Document:

Unassociated Document

    Exhibit
10.29

     

    AMENDMENT
NUMBER SIX

    TO
LOAN AGREEMENT

    

    This AMENDMENT NUMBER SIX TO LOAN
AGREEMENT (this “Amendment”), dated as
of February 25, 2009, among ATLANTIC AVIATION FBO INC., a Delaware corporation
(the “Borrower”) and the
bank or banks and other financial institutions signatories hereto (the “Lender Parties”), and
acknowledged by DEPFA BANK plc as Administrative Agent (in such capacity, the
“Administrative
Agent”).

    

    RECITALS

    

    A.           The
Borrower, the Lender Parties and the Administrative Agent are parties to the
Loan Agreement dated as of September 27, 2007, by and among the Borrower, the
several banks and other financial institutions from time to time parties thereto
as lenders (the “Lenders”), issuing
bank or hedging banks and the Administrative Agent (as amended, the “Loan Agreement”),
pursuant to which the Lenders have agreed to provide certain loans to the
Borrower for the purposes and upon the terms and conditions set forth
therein.

     

    B.           The
Borrower has requested that the Required Lenders agree to amend the Loan
Agreement as described below.

     

    C.           The
Lender Parties agree to the requested amendments, subject to and upon the terms
set forth herein.

     

    NOW
THEREFORE, the parties hereto hereby agree as follows:

     

    1.           Definitions and Rules of
Interpretation. All capitalized terms used but not defined in this
Amendment shall have the respective meanings specified in the Loan Agreement.
The rules of interpretation set forth in Appendix A to the Loan Agreement shall
apply to this Agreement, mutatis mutandis, as
if set forth herein.

     

    2.           Amendments to the Loan
Agreement. The Loan Agreement is hereby amended as follows:

     

    2.1           Section
2.2(a) (“Capex Loan
Commitments”) is hereby amended by inserting the following phrase after
the words “not exceeding $50,000,000 in the aggregate”: “or, with respect to the
Capex Loans available in the period from January 1st, 2009
to December 31, 2011, for any particular calendar quarter of such period, in an
amount which, together with all the Capex Loans made during such period, does
not exceed the amount stated in the column entitled “Cumulative Permitted Capex
Draw” of Schedule
2.2(a) hereof for such quarter”.

     

    2.2           Section
2.3(a) (“Revolving
Loan Commitments”) is hereby amended by replacing the number $20,000,000
with $18,000,000.

     

    2.3           Section
2.9(c) (“Mandatory
Prepayments”) is hereby amended by adding additional clauses (viii) and
(ix) to the end thereof:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “(viii)
Unless otherwise agreed upon by the Borrower and the Administrative Agent acting
at the direction of the Required Lenders, if, on any Calculation Date, the
Leverage Ratio as of such Calculation Date is equal to or greater than 6.0x, all
Excess Cash Flow as of such Calculation Date shall be applied promptly and, in
any event, no later than ten (10) Business Days after such Calculation Date, to
prepay the Loans in accordance with clause (vii)
above.

     

    (ix)
Unless otherwise agreed upon by the Borrower and the Administrative Agent acting
at the direction of the Required Lenders, if, on any Calculation Date, the
Leverage Ratio as of such Calculation Date is below 6.0x but is equal to or
greater than 5.5x , 50% of Excess Cash Flow as of such Calculation Date shall be
applied promptly and, in any event, no later than ten (10) Business Days after
such Calculation Date, to prepay the Loans in accordance with clause (vii)
above.”

     

    2.4           Section
7.9 (“Transaction with
Affiliates”) is hereby amended by adding the following sentence to the
end thereof: “Without limiting the generality of the foregoing, the Borrower
shall not agree to any amendment, modification, extension, renewal or
replacement of the Tax Sharing Agreement, which agreement and payments
thereunder are, for the avoidance of doubt, not prohibited by this Section 7.9
or subject to Section 9.6, without a prior written consent of the Administrative
Agent, which shall not be unreasonably withheld or delayed, except for any such
amendment, modification, extension, renewal or replacement which could not be
reasonably expected to have (a) a material adverse affect on the Borrower or (b)
an adverse impact on Borrower that is disproportionate to its impact
on other members of the Borrower's US consolidated tax group.”

