Document:

Exhibit 10.24b

 

IPSCO Inc.

2005 Form 10-K

 

SECOND
AMENDMENT TO REVOLVING CREDIT AGREEMENT made as of the 21st
day of February, 2006.

 

AMONG:

 

IPSCO
INC. and IPSCO SASKATCHEWAN INC.

 

(collectively, the “Canadian Borrowers”)

 

- and -

 

IPSCO
STEEL INC., IPSCO ENTERPRISES INC., and IPSCO STEEL (ALABAMA) INC.

 

(collectively, the “U.S. Borrowers”)

 

(the Canadian Borrowers and the U.S. Borrowers collectively, the “Borrowers”)

 

- and -

 

THE
TORONTO-DOMINION BANK

 

(as “Agent”)

 

- and -

 

JPMORGAN
CHASE BANK, N.A.

 

(as “Syndication Agent”)

 

- and -

 

THE
TORONTO-DOMINION BANK, JPMORGAN CHASE BANK, N.A., TORONTO BRANCH, ROYAL BANK OF
CANADA, BANK OF AMERICA, N.A., BY ITS CANADA BRANCH, ABN AMRO BANK N.V., CANADA
BRANCH, THE BANK OF NOVA SCOTIA and BANK OF MONTREAL, as Canadian Lenders,

 

(collectively, “Canadian Lenders”)

 

- and -

 

 

TORONTO
DOMINION (TEXAS) LLC, JPMORGAN CHASE BANK, N.A., ROYAL BANK OF CANADA, ACTING
THROUGH A NEW YORK BRANCH, BANK OF AMERICA, N.A., ABN AMRO BANK N.V., WELLS
FARGO BANK, NATIONAL ASSOCIATION, THE BANK OF NOVA SCOTIA, BY ITS ATLANTA
AGENCY, BANK OF MONTREAL, CHICAGO BRANCH and FIFTH THIRD BANK (CHICAGO)

 

(collectively, “U.S. Lenders”)

 

(the Canadian Lenders and the U.S. Lenders, collectively, the “Lenders”)

 

RECITALS:

 

A.                                                                                   The Borrowers, the Agent, the Syndication Agent
and the Lenders are parties to a revolving credit agreement dated as of the
19th day of November, 2004, as amended by a First Amendment to Revolving Credit
Agreement made as of February 3, 2006 (the “First Amendment”) (such credit agreement, as amended by the
First Amendment, the “Credit  Agreement”).

 

B.                                                                                     The Borrowers have requested that the Agent and
the Lenders consent to amendments to the Credit Agreement to amend the
definition of “Material Subsidiary” and to amend the financial covenant in
Subparagraph 8.3(5)(ii).

 

C.                                                                                     The Agent and the Lenders have unanimously
agreed to consent to the amendments as aforesaid on the terms and conditions
set forth in this Agreement.

 

NOW
THEREFORE THIS AGREEMENT WITNESSES that, in consideration of
the covenants and agreements herein contained, the parties hereto agree as
follows:

 

ARTICLE 1

INTERPRETATION

 

1.1                                                                               Definitions

 

For the purposes of this
Agreement, capitalized terms that are not defined in this Agreement have the
meanings given to them in the Credit Agreement.

 

2

 

ARTICLE 2

REPRESENTATIONS AND WARRANTIES

 

2.1                                                                               Confirmation

 

To induce the Agent and the Lenders to enter into this Agreement, the
Borrowers represent and warrant to each of the Agent and the Lenders that:

 

(a)                                  each of the representations and warranties set forth in the Credit
Agreement and the other Credit Documents is true and correct with the same
force and effect as if made as of the date hereof;

 

(b)                                 the execution, delivery and performance of this Agreement are all
within the corporate power and authority of the Borrowers, have been duly
authorized by all necessary action of each of such parties, and are not in
contravention of law or the terms of the certificate of incorporation, by-laws
or other constating or organizational documentation of any of such parties, or
any indenture, agreement or undertaking to which any of the Borrowers is a
party or by which any of their respective property is bound. The Borrowers have
duly executed and delivered this Agreement and this Agreement constitutes a
legal, valid and binding obligation of each such party, enforceable against
each such party by the Agent and the Lenders in accordance with its terms; and

 

(c)                                  no Default or Event of Default has occurred and is continuing under
the Credit Agreement, whether before or after giving effect to this Agreement.

