Document:

Exhibit10.11

EXECUTION COPY

NEITHER THIS CONVERTIBLE NOTE NOR THE SECURITIES INTO WHICH THIS NOTE MAY BE CONVERTED HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS.  NEITHER THIS NOTE NOR THE SECURITIES INTO WHICH THIS NOTE MAY BE CONVERTED CAN BE SOLD, TRANSFERRED, ASSIGNED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE TERMS OF THE SUBSCRIPTION AGREEMENT PURSUANT TO WHICH THIS NOTE WAS ISSUED, THE TERMS OF THIS CONVERTIBLE NOTE, AND ALL APPLICABLE FEDERAL OR STATE SECURITIES LAWS PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.

Workiva LLC

SERIES 2014 CONVERTIBLE PROMISSORY NOTE

$5,000,000                                Dated: July 31, 2014

FOR VALUE RECEIVED Workiva LLC, a California limited liability company (the “Company”), hereby promises to pay to Bluestem Capital Appreciation Fund, LLC] (together with any permitted successor in interest, the “Payee”), or its assigns, the principal amount of Five Million Dollars ($5,000,000) together with interest thereon calculated from the date hereof in accordance with the provisions of this Series 2014 Convertible Promissory Note (the “Convertible Note”).

Certain capitalized terms are defined in Section 10 hereof.

1.     Payment of Interest.  Simple interest shall accrue at a rate equal to seven percent (7%) per annum (the “Interest Rate”) on the unpaid principal amount of this Convertible Note outstanding from time to time.  Interest shall be computed on the basis of the actual number of days elapsed and a 365-day year.  Interest shall accrue from the date of this Convertible Note and shall not compound.  All accrued interest shall be payable upon maturity of the Convertible Note in full, or upon its conversion as provided herein.  Notwithstanding the foregoing, commencing on the thirtieth day following the consummation of an IPO, (i) the Interest Rate shall increase to ten percent (10%) per annum, and (ii) interest accrued since the IPO Closing Date shall be payable monthly in arrears in cash on the first day of each calendar month.  If at any time an interest rate applicable hereunder exceeds the maximum rate permitted by law, such rate shall be reduced to the maximum rate so permitted by law.

2.    Maturity Date.  The entire principal amount of this Convertible Note and all accrued but unpaid interest thereon shall be due and payable in full on January 31, 2016 (the “Maturity Date”). 

3.    Conversion.  

(i)    This Convertible Note shall not be convertible at any time into membership interests in the Company.  The Payee shall have the option, in the event an IPO is consummated, in the Payee’s sole discretion, to convert all or any portion of the then principal amount of, and accrued but unpaid interest on, this Convertible Note into Common Stock.  The Company shall provide notice by e-mail to the Payee of the IPO Price on the IPO Pricing Date.  If the Payee desires to exercise its right to convert, Payee shall not later than 7:00 a.m. on the IPO Closing Date deliver notice to the Company by e-mail of its intention to convert (the “Conversion Notice”).  If Payee fails to deliver the Conversion Notice by such time, then Payee’s right to convert shall expire.  In the event the Conversion Notice is timely delivered, then on the date following the IPO Closing Date (the “Conversion Date”) the Corporation shall issue to the Payee a number of shares of Common Stock equal to (x) the aggregate dollar amount to be converted, divided by (y) ninety percent (90%) of the IPO Price.  In the event that the Payee does elect to convert the entire principal amount and accrued interest on the Conversion Date, the Payee shall have no further right to convert any amounts remaining outstanding under this Convertible Note.

(ii)    As of the Conversion Date, the rights of the holder of this Convertible Note as the holder of such Convertible Note shall cease (but only with respect to the amount so converted), and the indebtedness evidenced by this Convertible Note that has been so converted shall be automatically be cancelled and discharged without any need for surrender of this Convertible Note.

(iii)    As soon as possible after the conversion has been effected (but in any event within ten (10) Business Days following the Conversion Date), the Corporation shall deliver to the Payee a certificate or certificates (if the Common Stock is certificated) representing, or (if the Common Stock is not certificated) written confirmation of issuance of, the number of shares of Common Stock issuable by reason of such conversion in the name of the Payee.  Upon any conversion of a portion of the principal amount of this Convertible Note, the Corporation shall as soon as possible (but in any event within ten (10) Business Days of receipt of the original Convertible Note), deliver to the Payee a new note registered in the name of Payee for the principal and accrued interest amount of this Convertible Note then remaining unpaid.

(iv)    All shares of Common Stock issued pursuant hereto shall, when issued, be duly and validly issued, fully paid and nonassessable and free from all taxes, liens and charges.  The Company shall take all such actions as may be necessary to assure that all such shares of Common Stock may be so issued without violation of any applicable law or governmental regulation.

