColorPalette();
var palette = $("#palette").data("kendoColorPalette");
palette.bind("change", palette_change);
</script>