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                                                                   EXHIBIT 10.10







                                 UTI CORPORATION
                    KEY EXECUTIVE DEFERRED COMPENSATION PLAN
                             EFFECTIVE: MAY 31, 2000






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                                 UTI CORPORATION
                    KEY EXECUTIVE DEFERRED COMPENSATION PLAN

                                TABLE OF CONTENTS


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SECTION I: DEFINITIONS.......................................................1

SECTION II: STOCK OPTION DISTRIBUTION........................................3

SECTION III: ACCOUNTS........................................................3

SECTION IV: TERMINATION......................................................4

SECTION V: ADMINISTRATION OF THE PLAN........................................4

SECTION VI: AMENDMENT AND TERMINATION........................................6

SECTION VII:GENERAL PROVISIONS...............................................6

SCHEDULE A.................................................................A-1

EXHIBIT A...............................................................Exh.-1
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SECTION I: DEFINITIONS

1.1      "Account Balance" means the balance in an Eligible Employee's Deferred
         Compensation Account established under the Predecessor Plan which is
         set forth opposite the name of each Eligible Employee in Schedule A
         attached hereto.

1.2      "Affiliate" means any legal entity controlled, directly or indirectly,
         by UTI Corporation prior to the Closing and MDMI thereafter.

1.3      "Beneficiary" means any person(s) or legal entity(ies) designated by
         the Eligible Employee, or otherwise determined, in accordance with
         Section 7.5.

1.4      "Board of Directors" means the Board of Directors of the Company.

1.5      "Cause" means, with respect to an Eligible Employee, the occurrence of
         any of the following:

                  (i) Eligible Employee has breached the provisions of his
         employment agreement, any material written Company policy or any
         material contract between the Eligible Employee and the Company or an
         Affiliate and Eligible Employee has failed to cure such breach within
         thirty (30) days after receipt of written notice of default from the
         Company;

                  (ii) Eligible Employee has failed to perform Eligible
         Employee's duties and responsibilities, as reasonably determined by the
         Company's Board of Directors, or has engaged in willful misconduct,
         including, without limitation, willful failure to perform Eligible
         Employee's duties as an officer or employee of the Company or an
         Affiliate and Eligible Employee has failed to cure such failure or
         misconduct within thirty (30) days after receipt of written notice of
         default from the Company;

                  (iii) Eligible Employee has committed fraud, misappropriation
         or embezzlement in connection with the Company's or its Affiliates'
         business or has otherwise breached his fiduciary duty to the Company or
         an Affiliate;

                  (iv) Eligible Employee has been convicted or has pleaded nolo
         contendere to any act constituting a felony under the laws of any state
         or of the United States of America, or any crime involving moral
         turpitude that, in the reasonable determination of the Company's Board
         of Directors, causes material harm to the Company or its Affiliates; or


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                  (v) Eligible Employee abuses illegal drugs, alcohol or other
         controlled substances.


1.7      "Closing" means the consummation of the acquisition of UTI Corporation,
         by MDMI pursuant to the execution of the Share Purchase Agreement among
         MDMI, UTI Corporation and the shareholders of UTI Corporation.

1.8      "Company" means UTI Corporation, a Pennsylvania corporation, prior to
         the Closing and MDMI, after the Closing.

1.9      "Eligible Employee" means a participant in the Predecessor Plan who
         will continue as an employee of the Employer after the Closing.

1.10     "Employer" means the Company and any subsidiary thereof which shall be
         designated by the Board of Directors as a participating employer under
         the Plan. Immediately following the Closing, the Employer will be the
         Company and UTI Corporation.

1.11     "Good Reason" means, with respect to an Eligible Employee: (i) any
         involuntary reduction in the base salary of the Eligible Employee (that
         does not correspond to any material change or reduction in the duties
         of the Eligible Employee which occurs at the request or with the
         consent of the Eligible Employee); (ii) any non-consensual material
         reduction in benefits of the Eligible Employee (that does not
         correspond to any material change or reduction in the duties of the
         Eligible Employee which occurs at the request or with the consent of
         the Eligible Employee); (iii) any involuntary material change in the
         title, duties or material terms and conditions of employment of the
         Eligible Employee; or (iv) any non-consensual required relocation of
         the Eligible Employee's principal place of employment to a place
         outside of a sixty mile radius of the Eligible Employee's then
         principal place of employment that is permanent or lasts for longer
         than six months.

1.12     "MDMI" means MDMI Holdings, Inc., a Colorado corporation or any
         successor thereto.

