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Exhibit 10.1  

 
 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT    
    

        THIS AGREEMENT (the "Agreement") is entered into effective as of this 22nd day of May, 2003 (the "Effective Date"), by and between NaPro
BioTherapeutics, Inc., a Delaware corporation (the "Company"), and James McChesney, Ph.D. ("Executive"). Certain capitalized terms used in this Agreement have the meaning set forth in
Paragraph 17 of this Agreement. 

RECITALS  

        A.    WHEREAS,
Executive is currently employed by the Company pursuant to an Employment Agreement dated October 1, 2001; and 

        B.    WHEREAS,
the Company and Executive desire to amend the terms of the Employment Agreement. 

TERMS AND CONDITIONS  

        In consideration of the respective covenants and agreements of the parties contained in this Agreement, the parties agree as follows: 

        1.    Employment Services.    The Company hereby agrees to engage Executive, and Executive hereby agrees to perform
services for the Company, on the terms and conditions set forth in this Agreement. During the Employment Period (as defined below), the Company and Executive agree that Executive will serve as an
executive officer of the Company in the position of Vice President, Natural Products Chemistry with the duties, responsibilities and authority as set forth on Schedule A, or will have such
other executive title and such other executive duties, responsibilities and authority as Executive and the Company may agree upon from time to time, and will perform such services of an executive and
administrative character to the Company and its present or future Subsidiaries consistent with the duties of the Company's other executive officers, as the Company's Board of Directors (the "Board")
may from time to time direct (the "Employment Services") or the Bylaws of the Company may provide. The Employment Services shall commence on the Effective Date of this Agreement, and terminate as
provided in Paragraph 6 (the "Employment Period"). 

        2.    Performance.    

        (a)   Executive
shall report to the Chief Executive Officer (or person acting in a similar capacity if the Company has no Chief Executive Officer), and Executive shall devote
his best efforts to the business of the Company and its Subsidiaries. Executive shall devote 24 hours per week to the business of the Company. Executive may engage in independent activities in
areas unrelated to the Company's business or the Company's actual or demonstrably anticipated business. Executive shall perform his duties and responsibilities to the best of his abilities in a
diligent, trustworthy, businesslike and professional manner. Executive shall not accrue paid vacation time, but shall be entitled to paid time off for all Company vacation days. 

        (b)   Executive
shall perform the Employment Services at the Company's executive offices or from his home (currently in Mississippi), traveling on Company business or from
other locations. Executive shall not be required to perform the Employment Services away from his home for more than two weeks in any month. 

        3.    Compensation.    

        (a)   During
the Employment Period, the Company will pay Executive for the Employment Services a base salary (the "Base Salary.") From the Effective Date through
September 1, 2003, 

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the
Base Salary shall be at the annual rate of one hundred fifty five thousand dollars ($155,000.) From September 1, 2003 on, the Base Salary shall be at the annual rate of one hundred thousand
dollars ($100,000) or such other increased rate as the compensation committee of the Board or Board committee performing equivalent functions (the "Compensation Committee") (or if the Board has no
Compensation Committee at the time, then the Board) may designate from time to time, such salary to be paid at such periods as salary is paid to other executive officers of the Company. The
Compensation Committee (or the Board, if applicable) shall review the Base Salary of the Executive at least annually on the anniversary of the Effective Date and may, in its sole discretion, increase
(but not decrease) such Base Salary from time to time. Payment of the Base Salary shall be subject to the customary withholding tax and other employment taxes as required with respect to compensation
paid by a corporation to an employee. 

        (b)   Executive
may receive an annual bonus in such amount, if any, as the Compensation Committee (or if the Board has no Compensation Committee at the time, then the Board),
in its discretion, may award to Executive, based upon Executive's and the Company's performance during each year of the Employment Period. 

        (c)   The
Executive shall be entitled to receive such stock options during the Employment Period as determined from time to time by the Compensation Committee (or if the Board
has no Compensation Committee at the time, then the Board). 

        4.    Reimbursement for Expenses.    The Company shall promptly reimburse Executive for all reasonable
out-of-pocket expenses incurred by him in the course of performing his duties under this Agreement, subject to the Company's reasonable requirements with respect to reporting
and documentation of such expenses. 

        5.    Benefits.    Executive shall be entitled to all fringe benefits offered by the Company and to participate in all
of the Company's employee benefit programs both on the same basis as available to executives of the Company, and shall be entitled to such other benefits as may from time to time be made available to
Executive. The Company shall use commercially reasonable best efforts to obtain and keep directors' and officers' liability insurance coverage in effect in an amount equivalent to that of a
well-insured, similarly-situated company; provided, however, that the failure to obtain and keep such insurance in effect after the Company has exercised such commercially reasonable best
efforts shall not be a breach of the Company's obligations under this Agreement. 

        6.    Term and Termination.    

        (a)   Except
as otherwise provided in this Agreement, the Employment Period shall terminate upon the earlier of: 

        (i)    two years
from October 1, 2001 hereof (the "Initial Term"); provided, however, that the Employment Period shall be extended by one year after the Initial
Term and each year thereafter on the anniversary of the Effective Date of this Agreement (each such extension, a "Renewal Term") unless either Executive or the Board shall have given written notice to
the other party no later than 180 days prior to the commencement of any Renewal Term of his or its desire to terminate the Employment Period on the date prior to the commencement of such
Renewal Term; 

        (ii)   Executive's
incapacity or permanent disability (which in either case shall be deemed to occur only in the event Executive is unable to perform the Employment Services
for 180 days in any 12-month period) or death; 

        (iii)  termination
by Executive voluntarily or for Good Reason (as defined below); 

        (iv)  termination
by the Company with or without Cause (as defined below). 

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        (b)   If
(i) the Employment Period is terminated by the Company without Cause, (ii) the Company fails to renew this Agreement, or (iii) Executive resign
for Good Reason, and provided that Executive has not breached the provisions of Paragraphs 9, 10, 12, 13, 14, or 16 hereof in a manner that could adversely affect the Company, the Company shall make
the following payments to Executive within 15 days after the Termination Effective Date (as defined below), subject in each case to any applicable payroll or other taxes required to be
withheld: (i) a lump sum amount equal to one hundred fifty five thousand dollars ($155,000); and (ii) a lump sum amount in cash equal to any accrued but unpaid salary and bonus through
the Termination Effective Date. In addition, under the circumstances specified in this Paragraph 6(b), all stock options granted to the Executive prior to October 1, 2001, that have not
expired but otherwise would not be exercisable as of the Termination Effective Date because of vesting requirements, shall be deemed fully vested and shall become fully exercisable as of the
Termination Effective Date under the terms of the applicable stock option plan under which such stock options originally were granted. At Executive's election, the Company shall continue to provide
Executive medical, dental and any other health insurance, life insurance, accidental death and dismemberment insurance and disability protection no less favorable to Executive and Executive's
dependents covered thereby (including that Executive shall remain obligated to continue to pay any costs or expenses which Executive would otherwise be obligated to pay pursuant to such insurance or
other protections provided pursuant to Paragraph 5 as in existence on the Termination Effective Date) until the first to occur of (i) the date of Executive's re-employment
and subsequent opportunity to participate in any health insurance program with comparable coverage provided by such new employer,
including without limitation, coverage with respect to any pre-existing conditions or (ii) eighteen months after such Termination Effective Date. 

        (c)   If
a Change of Control (as defined below) occurs or is anticipated, and (i) the Employment Period is terminated by the Company without Cause,
(ii) Executive resigns for Good Reason, or (iii) the Company fails to renew this Agreement, and provided that Executive has not breached the provisions of Paragraphs 9, 10, 12, 13, 14,
or 16 hereof in a manner that could adversely affect the Company, then the Company shall make the following payments to Executive within 15 days after the Termination Effective Date (as defined
below), subject in each case to any applicable payroll or other taxes required to be withheld: (i) a lump sum amount equal to two hundred seventy one thousand, two hundred fifty dollars
($271,250); and (ii) a lump sum amount in cash equal to any accrued but unpaid salary and bonus through the Termination Effective Date. At Executive's election, the Company shall continue to
provide Executive medical, dental and any other health insurance, life insurance, accidental death and dismemberment insurance and disability protection no less favorable to Executive and Executive's
dependents covered thereby (including that Executive shall remain obligated to continue to pay any costs or expenses which Executive would otherwise be obligated to pay pursuant to such insurance or
other protections provided pursuant to Paragraph 5 as in existence on the date of such termination) until the first to occur of (i) the date of Executive's re-employment and
subsequent opportunity to participate in any health insurance program with comparable coverage provided by such new employer, including without limitation, coverage with respect to any
pre-existing conditions or (ii) eighteen months after such Termination Effective Date. 