(v)    Payee hereby agrees and covenants that it will not, without the prior written consent of the managing underwriter of the IPO, during the period commencing on the Conversion Date and ending on the date specified by the Corporation and such managing underwriter (such period not to exceed one hundred eighty (180) days) or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or 

2

other distribution of research reports and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock issued pursuant hereto, or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise.  The foregoing provisions of this Subsection 3(v) shall be applicable to the Payee only if all officers and directors of the Corporation are subject to substantially similar restrictions.  The underwriters in connection with such registration are intended third-party beneficiaries of this Subsection 3(v) and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto.  The Payee further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this Subsection 3(v) or that are necessary to give further effect thereto.  

4.    Prepayment/Redemption

(i)    Except as provided in Subsection 4(ii), this Convertible Note may not be prepaid without the consent of the Payee prior to the IPO Closing Date.  The Corporation may prepay this Convertible Note in whole or in part at any time on or after the IPO Closing Date without penalty.  Prepayment will be applied to accrued but unpaid interest first and then to unpaid principal.  

(ii)    In the event of the occurrence of a Penalty Event, (a) the Payee shall have the right to require the Company to redeem this Convertible Note at the Penalty Price, provided that the Payee must exercise this right by delivering written notice of such exercise to the Company not later than ten (10) Business Days following the date on which the Penalty Event occurs, and (b) if the Payee does not exercise its right to require the Company to redeem this Convertible Note, the Company shall have the option to redeem this Convertible Note at the Penalty Price not later than twenty (20) Business Days following the date on which the Penalty Event occurs.  

5.    Method of Payments.

(i)    Payment.  So long as the Payee or any of its nominees shall be the holder of this Convertible Note, and notwithstanding anything contained elsewhere in this Convertible Note to the contrary, the Company will pay all sums of principal, interest, or otherwise becoming due on this Convertible Note held by the Payee or such nominee not later than 1:00 p.m. Central Time, on the date such payment is due, in immediately available funds, in accordance with the payment instructions that the Payee may designate in writing, without the presentation or surrender of such 

3

Convertible Note or the making of any notation thereon. Any payment made after 1:00 p.m. Central Time on a Business Day will be deemed made on the next following Business Day.  If the due date of any payment in respect of this Convertible Note would otherwise fall on a day that is not a Business Day, such due date shall be extended to the next succeeding Business Day, and interest shall be payable on any principal so extended for the period of such extension.  All amounts payable under this Convertible Note shall be paid free and clear of, and without reduction by reason of, any deduction, set-off or counterclaim.  The Company will afford the benefits of this Section to the Payee and to each other Person holding this Convertible Note.

(ii)    Replacement.  Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Convertible Note and, in the case of any such loss, theft or destruction of this Convertible Note, upon receipt of an indemnity reasonably satisfactory to the Company or, in the case of any such mutilation, upon the surrender and cancellation of such Convertible Note, the Company, at its expense, will execute and deliver, in lieu thereof, a new Convertible Note of like tenor and dated the date of such lost, stolen, destroyed or mutilated Convertible Note.

6.    Payee Subscription Agreement.  Payee shall execute a subscription agreement (a “Subscription Agreement”) stating to Company that Payee is an “accredited investor” as defined in Regulation D under the Securities Act and is acquiring this Convertible Note and any and all shares of Common Stock into which this Convertible Note is convertible solely for its own account for the purpose of investment and not with a view to or for sale in connection with any distribution thereof.  The shares of Common Stock issuable upon conversion hereof will bear a legend as provided in the Subscription Agreement.

7.    Representations and Warranties of the Company.  The Company represents and warrants to Payee that:

(i)    Organization and Qualification.  The Company is a limited liability company duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, with power and authority to conduct its business as it is now being conducted, to own and use its properties and assets that it purports to own and use, and to perform its obligations under this Convertible Note.  The Company is duly qualified to do business as a foreign corporation and is in good standing under the laws of each state or other jurisdiction in which either the ownership or use of the properties owned or used by it, or the nature of the activities conducted by it, requires such qualification.

(ii)    Absence of Conflicts.  Neither the execution, delivery and performance of this Convertible Note by the Company, nor the consummation of the transactions contemplated hereby, nor compliance by the Company with any of the provisions hereof, will (a) violate, conflict with, or result in a breach of any provision of, constitute a default under, or permit or result in the 

4

termination of, acceleration of any obligation under, or creation of a lien under any of the terms, conditions or provisions of, (i) the Certificate of Organization or Operating Agreement of the Company, or (ii) any material note, mortgage, agreement, indenture, or license by which the Company or any of its properties or assets may be bound, or to which the  Company or any of its properties or assets may be subject, or (b) violate or conflict with any law, rule, regulation, judgment, ruling, order, writ, injunction or decree applicable to the Company or any of its properties or assets.

(iii)     Authorization of Agreements, Etc.  Each of (a) the execution and delivery by the Company of this Convertible Note, (b) the performance by the Company of its obligations hereunder, and (c) the issuance, sale and delivery by the Company of this Convertible Note and the Common Stock issuable hereunder has been duly authorized by limited liability company action of the Company.

(iv)    Validity.  This Convertible Note has been duly executed and delivered by the Company and constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms.