 

ARTICLE 3

AMENDMENTS TO CREDIT AGREEMENT

 

3.1                                                                               Amendments

 

The parties hereto agree to amend the Credit Agreement as follows with
effect as of November 19, 2004:

 

(a)                                  Subparagraph (i) of the definition of Material Subsidiary shall
be deleted in its entirety and replaced with the following:

 

3

 

“(i)(A) except
in the case of the U.S. Borrowers’ sales company IPSCO Sales Inc. (a Delaware
company) (“IPSCO Sales Inc.”), any
Consolidated Subsidiary of IPSCO having Tangible Assets in excess of 5% of
Consolidated Tangible Assets or having Revenue in excess of 5% of Consolidated
Revenue, and (B) IPSCO Sales Inc. to the extent it has Tangible Assets in
excess of 5% of Consolidated Tangible Assets or has Revenue in excess of 15% of
Consolidated Revenue, determined in each case at the end of the most recently
completed Financial Quarter of IPSCO based on the financial statements of IPSCO
Consolidated delivered pursuant to Sections 8.1(1)(a) and 8.1(1)(b) and
reflected in the Compliance Certificate delivered pursuant to Section 8.1(1)(d) for
the most recently completed Financial Quarter; and”.

 

(b)                                 Subparagraph 8.3(5)(ii) shall be amended by deleting the figure
of “90%” and replacing it with the figure of “85%”.

 

ARTICLE 4

MISCELLANEOUS

 

4.1                                                                               No Novations

 

Nothing in this agreement, nor in the Credit Agreement when read
together with this Agreement, shall constitute a novation, payment, re-advance,
or a reduction or termination in respect of the Total Outstandings.

 

4.2                                                                               Ratification and Confirmation of Credit Documents

 

Except as specifically amended by this Agreement, the Credit Agreement
and all other Credit Documents shall remain in full force and effect and are
hereby ratified and confirmed by the Borrowers.

 

4.3                                                                               Reservation of Rights and Remedies

 

This Agreement shall not, except as expressly provided herein, operate
as an amendment or  waiver of any right
or remedy of the Agent or the Lenders under any of the Credit Documents nor
constitute a waiver of any provision of the Credit Documents. The Agent and the
Lenders reserve all of their respective rights to proceed to enforce their
rights and remedies at any time and from time to time in connection with any
and all Defaults or Events of Default now existing or hereafter arising.

 

4.4                                                                               Reference in Credit Documents to Credit Agreement

 

Each reference in the Credit Documents to the “Credit Agreement” or any
other reference to the same effect shall mean and be a reference to the Credit
Agreement, as amended by this Agreement.

 

4

 

4.5                                                                               Fees, Costs and Expenses

 

Without limiting any provisions of the Credit Agreement, the Borrower
agrees to reimburse the Agent for all reasonable out-of-pocket fees and
expenses, including the reasonable fees and expenses of counsel, in connection
with the preparation, negotiation, execution and delivery of this Agreement and
the documents contemplated hereby.

 

4.6                                                                               Counterparts

 

This Agreement may be executed in facsimile counterparts and when
each Party has executed a counterpart, each such counterpart shall be
deemed to be an original and all of such counterparts each taken together shall
constitute one and the same agreement.

 

4.7                                                                               Credit Documents

 

This Agreement constitutes a Credit Document.

 

4.8                                                                               Governing Law

 

This Agreement is governed by, and is to be construed and interpreted
in accordance with, the laws of the Province of Ontario and the federal laws of
Canada applicable therein.