        (d)   Except
as provided in Paragraphs 6(b) or (c), upon termination of the Employment Period, Executive shall be entitled to receive only accrued but unpaid salary and
bonus through the date of such termination. 

        (e)   For
purposes of this Agreement, "Cause" shall mean (i) the conviction (or plea of nolo contendere) of a felony or a crime involving moral turpitude or the
commission of any other act which has an adverse effect on the Company and which involves dishonesty, disloyalty or fraud with respect to the Company or any of its Subsidiaries, (ii) conduct
bringing the Company or any 

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of
its Subsidiaries into substantial public disgrace or disrepute, including, without limitation, such conduct resulting from repeated acts of alcohol or drug abuse, (iii) continued failure by
Executive to substantially perform his duties as reasonably directed by the Board for a period of 15 days after the Board has made a written demand for substantial performance which
specifically identifies the manner in which the Board believes that Executive has not substantially performed his duties, or (iv) gross negligence or misconduct not in good faith with respect
to the Company or any of its Subsidiaries that materially and adversely affects the Company, or (v) any other material breach of this Agreement which is not cured within 15 days after
Executive's receipt of written notice thereof. 

        (f)    For
purposes of this Agreement, termination of the Employment Period by Executive for "Good Reason" shall mean termination by Executive (i) within 90 days
after Executive has been assigned,
without Executive's consent, to any duties substantially inconsistent with Executive's position, duties, responsibilities or status with the Company as contemplated in Paragraph 1 of this
Agreement; (ii) following a reduction of Executive's Base Salary in anticipation of or following a Change of Control; or (iii) upon a material breach of this Agreement by the Company
which is not cured within 30 days after the Company's receipt of written notice thereof. Executive shall provide written notice to the Company of any and all grounds that Executive alleges
constitute "Good Reason" and the Company shall have 30 days after receipt of such written notice to cure any such alleged grounds for "Good Reason". If, following the expiration of such
30 day period, Executive still believes that "Good Reason" exists for Executive's termination of Employment, the provisions of Paragraph 7 shall apply. 

        (g)   For
purposes of this Agreement, a "Change of Control" shall mean (i) any consolidation or merger of the Company in which the Company is not the surviving or
continuing corporation or pursuant to which shares of the Company's common stock would be converted into cash, securities or other property, other than a merger of the Company in which the holders of
the Company's common stock immediately prior to the merger have (directly or indirectly) at least an 80% ownership interest in the outstanding common stock of the surviving corporation immediately
after the merger, (ii) the acquisition by any person, together with all affiliates and associates of such person, of beneficial ownership of securities of the Company that represent twenty five
percent (25%) or more of the outstanding voting securities of the Company, other than an acquisition of newly-issued voting securities directly from the Company in a single transaction or series of
related transactions as a result of which the holders of the Company's voting securities immediately prior to the consummation of such transaction or series of related transactions continue to hold
securities representing a majority of the voting power of all of the Company's outstanding voting securities, (iii) any sale, lease, exchange or other transfer (in one transaction or a series
of related transactions) of all, or substantially all, of the assets of the Company, (iv) the stockholders of the Company approve any plan or proposal for the liquidation or dissolution of the
Company, (v) as a result of, or in connection with, any cash tender offer, exchange offer, merger or other business combination, sale of assets, or an accumulation, directly or indirectly, by
any person or group (other than the Company, any Subsidiary, or any employee benefit plan sponsored or maintained by the Company or any Subsidiary, or any trustee of such plan acting as trustee) of
securities of the Company representing 25% or more of the combined voting power of the Company's then outstanding securities, the members of the Board immediately prior to the first public
announcement relating to such event shall thereafter cease to constitute a majority of the Board, or (vi) as a result of, or in connection with, any proxy or consent solicitation or contested
election, one or more members of the Board are elected in opposition to the nominees of the Board. 

        (h)   Promptly
(but in any event within 20 days) following any termination of the Employment Period, and as of that date, the Company will notify Executive of the
itemized and aggregate cash value of the payments and benefits, as determined under Section 280G of the Internal Revenue 

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Code
(the "Code"), received or to be received by Executive in connection with the termination of Executive's employment (whether payable pursuant to the terms of this Agreement or otherwise). At the
same time, the Company shall advise Executive of the portion of such payments or benefits which constitute parachute payments within the meaning of the Code and which may subject Executive to the
payment of excise taxes pursuant to Section 4999 and the expected amount of such taxes (such payments or benefits being hereinafter referred to as "Parachute Payments"). 

        (i)    Notwithstanding
the provisions of Paragraph 6(c) hereof, if all or any portion of the payments or benefits provided under
Paragraph 6(c) either alone or together with other payments or benefits which Executive has received or is then entitled to receive from the Company and any of its Subsidiaries would
constitute Parachute Payments, such payments or benefits provided to Executive under Paragraph 6(c) shall be reduced to the extent necessary so that no portion thereof shall be subject
to the excise tax imposed by Section 4999 of the Code; but only if, by reason of such reduction, Executive's net after tax benefit shall exceed the net after tax benefit if such reduction were
not made. "Net after tax benefit" for purposes of this Paragraph 6(i) shall mean the sum of (i) the total amount payable to Executive under Paragraph 6(c) hereof,
plus (ii) all other payments and benefits which Executive has received or is then entitled to receive from the Company and any of its subsidiaries that would constitute a Parachute Payment,
less (iii) the amount of federal income taxes payable with respect to the payment and benefits described in (i) and (ii) above calculated at the maximum marginal income tax rate
for each year in which such payments and benefits shall be paid to Executive (based upon the rate in effect for such year as set forth in the Code at the Termination Date), less (iv) the amount
of excise taxes imposed with respect to the payments and benefits described in (i) and (ii) above by Section 4999 of the Code. 

        For
purposes of this Paragraph 6(i), Executive's base amount, the present value of the Parachute Payments, the amount of the excise tax and all other appropriate matters shall be
determined by the Company's independent auditors in accordance with the principles of Section 280G of the Code and based upon the advice of tax counsel selected by the Company, which tax
counsel shall be reasonably satisfactory to Executive, provided, however, that the applicable federal rate used for the purposes of calculating the present value of the Parachute Payments shall be the
federal rate in effect on the date of this Agreement. 

        7.    Notice of Certain Termination.    In the event that either (i) the Company shall terminate Executive for
Cause or (ii) Executive shall terminate for Good Reason, then any such termination shall be communicated by written notice to the other party hereto. Any such notice shall specify
(x) the effective date of termination of the Employment Period, which, except as otherwise provided in Paragraph 6(f), shall not be more than 30 days after the date the notice is
delivered (the "Termination Effective Date") and (y) in reasonable detail the facts and circumstances underlying a determination that the termination is for Cause or for Good Reason, as the
case may be. If within 15 days after any notice of termination of Executive for Cause by the Company is given, or if within 15 days after the Company's 30 day cure period under
Paragraph 6(f) has expired, the party receiving such notice notifies the other party that a good faith dispute exists concerning the characterization of the termination, the Termination
Effective Date shall be the date on which such dispute is finally resolved either by written agreement of the parties or by binding arbitration conducted pursuant to the rules of the American
Arbitration Association. Notwithstanding the pendency of any such dispute, the Company shall continue Executive and Executive's dependents as participants in all medical, dental and any other health
insurance, life insurance, accidental death and dismemberment insurance and disability protection plans of the Company in which Executive and Executive's dependents were participating when the notice
giving rise to the dispute was given, until the dispute is finally resolved. Benefits provided under this Paragraph 7 are in addition to all other amounts due under this Agreement and shall not
be offset against, or reduce any other amounts due under, this Agreement. 