8.    Covenants of the Company.  During the term of this Note, the Company covenants and agrees as follows:

(i)    Restricted Payments.  The Company will not prior to the IPO Closing Date declare or pay any dividends on, or make any other distribution or payment on account of, or redeem, retire, purchase or otherwise acquire, directly or indirectly, any equity interests of any class of the Company, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash, property or in obligations of the Company; provided, however, that in any fiscal year the Company has taxable income, the Company may make pro rata distributions of money to its members, based on ownership of its Membership Units, sufficient to pay the federal and state income taxes on the income of the Company (net of any tax benefits produced for the members by the Company’s losses, deduction, and credits) that passes through from the Company under the applicable provisions of the Internal Revenue Code of 1986, as amended.

(ii)    Notice of IPO.  Not later than 11:59 p.m. Central Time on the IPO Pricing Date, the Company shall provide Payee with notice by e-mail of (a) the IPO Price and (b) the IPO Closing Date.  

(iii)    Notice of Penalty Event.  The Company shall provide notice by e-mail to the Payee within five (5) Business Days of the occurrence of a Penalty Event.

5

(iii)    Periodic Reporting.  The Company will provide annual financial statements of the Company to Payee.

9.    Events of Default.  If any of the following events takes place (each, an “Event of Default”), Payee at its option may declare the entire principal balance and accrued interest outstanding hereon and all other amounts payable under this Convertible Note immediately due and payable; provided, however, that this Convertible Note shall automatically become due and payable without any declaration in the case of an Event of Default specified in clause (iii) or (v), below:

		
	(i)
	Company fails to make payment of the full amount due under this Convertible Note on a demand following the Maturity Date; or

		
	(ii)
	A receiver, liquidator or trustee of Company or any substantial part of Company’s assets or properties is appointed by a court order; or

		
	(iii)
	Company is adjudicated bankrupt or insolvent; or

		
	(iv)
	Any of Company’s property is sequestered by or in consequence of a court order and such order remains in effect for more than 30 days; or

		
	(v)
	Company files a petition in voluntary bankruptcy or requests reorganization under any provision of any bankruptcy, reorganization or insolvency law or consents to the filing of any petition against it under such law; or

		
	(vi)
	Any petition against Company is filed under bankruptcy, receivership or insolvency law; or

		
	(vii)
	Company makes a formal or informal general assignment for the benefit of its creditors, or admits in writing its inability to pay debts generally when they become due, or consents to the appointment of a receiver or liquidator of Company or of all or any part of its property; or

		
	(viii)
	An attachment or execution is levied against any substantial part of Company’s assets that is not released within 30 days; or

		
	(ix)
	Company dissolves, liquidates or ceases business activity, or transfers any major portion of its assets other than in the ordinary course of business or to the Corporation; or

		
	(x)
	Company breaches any covenant or agreement on its part contained in this Convertible Note; or

		
	(xi)
	Any material inaccuracy or untruthfulness of any representation or warranty of the Company set forth in this Convertible Note; or  

(xii)    Company fails at any time to make payment of the amount of any interest then due and payable under this Convertible Note.

10.    Definitions.

6

“Business Day” means a day (other than a Saturday or Sunday) on which banks generally are open in Iowa for the conduct of substantially all of their activities.

“Change of Control” means (i) a business combination (such as a merger or consolidation) of the Company with any other limited liability company or other type of business entity (such as a corporation), other than a business combination that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 50% of the total voting power represented by the voting securities of the Company or such controlling surviving entity outstanding immediately after such business combination or (ii) the sale, lease, or other disposition by the Company of all or substantially all of the Company’s assets.  For the avoidance of doubt, the term Change in Control of the Company shall not include either (x) a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company or (y) a conversion of the Company into the Corporation for the purpose of consummating an IPO.

“Common Stock” means the class of common stock of the Corporation offered to the public pursuant to the IPO.

“Corporation” means any corporation into which the Company converts or merges or into which the Company transfers substantially all of its assets for the purpose of consummating an IPO.

“IPO” means the Corporation’s first underwritten public offering of its Common Stock under the Securities Act is consummated.

“IPO Closing Date” means the date on which the sale of Common Stock pursuant to the IPO is consummated.

“IPO Price” means the price at which Common Stock is offered to the public pursuant to the IPO.

“IPO Pricing Date” means the date of the final prospectus pursuant to which Common Stock is offered pursuant to the IPO.

“Penalty Event” means the occurrence prior to the IPO Closing Date of the first to occur of (i) a Change of Control, or (ii) a Private Financing.

“Penalty Price” means an amount equal to 110% of the aggregate of the outstanding principal amount and accrued interest hereunder as of the date of the Penalty Event.

7

“Person” means any person or entity of any nature whatsoever, specifically including an individual, a firm, a company, a corporation, a partnership, a limited liability company, a trust or other entity.

“Private Financing” means any issuance of equity securities by the Company for new money having an aggregate original issue price in excess of $20,000,000 in any twelve-month period.

11.    Obligations of Company.  Except for Section 12 and Section 4 and absent conversion of this Convertible Note as hereinabove provided, Company shall have no liability to Payee for any reason in an amount in excess of the principal of, and accrued interest on, this Convertible Note.

