Document:

Exhibit 10.33

 

2010

AMPHENOL MANAGEMENT INCENTIVE PLAN

 

I.                                         Purpose

The
purpose of the Plan is to reward eligible key employees of Amphenol Corporation
and affiliated operations with performance based cash bonus payments provided
certain individual, operating unit and Company goals are achieved.

 

II.                                     Eligibility

Key
management personnel and target bonuses are as recommended by the Chairman and
CEO.  Generally, participation includes
senior management positions, corporate staff managers, general managers and their
designated direct reports. 
Participation, target bonuses and bonus payments are as approved by the
Compensation Committee of the Board of Directors.

 

III.                                 Plan
Components

Payments
under the Incentive Plan are based primarily on performance against quantitative
measures established at the beginning of each year. In addition, consideration
will be given, when appropriate, to certain qualitative factors as further
discussed below. The quantitative portion of the 2010 Management Incentive Plan
is contingent upon the Company’s achievement and/or each Group’s achievement,
and/or each operating unit’s achievement and/or each individual’s achievement
of performance targets and/or goals. These targets and/or goals include
revenue, operating income, operating cash flow, return on investment, return on
sales, organic growth and contribution to EPS growth. For 2010 quantitative
performance criteria are based primarily on sales and income growth in 2010
over 2009 and actual performance in 2010 as compared to 2010 budget.
Performance based payments pursuant to the 2010 Management Incentive Plan may
be adjusted if unusual and unanticipated market conditions materially impact
the Company’s, a Group’s, an operating unit’s, or an individual’s growth and/or
performance. Qualitative factors considered in establishing performance based
payment pursuant to the 2010 Management Incentive Plan include the
following:  accomplishments against
budget, balance sheet management including cash flow, new market/new product
positioning, operating unit and group contribution to total Company
performance, other specific individual objective impacting Company performance,
customer satisfaction, cost reductions and productivity improvement and quality
management.

 

IV.                                 Administration

·                  Payments are based upon average base salary
during the Plan year (new hires will be prorated accordingly if hired after February 1st of the plan year).

·                  The maximum allowable payout under the Plan
is 2x the target bonus as applied to average base salary.

·                  To be eligible for the bonus payment, a
participant must be an active employee on the payroll and in good standing as
of December 31, 2010. Exceptions must be recommended by the Chairman and
CEO and be approved by the Compensation Committee.

·                  Payments are made not later than March 15th of the calendar year immediately following the
Plan year.  All payments are subject to
the recommendation of the Chairman and CEO and the approval of the Compensation
Committee.

·                  The Plan is intended to be exempt from the
requirements of the Section 409A of the Internal Revenue Code of 1986, as
amended, and the Treasury Regulations and other applicable guidance issued
thereunder (“Section 409A”) or if not exempt, to satisfy the requirements
of Section 409A, and the provisions of the Plan shall be construed in a
manner consistent therewith.Exhibit 10.38

 

THIRD AMENDMENT TO
CREDIT AGREEMENT

 

THIS THIRD
AMENDMENT TO CREDIT AGREEMENT dated as of October 28, 2009 (the “Amendment”)
is entered into among Amphenol Corporation, a Delaware corporation (the “Company”),
the Subsidiary Guarantors, the Lenders party hereto and Bank of America, N.A.,
as Administrative Agent.  All capitalized
terms used herein and not otherwise defined herein shall have the meanings
given to such terms in the Credit Agreement (as defined below).

 

RECITALS

 

WHEREAS, the Company,
certain Subsidiaries of the Company from time to time party thereto, as
designated borrowers (the “Designated Borrowers”), certain Subsidiaries
of the Company from time to time party thereto, as guarantors (each a “Subsidiary
Guarantor”; together with the Company, the “Guarantors”), the
Lenders and the Administrative Agent entered into that certain Credit Agreement
dated as of July 15, 2005 (as amended or modified from time to time, the “Credit
Agreement”); and

 

WHEREAS, the Company has
requested that the Lenders amend the Credit Agreement as set forth below;

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants contained herein, and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

 

1.                                       Amendments.  The Credit
Agreement is hereby amended as follows:

 

(a)                                  The following definition is hereby added
to Section 1.01 of the Credit Agreement in the appropriate alphabetical
order to read as follows:

 

“Excess Indebtedness” has the meaning specified
in Section 8.01(l) of the Credit Agreement.