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        8.    Insurance.    The Company may, at its election and for its benefit, insure Executive against accidental death,
and Executive shall submit to such physical examination and supply such information as may be required in connection therewith. 

        9.    Non-disclosure of Confidential Information.    

        (a)   Unless
Executive first secures written consent from the Company pursuant to procedures implemented by Company after the date hereof, Executive shall not disclose or use
at any time, either during the Employment Period or thereafter, any Confidential Information (as defined in Paragraph 17) except to the extent Executive reasonably believes is necessary to
disclose or use such Confidential Information in performing the Employment Services. Executive further agrees that Executive will use Executive's commercial best efforts to safeguard the Confidential
Information and protect it against disclosure, misuse, espionage, loss and theft, including, without limitation, causing recipients of Confidential Information to enter into non-disclosure
agreements with the Company. Subject to the provisions of Paragraphs 10 and 13, nothing herein shall be construed to prevent Executive from using Executive's general knowledge and skill after
termination of this agreement, whether Executive acquired such knowledge or skill before or during the Employment Period. 

        (b)   In
the event the Company has entered into confidentiality agreements with third parties (not including Company employees) which contain provisions different from those
set forth in this Agreement, Executive agrees, in addition to the provisions of Paragraph 9(a), to comply with any such different provisions of which Executive is notified by the Company. 

        10.    Company Ownership of Intellectual Property.    Executive hereby assigns to the Company all right, title and
interest in and to all Intellectual Property (as defined in Paragraph 17) contributed to or conceived or made by Executive during the Employment Period and prior to the Employment Period during
the period Executive was employed by or engaged in research or development activities for or with the Company or its predecessors and affiliates (whether alone or jointly with others) to the extent
such Intellectual Property is not owned by the Company as a matter of law. Executive shall promptly and fully communicate to the Company all Intellectual Property conceived, contributed to or made by
Executive and shall cooperate with the Company to protect the Company's interests in such Intellectual Property including, without limitation, providing assistance in securing patent protection and
copyright registrations and signing all documents reasonably requested by the Company, even if such request occurs after the Employment Period. The Company shall pay Executive's reasonable expenses of
cooperating with the Company in protecting the Company's interests in such Intellectual Property unless the subject matter of the requested cooperation is related to actions taken or failed to be
taken by Executive wrongfully or otherwise not in good faith. 

        11.    Executive's Rights.    Paragraph 10 of this Agreement does not apply to an invention for which no
equipment, supplies, facilities or trade secret information of the Company was used and which was developed entirely on Executive's own time, unless (a) the invention relates (i) to the
business of the
Company, or (ii) to the Company's actual or demonstrably anticipated material research or development, or (b) the invention results from any work performed by Executive for the Company. 

        12.    Return of Materials.    Upon Termination of the Employment Period, or at any time reasonable requested by the
Company, Executive shall promptly deliver to the Company all copies of Confidential Information in Executive's possession and control, including written records, manuals, lab notebooks, customer and
supplier lists and all other materials containing any Confidential Information. If the Company requests, Executive shall provide written confirmation that Executive has returned all such materials.
Subject to the provisions of this Agreement, including, without limitation, Paragraph 11, notwithstanding anything in this Agreement to the contrary, upon termination of the Employment Period,
the Company, at Executive's request, shall promptly return to Executive any equipment or other materials owned by Executive then being used by or then in the possession of the Company. 

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        13.    Non-Competition.    Executive acknowledges and agrees that Executive is considered to be part of
the professional, managerial and executive staff of the Company whose duties include the formulation and execution of management policy, and that in the course of Executive's duties, Executive is
permitted access to Intellectual Property, which includes, among other things, trade secrets of the Company that the Company seeks to protect from dissemination and disclosure. Executive acknowledges
and agrees that during the Employment Period and for a period of five years thereafter (the "Non-compete Period"), Executive will not, without the prior written consent of the
Company, directly or indirectly, provide products or services substantially similar to the Employment Services to any business or entity that provides or offers or demonstrably plans to provide or
offer, products or services that (i) are the same as or substantially similar to the products or services provided by the Company at any time during the Employment Period, (ii) relate to
the Company's Intellectual Property (whether the Company acquired such Intellectual Property pursuant to this Agreement or otherwise), or (iii) relate to any subject matter of the Company's
actual or demonstrably anticipated material research and development during the Employment Period, including without limitation, taxol, taxanes and any other compounds, within any geographical area in
which the Company or any of its subsidiaries provide or plan to provide such products or services. 

        14.    Non-Solicitation.    Executive acknowledges and agrees that during the Non-compete
Period, Executive will not (a) solicit, induce or attempt to induce, directly or indirectly, any employee of the Company to leave the employment of the Company to work for Executive or for any
other person, firm or corporation or (b) hire any employee of the Company. 

        15.    Acknowledgment of Reasonableness.    Executive acknowledges and agrees that the limitations set forth in
Paragraphs 13 and 14 are reasonable with respect to scope, duration and geographic area and are properly required for the protection of the legitimate business interest of the Company. 

        16.    Further Assistance.    During the Non-compete Period, Executive will not make any disclosure or
other communication to any person, issue any public statements or otherwise cause to be disclosed any information which is designed, intended or might reasonably be anticipated to discourage any
persons from doing business with the Company or otherwise have a negative impact or adverse effect on the Company, except to the extent such disclosure is required by law. During the
Non-compete Period, Executive will provide assistance reasonably requested by the Company in connection with actions taken by Executive during the Employment Period, including but not
limited to assistance in connection with any lawsuits or other claims against the Company arising from events during the Employment Period, provided that the Company shall reimburse all reasonable
expenses (including without limitation, reasonable loss of compensation from other sources resulting from such assistance during normal business hours). 

        17.    Certain Definitions.    

        "Affiliate" and "Associate" have the respective meanings ascribed to such terms in
Rule 12b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934, as in effect on the date of this Agreement (the "Exchange Act Rules"), and
"Beneficial Ownership" has the meaning ascribed to such term in Rule 13d-3 of the Exchange Act Rules. 

        "Confidential Information" means all information (whether or not specifically labeled or identified as confidential), in any form or
medium, that is disclosed to, or developed or learned by Executive during the Employment Period and prior to the Employment Period during the period Executive was employed by or engaged in research or
development activities for or with the Company or its predecessors and affiliates or that relates to the business, products, services, customers, research or development of the Company, its
Subsidiaries, its Affiliates, or third parties with whom the Company, its Subsidiaries or its Affiliates does business or from whom the Company or its Affiliates receives information. Confidential
Information shall not include any information that (i) has become publicly known through no wrongful act or breach of any obligation of confidentiality, as evidenced by written 

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records
or documents; or (ii) was rightfully received by Executive on a non-confidential basis from a third party (provided that such third party is not known to Executive to be
bound by a confidentiality agreement with the Company or another party), as evidenced by written records or documents. 

        "Intellectual Property" means any idea, invention, design, development, device, method or process (whether or not patentable or reduced to
practice or including Confidential Information) and all related patents and patent applications, any copyrightable work or mask work (whether or not including Confidential Information) and all related
registrations and applications for registration, and all other proprietary rights. 

        "Subsidiaries" means any corporation of which the securities having a majority of the voting power in electing directors are, at the time
of determination, owned by the Company, directly or through one of more Subsidiaries. 

        18.    Executive Representations.    Executive hereby represents and warrants to the Company that (a) the
execution, delivery and performance of this Agreement by Executive does not and will not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or
decree to which Executive is a party or by which he is bound, and (b) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation
of Executive, enforceable in accordance with its terms. 

        19.    Company Representations.    The Company hereby represents and warrants to Executive that (a) the
execution, delivery and performance of this Agreement by the Company does not and will not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment
or decree to which Company is a party or by which it is bound, and (b) upon the execution and delivery of this Agreement by Executive, this Agreement shall be the valid and binding obligation
of the Company, enforceable in accordance with its terms. 