12.    Expenses of Enforcement, Etc.  The Company agrees to pay all fees and reasonable expenses incurred by the Payee in connection with the negotiation, execution and delivery of this Convertible Note.  The Company agrees to pay all reasonable fees and expenses incurred by the Payee in connection with any amendments, modifications, waivers, extensions, renewals, renegotiations or workouts of the provisions hereof or incurred by the Payee in connection with the enforcement, collection or protection of its rights in connection with this Convertible Note, or in connection with any pending or threatened action, proceeding, or investigation relating to the foregoing, including, but not limited to, the reasonable fees and disbursements of counsel for the Payee.  The Company agrees to indemnify the Payee and its directors, managers, affiliates, partners, members, officers, employees and agents against, and agrees to hold the Payee and each such Person harmless from, any and all losses, claims, damages, liabilities and related expenses, including reasonable counsel fees and expenses, incurred by or asserted against the Payee or any such Person arising out of, in any way connected with, or as a result of any claim, litigation, investigation or proceedings relating to any of the foregoing, whether or not the Payee or any such Person is a party thereto.

13.    Amendment and Waiver.  The provisions of this Convertible Note may not be modified, amended or waived, and the Company may not take any action herein prohibited, or omit to perform any act herein required to be performed by it, without the written consent of the holder of this Convertible Note.  

14.    Remedies Cumulative.  No remedy herein conferred upon the Payee is intended to be exclusive of any other remedy, and each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute or otherwise.

8

15.    Remedies Not Waived.  No course of dealing between the Company and the Payee or any delay on the part of the Payee in exercising any rights hereunder shall operate as a waiver of any right of the Payee.

16.    Assignments.  The Payee may not assign, participate, transfer or otherwise convey this Convertible Note and any of its rights or obligations hereunder or interest herein to any Person unless the Company consents to said assignment.

17.    Headings.  The headings of the Sections and paragraphs of this Convertible Note are inserted for convenience only and do not constitute a part of this Convertible Note.

18.    Severability.  If any provision of this Convertible Note is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Convertible Note will remain in full force and effect.  Any provision of this Convertible Note held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable. 

19.    Cancellation.  After all principal and accrued interest at any time owed on this Convertible Note have been paid in full, or this Convertible Note has been converted, this Convertible Note will be surrendered to the Company for cancellation and will not be reissued, except as otherwise provided herein.

20.    Place of Payment and Notices.  Subject to Section 4 above, notices and payments of principal and interest are to be delivered to the Payee at the address set forth in the Subscription Agreement executed by the Payee, or at such other address as the Payee has specified by prior written notice to the Company.  The following e-mail addresses shall be used with respect to any communication to be made by e-mail as provided in this Convertible Note:
	
			
	 
	 
	 

	To Payee:
	 
	shorst@bluestemcapital.com

	 
	 
	 

	With a required copies to:
	 
	tyler@bluestemcapital.com

	 
	 
	 

	 
	 
	and

	 
	 
	 

	 
	 
	Jennifer@hwalaw.com

	 
	 
	 

	To Company/Corporation:
	 
	stuart.miller@workiva.com

	 
	 
	 

	With a required copy to:
	 
	troy.calkins@workiva.com

9

21.    Submission to Jurisdiction.  Any legal action or proceeding with respect to this Convertible Note may be brought in the Polk County, Iowa District Court, and, by execution and delivery of this Convertible Note, the Company hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid court.

(i)    The Company hereby irrevocably waives, in connection with any such action or proceeding, any objection, including, without limitation, any objection to the laying of venue or based on the grounds of forum non conveniens, which it may now or hereafter have to the bringing of any such action or proceeding in such respective jurisdiction.

(ii)    Nothing herein shall affect the right of the Payee to serve process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against the Company in any other jurisdiction.

22.    Governing Law.  This Convertible Note has been entered into in the State of Iowa.  All issues and questions concerning the construction, validity, enforcement and interpretation of this Convertible Note shall be governed by, and construed in accordance with, the laws of the state of Iowa, without giving effect to any choice of law or conflict of law rules or provisions (whether of the state of Iowa or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the state of Iowa.

23.    WAIVER OF JURY TRIAL.  THE PAYEE AND THE COMPANY EACH HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS CONVERTIBLE NOTE AND THE TRANSACTIONS CONTEMPLATED HEREUNDER.

[SIGNATURE ON FOLLOWING PAGE]

10

IN WITNESS WHEREOF, the Company has executed and delivered this Convertible Note on the date first written above. 

	
		
	COMPANY:
	 

	WORKIVA LLC
	 

	By: /s/ Matthew M. Rizai
	 

	Name: Matthew M. Rizai
	 

	Title: CEO and Managing Director
	 

	 
	 

Neither this Convertible Note nor the securities into which it may be converted have been registered under the Securities Act, or under any state securities or “Blue Sky” laws.  Accordingly, no transfer of this Convertible Note or the securities into which it may be converted may be made except in accordance with the Agreement and (a) pursuant to an effective registration statement or amendment thereto under the Securities Act or (b) pursuant to an exemption from registration under the Securities Act and under any applicable state securities or “Blue Sky” laws.