 

 

[REMAINDER OF THIS PAGE LEFT
INTENTIONALLY BLANK]

 

5

 

IN
WITNESS WHEREOF, the parties hereto have
caused this Agreement to be executed by their respective officer thereunto duly
authorized, on the date first above written.

 

 

	
   

  	
  IPSCO INC.

  
	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
  /s/
  Leslie T. Lederer

  
	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
  Per:

  	
  /s/
  Gregory R. Burnett

  
	
   

  	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  IPSCO SASKATCHEWAN INC.

  
	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
  /s/
  Leslie T. Lederer

  
	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
  Per:

  	
  /s/
  Gregory R. Burnett

  
	
   

  	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  IPSCO STEEL INC.

  
	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
  /s/
  Leslie T. Lederer

  
	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
  Per:

  	
  /s/
  Gregory R. Burnett

  
	
   

  	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  IPSCO ENTERPRISES INC.

  
	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
  /s/
  Leslie T. Lederer

  
	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
  Per:

  	
  /s/
  Gregory R. Burnett

  
	
   

  	
   

  	
   

  	
  Authorized
  Signing Officer

  

 

S1

 

	
   

  	
  IPSCO STEEL (ALABAMA) INC.

  
	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
  /s/
  Leslie T. Lederer

  
	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
  Per:

  	
  /s/
  Gregory R. Burnett

  
	
   

  	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  THE TORONTO-DOMINION BANK, as

  Agent

  
	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
  /s/
  Wayne N. Shiplo

  
	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
  Per:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE BANK, N.A., as

  Syndication Agent

  
	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
  /s/
  Jeffrey Coleman

  
	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
  Per:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE TORONTO-DOMINION BANK,

  
	
   

  	
  as Lender to Canadian Borrowers

  
	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
  /s/
  illegible signature

  
	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
  Per:

  	
  /s/
  Edward A. Hopkinson

  
	
   

  	
   

  	
   

  	
  Authorized
  Signing Officer

  

 

S2

 

	
   

  	
  JPMORGAN CHASE BANK, N.A.,

  TORONTO BRANCH as Lender to Canadian

  Borrowers

  
	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
  /s/
  Jeffrey Coleman

  
	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
  Per:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ROYAL BANK OF CANADA, as
  Lender to

  Canadian Borrowers

  
	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
  /s/
  illegible signature

  
	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
  Per:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BANK OF AMERICA N.A., BY ITS

  CANADA BRANCH, as Lender to Canadian

  Borrowers

  
	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
  /s/
  Nelson Lam

  
	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ABN AMRO BANK N.V., CANADA

  BRANCH, as Lender to Canadian Borrowers

  
	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
  /s/ Lawrence
  J. Maloney

  
	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
  Per:

  	
  /s/
  H. Bayu Budiatmanto

  
	
   

  	
   

  	
   

  	
  Authorized
  Signing Officer

  

 

S3

 

	
   

  	
  THE BANK OF NOVA SCOTIA,
  as Lender to

  Canadian Borrowers

  
	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
  /s/
  illegible signature

  
	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
  Per:

  	
  /s/
  Rob Kleinman

  
	
   

  	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BANK OF MONTREAL, as
  Lender to

  Canadian Borrowers

  
	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
  /s/
  illegible signature

  
	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
  Per:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TORONTO DOMINION (TEXAS) LLC,

  
	
   

  	
  as Lender to U.S. Borrowers

  
	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
  /s/
  illegible signature

  
	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
  Per:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE BANK, N.A.,

  
	
   

  	
  as Lender to U.S. Borrowers

  
	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
  /s/
  Jeffrey Coleman

  
	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
  Per:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized
  Signing Officer

  

 

S4

 

	
   

  	
  ROYAL BANK OF CANADA, ACTING

  THROUGH A NEW YORK BRANCH, as

  Lender to the U.S. Borrowers

  
	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
  /s/
  illegible signature

  
	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
  Per:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A., as Lender to the

  U.S. Borrowers

  
	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
  /s/
  Sharon Burks Horos

  
	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
  Per:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ABN AMRO BANK N.V., as Lender to the

  U.S. Borrowers

  
	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
  /s/
  Lawrence J. Maloney

  
	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
  Per:

  	
  /s/
  H. Bayo Budiatmanto

  
	
   

  	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WELLS FARGO BANK, NATIONAL

  ASSOCIATION, as Lender to the U.S.