        20.    Severability and Modification.    If any provision of this Agreement shall be held or declared to be illegal,
invalid or unenforceable, such illegal, invalid or unenforceable provision shall not affect any other provision of this Agreement, and the remainder of this Agreement shall continue in full force and
effect as though such provision had not been contained in this Agreement. If the scope of any provision in this Agreement is found to be broad to permit enforcement of such provision to its full
extent, Executive consents to judicial modification of such provision and enforcement to the maximum extent permitted by law. 

        21.    Notices.    Except as otherwise expressly set forth in this Agreement, all notices, requests and other
communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be given (and, except as otherwise provided in this Agreement, shall be
deemed to have been duly given if so given) when delivered if given in person or by telegram, three days after being mailed by first class registered or certified mail, return receipt
requested, postage prepaid, or one day after being sent prepaid via reputable overnight courier to the parties at the following addresses (or such other address as shall be furnished in writing by
like notice; provided, however, that notice of change of address shall be effective only upon receipt): 

 Notices to Executive  

James
McChesney

[c/o NaPro BioTherapeutics, Inc.

6304 Spine Road, Unit A

Boulder, Colorado 80301] 

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 Notices to Company  

NaPro
BioTherapeutics, Inc.

6304 Spine Road, Unit A

Boulder, Colorado 80301

Attn VP, General Counsel 

        22.    Entire Agreement.    This Agreement contains the entire agreement between parties with respect to the subject
matter hereof and supersedes any previous understandings or agreements, whether written or oral, regarding such subject matter. 

        23.    Governing Law.    All questions concerning the construction, validity and interpretations of this Agreement
will be governed by the internal law, and not the law of conflicts, of the State of Colorado. 

        24.    Survival.    Paragraphs 6, 9, 10, 11, 12, 13, 14 and 16 and any other provision of this Agreement which by its
terms could survive termination of the Employment Period shall survive and continue in full force in accordance with their terms notwithstanding any termination of the Employment Period. 

        25.    Counterparts.    This Agreement may be executed in separate counterparts, each of which is deemed to be an
original and all of which taken together constitute one and the same agreement. 

        26.    Successors and Assigns.    This Agreement is intended to bind and inure to the benefit of and be enforceable by
Executive, the Company and their respective successors and assigns; provided that in no event shall Executive's obligations under this Agreement be delegated or transferred by Executive, nor
shall Executive's rights be subject to encumbrance or to the claims of Executive's creditors. This Agreement is for the sole benefit of the parties hereto and shall not create any rights in third
parties other than Executive's spouse or beneficiary as expressly set forth herein. 

        27.    Remedies.    Except as otherwise provided in this Agreement, (i) each of the parties to this Agreement
will be entitled to enforce its rights under this Agreement specifically, to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights to which it may
be entitled and (ii) disputes under this Agreement not finally resolved in writing by the parties within sixty days after one party gives notice in good faith to the other party that a
bona fide dispute exists shall be resolved pursuant to binding arbitration conducted in Denver, Colorado in accordance with the rules of the American Arbitration Association. The prevailing party in
any such arbitration shall be entitled to have its costs and expenses (including reasonable attorney's fees and expenses) relating to such arbitration paid by the other party if the arbitrator(s)
conducting such arbitration so determine. Notwithstanding the foregoing, the parties agree and acknowledge that money damages may not be an adequate remedy for breach of the provisions of this
Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction for specific performance and/or injunctive relief in order to enforce or prevent
any violations of the provisions of this Agreement. The prevailing party in any suit shall be entitled to recover reasonable attorneys fees and costs from the other party. 

        28.    Modifications and Waivers.    No provision of this Agreement may be modified, altered or amended except by an
instrument in writing executed by the parties hereto. No waiver by either party hereto of any breach by the other party hereto of any term or provision of this Agreement to be performed by such other
party shall be deemed a waiver of similar or dissimilar terms or provisions at the time or at any prior or subsequent time. 

        29.    Headings.    The headings contained herein are solely for the purpose of reference, are not part of this
Agreement and shall not in any way affect the meaning or interpretation of this Agreement. 

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        30.    Notification of Subsequent Employer.    Executive agrees that the Company may present a copy of this Agreement
to any third party. 

        31.    UNDERSTAND AGREEMENT.    EXECUTIVE REPRESENTS AND WARRANTS THAT (a) EXECUTIVE HAS READ AND UNDERSTOOD
EACH AND EVERY PROVISION OF THIS AGREEMENT, (b) EXECUTIVE HAS HAD THE OPPORTUNITY TO OBTAIN ADVICE FROM LEGAL COUNSEL OF EXECUTIVE'S CHOICE, OTHER THAN COUNSEL TO THE COMPANY (WHO IS NOT
REPRESENTING THE EXECUTIVE), IN ORDER TO INTERPRET ANY AND ALL PROVISIONS OF THIS AGREEMENT, (c) EXECUTIVE HAS HAD THE OPPORTUNITY TO ASK THE COMPANY QUESTIONS ABOUT THIS AGREEMENT AND ANY OF
SUCH
QUESTIONS EXECUTIVE HAS ASKED HAVE BEEN ANSWERED TO EXECUTIVE'S SATISFACTION, AND (d) EXECUTIVE HAS BEEN GIVEN A COPY OF THIS AGREEMENT. 

        IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the day and year first above written. 

	

 	
 	

EXECUTIVE
	

 	
 	

	

 	
 	
NAPRO BIOTHERAPEUTICS, INC.
	

 	
 	
By:	
 	

10

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Exhibit 10.4    
    

THIRD AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT  

        THIS THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this
"Amendment"), dated as of April 30, 2003, is by and among TTM TECHNOLOGIES, INC., a
Washington corporation (the "Borrower"), each of those Domestic Subsidiaries of the Borrower identified as a "Guarantor" on the signature pages hereto
(the "Guarantors"), the lenders identified on the signature pages hereto (collectively, the "Lenders"; and individually, a "Lender"), and  WACHOVIA BANK, NATIONAL
ASSOCIATION (formerly known as First Union National Bank), a national banking association, as administrative agent for the
Lenders (in such capacity, the "Administrative Agent"). Capitalized terms used herein which are not defined herein and which are defined in the Existing
Credit Agreement (defined below) shall have the same meanings as therein defined. 

W I T N E S S E T H  

        WHEREAS, the Borrower, the Guarantors, the Lenders and the Administrative Agent entered into that certain Amended and Restated Credit Agreement dated as of
September 29, 2000, as amended by that certain First Amendment to Amended and Restated Credit Agreement dated as of October 13, 2000, as amended by that certain Second Amendment to
Amended and Restated Credit Agreement dated as of December 21, 2001, and as further supplemented or otherwise modified from time to time prior to the date hereof (the "Existing Credit
Agreement"); and 

        WHEREAS,
the Borrower has requested certain amendments to the Existing Credit Agreement and the Required Lenders have agreed to amend the Existing Credit Agreement as provided herein. 

        NOW,
THEREFORE, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the
parties hereto agree as follows: 

PART I

DEFINITIONS  

        SUBPART 1.1    Certain Definitions.    Unless otherwise defined herein or the context otherwise requires, the
following terms used in this Amendment, including its preamble and recitals, have the following meanings: 

        "Amended Credit Agreement" means the Existing Credit Agreement as amended hereby. 

        "Amendment No. 3 Effective Date" is defined in Subpart 3.1.

        SUBPART 1.2    Other Definitions.    Unless otherwise defined herein or the context otherwise requires, terms
used in this Amendment, including its preamble and recitals, have the meanings provided in the Amended Credit Agreement. 

PART II

AMENDMENTS TO EXISTING CREDIT AGREEMENT  

        SUBPART 2.1    Name Change.    All references in the Credit Documents to First Union, National Bank and to
"First Union" shall hereafter refer to Wachovia Bank, National Association and "Wachovia", respectively. 

        SUBPART 2.2    Amendments to Section 1.1.    