11PLXS F14 10-K Exhibit 10.4(b)

EXHIBIT 10.4(b)

Change in Control Agreement
This AGREEMENT (the “Agreement”) is made as of the Effective Date by and between Plexus Corp., a Wisconsin corporation (the “Company”) and the Employee.  
Recital:
The Board of Directors (the “Board”) of the Company has determined that it is in the best interests of the Company and its shareholders to reinforce and encourage the Employee’s continued attention and dedication to the Employee’s assigned duties without distraction by entering into compensation arrangements that will provide financial security in the event of a Change in Control.  
Now, therefore, it is hereby agreed as follows:
		
	1.
	Defined Terms.  Capitalized terms not otherwise defined in the main body of this Agreement have the meaning ascribed thereto in Schedule A and Exhibit 1.

		
	2.
	Change in Control.  No benefits shall be payable under this Agreement unless there shall have been a Change in Control.

		
	3.
	Term of Agreement.  This Agreement shall be effective for the period commencing on the Effective Date and ending on the Initial Term Date; provided, however, that:

3.1.     On an annual basis the term of this Agreement shall automatically be extended for an additional fiscal  
year unless, not later than 30 days before the Agreement would otherwise expire, the Company shall 
have given notice that it does not wish to extend this Agreement; and 
3.2.    Notwithstanding any such notice by the Company, if a Change in Control shall have occurred during 
the original or any extended term of this Agreement, this Agreement shall remain in effect until the 
Company shall have performed all its obligations hereunder.
		
	4.
	Qualifying and Nonqualifying Separations.  For purposes of this Agreement:

4.1.    A “Qualifying Separation” means the Employee’s Separation from Service during the Change in 
Control Period by reason of (i) the Company’s termination of the Employee’s employment other than 
for Cause, or (ii) the Employee’s resignation for Good Reason; provided, however, that a Qualifying 
Separation shall not include a Separation from Service by reason of the Employee’s death or Disability.  
4.2.    A “Nonqualifying Separation” means a Separation from Service during the Change in Control Period, 
other than a Qualifying Separation.  
		
	5.
	Company’s Obligations Upon a Qualifying Separation.  In the event of the Employee’s Qualifying Separation:

5.1.    Accrued Obligations.  The Company shall pay to the Employee the Accrued Obligations in cash within 
30 days after the Separation Date.
5.2.    Lump-Sum Payment.  The Company shall pay to the Employee in cash within 30 days after the 
Separation Date (except as otherwise provided by Section 7) the sum of the following amounts:
		
	(a)
	The Employee’s Target Bonus, prorated through the Separation Date using a fraction, the numerator of which is the number of days in the Separation Year through the Separation Date, and the denominator of which is 365;

		
	(b)
	The Separation Multiplier times the sum of the Employee’s Annual Base Salary, the Target Bonus, and the Retirement Differential; and

		
	(c)
	An amount such that, after payment of all Federal, state, and local income taxes on such amount (deemed for this purpose to be payable at the applicable withholding rates), the Employee retains the amount that the Company determines is equal to the value of continued participation (on the same basis), for a number of years equal to the Separation Multiplier, in all group health and other welfare plans and the Company’s executive reimbursement plan, company car, and other similar plans and arrangements in which the Employee participated 

immediately before the Separation Date or in which the Employee participated immediately before the Change in Control Date, whichever produces the greater benefit.
5.3.    Outplacement.  The Company shall at its sole expense provide the Employee with executive-level 
outplacement services, the scope and provider of which shall be selected by the Company in its sole 
discretion, for a period of 15 months beginning on the Separation Date.  
5.4.    Other Benefits.  To the extent not theretofore paid or provided, and without duplication of any other 
benefits hereunder, the Company shall timely pay or provide to the Employee such other amounts or 
benefits as are required to be paid or provided, or that the Employee is eligible to receive, under any 
written plan, program, policy or contract or agreement of Plexus (collectively, “Other Benefits”).
5.5.    Code Section 280G. Notwithstanding any provision of this Agreement to the contrary, in the event 
that you become entitled to receive payments or benefits under this Agreement or under any other 
plan, agreement or arrangement with the Company (all such payments and benefits being referred 
to herein as the “Total Payments”) and it is determined that any of the Total Payments will be 
subject to any excise tax pursuant to Code Section 4999, or any similar or successor provision (the 
“Excise Tax”), the Company shall pay you either (i) the full amount of the Total Payments or (ii) an 
amount equal to the Total Payments, reduced by the minimum amount necessary to prevent any 
portion of the Total Payments from being an “excess parachute payment” (within the meaning of 
Code Section 280G) (the “Capped Payments”), whichever of the foregoing amounts results in the 
receipt by you, on an after-tax basis, of the greatest amount of Total Payments notwithstanding that 
all or some portion of the Total Payments may be subject to the Excise Tax.
5.6.    No Duplication of Benefits.  Notwithstanding Section 5.4, this Agreement supersedes and terminates 
the Employee’s right to any severance benefits otherwise due to the Employee upon a Qualifying 
Termination under any other plan or policy of the Company or any written employment agreement
between the Employee and the Company.
		