     

    2.5           Section
7.13 (“Management
Fees; MIC Cost Allocations”) is hereby amended by adding the following:
“; it being
understood that this
Section
7.13 shall not apply to
any payments by the Borrower under the Tax Sharing Agreement” to the end
thereof.

     

    2.6           Section
9.6 (“Distributions”) is
hereby amended by deleting clause (a)(ii)(E) of such Section and replacing it
with “[Reserved]”.

     

    2.7           Definition
of “EBITDA” in Appendix A is amended in its entirety to read as
follows:

     

    ““EBITDA” means, for
any period, (i) the consolidated Net Income after tax of the Borrower and its
Subsidiaries for such period, (ii) plus the sum of the
following items of the Borrower and its Subsidiaries determined on a
consolidated basis: (a) Interest Expense for such period,
(b) depreciation and amortization for such period, (c) income tax
expense for such period, (d) expenses allocated to the Borrower by MIC,
(e) accruals and payments to employees of the Borrower and its Subsidiaries
under any employee phantom stock ownership plan, (f) all non-recurring
costs, fees and expenses relating to acquisitions or dispositions of FBO
businesses or refinancings of Indebtedness completed by the Borrower or its
Subsidiaries, (g) costs incurred in the integration of acquired FBO
Businesses, but only to the extent such costs have been funded by equity
contributions, (h) amounts paid by Supermarine Companies as management fees to
American Airport Corporation, (i) all other extraordinary or non-recurring
non-cash expenses during such period (including losses resulting from write-off
of goodwill or other assets in accordance with Statement of Financial Accounting
Standards No-s 142 and 144), and (k) any non cash losses due to change in market
value of the Hedging Agreements during such period, in each case to the extent
deducted in the determination of Net Income after tax and in each case as
determined in accordance with GAAP; and (iii) minus the sum of the
following items of the Borrower and its Subsidiaries determined on a
consolidated basis: (x) all extraordinary or non-recurring non-cash income
during such period, and (y) any non cash income due to change in market
value of the Hedging Agreements during such period, in each case to the extent
added in the determination of Net Income after tax and in each case as
determined in accordance with GAAP; provided that such
items relating to the Borrower or its Subsidiaries on a consolidated basis for
the twelve-month period preceding the date of determination shall be included or
excluded, as applicable, in such calculation without regard as to whether the
Borrower or its Subsidiaries, as applicable, were Loan Parties or Subsidiaries
during such period.”

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    2.8           Definition
of “Lock-Up Event” in Appendix A is deleted in its entirety and replaced with
the following:

     

    ““Lock-up Event” means
the failure to satisfy the condition set forth in Section 9.6(a)(ii)(A) as of
any Calculation Date.”

     

    2.9           Definition
of “Maximum Leverage Ratio” in Appendix A is amended by replacing the table used
in such definition with the following:

     

    
      	
              Year

            	
              Maximum
      Leverage Ratio

            
	
              2007:

            	
              8.0x

            
	
              2008:

            	
              7.75x

            
	
              2009:

            	
              8.25x

            
	
              2010:

            	
              8.0x

            
	
              2011:

            	
              7.5x

            
	
              2012:

            	
              6.75x

            
	
              2013:

            	
              6.0x

            
	
              2014:

            	
              5.0x

            

    

    

     

    2.10           Definition
of “MIC Cost Reimbursement Payment” is hereby amended by adding “, other than any payments under the
Tax Sharing Agreement” to the end thereof.