        (a)   The
definition of "Applicable Percentage" is hereby amended in its entirety to read as follows: 

        "Applicable Percentage" shall mean, for any day, the rate per annum set forth below opposite the applicable Level then in effect, it being
understood that the Applicable Percentage for (i) Revolving Loans and Term Loans which are Alternate Base Rate Loans shall be the percentage set forth under the column "Alternate Base Rate
Margin for Revolving Loans and Term Loans", (ii) Revolving Loans and Term Loans which are LIBOR Rate Loans shall be the percentage set forth under the column "LIBOR Rate Margin for Revolving
Loans, Term Loans and Letter of Credit Fee", (iii) the Letter of Credit Fee shall be the percentage set forth under the column "LIBOR Rate Margin for Revolving Loans, Term Loans and Letter of
Credit Fee", and (iv) the Commitment Fee shall be the percentage set forth under the column "Commitment Fee": 

	Level
 
	 	Leverage Ratio
	 	Alternate Base

Rate Margin

for Revolving

Loans and

Term Loans
	 	LIBOR Rate

Margin for

Revolving Loans,

Term Loans

and Letter of

Credit Fee
	 	Commitment Fee
	 
	I	 	3 2.50 to 1.0	 	1.00	%	2.50	%	.45	%
	II	 	< 2.50 to 1.0 but > 2.00 to 1.0	 	.75	%	2.25	%	.40	%
	III	 	< 2.00 to 1.0 but > 1.50 to 1.0	 	.50	%	2.00	%	.35	%
	IV	 	< 1.50 to 1.0 but > 1.00 to 1.0	 	.50	%	1.75	%	.30	%
	V	 	< 1.00 to 1.0	 	.50	%	1.50	%	.30	%

        The
Applicable Percentage shall, in each case, be determined and adjusted quarterly on the date five (5) Business Days after the date on which the Administrative Agent has
received from the Borrower the quarterly financial information and certifications required to be delivered to the Administrative Agent and the Lenders in accordance with the provisions of
Sections 5.1(b) and 5.2(b) (each an "Interest Determination Date"). Such Applicable Percentage shall be effective from such Interest
Determination Date until the next such Interest Determination Date. The initial Applicable Percentages shall be based on a minimum of Level IV until the first Interest Determination Date
occurring after June 30, 2003. After June 30, 2003, if the Borrower shall fail to provide the quarterly financial information and certifications in accordance with the provisions of
Sections 5.1(b) and 5.2(b), the Applicable Percentage from such Interest Determination Date shall, on the date five (5) Business Days after the date by which the Borrower was so required
to provide such financial information and certifications to the Administrative Agent and the Lenders, be based on Level I until such time as such information and certifications are provided, whereupon
the Level shall be determined by the then current Leverage Ratio. 

        (b)   The
definition of "Consolidated EBITDA" is hereby amended in its entirety to read as follows: 

        "Consolidated EBITDA" means, for any period, the sum of (i) Consolidated Net Income for such period, plus (ii) an amount
which, in the determination of Consolidated Net Income for such period, has been deducted for (A) Consolidated Interest Expense, (B) total federal, state, local and foreign income, value
added and similar taxes, (C) losses (or minus gains) on the sale or disposition of assets outside the ordinary course of business, (D) depreciation, amortization expense and other
non-cash charges, all as determined in accordance with GAAP, (E) amounts paid in respect of management fees to the extent permitted hereunder, (F) other
non-recurring add-backs as set forth on Schedule 1.1(d), and (G) adjustments to EBITDA for such period approved by the Administrative Agent in its sole
discretion. 

        (c)   The
definition of "Fixed Charge Coverage Ratio" is hereby amended in its entirety to read as follows: 

        "Fixed Charge Coverage Ratio" means, as of the end of each fiscal quarter of the Borrower, for the Borrower and its Subsidiaries on a
consolidated basis for the four consecutive quarters ending on such date, the ratio of (i) Consolidated EBITDA for the applicable period to (ii) the sum of Consolidated
Interest Expense for the applicable period plus Scheduled Funded Debt Payments for the applicable period  plus Consolidated Cash Taxes plus Consolidated Capital Expenditures for the applicable period. 

        (d)   The
following amendments are hereby made to the definition of "Permitted Liens": 

          (i)  Subsection (xiv)
of the Existing Credit Agreement is hereby renumbered subsection (xv). 

         (ii)  A
new subsection (xiv) is hereby added to the definition of "Permitted Liens" in the appropriate numerical order: 

      (xiv)  Liens
arising in connection with securing insurance premium financing to the extent permitted under  Section 6.1(h); and 

        (e)   The
following new definitions are hereby added to Section 1.1 of the Existing Credit Agreement in appropriate alphabetical order: 

        "ACI" means TTM Advanced Circuits, Inc. (formerly known as Honeywell Advanced Circuits, Inc.), a Minnesota corporation. 

        "Acquisition", by any Person, means the acquisition by such Person, in a single transaction or in a series of related transactions, of all
of the Capital Stock or all or substantially all of the property of another Person, whether or not involving a merger or consolidation with such other Person and whether for cash, property, services,
assumption of Indebtedness, securities or otherwise. 

        "Borrowing Base" shall mean, as of any day, an amount equal to the sum of (a) 85% of Eligible Receivables and (b) 50% of
Eligible Inventory, in each case as set forth in the most recent Borrowing Base Certificate delivered to the Administrative Agent and the Lenders in accordance with the terms of Section 5.2(g). 

        "Borrowing Base Certificate" shall have the meaning assigned to such term in Section 5.2(g). 

        "Consolidated Cash Taxes" means, as of any date with respect to the Borrower and its Subsidiaries on a consolidated basis, the aggregate
of all taxes, as determined in accordance with GAAP, to the extent such taxes are paid in cash during the applicable period (without giving effect to any tax refunds or
credits received during such applicable period); provided, however, with respect to the fiscal quarters of the Borrower ending on April 1, 2002, July 1, 2002, September 30, 2002,
December 31, 2002 and March 31, 2003, respectively, "Consolidated Cash Taxes" shall mean the aggregate of all net taxes paid (whether positive or negative) in cash during the applicable
period (after giving effect to any tax refunds or credits received during such applicable period). 

        "Eligible Inventory" shall mean, as of any date of determination and without duplication, the lower of the aggregate book value (based on
a FIFO or a moving average cost valuation, consistently applied) or fair market value of all raw materials and finished goods inventory owned by the Borrower or any of its Subsidiaries less
appropriate reserves determined in accordance with GAAP but excluding in any event (a) inventory which is (i) not subject to a perfected, first priority Lien in favor of the
Administrative Agent to secure the Credit Party Obligations or (ii) subject to any other Lien that is not a Permitted Lien, (b) inventory which is not in good condition or fails to meet
standards for sale or use imposed by governmental agencies, departments or divisions having regulatory authority over such goods, (c) inventory located outside of the United States,
(d) inventory located at a location not owned by the Borrower or any of its Subsidiaries with respect to which the Administrative Agent shall not have received a landlord's, warehousemen's, 

bailee's
or appropriate waiver or subordination satisfactory to the Administrative Agent, (e) inventory which is leased, on consignment or "sale or return" basis or which is
"in-transit" to a customer or has otherwise been shipped to a customer, (f) any parts, supply, scrap, chemicals or obsolete Inventory and any Inventory that is not reasonably
marketable or slow moving (no sales in the last 12 months or inventory in-excess of a 12 month supply), (g) any finished goods inventory without a current
(non-expired) purchase order and (h) inventory which fails to meet such other specifications and requirements as may from time to time be established by the Administrative Agent in
its reasonable discretion. 