 

(b)                                 The following new paragraph is hereby
added at the end of Section 2.06 of the Credit Agreement to read as
follows:

 

The
Company shall, upon receipt of the proceeds of any Excess Indebtedness,
promptly notify the Administrative Agent in writing of the aggregate amount of
such Excess Indebtedness.  Immediately
upon receipt by the Administrative Agent of such notice, the Aggregate
Commitments shall be automatically and permanently reduced by the amount of
such Excess Indebtedness.  The
Administrative Agent will promptly notify the Lenders of any such reduction of
the Aggregate Commitments.  The amount of
any such Aggregate Commitment reduction shall not be applied to the Alternative
Currency Sublimit, the Letter of Credit Sublimit or the Swing Line Sublimit
unless after giving effect to any such reduction of the Aggregate Commitments,
the Alternative Currency Sublimit, the Letter of Credit Sublimit or the Swing
Line Sublimit exceeds the amount of the Aggregate Commitments in which case any
such Sublimit shall be automatically reduced by such excess.  Any reduction of the Aggregate Commitments
shall be applied to the Commitment of each Lender according to its Applicable
Percentage.  All fees

 

 

accrued
until the effective date of any automatic reduction of the Aggregate
Commitments shall be paid on the effective date of such automatic reduction.

 

(c)                                  Section 8.01(l) of the Credit
Agreement is hereby amended to read as follows:

 

(l)                                     the Company and its Subsidiaries may
become and remain liable with respect to other Indebtedness in an aggregate
principal amount not to exceed $500,000,000 at any time outstanding; provided,
however, to the extent the aggregate principal amount of Indebtedness incurred
pursuant to this clause (l) exceeds $200,000,000 at any time (x) the
Company shall promptly notify the Administrative Agent of the incurrence of
such Indebtedness in excess of such amount (the “Excess Indebtedness”)
and (y) the Loan Parties agree that the Aggregate Commitments shall be
automatically and permanently reduced in an aggregate amount equal to such
Excess Indebtedness in accordance with Section 2.06;

 

2.                                       Conditions Precedent.  This Amendment shall be effective upon receipt
by the Administrative Agent of counterparts of this Amendment duly executed by
the Company, the Subsidiary Guarantors, the Required Lenders and the
Administrative Agent.

 

3.                                       Miscellaneous.

 

(a)                                  The Credit Agreement, and the obligations of the Loan
Parties thereunder and under the other Loan Documents, are hereby ratified and
confirmed and shall remain in full force and effect according to their terms.

 

(b)                                 Each Guarantor (i) acknowledges and consents to
all of the terms and conditions of this Amendment, (ii) affirms all of its
obligations under the Loan Documents and (c) agrees that this Amendment
and all documents executed in connection herewith do not operate to reduce or
discharge its obligations under the Credit Agreement or the Loan Documents.

 

(c)                                  Each Loan Party hereby represents and warrants as
follows:

 

(i)                                     Each Loan Party has taken all necessary action to
authorize the execution, delivery and performance of this Amendment.

 

(ii)                                  This Amendment has been duly executed and delivered by
the Loan Parties and constitutes each of the Loan Parties’ legal, valid and
binding obligations, enforceable in accordance with its terms, except as such
enforceability may be limited by Debtor Relief Laws and general principles of
equity (regardless of whether such enforceability is considered in a proceeding
in equity or at law).

 

(iii)                               No consent, approval, authorization or order of, or
filing, registration or qualification with, any court or governmental authority
or third party is required in connection with the execution, delivery or
performance by any Loan Party of this Amendment.

 

(d)                                 The Loan Parties represent and warrant to
the Lenders that (i) the representations and warranties of the Loan
Parties set forth in Article VI of the Credit Agreement and in each other
Loan Document are true and correct in all material respects as of the date
hereof with the same effect as if made on and as of the date hereof, except to
the extent such representations and

 

 

warranties
expressly relate solely to an earlier date and (ii) no event has occurred
and is continuing which constitutes a Default or an Event of Default.

 

(e)                                  This Amendment may be executed in any number of
counterparts, each of which when so executed and delivered shall be an
original, but all of which shall constitute one and the same instrument.  Delivery of an executed counterpart of this
Amendment by telecopy shall be effective as an original and shall constitute a
representation that an executed original shall be delivered.

 

(f)                                    THIS AMENDMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

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