     

    2.11           Definition
of “Operating Costs” is hereby amended by adding the words “, any payments pursuant to the Tax
Sharing Agreement” after “any Taxes”.

     

    2.12           New
definition is added to Appendix A in the appropriate alphabetical order, to read
as follows:

     

    ““Tax Sharing
Agreement” means (i) the Income Tax Sharing Agreement, dated as of
January 1, 2007, among Macquarie Infrastructure Company LLC and its subsidiaries
identified therein, and (ii) any replacement or extension thereof.”

     

    2.13           The
table attached hereto as Annex I is hereby added to the Loan Agreement as new
Schedule 2.2(a).

     

    2.14           Schedule
2.7(b) is hereby deleted and replaced in its entirety with the table attached
hereto as Annex II.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (a)           Exhibit
E (“Form of Financial
Ratio Certification”) is hereby amended by adding the following new
clauses to section 2(e) thereof, to follow the existing clause (ix), and
renumbering of the subsequent clause(s):

     

    

     

    
      	
              (x)

            	
              all
      other extraordinary or non-recurring non-cash expenses or income
      during such period (including losses resulting from write-off of goodwill
      or other assets in accordance with Statement of Financial Accounting
      Standards No-s 142 and 144):

            	
               

               

               

              $_________________

            
	
              (xi)

            	
              any
      non cash losses or income due to change in market value of the
      Hedging Agreements during such period:

               

            	
               

              $_________________

            

    

    

     

    3.           Effectiveness. This
Amendment shall become effective upon the execution and delivery thereof by the
Borrower, the Administrative Agent and the Lender Parties and satisfaction of
the following conditions precedent (the “Effective
Date”):

     

    3.1           The
representations and warranties of the Borrower in Section 5 of this Amendment
shall be true and correct as of the Effective Date, and the Administrative Agent
shall have received a certificate from a Responsible Officer of the Borrower
confirming the same.

     

    3.2           The
Borrower shall have paid to the Administrative Agent an amendment fee in the
amount of $100,000.

     

    3.3           MIC
shall have contributed, directly or indirectly, to the Borrower $50,000,000.00
by depositing such amount directly into the Special Reserve
Account.

     

    3.4           The
Borrower shall have used the funds in the Special Reserve Account (including the
funds deposited by MIC pursuant to Section 3.3 hereof) to make an optional
prepayment of the Term Loans in accordance with Section 2.9(b) of the Loan
Agreement, together with (a) any Hedging Termination Obligations payable under
the Hedging Agreements as a result of reduction of notional amounts under any
such Hedging Agreements due to such optional prepayment and (b) any funding
losses resulting from such optional prepayment, pursuant to Section 3.5 of the
Loan Agreement.

     

    3.5           The
Borrower shall have paid the reasonable fees and disbursements of the Lenders’
counsel incurred in connection with this Amendment.

     

    3.6           The
Borrower shall have deliver to the Administrative Agent and the Lenders an
opinion of Pillsbury Winthrop Shaw Pittman LLP, counsel to the Borrower, in form
and scope reasonably satisfactory to the Administrative Agent, regarding the due
authorization, execution and delivery of the Amendment, its legal and valid
nature, binding effect and enforceability.

     

    4.           Waiver. In connection
with the optional prepayment of the Term Loans described in Section 3.4 above,
the Administrative Agent and the Lender Parties hereby waive the requirement of
Section 2.9(b) of the Loan Agreement for (a) five (5) Business Days notice prior
to any proposed date of optional prepayment and (b) any optional prepayment of
Loans to occur on an Interest Payment Date.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    5.           Borrower’s Representations
and Warranties. The Borrower hereby represents and warrants that, as
of the date of execution and delivery of this Amendment and as of the Effective
Date:

     

    5.1           The
Borrower has full power and authority to enter into and perform its obligations
under this Amendment, and has taken all necessary action to authorize its
execution and delivery of this Amendment and the performance of its obligations
under this Amendment.