        "Eligible Receivables" shall mean, as of any date of determination and without duplication, the aggregate book value of all accounts
receivable, receivables, and obligations for payment created or arising from the sale of inventory or the rendering of services in the ordinary course of business (collectively, the
"Receivables"), owned by or owing to the Borrower or any of its Subsidiaries, net of allowances and reserves for doubtful or uncollectible accounts and
sales adjustments consistent with such Person's internal policies and in any event in accordance with GAAP, but excluding in any event (a) any Receivable that is (i) not subject to a
perfected, first priority Lien in favor of the Administrative Agent to secure the Credit Party Obligations or (ii) subject to any other Lien that is not a Permitted Lien, (b) Receivables
that are more than 90 days past invoice date or more than 60 days past due date, (c) Receivables evidenced by notes, chattel paper or other instruments, unless such notes, chattel
paper or instruments have been delivered to and are in the possession of the Administrative Agent, (d) Receivables owing by an account debtor that is not solvent (to the extent the financial
statements of the account debtor are public knowledge or delivered to the Borrower) or is subject to any bankruptcy or insolvency proceeding of any kind, (e) Receivables owing by an account
debtor located outside of the United States or Canada unless the sale is on a commercial or standby letter of credit, guaranty or acceptance terms, or subject to credit insurance, in each case
acceptable to the Administrative Agent in its reasonable discretion, (f) Receivables which are contingent or subject to offset, deduction, counterclaim, dispute or other defense to payment, in
each case to the extent of such offset, deduction, counterclaim, dispute or other defense, (g) Receivables for which any direct or indirect Subsidiary or any Affiliate is the account debtor,
(h) Receivables representing a sale to the government of the United States or any agency or instrumentality thereof unless the Federal Assignment of Claims Act has been complied with to the
reasonable satisfaction of the Administrative Agent with respect to the granting of a security interest in such Receivable, (i) Receivables owing by an account debtor in which more than 50% of
the account debtors' total accounts receivable balance is more than 90 days past invoice date, (j) the sale to the account debtor is on a bill-and-hold,
guaranteed sale, sale-and-return, sale on approval or consignment basis or made pursuant to any other written agreement providing for repurchase or return (other than
repurchases or returns for defective or nonconforming goods), (k) Receivables that represent interest payments, late or finance charges, or service charges owing to the Borrower or its
Subsidiaries, (l) Receivables which are in a currency other than U.S. dollars, (m) such Receivable is an obligation for which the total unpaid accounts of the account debtor to the
Borrower and its Subsidiaries exceed 20% of the aggregate of all Receivable of the Borrower and its Subsidiaries, to the extent of such excess; provided that Receivables described in this
clause (m) that are covered by commercial or standby letters of credit or credit insurance shall not be excluded in an amount equal to the letter of credit amount or the credit insurance policy
amount minus any deductibles owed or owing by the Borrower, (n) any receivable that is double billed or double financed to the extent of such duplication and (o) Receivables which fail
to meet such other specifications and requirements as may from time to time be established by the Administrative Agent in its reasonable discretion. The Administrative Agent may, at its option, or
shall at the request of the Required Lenders, implement reserves for dilution of Receivables which exceed 5% with respect to an 85% advance rate by designating as ineligible a sufficient amount of
Receivables that would otherwise be Eligible Receivable so as to reduce the Borrowing Base by the amount of the intended dilution reserve. 

        SUBPART 2.3    Amendments to Section 1.3.    The following new paragraph is hereby added immediately
following the second paragraph set forth in Section 1.3 of the Existing Credit Agreement: 

Section 1.3    Accounting Terms.  

        *****

        Notwithstanding
the above, the parties hereto acknowledge and agree that, for purposes of all calculations made in determining compliance for any applicable period with the financial
covenants set forth in Section 5.9 (including without limitation for purposes of the definition of "Applicable Percentage") set forth in Section 1.1), after consummation of any
Acquisition (A) income statement items (whether positive or negative) and capital expenditures attributable to the Person or property acquired shall, to the extent not otherwise included in
such income statement items for the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP or in accordance with any defined terms set forth in Section 1.1, be included
to the extent relating to any period applicable in such calculations; provided, however, (i) for the fiscal quarter ending March 31, 2003,
income statement items (whether positive or negative) attributable to ACI, shall be included only for the one fiscal quarter period ending on such date, (ii) for the fiscal quarter ending
June 30, 2003, income statement items (whether positive or negative) attributable to ACI, shall be included only for the two fiscal quarter period ending on such date and (iii) for the
fiscal quarter ending September 30, 2003, income statement items (whether positive or negative) attributable to ACI, shall be included only for the three fiscal quarter period ending on such
date, (B) to the extent not retired in connection with such Acquisition, Indebtedness of the Person or property acquired shall be deemed to have been incurred as of the first day of the
applicable period and (C) pro forma adjustments may be included to the extent that such adjustments would give effect to items that are (1) directly attributable to such transaction,
(2) expected to have a continuing impact on the Borrower and its Subsidiaries on a consolidated basis and (3) factually supportable. 

        SUBPART 2.4    Amendments to Section 2.1(a).    Section 2.1(a) of the Existing Credit Agreement
is hereby amended and restated in its entirety to read as follows: 

Section 2.1    Revolving Loans.  

        (a)    Revolving Commitment.    During the Commitment Period, subject to the terms and conditions hereof, each Lender
severally agrees to make revolving credit loans ("Revolving Loans") to the Borrower from time to time for the purposes hereinafter set forth;  provided, however, that (i) with regard to each Lender individually, the sum of such Lender's share of outstanding Revolving Loans  plus such Lender's Revolving Commitment Percentage of Swingline Loans
plus such Lender's LOC Commitment
Percentage of LOC Obligations shall not exceed such Lender's Revolving Commitment Percentage of the aggregate Revolving Committed Amount, and (ii) with regard to the Lenders collectively, the
sum of the aggregate amount of outstanding Revolving Loans plus Swingline Loans plus LOC Obligations shall not exceed the lesser of (A) the
Revolving Committed Amount and (B) the Borrowing Base. For purposes hereof, the aggregate maximum amount available hereunder shall be TWENTY FIVE MILLION DOLLARS
($25,000,000) (as such aggregate maximum amount may be reduced from time to time as provided in Section 2.7, the "Revolving Committed
Amount"). Revolving Loans may consist of Alternate Base Rate Loans or LIBOR Rate Loans, or a combination thereof, as the Borrower may request, and may be repaid and reborrowed
in accordance with the provisions hereof. 

        SUBPART 2.5    Amendments to Section 2.2(b).    Section 2.2(b) of the Existing Credit Agreement
is hereby amended and restated in its entirety to read as follows: 

Section 2.2    Term Loan Facility.  

**********

        (b)    Repayment of Term Loan.    The principal amount of the Term Loan outstanding on January 1, 2003
($10,000,000) shall be repaid in nine (9) consecutive fiscal quarterly installments as follows, unless accelerated sooner pursuant to Section 7.2: 

	Principal Amortization Payment Dates
 
	 	Term Loan Principal

Amortization Payment

	September 30, 2003	 	$	1,111,111,11
	December 31, 2003	 	$	1,111,111,11
	March 31, 2004	 	$	1,111,111,11
	June 30, 2004	 	$	1,111,111,11
	September 30, 2004	 	$	1,111,111,11
	December 31, 2004	 	$	1,111,111,11
	March 31, 2005	 	$	1,111,111,11
	June 30, 2005	 	$	1,111,111,11
	September 30, 2005	 	$	1,111,111,12

        SUBPART 2.6    Amendments to Section 2.4(a).    Section 2.4(a) of the Existing Credit Agreement
is hereby amended and restated in its entirety to read as follows: 

Section 2.4    Letter of Credit Subfacility.  