	6.
	Company’s Obligations Upon a Nonqualifying Separation.  In the event of the Employee’s Nonqualifying Separation:

6.1.    Accrued Obligations.  The Company shall pay to the Employee the Accrued Obligations in cash within 
30 days after the Separation Date.
6.2    Other Benefits.  The Company shall timely pay or provide to the Employee the Other Benefits.
		
	7.
	Six-Month Suspension.  If the Company determines that the Employee is a Specified Employee as of the Separation Date, then any payment required by Sections 5.2, 5.4 and 6.2 shall be made on the Company’s first regular payroll date (the “Six-Month Date”) on or after the six-month anniversary of the Separation Date, and any payment required by Section 5.5 shall be made on the later of the Six-Month Date or the date such payment would be made without regard to this Section 7.

		
	8.
	Governing Law.  

8.1.    This Agreement shall be governed by and construed in accordance with the laws of the State of 
Wisconsin, without reference to principles of conflict of laws.  
8.2.    The jurisdiction and venue for any disputes arising under, or any action brought to enforce, or otherwise 
relating to, the Agreement shall be exclusively in the courts in the State of Wisconsin, including the 
Federal Courts located therein or responsible therefore (should Federal jurisdiction exist).
		
	9.
	Miscellaneous

Additional terms of this Agreement are set forth in Schedule B.
IN WITNESS WHEREOF, the Employee has hereunto set the Employee’s hand and, pursuant to the authorization from its Board of Directors, the Company has caused these presents to be executed in its name on its behalf, all as of the Effective Date.

PLEXUS CORP.                        
Angelo M. Ninivaggi                                                   
Sr VP, Chief Administrative Officer, 
General Counsel, and Secretary

    
EMPLOYEE:
By:__________________________                                            

Name:________________________                

        
Title:_________________________                                

SCHEDULE A
Defined Terms
Terms not otherwise defined in the main body of the Agreement shall have the meanings set forth below and in Exhibit 1.
“Accrued Obligations” means:
		
	(a) 
	the Employee’s Annual Base Salary through the Separation Date to the extent not theretofore paid;

		
	(b) 
	the Employee’s VICP bonus for any performance period ending before the Separation Date, to the extent not theretofore paid; and

		
	(c) 
	the Employee’s accrued but unpaid vacation pay.

“Annual Base Salary” means the Employee’s annual base salary immediately before the Separation Date or immediately before the Change in Control, whichever is greater.
“Cause” means:
		
	(a)
	The willful and continued failure of the Employee to perform substantially the Employee’s duties with Plexus (other than any such failure resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to the Employee by the Board, the Chief Executive Officer of the Company, or the President of the Company that specifically identifies the manner in which the Board, the Chief Executive Officer, or the President believes that the Employee has not substantially performed the Employee’s duties, and after the Employee has been given at least 30 days in which to cure such failure; or

		
	(b)
	The willful engaging by the Employee in illegal conduct or gross misconduct that is materially and demonstrably injurious to the Company.  For purposes of this provision, no act or failure to act, on the part of the Employee, shall be considered “willful” unless it is done, or omitted to be done, by the Employee in bad faith or without reasonable belief that the Employee’s action or omission was in the best interests of the Company.  Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or upon the instructions of the Chief Executive Officer or a senior officer of the Company or based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Employee in good faith and in the best interests of the Company.  

The cessation of employment of the Employee shall not be deemed to be for Cause unless and until there shall have been delivered to the Employee a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of the entire membership of the Board at a meeting of the Board called and held for such purpose (after reasonable notice is provided to the Employee and the Employee is given an opportunity, together with counsel, to be heard before the Board), finding that, in the good faith opinion of the Board, the Employee is guilty of the conduct described in paragraph (a) or (b) above, and specifying the particulars thereof in detail.  
“Change in Control” means the first to occur of any of the following events, but only to the extent that such event is described in Section 409A(a)(2)(A)(v) of the Code:
		
	(a)
	any person, or more than one person acting as a group (including owners of a corporation that enters into a merger, consolidation, purchase, or acquisition of stock, or similar business transaction with the Company, but not including persons or groups solely because they purchase stock of the Company at the same time or as a result of the same public offering), acquires (or has acquired within the 12-month period ending on the date of the most recent acquisition by such person or group) securities of the Company representing 30 percent or more of the combined voting power of the Company’s then outstanding securities; 

		
	(b)
	during any period of 12 months (not including any period prior to the execution of this Agreement), a majority of members of the Board are replaced by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election; 

		
	(c)
	any person, or more than one person acting as a group (including owners of a corporation that enters into a merger, consolidation, purchase, or acquisition of stock, or similar business transaction with the Company, but not including persons or groups solely because they purchase stock of the Company at the same time or as a result of the same public offering), acquires ownership of stock of the Company that, together with stock held by such person or group, constitutes more than 50 percent of the combined voting power of the stock of the Company but only if such person or group did not own more than 50 percent of the combined voting power of the stock of the Company prior to such acquisition; or

		
	(d)
	any person, or more than one person acting as a group (including owners of a corporation that enters into a merger, consolidation, purchase or acquisition of assets, or similar business transaction with the Company, but not including persons or groups solely because they purchase assets of the Company at the same time), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or group) assets from the Company that have a total gross fair market value of more than 50 percent of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions, except where the assets are transferred to (i) a shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock, (ii) an entity, 50 percent or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (iii) a person, or more than one person acting as a group, that owns, directly or indirectly, 50 percent or more of the total value or voting power of all outstanding stock of the Company, or (iv) an entity, at least 50 percent of the total value or voting power of which is owned, directly or indirectly, by a person or group described in (iii) above.