     

    5.2           This
Amendment has been duly executed and delivered by the Borrower and constitutes
the legal, valid and binding obligation of the Borrower, enforceable against it
in accordance with the terms hereof and thereof, subject to applicable
bankruptcy, insolvency and other similar laws affecting creditors’ rights
generally and subject to general equitable principles.

     

    5.3           All
governmental authorizations and actions necessary in connection with the
execution and delivery by it of this Amendment and the performance of its
obligations hereunder have been obtained or performed and remain valid and in
full force and effect.

     

    5.4           Execution,
delivery and performance of this Amendment by the Borrower (i) do not and will
not contravene any provisions of the Borrower’s organizational documents, or any
law, rule, regulation, order, judgment or decree applicable to or binding on the
Borrower or any of its properties, (ii) do not and will not contravene, or
result in any breach of or constitute any default under, any agreement or
instrument to which the Borrower is a party or by which the Borrower or any of
its properties may be bound or affected, and (iii) do not and will not require
the consent of any Person under any existing law or agreement which has not
already been obtained.

     

    5.5           No
Default or Event of Default has occurred or is continuing.

     

    5.6           The
Borrower has delivered to the Administrative Agent a true and complete copy of
the Tax Sharing Agreement.

     

    6.           No Further Consent or
Amendment. Except to the extent that provisions of the Loan Agreement are
amended, waived or supplemented as expressly set forth in Section 2 hereof,
the execution and delivery hereof shall not (a) operate as a modification or
waiver of any right, power or remedy of the Financing Parties or the Collateral
Agent under any of the Loan Documents, (b) cause a novation with respect to any
of the Loan Documents, or (c) extinguish or terminate any obligations of the
Borrower under the Loan Documents.

     

    7.           Governing Law. THIS
AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE
STATE OF NEW YORK.

     

    8.           Miscellaneous.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    8.1           If
any provision of this Amendment is held to be illegal, invalid or unenforceable,
the legality, validity and enforceability of the remaining provisions of this
Amendment shall not be affected or impaired thereby. The invalidity of a
provision in a particular jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

     

    8.2           The
headings in this Amendment have been included herein for convenience of
reference only, are not part of this Amendment, and shall not be taken into
consideration in interpreting this Amendment.

     

    8.3           This
Amendment comprises the complete and integrated agreement of the parties hereto
on the subject matter hereof and supersedes all prior agreements, written or
oral, on such subject matter.

     

    8.4           This
Amendment may be executed by one or more of the parties hereto on any number of
separate counterparts, and all of said counterparts taken together shall be
deemed to constitute one and the same instrument. A set of the copies of this
Amendment signed by all the parties shall be maintained by the Borrower and the
Administrative Agent.

     

    [Signature
pages follow.]

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed by their
respective officers thereunto duly authorized as of the day and year first above
written.

     

    
      	 	
              ATLANTIC
      AVIATION FBO INC.

            
	 	
               

              By:
      ___/s/ Marla Beckham
      _________________

            
	 	
               

              Name:   Marla
      Beckham

              Title:     Secretary

            

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Amendment
Number Six to Loan Agreement

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	 	
              Acknowledged
      by:

               

              DEPFA
      BANK plc, as Administrative Agent

            
	 	
               

               

               

              By:____/s/ Ira Epstein
      ______________________

            
	
               

               

            	
               

              Name:     Ira
      Epstein

              Title:       Managing
      Director

            
	 	
               

              By:___/s/ Borjan Panovski
      ___________________

            
	
               

               

               

            	
               

              Name:     Borjan
      Panovski

              Title:       Director

            

     

    
      	 	 
      
	 	
              DEPFA
      BANK plc, as Term Loan Lender, Capex Loan Lender, Revolving
      Loan Lender and Issuing Bank

            
	 	
               

              By:____/s/ Ira Epstein
      ______________________

            
	 	