  Borrowers

  
	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
  /s/
  illegible signature

  
	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
  Per:

  	
  /s/
  illegible signature

  
	
   

  	
   

  	
   

  	
  Authorized
  Signing Officer

  

 

S5

 

	
   

  	
  THE BANK OF NOVA SCOTIA, BY ITS

  ATLANTA AGENCY, as Lender to the U.S.

  Borrowers

  
	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
  /s/
  William E. Zarrett

  
	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
  Per:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BANK OF MONTREAL, CHICAGO

  BRANCH, as
  Lender to the U.S. Borrowers

  
	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
  /s/
  illegible signature

  
	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
  Per:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  FIFTH THIRD BANK (CHICAGO), as

  Lender to the U.S. Borrowers

  
	
   

  	
   

  
	
   

  	
   

  	
  Per:

  	
  /s/
  illegible signature

  
	
   

  	
   

  	
  Authorized
  Signing Officer

  
	
   

  	
   

  	
  Per:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized
  Signing Officer

  

 

S6

 

ACKNOWLEDGEMENT AND CONFIRMATION

 

Each of the undersigned
parties, all of whom granted guarantees of the obligations of IPSCO Inc. under
the Credit Agreement pursuant to guarantees made the 19th day of
November, 2004 (the “Guarantees”),
for the benefit of the Agent and the Lenders, hereby (a) consents to the
execution and delivery of the Second Amendment to Revolving Credit Agreement
(the “Second  Amendment”), and (b) acknowledges and
agrees that the Guarantees granted by each of them as aforesaid are, and shall
remain, in full force and effect after giving effect to the Second Amendment.

 

DATED this 21st day of
February, 2006.

 

 

	
   

  	
   

  	
  IPSCO ENTERPRISES INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Per:

  	
  /s/
  Leslie T. Lederer

  
	
   

  	
   

  	
   

  	
   

  	
  (Authorized Signing Officer)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  IPSCO SASKATCHEWAN INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Per:

  	
  /s/
  Leslie T. Lederer

  
	
   

  	
   

  	
   

  	
   

  	
  (Authorized Signing Officer)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  IPSCO STEEL (ALABAMA) INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Per:

  	
  /s/
  Leslie T. Lederer

  
	
   

  	
   

  	
   

  	
   

  	
  (Authorized Signing Officer)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  IPSCO STEEL INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Per:

  	
  /s/
  Leslie T. Lederer

  
	
   

  	
   

  	
   

  	
   

  	
  (Authorized Signing Officer)

  

 

 

	
   

  	
   

  	
  IPSCO RECYCLING INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Per:

  	
  /s/
  Leslie T. Lederer

  
	
   

  	
   

  	
   

  	
   

  	
  (Authorized Signing Officer)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  IPSCO TUBULARS INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Per:

  	
  /s/
  Leslie T. Lederer

  
	
   

  	
   

  	
   

  	
   

  	
  (Authorized Signing Officer)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  IPSCO MINNESOTA INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Per:

  	
  /s/
  Leslie T. Lederer

  
	
   

  	
   

  	
   

  	
   

  	
  (Authorized Signing Officer)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  IPSCO TEXAS INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Per:

  	
  /s/
  Leslie T. Lederer

  
	
   

  	
   

  	
   

  	
   

  	
  (Authorized Signing Officer)

  

 

2Exhibit 10.28

 

CODE OF
CONDUCT 

 

Benchmark Electronics

 

I.                                        PURPOSE

 

To set guidelines for employee conduct and to inform all
employees, officers and directors of their responsibilities in this regard.