1.13     "Plan" means the UTI Corporation Key Executive Deferred Compensation
         Plan, as embodied herein and as amended from time to time hereafter.

1.14     "Predecessor Plan" means the UTI Corporation 2000 Deferred Compensation
         Plan, as in effect immediately prior to Closing.


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1.15     "Stock Options" means stock options granted pursuant to the Stock
         Option Plan to an Eligible Employee by the Company with respect to the
         Company's common stock.

1.16     "Stock Option Plan" means the MDMI Holdings, Inc. 2000 Stock Option and
         Incentive Plan, as it may be amended from time to time.


SECTION II: STOCK OPTION DISTRIBUTION

2.1      Distribution of Stock Options

         Immediately following the Closing, each Eligible Employee's right to
         his Account Balance shall be released and cancelled and in lieu thereof
         each Eligible Employee shall receive the Stock Options provided for in
         Section 2.2. Notwithstanding the foregoing, the cancellation of an
         Eligible Employee's rights to his Account Balance pursuant to this
         Section 2.1 shall have no effect on the amount credited to his Deferred
         Compensation Account pursuant to Section 3.2.

2.2      Stock Options

         The number of Stock Options granted to each Eligible Employee will be
         equal to the amount of the Eligible Employee's Account Balance divided
         by $16.00. The exercise price of the Stock Options will be $4.00 per
         share. The Stock Options will be subject to the terms of a stock option
         agreement, in the form attached hereto as Exhibit A, to be entered into
         in accordance with the Stock Option Plan.


SECTION III: ACCOUNTS

3.1      Accounts

         The Company shall continue to maintain a Deferred Compensation Account
         for each Eligible Employee.

3.2      Deferred Compensation Account

         Immediately following the release and cancellation of his rights to his
         Account Balance, each Eligible Employee's Deferred Compensation Account
         shall be thereupon credited with an amount equal to twenty five percent
         (25%) of the Eligible Employee's Account Balance (determined prior to
         its release and cancellation).


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3.3      Deferral Period

         Each Eligible Employee will receive a single lump sum payment of the
         amount credited to his Deferred Compensation Account upon termination
         of his employment with the Employer as provided in Section IV.


SECTION IV: TERMINATION

         An Eligible Employee will be entitled to receive the amount credited to
         the Eligible Employee's Deferred Compensation Account. Such amount
         shall be paid as soon as practicable, but in no event more than 30
         days, after the Eligible Employee's termination of employment with the
         Employer, whether due to death, disability or other cause; provided,
         however, that in the event of a voluntary termination of employment by
         the Eligible Employee, other than due to Good Reason, or in the event
         the Eligible Employee is terminated for Cause, payment shall be made as
         soon as practicable, but in no event later than 30 days, after the
         later of the date of the Eligible Employee's termination or the fifth
         anniversary of the Closing.


SECTION V: ADMINISTRATION OF THE PLAN

5.1      Board of Directors

         The Board of Directors shall have such powers and authorities related
         to the administration of the Plan as are consistent with the Company's
         certificate of incorporation and by-laws and applicable law. The Board
         of Directors shall have full power and authority to take all actions
         and to make all determinations required or provided for under the Plan.
         All such actions and determinations shall be made in good faith by the
         affirmative vote of a majority of the members of the Board of Directors
         present at a meeting or by unanimous consent of the members of the
         Board of Directors executed in writing in accordance with the Company's
         certificate of incorporation and by-laws and applicable law. As
         permitted by law, the Board of Directors may delegate its authority
         under the Plan to a member of the Board of Directors or an executive
         officer of the Company who is not an Eligible Employee.

5.2      Committee.

         The Board of Directors from time to time may delegate to a Committee
         such powers and authorities related to the administration and
         implementation of the Plan as the Board of Directors shall determine,
         consistent with the certificate of incorporation and by-laws of the
         Company and applicable law.


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         In the event that the Plan entered into hereunder provides for any
         action to be taken by or determination to be made by the Board of
         Directors, such action may be taken by or such determination may be
         made by the Committee if the power and authority to do so has been
         delegated to the Committee by the Board of Directors as provided for in
         this Section. As permitted by law, the Committee may delegate its
         authority under the Plan to a member of the Board of Directors or an
         executive officer of the Company who is not an Eligible Employee.