              Name:     Ira
      Epstein

              Title:       Managing
      Director

            
	 	
               

              By:____/s/ Borjan Panovski
      ___________________

            
	 	
              Name:     Borjan
      Panovski

              Title:       Director

            
	 	 
      

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Amendment
Number Six to Loan Agreement

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    
      	 	 
      
	 	
              ALLIED
      IRISH BANKS plc

              as
      Term Loan Lender and Capex Loan Lender

            
	 	
               

               

               

              By:
      ___/s/ Cliodhna Clancy
      __________________

            
	 	
               

              Name:  
      Cliodhna Clancy

              Title:    
      Associate Director

            
	 	
               

              By:
      ___/s/ Cian Fahey
      _______________________

            
	 	
               

              Name:   Cian
      Fahey

              Title:     Senior
      Analyst

            
	 	 
      

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Amendment
Number Six to Loan Agreement

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    
      	 	 
      
	 	
              DEKABANK
      DEUTSCHE GIROZENTRALE FINANZGRUPPE

              as
      Term Loan Lender and Capex Loan Lender

            
	 	
               

               

               

              By:
      ___/s/ Jurgen Schoneberg
      _________________

            
	 	
               

              Name:  
      Jurgen Schoneberg

              Title:    
      Vice President

            
	 	
               

              By:
      ___/s/ Peter Bahn
      _______________________

            
	 	
               

              Name:   Peter
      Bahn

              Title:     Executive
      Director

            
	 	 
      

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Amendment
Number Six to Loan Agreement

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ANNEX
1

    

    

    

    
      	
              Period

            	
              Scheduled
      Capex Draws

              US$000s

            	
              Cumulative
      Permitted Capex Draw 

              US$000s

            
	
              Q1
      2009

            	
              1,878.00

            	
              2,000.0

            
	
              Q2
      2009

            	
              1,537.00

            	
              3,600.0

            
	
              Q3
      2009

            	
              2,204.00

            	
              5,800.0

            
	
              Q4
      2009

            	
              —

            	
              5,800.0

            
	
              Q1
      2010

            	
              425.25

            	
              6,250.0

            
	
              Q2
      2010

            	
              425.25

            	
              6,700.0

            
	
              Q3
      2010

            	
              425.25

            	
              7,100.0

            
	
              Q4
      2010

            	
              425.25

            	
              7,500.0

            
	
              Q1
      2011

            	
              824.50

            	
              8,350.0

            
	
              Q2
      2011

            	
              824.50

            	
              9,200.0

            
	
              Q3
      2011

            	
              615.50

            	
              9,800.0

            
	
              Q4
      2011

            	
              615.50

            	
              10,200.0

            
	
              Q1
      2012 and thereafter

            	
              0.00

            	
              10,200.0

            

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ANNEX
II

    

    

    

    
      	
              Location

            	
              Project

            	
              Estimated
      Project Cost

              US$000s

            
	
              Atlanta
      Peachtree

            	
              Terminal
      & hangar upgrade

            	
              3,385.5

            
	
              Teterboro

            	
              Ramp
      extension & dirt removal

            	
              1,286.0

            
	
              Nashville

            	
              Ramp
      repair & terminal upgrade

            	
              897.0

            
	
              Charleston

            	
              Lease
      renewal

            	
              1,550.0

            
	
              East
      34th

            	
              Terminal
      construction

            	
              1,231.0

            
	
              FRG
      Fuel Farm

            	
              New
      fuel farm

            	
              1,009.0

            
	
              El
      Paso

            	
              New
      fuel farm

            	
              800.0

            
	
              Jacksonville

            	
              Facility
      Update

            	
              41.5

            
	
              Oklahoma
      City1

            	
              Green-field
      FBO

            	
              —

            
	
              Las
      Vegas1

            	
              Hangar
      & ramp construction

            	
              —

            
	
              Total

            	 
      	
              10,200.0

            