        (a)    Issuance.    Subject to the terms and conditions hereof and of the LOC Documents, if any, and any other terms
and conditions which the Issuing Lender may reasonably require, during the Commitment Period the Issuing Lender shall issue, and the Lenders shall participate in, Letters of Credit for the account of
the Borrower from time to time upon request in a form acceptable to the Issuing Lender; provided, however, that (i) the aggregate amount of LOC
Obligations shall not at any time exceed FIVE MILLION DOLLARS ($5,000,000) (the "LOC Committed Amount"),
(ii) the sum of the aggregate amount of Revolving Loans plus Swingline Loans plus LOC Obligations shall not at any time exceed the lesser of (A) the Revolving Committed Amount and
(B) the Borrowing Base, (iii) all Letters of Credit shall be denominated in U.S. Dollars and (iv) Letters of Credit shall be issued for the purpose of supporting
tax-advantaged variable rate demand note financing and for other lawful corporate purposes and may be issued as standby letters of credit, including in connection with workers'
compensation and other insurance programs, and trade letters of credit. Except as otherwise expressly agreed upon by all the Lenders, no Letter of Credit shall have an original expiry date more than
twelve (12) months from the date of issuance; provided, however, so long as no Default or Event of Default has occurred and is continuing and
subject to the other terms and conditions to the issuance of Letters of Credit hereunder, the expiry dates of Letters of Credit may be extended annually or periodically from time to time on the
request of the Borrower or by operation of the terms of the applicable Letter of Credit to a date not more than twelve (12) months from the date of extension;  provided, further, that no Letter of
Credit, as originally issued or as extended, shall have an expiry date extending beyond the Revolving Commitment
Termination Date unless the Borrower shall, at the time of issuance and until the expiry thereof, cash collateralize such Letter of Credit. For purposes hereof, "cash
collateralize" means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Issuing Lender and the Lenders holding Revolving Commitments, as
collateral for the LOC Obligations, cash or deposit account balances pursuant to documentation in form and substance satisfactory to the Administrative Agent and the Issuing Lender (which documents
are hereby consented to by the Lenders holding Revolving Commitments). The Borrower hereby grants to the Administrative Agent, for the benefit of the 

Issuing
Lender and the Lenders holding Revolving Commitments, a security interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing. Cash collateral shall
be maintained in blocked, non-interest bearing deposit accounts with the Administrative Agent. Each Letter of Credit shall comply with the related LOC Documents. The issuance and expiry
date of each Letter of Credit shall be a Business Day. Any Letters of Credit issued hereunder shall be in a minimum original face amount of $100,000. Wachovia shall be the Issuing Lender on all
Letters of Credit issued after the Closing Date. 

        SUBPART 2.7    Amendments to Section 2.5(a).    Section 2.5(a) of the Existing Credit Agreement
is hereby amended and restated in its entirety to read as follows: 

Section 2.5    Swingline Loan Subfacility.  

        (a)    Swingline Commitment.    During the Commitment Period, subject to the terms and conditions hereof, the
Swingline Lender, in its individual capacity, agrees to make certain revolving credit loans to the Borrower (each a "Swingline Loan" and, collectively,
the "Swingline Loans") for the purposes hereinafter set forth; provided, however, (i) the
aggregate amount of Swingline Loans outstanding at any time shall not exceed FIVE MILLION DOLLARS ($5,000,000) (the
"Swingline Committed Amount"), and (ii) the sum of the aggregate amount of outstanding Revolving Loans plus Swingline Loans plus LOC Obligations
shall not exceed the lesser of (A) the Revolving Committed Amount and (B) the Borrowing Base. Swingline Loans hereunder may be repaid and reborrowed in accordance with the provisions
hereof. 

        SUBPART 2.8    Amendments to Section 2.8(b)(i).    Section 2.8(b)(i) of the Existing Credit
Agreement is hereby amended and restated in its entirety to read as follows: 

Section 2.8    Prepayments.  

********  

        (b)    Mandatory Prepayments.    

        (i)    Revolving Committed Amount.    If at any time after the Closing Date, the sum of the aggregate principal amount
of outstanding Revolving Loans plus Swingline Loans plus LOC Obligations shall exceed the lesser of
(A) the Revolving Committed Amount and (B) the Borrowing Base, the Borrower shall immediately prepay the Revolving Loans and (after all Revolving Loans have been repaid) cash
collateralize the LOC Obligations, in an amount sufficient to eliminate such excess. 

        SUBPART 2.9    Amendments to Section 4.3(c).    Section 4.3(c) of the Existing Credit Agreement
is hereby amended and restated in its entirety to read as follows: 

Section 4.3    Conditions to All Extensions of Credit.  

        The
obligation of each Lender to make any Extension of Credit hereunder is subject to the satisfaction or waiver of the following conditions precedent on the date of making such
Extension of Credit: 

********

        (c)    Compliance with Commitments.    Immediately after giving effect to the making of any such Extension of Credit
(and the application of the proceeds thereof), (i) the sum of the aggregate principal amount of outstanding Revolving Loans plus Swingline Loans plus LOC Obligations shall not exceed the lesser
of (A) the Revolving Committed Amount and (B) the Borrowing Base, (ii) the LOC Obligations shall not exceed the LOC Committed Amount and (iii) the Swingline Loans shall not
exceed the Swingline Commitment. 

        SUBPART 2.10    Amendments to Section 5.2.    The following new subsection (g) is hereby added to
Section 5.2 of the Existing Credit Agreement: 

        (g)   within
thirty (30) days after the end of each fiscal month, a Borrowing Base Certificate as of the end of the immediately preceding fiscal month, substantially in
the form of Schedule 5.2(g) and certified by the chief financial officer or the treasurer of the Borrower to be true and correct as of the date
thereof. 

        SUBPART 2.11    Amendments to Section 5.9.    The following amendments are hereby made to
Section 5.9 of the Existing Credit Agreement: 

        (a)   Subsection (b)
of the Existing Credit Agreement is hereby amended and restated in its entirety as follows: 

        (b)    Fixed Charge Coverage Ratio.    The Fixed Charge Coverage Ratio, as of the last day of each fiscal quarter of
the Borrower and its Subsidiaries occurring during the periods indicated below shall be greater than or equal to the following: 

	Period
 
	 	Maximum Ratio

	Closing Date through March 31, 2003	 	1.10 to 1.00
	June 30, 2003 through July 5, 2004	 	1.00 to 1.00
	October 4, 2004 and thereafter	 	1.10 to 1.00

        (b)   The
following new subsection (e) is hereby added to Section 5.9 of the Existing Credit Agreement: 

        (e)    Calculations.    For purposes of calculating the financial covenants in this Section 5.9, income
statement items (whether positive or negative) and capital expenditures attributable to ACI shall not be included to the extent relating to any period prior to January 1, 2003. 

        SUBPART 2.12    Amendments to Section 5.13.    A new Section 5.13 is hereby added to the Existing
Credit Agreement: 

Section 5.13    Further Assurances.  

        The
Borrower will furnish to the Administrative Agent within the time periods specified below, real property collateral of the Borrower and ACI including, but not limited to, the
following: 

          (i)  On
or prior to May 30, 2003, fully executed and notarized mortgages, deeds of trust or deeds to secure debt (each, as the same may be amended, modified, restated
or supplemented from time to time, a "Mortgage Instrument" and collectively the "Mortgage Instruments")
encumbering the fee interest in the real properties owned by ACI in Redmond, Washington and Chippewa Falls, Wisconsin (each a "Mortgaged Property" and
collectively the "Mortgaged Properties"); 

         (ii)  On
or prior to July 1, 2003, with respect to each Mortgaged Property, current form ALTA mortgagee title insurance policies issued by Lawyers Title Insurance
Corporation (the "Mortgage Policies"), in amounts satisfactory to the Administrative Agent with respect to the Mortgaged Properties, assuring the
Administrative Agent that each of the Mortgage Instruments creates a valid and enforceable first priority mortgage lien on the applicable Mortgaged Property, free and clear of all defects and
encumbrances except Permitted Liens, shall provide for affirmative insurance and such reinsurance as the Administrative Agent may reasonably request, all of the foregoing in form and substance
reasonably satisfactory to the Administrative Agent; 

        (iii)  On
or prior to July 1, 2003, maps or plats of an as-built survey of the sites of the Mortgaged Properties certified to the Administrative Agent and
Lawyers Title Insurance Corporation in a manner reasonably satisfactory to them, dated a date satisfactory to each of 

the
Administrative Agent and Lawyers Title Insurance Corporation by an independent professional licensed land surveyor reasonably satisfactory to each of the Administrative Agent and Lawyers Title
Insurance Corporation, which maps or plats and the surveys on which they are based shall be sufficient to delete any standard printed survey exception contained in the applicable title policy and be
made in accordance with the Minimum Standard Detail Requirements for Land Title Surveys jointly established and adopted by the American Land Title Association and the American Congress on Surveying
and Mapping in 1992, and, without limiting the generality of the foregoing, there shall be surveyed and shown on such maps, plats or surveys the following: (A) the locations on such sites of
all the buildings, structures and other improvements and the established building setback lines; (B) the lines of streets abutting the sites and width thereof; (C) all access and other
easements appurtenant to the sites necessary to use the sites; (D) all roadways, paths, driveways, easements, encroachments and overhanging projections and similar encumbrances affecting the
site, whether recorded, apparent from a physical inspection of the sites or otherwise known to the surveyor; (E) any encroachments on any adjoining property by the building structures and
improvements on the sites; and (F) if the site is described as being on a filed map, a legend relating the survey to said map. 