5.3      Claims Procedure

         An Eligible Employee or Beneficiary (a "claimant")who believes that he
         is entitled to benefits under the Plan which have not been paid must
         file a written claim for such benefits. All claims for benefits shall
         be in writing and shall be filed with the Company. If the Company
         wholly or partially denies a claimant's claim for benefits, the Company
         shall give the claimant written notice within sixty (60) days after the
         Plan's receipt of the claim setting forth:

         (1) the specific reason(s) for the denial;

         (2) specific reference to pertinent Plan provisions on which the denial
         is based;

         (3) a description of any additional material or information which must
         be submitted to perfect the claim, and an explanation of why such
         material or information is necessary; and

         (4) an explanation of the Plan's claim review procedure.

         In the event of a benefit claim denial, the Company shall appoint a
         person who is not regularly involved in the Company's administration of
         the Plan to serve as claim reviewer. The claimant shall have sixty (60)
         days after the day on which such written notice of denial is handed or
         mailed to him by the Company, in which to apply (in person or by
         authorized representative) in writing to the claim reviewer for a full
         and fair review of the denial of his claim. In connection with such
         review, the claimant (or his representative) shall be afforded
         reasonable opportunity to review pertinent documents, and may submit
         issues and comments in writing. The claim reviewer shall arrange to
         meet personally with the claimant and/or his authorized representative
         within thirty (30) days after the claim reviewer's receipt of such
         written request for review for the purpose of hearing the claimant's
         contentions and receiving such relevant evidence as the claimant may
         wish to offer.


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         The claim reviewer shall issue his decision on review within sixty (60)
         days after meeting with the claimant or his authorized representative,
         unless in the sole discretion of the claim reviewer special
         circumstances require an extension to not later than one hundred twenty
         (120) days after such meeting. The decision shall be in writing and
         shall set forth specific reasons for the decision and specific
         references to pertinent Plan provisions on which the decision is based.


SECTION VI: AMENDMENT AND TERMINATION

         The Company, by action of the Board of Directors, may at any time or
         from time to time modify or amend any or all of the provisions of the
         Plan or may at any time terminate the Plan, provided that no such
         action shall affect any Eligible Employee hereunder without his consent
         thereto.


SECTION VII: GENERAL PROVISIONS

7.1      Limitation of Rights

         No Eligible Employee shall have any right to any payment or benefit
         hereunder except to the extent provided in the Plan.

7.2      Employment Rights

         The employment rights of any Eligible Employee shall not be enlarged,
         guaranteed or affected by reason of any of the provisions of the Plan.

7.3      Assignment, Pledge or Encumbrance

         Assignment, pledge or other encumbrance of any payments or benefits
         under the Plan shall not be permitted or recognized and, to the extent
         permitted by law, no such payments or benefits shall be subject to
         legal process or attachment for the payment of any claim of any person
         entitled to receive the same.

7.4      Minor or Incompetent

         If the Company determines that any person to whom a payment is due
         hereunder is a minor or is incompetent by reason of physical or mental
         disability, the Company shall have the power to cause the payments
         becoming due to such person to be made to another for the benefit of
         such minor or incompetent without responsibility of the Company or the
         Company to see to the application of such payment, unless claim prior
         to such payment


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         is made therefor by a duly appointed legal representative. Payments
         made pursuant to this Section 7.4 shall operate as a complete discharge
         of the Plan and the Company.

7.5      Beneficiary

         Each Eligible Employee may designate, by written notice to the Company,
         any person(s) or legal entity(ies), including without limitation his
         estate, as his Beneficiary under the Plan. An Eligible Employee may
         revoke his designation of a Beneficiary or change his Beneficiary at
         any time prior to his death by written notice to the Company If no
         person or legal entity shall be designated by an Eligible Employee as
         his Beneficiary or if no designated Beneficiary survives him, his
         Beneficiary shall be his estate.

7.6      Binding Provisions

         The provisions of this Plan shall be binding upon each Eligible
         Employee as a participant in the Plan, and upon the Company, and their
         respective heirs, executors, administrators, and assigns.

7.7      Notices

         Any election made or notice given by an Eligible Employee pursuant to
         the Plan shall be in writing to the Company or to such representative
         as may be designated by it for such purpose and shall be deemed to have
         been made or given on the date received by the Company or its
         designated representative.

7.8      Governing Law

         Certain matters under the Plan are governed by the Employee Retirement
         Income Security Act of 1974, as amended. All other interpretations of
         the Plan or of any of its provisions shall be construed under the laws
         of the State of Colorado, but not including the choice of law
         provisions thereof.

7.9      Pronouns

         The masculine pronoun shall be deemed to include the feminine wherever
         it appears in the Plan unless a different meaning is required by the
         context.

7.10     Effective Date

         This Plan shall be effective May 31, 2000.

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