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    1 The Oklahoma City and Las Vegas
projects were approved by the Required Lenders on July 24, 2008 at an estimated
cost of $8 million ($5M Oklahoma City and $3M for Las Vegas). Should the
Borrower choose to proceed with these projects, the funding will be provided by
an equity contribution.PHANTOM
STOCK AWARD AGREEMENT

       

      PHANTOM
STOCK AWARD AGREEMENT UNDER THE BENCHMARK ELECTRONICS, INC. 2000 STOCK AWARDS
PLAN (THE “PLAN”), dated as of [       ],
between Benchmark Electronics, Inc. (the “Company”), a Texas corporation, and
_____

       

      This
Phantom Stock Award Agreement (this “Award Agreement”) sets forth the terms and
conditions of a phantom stock award (the “Phantom Stock Award”) that is being
granted to you on the date hereof (such date, the “Grant Date”), that is subject
to the terms and conditions specified herein and that is granted to you under
the Plan.  The Phantom Stock Award constitutes an unfunded and
unsecured promise of the Company to deliver (or cause to be delivered) to you,
subject to the terms of this Award Agreement, [    ] shares
of Stock.  The Phantom Stock Award shall have a maximum value of
$______.

       

      THE
PHANTOM STOCK AWARD IS SUBJECT TO ALL TERMS AND CONDITIONS OF THE PLAN AND THIS
AWARD AGREEMENT, INCLUDING, WITHOUT LIMITATION, THE DISPUTE RESOLUTION
PROVISIONS SET FORTH IN SECTION 10 OF THIS AWARD AGREEMENT.  BY
SIGNING YOUR NAME BELOW, YOU WILL HAVE CONFIRMED YOUR ACCEPTANCE OF THE TERMS
AND CONDITIONS OF THIS AWARD AGREEMENT.

       

      SECTION
1.  The
Plan.  The Phantom Stock Award is made pursuant to the Plan,
all the terms of which are hereby incorporated in this Award
Agreement.  In the event of any conflict between the terms of the Plan
and the terms of this Award Agreement, the terms of this Award Agreement shall
govern.  In the event of any conflict between the terms of this Award
Agreement and the terms of any individual employment agreement between you and
the Company or any of its Affiliates (an “Employment Agreement”), the terms of
your Employment Agreement shall govern.

       

      SECTION
2.  Definitions.  Capitalized
terms used in this Award Agreement that are not defined in this Award Agreement
shall have the meanings as used or defined in the Plan.  As used in
this Award Agreement, the following terms have the meanings set forth
below:

       

      “Business Day” means a
day that is not a Saturday, a Sunday or a day on which banking institutions are
legally permitted to be closed in the City of New York.

       

      “Vesting Date” means a
date on which your rights with respect to a portion of the shares of Stock
subject to the Phantom Stock Award may become fully vested, as provided in
Section 3(a) of this Award Agreement.

       

      SECTION
3.  Vesting
and Delivery.  (a)  Vesting.  On
each Vesting Date set forth below, your rights with respect to the number of
shares of Stock subject to the Phantom Stock Award that corresponds to such
Vesting Date, as specified in the chart below, shall become vested, provided
that you are employed by the Company or an Affiliate on the relevant Vesting
Date, except as otherwise determined by the Committee in its sole discretion or
as otherwise provided in your Employment Agreement.