        (iv)  On
or prior to May 30, 2003, appropriate legal opinions with respect to the Mortgaged Properties as the Administrative Agent shall reasonably request, each in
form and substance reasonably satisfactory to the Administrative Agent. 

        SUBPART 2.13    Amendments to Section 6.1.    The following amendments are hereby made to
Section 6.1 of the Existing Credit Agreement: 

        (a)   Subsection (h)
of Section 6.1 of the Existing Credit Agreement is hereby relettered as subsection (i). 

        (b)   The
following new subsection (h) is hereby added to Section 6.1 of the Existing Credit Agreement in the appropriate alphabetical order: 

        (h)   Indebtedness
of the Borrower and its Subsidiaries incurred in connection with the financing of insurance premiums of the Borrower and its Subsidiaries in an aggregate
amount not to exceed $2,000,000 at any time outstanding; and 

        SUBPART 2.14    Amendments to Schedules.    A new Schedule 5.2(g)  is hereby added to the Credit Agreement as set forth on Schedule 1 hereto. 

PART III

CONDITIONS TO EFFECTIVENESS  

        SUBPART 3.1    Amendment No. 3 Effective Date.    This Amendment shall be and become effective as of the
date hereof (the "Amendment No. 3 Effective Date") when all of the conditions set forth in this Part III shall have been satisfied, and
thereafter this Amendment shall be known, and may be referred to, as "Amendment No. 3". 

        SUBPART 3.2    Execution of Counterparts of Amendment.    The Administrative Agent shall have received
counterparts of this Amendment, which collectively shall have been duly executed on behalf of each of the Borrower and the requisite Lenders. 

        SUBPART 3.3    Opening Borrowing Base Report.    Receipt by the Administrative Agent of a Borrowing Base
Certificate for the month ending March 31, 2003 as of the Amendment No. 3 Effective Date, certified by the chief financial officer or treasurer of the Borrower to be true and correct as
of such date. 

        SUBPART 3.4    Authority Documents from ACI.    The Administrative Agent shall have received copies of
resolutions of the board of directors of ACI approving and adopting the ACI Joinder Agreement, the transactions contemplated therein and authorizing execution and delivery thereof, 

certified
by an officer of ACI as of a recent date to be true and correct and in force and effect as of such date. 

        SUBPART 3.5    Personal Property Collateral of ACI.    The Administrative Agent shall have received, in form
and substance reasonably satisfactory to the Administrative Agent searches of ownership of, and Liens on, intellectual property, if any, of ACI in the appropriate governmental offices and such
patent/trademark/copyright filings as requested by the Administrative Agent in order to perfect the Administrative Agent's security interest in the Collateral owned by ACI. 

        SUBPART 3.6    Evidence of Insurance with respect to ACI.    The Administrative Agent shall have received
copies of insurance policies or certificates of insurance evidencing liability and casualty insurance (including, without limitation, with respect to the Mortgaged Properties) meeting the requirements
set forth herein or in the Security Documents. The Administrative Agent shall be named as loss payee and additional insured on all such insurance policies for the benefit of the Lenders. 

        SUBPART 3.7    Opinion of Counsel with respect to ACI.    The Administrative Agent shall have received a legal
opinion of special Minnesota corporate counsel in connection with the ACI Joinder Agreement (including, without limitation, opinions with respect to due authorization, execution, delivery,
performance, enforceability, personal property collateral and no conflicts). 

        SUBPART 3.8    Fees and Expenses.    The Administrative Agent shall have received (i) for the account of
each Lender, an amendment fee equal to 0.50% of such Lender's outstanding Term Loans as of the Amendment No. 3 Effective Date and (ii) for its own account, all reasonable fees and
expenses of the Administrative Agent in connection with the preparation, execution and delivery of this Amendment (and any other outstanding fees and expenses of the Administrative Agent), including,
without limitation, the fees and expenses of Moore & Van Allen PLLC. 

        SUBPART 3.9    Other Items.    The Administrative Agent shall have received such other documents, agreements or
information which may be reasonably requested by the Administrative Agent. 

PART IV

MISCELLANEOUS  

        SUBPART 4.1    Representations and Warranties.    The Borrower hereby represents and warrants to the
Administrative Agent and the Lenders that, after giving effect to this Amendment, (a) no Default or Event of Default exists under the Existing Credit Agreement or any of the other Credit
Documents and (b) the representations and warranties set forth in Article III of the Existing Credit Agreement are, subject to the limitations set forth therein, true and correct in all
material respects as of the date hereof (except for those which expressly relate to an earlier date). 

        SUBPART 4.2    Reaffirmation of Credit Party Obligations.    Each Credit Party hereby ratifies the Existing
Credit Agreement and acknowledges and reaffirms (a) that it is bound by all terms of the Existing Credit Agreement applicable to it and (b) that it is responsible for the observance and
full performance of its respective Credit Party Obligations. 

        SUBPART 4.3    Cross-References.    References in this Amendment to any Part or Subpart are, unless otherwise
specified, to such Part or Subpart of this Amendment. 

        SUBPART 4.4    Instrument Pursuant to Existing Credit Agreement.    This Amendment is a Credit Document
executed pursuant to the Existing Credit Agreement and shall (unless otherwise expressly indicated therein) be construed, administered and applied in accordance with the terms and provisions of the
Existing Credit Agreement. 

        SUBPART 4.5    References in Other Credit Documents.    At such time as this Amendment shall become effective
pursuant to the terms of Subpart 3.1, all references in the Credit Documents to the "Credit Agreement" shall be deemed to refer to the Amended
Credit Agreement. 

        SUBPART 4.6    Counterparts/Telecopy.    This Amendment may be executed by the parties hereto in several
counterparts, each of which shall be deemed to be an original and all of which shall constitute 

together
but one and the same agreement. Delivery of executed counterparts of the Amendment by telecopy shall be effective as an original and shall constitute a representation that an original shall
be delivered. 

        SUBPART 4.7    Governing Law.    THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE
INTERNAL LAWS OF THE STATE OF NORTH CAROLINA. 

        SUBPART 4.8    Successors and Assigns.    This Amendment shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. 

[Remainder
of page intentionally left blank] 

        IN
WITNESS WHEREOF the Borrower, the Guarantors, the Lenders and the Administrative Agent have caused this Amendment to be duly executed on the date first above written. 

	BORROWER:	 	TTM TECHNOLOGIES, INC.,

    a Washington corporation
	

 	
 	

By:	

/s/  STACEY M. PETERSON      
 Title:    CFO
	

GUARANTORS:	
 	

POWER CIRCUITS, INC.,

    a California corporation
	

 	
 	

By:	

/s/  STACEY M. PETERSON      
 Title:    CFO
	

 	
 	

TTM ADVANCED CIRCUITS, INC. (formerly known as Honeywell Advanced Circuits, Inc.),

    a Minnesota corporation
	

 	
 	

By:	

/s/  STACEY M. PETERSON      
 Title:    CFO
	

AGENT AND LENDERS:	
 	

WACHOVIA BANK, NATIONAL ASSOCIATION (formerly known as First Union National Bank),

    as Administrative Agent and as a Lender
	

 	
 	

By:	

/s/  DAVID K. HALL      
 Title:    Vice President
	

 	
 	

GENERAL ELECTRIC CAPITAL CORPORATION,

    as a Lender
	

 	
 	

By:	

/s/  THOMAS A. BECK      
 Title:    Duly Authorized Signatory
	

 	
 	

SUNTRUST BANK,

    as a Lender
	

 	
 	

By:	

/s/  KATHERINE A. BOOZER      
 Title:    Vice President
	

 	
 	

FLEET NATIONAL BANK,

    as a Lender
	

 	
 	

By:	

/s/  KEVIN C. SCHEIPE      
 Title:    Vice President

QuickLinks

Exhibit 10.4

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