Notwithstanding the foregoing, unless a majority of the incumbent Board determines otherwise, no Change in Control shall be deemed to have occurred with respect to the Employee if the Change in Control results from actions or events in which he is a participant in a capacity other than solely as an officer, employee or member of the Board.
“Change in Control Date” means the effective date of a Change in Control.
“Change in Control Period” means the 24-month period commencing on the Change in Control Date; provided, however, that if the Employee’s employment with the Company is terminated prior to the date on which a Change in Control occurs, and if it is reasonably demonstrated by the Employee that such termination (x) was at the request of a third party who has taken steps reasonably calculated to effect a Change in Control, or (y) otherwise arose in connection with or anticipation of a Change in Control, then the Change in Control Period shall include the period beginning on the date immediately prior to the date of such termination and ending immediately prior to the effective date of the Change in Control.
“Code” means the Internal Revenue Code of 1986, as amended, and as interpreted by the regulations promulgated thereunder.
“Disability” means the absence of the Employee from the Employee’s duties with the Company on a full-time basis for 180 consecutive business days as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Employee or the Employee’s legal representative (such agreement as to acceptability not to be unreasonably withheld).
“Good Reason” means the occurrence of any of the following:
		
	(a)
	the assignment to the Employee of any duties inconsistent in any respect with the Employee’s position (including status, offices, titles and reporting requirements), authority, duties or responsibilities immediately prior to the Change in Control Date, or any other action by the Company which results in a diminution in such position, authority, duties or responsibilities, excluding for this purpose an isolated, 

insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by the Employee;
		
	(b)
	a failure by the Company (other than an isolated, insubstantial and inadvertent failure not occurring in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by the Employee) to pay or provide any one or more of the following:  

		
	(1)
	base salary at a rate not less than the rate in effect immediately prior to the Change in Control Date;

		
	(2)
	participation in any bonus plan sponsored by Plexus, on a basis consistent with that of other comparable employees;

		
	(3)
	benefits under welfare plans, practices, policies, and programs (including, without limitation, medical, prescription, dental, disability, salary continuance, employee life, group life, accidental death and travel accident insurance plans and programs) to the extent applicable generally to other peer executives of Plexus, but in no event providing benefits that are less favorable, in the aggregate, than the most favorable of such plans, practices, policies, and programs provided generally at any time after the Change in Control Date to other peer executives of Plexus;

		
	(4)
	participation in all fringe benefits, deferred compensation programs, expense reimbursement programs, vacation, company car or car allowance, as applicable (if the Employee was receiving such benefit prior to the Change in Control Date), incentive, savings and retirement plans (including the Company’s 401(k) plan and Employee Stock Purchase Plan), practices, policies, and programs applicable generally to other peer executives of Plexus, but in no event providing benefits that are less favorable, in the aggregate, than the most favorable of such plans, practices, policies, and programs provided generally at any time after the Change in Control Date to other peer executives of Plexus; and

		
	(5)
	a continuation of annual stock-based awards (or other types of long-term incentive compensation) with a value no less than the value of the last stock-based award received by the Employee immediately before the Change in Control Date;

		
	(c)
	the Company’s requiring the Employee to be based at any office or location that is 45 miles or more from the office or location where the Employee is based immediately before the Change in Control Date, or the Company’s requiring the Employee to travel on Company business to a substantially greater extent than required immediately prior to the Change in Control Date; or

		
	(d)
	any failure by the Company to comply with and satisfy Section C.1(c) of Schedule B of this Agreement.

For purposes of this definition, any good faith determination of “Good Reason” made by the Employee shall be conclusive.  Anything in this Agreement to the contrary notwithstanding, a termination by the Employee for any reason during the 30-day period commencing on the first anniversary of the Change in Control Date shall be deemed to be a termination for Good Reason for all purposes of this Agreement.
“Initial Term Date” means the date set forth on Exhibit 1.
“Plexus” means the Company and any corporation, partnership, division, joint venture, or other organization which, together with the Company, would be treated as a single employer under Section 414(b) or (c) of the Code if a 50 percent ownership level were substituted for an 80 percent ownership level for purposes of applying such section.
“Retirement Differential” means the maximum amount of annual Company contributions and credits (including matching contributions and credits, but excluding bonuses under the Company’s Variable Incentive Compensation 