       

      
        
          
            
              
                
                  
                    
                      
                        	
                                Vesting Date

                              	 	
                                Number of Shares

                                that Become Vested

                                on Vesting Date

                              	 	 	
                                Aggregate Number

                                of Shares Vested on

                                Vesting Date

                              	 	 	
                                Aggregate Percentage

                                of Shares Vested on

                                Vesting Date

                              	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                                March
      17, 2010

                              	 	 	
                                [ 
      ]

                              	 	 	 	
                                [ 
      ]

                              	 	 	 	50	%
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                                March
      17, 2011

                              	 	 	
                                [ 
      ]

                              	 	 	 	
                                [ 
      ]

                              	 	 	 	75	%
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                                March
      17, 2012

                              	 	 	
                                [ 
      ]

                              	 	 	 	
                                [ 
      ]

                              	 	 	 	100	%

                      

                    

                  

                

              

            

          

        

      

      

      (b)   Delivery of Shares of
Stock.  The Company shall deliver to you the shares of Stock
subject to the Phantom Stock Award that vest on each Vesting Date no later than
March 15 of the calendar year following the calendar year that includes such
Vesting Date.

       

      SECTION
4.  Forfeiture of the Phantom
Stock Award.  Unless the Committee determines otherwise, and
except as otherwise provided in your Employment Agreement, if your rights with
respect to any portion of the Phantom Stock Award have not become vested prior
to the date on which your employment with the Company and its Affiliates
terminates for any reason, your rights with respect to such portion of the
Phantom Stock Award shall immediately terminate, and you shall be entitled to no
further payments or benefits with respect thereto.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      SECTION
5.  Voting
Rights; Dividend Equivalents.  Prior to the date on which any
shares of Stock subject to the Phantom Stock Award are delivered to you pursuant
to this Award Agreement, you shall not be entitled to exercise any voting rights
with respect to such shares and shall not be entitled to receive dividends or
other distributions with respect thereto.

       

      SECTION
6.  Non-Transferability of the
Phantom Stock Award.  Unless otherwise provided by the
Committee in its discretion, the Phantom Stock Award may not be sold, assigned,
alienated, transferred, pledged, attached or otherwise encumbered except as
provided in Paragraph XIV(e) of the Plan.  Any purported sale,
assignment, alienation, transfer, pledge, attachment or other encumbrance of the
Phantom Stock Award in violation of the provisions of this Section 6 and
Paragraph XIV(e) of the Plan shall be void.

       

      SECTION
7.  Withholding, Consents and
Legends.  (a)  Withholding.  The
delivery of shares of Stock pursuant to Section 3(b) of this Award Agreement is
conditioned on satisfaction of any applicable withholding taxes in accordance
with Paragraph XIV(c) of the Plan; provided that you may elect to satisfy any
applicable withholding taxes (i) by having the Company retain shares of Stock
that you would have otherwise received pursuant to Section 3(b) of this Award
Agreement or (ii) by delivery to the Company of shares of Stock that you then
own, in each case that have an aggregate Fair Market Value equal to the amount
of such withholding taxes.

       

      (b)  Consents.  Your
rights in respect of the Phantom Stock Award are conditioned on the receipt to
the full satisfaction of the Committee of any required consents that the
Committee may determine to be necessary or advisable (including, without
limitation, your consenting to the Company’s supplying to any third-party
recordkeeper of the Plan such personal information as the Committee deems
advisable to administer the Plan).

       

      (c)  Legends.  The
Company may affix to certificates for the shares of Stock issued pursuant to
this Award Agreement any legend that the Committee determines to be necessary or
advisable (including to reflect any restrictions to which you may be subject
under any applicable securities laws).  The Company may advise the
applicable transfer agent to place a stop order against any legended shares of
Stock.

       

      SECTION
8.  Successors and Assigns of
the Company.  The terms and conditions of this Award Agreement
shall be binding upon and shall inure to the benefit of the Company and its
successors and assigns.

       

      SECTION
9.  Committee
Discretion.  The Committee shall have full and plenary
discretion with respect to any actions to be taken or determinations to be made
in connection with this Award Agreement, and its determinations shall be final,
binding and conclusive.

       

      SECTION
10.  Dispute
Resolution.  (a)  Jurisdiction and
Venue.  You and the Company hereby irrevocably submit to the
exclusive jurisdiction of (i) the United States District Court for the
Southern District of Texas and (ii) the courts of the State of Texas for
the purposes of any suit, action or other proceeding arising out of this Award
Agreement or the Plan.  You and the Company agree to commence any such
action, suit or proceeding either in the United States District Court for the
Southern District of Texas or, if such action, suit or other proceeding may not
be brought in such court for jurisdictional reasons, in the courts of the State
of Texas.  You and the Company further agree that service of any
process, summons, notice or document by U.S. registered mail to the applicable
address set forth in Section 11 of this Award Agreement shall be effective
service of process for any action, suit or proceeding in Texas with respect to
any matters to which you have submitted to jurisdiction in this Section
10(a).  You and the Company irrevocably and unconditionally waive any
objection to the laying of venue of any action, suit or proceeding arising out
of this Award Agreement or the Plan in (A) the United States District Court
for the Southern District of Texas or (B) the courts of the State of Texas,
and hereby and thereby further irrevocably and unconditionally waive and agree
not to plead or claim in any such court that any such action, suit or proceeding
brought in any such court has been brought in an inconvenient
forum.

       

      (b)  Waiver of Jury
Trial.  You and the Company hereby waive, to the fullest extent
permitted by applicable law, any right either of you may have to a trial by jury
in respect to any litigation directly or indirectly arising out of, under or in
connection with this Award Agreement or the Plan.

       

      (c)  Confidentiality.  You
hereby agree to keep confidential the existence of, and any information
concerning, a dispute described in this Section 10, except that you may disclose
information concerning such dispute to the court that is considering such
dispute or to your legal counsel (provided that such counsel agrees not to
disclose any such information other than as necessary to the prosecution or
defense of the dispute).

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      SECTION
11.  Notice.  All
notices, requests, demands and other communications required or permitted to be
given under the terms of this Award Agreement shall be in writing and shall be
deemed to have been duly given when delivered by hand or overnight courier or
three Business Days after they have been mailed by U.S. registered mail, return
receipt requested, postage prepaid, addressed to the other party as set forth
below:

      

      
        
          
            	
                    If
      to the Company:

                  	
                    Benchmark
      Electronics, Inc.

                  
	 
      	
                    3000
      Technology Drive

                  
	 
      	
                    Angleton,
      Texas 77515

                  
	 
      	
                    Attention:  Legal
      Dept.

                  
	 
      	 
      
	
                    If
      to you:

                  	
                    Your
      address on file with the
Company

                  

          

        

      

      

      The
parties may change the address to which notices under this Award Agreement shall
be sent by providing written notice to the other in the manner specified
above.

       

      SECTION
12.  Headings.  Headings
are given to the Sections and subsections of this Award Agreement solely as a
convenience to facilitate reference.  Such headings shall not be
deemed in any way material or relevant to the construction or interpretation of
this Award Agreement or any provision hereof.

       

      SECTION
13.  Amendment of this Award
Agreement.  The Committee may waive any conditions or rights
under, amend any terms of, or alter, suspend, discontinue, cancel or terminate
this Award Agreement prospectively or retroactively; provided, however, that any
such waiver, amendment, alteration, suspension, discontinuance, cancelation or
termination that would materially and adversely impair your rights under this
Award Agreement shall not to that extent be effective without your consent (it
being understood, notwithstanding the foregoing proviso, that this Award
Agreement and the Phantom Stock Award shall be subject to the provisions of
Paragraph XII of the Plan).

       

      SECTION
14.  Counterparts.  This
Award Agreement may be signed in counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon
the same instrument.

       

      IN
WITNESS WHEREOF, the parties have duly executed this Award Agreement as of the
date first written above.

       

      
        
          
            	
                    BENCHMARK
      ELECTRONICS, INC.

                  
	 
      
	
                    by

                  	 
      
	 
      	 
      
	 
      	
                    Name:

                  
	 
      	
                    Title:

                  

          

        

      

      

      
        
          
            	
                    [NAME],

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