Plan (or any successor short-term incentive plan)) for a full plan year under all of the Company’s qualified or nonqualified retirement plans that are account balance plans.
For purposes of this definition, (x) the Employee shall be deemed to be fully vested, (y) it shall be assumed that Employee’s total annual cash compensation and total targeted cash compensation is equal to Employee’s total target cash compensation as in effect immediately before the Separation Date, and (z) for purposes of determining the maximum amount of Company matching contributions or credits it shall be assumed that the Employee elects to maximize elective deferrals to such plan.
“Separation Date” means the date of the Employee’s Separation from Service.
“Separation from Service” means the Employee’s “separation from service” (within the meaning of Section 409A(a)(2)(A)(i) of the Code) with Employer, as determined by the Company in accordance with Treas. Reg. § 1.409A-1(h)(1).  Unless the context clearly requires otherwise, the phrases “terminates employment,” “termination of employment,” and similar phrases refer to the Employee’s Separation from Service.
“Separation Multiplier” as of the Effective Date has the meaning set forth in Exhibit 1.  The Company shall notify the Employee prior to the beginning of each fiscal year of the Company that begins after the Effective Date (for as long as the Agreement remains in effect), the Separation Multiplier applicable for such fiscal year.  The Separation Multiplier applicable to the Employee during a fiscal year of the Company shall not be reduced with respect to such fiscal year without the Employee’s written consent after the Employee receives notice from the Company of such Separation Multiplier.  In the event of a Change in Control, the Separation Multiplier applicable to the Employee at the time of the Change in Control shall not be reduced during the Change in Control Period without the Employee’s written consent.
“Separation Year” means the Company’s taxable year that includes the Separation Date.
“Specified Employee” has the meaning prescribed by Section 409A(a)(2)(B)(i) of the Code, as determined by the Company in accordance with Treas. Reg. § 1.409A-1(i).
“Target Bonus” means 50% of the Employee’s annual bonus at full opportunity under the Plexus Corp. Variable Incentive Compensation Plan or successor short-term incentive plan.

    

SCHEDULE B
Miscellaneous Terms
B.1    Successors.  
		
	(a)
	Without the prior written consent of the Company this Agreement shall not be assignable by the Employee otherwise than by will or the laws of descent and distribution.  This Agreement shall inure to the benefit of and be enforceable by the Employee’s legal representatives.

		
	(b)
	This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

		
	(c)
	The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.  

		
	B.2
	Notice.  All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party, or by email (with confirmed receipt),  or by registered or certified mail, return receipt requested, postage prepaid, addressed as set forth in Exhibit 1. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may be executed and delivered by facsimile or electronic signature (.pdf) and upon such delivery the facsimile or electronic signature will be deemed to have the same effect as if the original signature had been delivered to the other Party.

		
	B.3
	Captions.  The captions of this Agreement are not part of the provisions hereof and shall have no force or effect.

		
	B.4
	Schedules.  The Schedules to this Agreement constitute a part of this Agreement.

		
	B.5
	Entire Agreement.  This Agreement sets forth the entire understanding between the Company and the Employee concerning the Employee’s benefits in the event of his Qualifying Termination and supersedes and terminates any previous agreements concerning such subject matter including, without limitation, the Plexus Change in Control Agreement previously entered into between the Company and the Employee.  

		
	B.6
	Amendments.  This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors or legal representatives.

		
	B.7
	Severability.  The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.

		
	B.8
	Withholding.  The Company may withhold from any amounts payable under this Agreement such Federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.

		
	B.9
	No Waiver.  The Employee’s or the Company’s failure to insist upon strict compliance with any provision hereof, or any other provision of this Agreement, or the failure to assert any right the Employee or the Company may have hereunder, including, without limitation, the right of the Employee to terminate employment for Good Reason pursuant to Section 5 of this Agreement, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement.

		
	B.10
	Nature of Employment.  The Employee and the Company acknowledge that, except as may otherwise be provided under any other written agreement between the Employee and the Company, the employment of the Employee by the Company is “at will.” 

		
	B.11
	Section 409A.  This Agreement shall be interpreted and administered in accordance with Section 409A of the Code.  If the Employee or the Company determines that any provision of the Agreement is or might be inconsistent with the requirements of Section 409A, the parties shall attempt in good faith to agree on such amendments to the Agreement as may be necessary or appropriate to avoid adverse tax consequences to the Employee under Section 409A of the Code.  No provision of the Agreement shall be interpreted to transfer any liability for failure to comply with Section 409A from the Employee or any other individual to the Company.

    

EXHIBIT 1
Individual Terms

		
	EX.1
	“Effective Date” means «DATE».

		
	EX.2
	“Initial Term Date” means the last day of the Company’s «YEAR» fiscal year.

		
	EX.3
	“Employee” means «EMPLOYEE NAME».

		
	EX.4
	“Separation Multiplier” (as of the Effective Date) means «# of years».

		
	EX.5
	Addresses for Notices:

If to the Employee:

«Address»
«City», «State»  «Zip»

If to the Company:
Plexus Corp.
Attention: Sr VP, Chief Administrative Officer, General Counsel, and Secretary
One Plexus Way
P.O. Box 156
Neenah, Wisconsin 54957-0156

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}]]