 

II.                                    SCOPE

 

This
policy applies to employees, officers and directors of Benchmark Electronics
Inc. and its subsidiaries and affiliates worldwide.

 

III.                                POLICY

 

Personal
integrity is an essential ingredient of each employee’s job. Benchmark
employees have to maintain a reputation for honesty and integrity in order to
keep the trust and confidence of the public and the customers Benchmark serves
worldwide. The only way to do this is through the actions of individual
employees - people who, through the years, have built Benchmark’s reputation
for honesty and integrity. To sustain this reputation, all employees must
conduct themselves according to the highest ethical standards.

 

The
overriding principles that employees must adhere to are:

 

•                  Do not participate in any dishonest,
destructive, or illegal acts of any kind, including those against Benchmark’s
products, services, property, or property entrusted to Benchmark, company
assets, customers, or other employees.

 

•                  Do not use employment with Benchmark
or Benchmark’s name to further personal interests.

 

•                  Do not attempt to justify an illegal
or dishonest act by claiming it was directed by a superior, and don’t direct
fellow Benchmark employees to commit such acts in performing their duties.

 

•                  Observe all laws and regulations that
apply to Benchmark business.

 

•                  Do not deviate from Benchmark
policies, rules, or procedures, even if doing so might appear to be to
Benchmark’s advantage.

 

•                  Promptly alert your supervisor or
your Human Resources Department whenever any dishonest, destructive, or illegal
act is observed, learned, or even suspected.

 

1

 

•                  Cooperate with Benchmark management
when alleged misconduct is being investigated.

 

•                  Comply with company rules involving
the use of visible identification cards, package inspection, personal property
registration, and other rules for protecting employees, information, and
assets.

 

•                  Violations of this Code of Conduct or
commission of dishonest or illegal activities on Benchmark premises or while
conducting Benchmark business may result in disciplinary action up to and
including dismissal - even for the first offense in appropriate circumstances -
and civil or criminal prosecution by Benchmark. The fact that an illegal or
dishonest act or prohibited act may be considered minor in nature will not
be justification for the mitigation of any disciplinary or legal action taken
by Benchmark.

 

Nondiscrimination

 

Benchmark’s
policy is to provide equal opportunity to all employees. Employees are not
permitted to discriminate within the meaning of applicable law in recruiting,
hiring, terminating, promotions, salary treatment, or any other condition of
employment or career development, or to harass employees or individuals with
whom Benchmark does business, on the basis of race, color, religion, national
origin, sex, age, disability, sexual preference or orientation, marital status,
or status as a special disabled veteran of the Vietnam Era or any other
unlawful basis.

 

Sexual
harassment is a form of employee misconduct which undermines the integrity
of the employment relationship. It is the policy of Benchmark to provide and
maintain a work environment that is free of illegal discrimination, including
sexual harassment.

 

If you
have a complaint of discrimination or harassment, report it to your supervisor.
If this is not appropriate, seek the assistance of your Human Resources
Manager/Human Resources Rep. Where investigation confirms the allegations,
Benchmark will take prompt corrective action.

 

Personal
Conduct

 

One of
the most essential ingredients in proper personal conduct is integrity. It is a
matter of being honest with Benchmark’s time and property. Among other things,
it means:

 

•                  Reporting to work as scheduled.

 

•                  Doing a full day’s work every day. Employees
should not waste company time or abuse it to handle personal activities or make
personal phone calls.

 

•                  Keeping absences to a minimum and,
when an absence is unavoidable, promptly notifying supervision and accurately
reporting the reason.

 

2

 

•                  Handling all customer contacts with
the highest standards of professionalism and courtesy.

 

•                  No illegal use, possession,
distribution, transportation, sale, purchase, or transfer of controlled
substances or drugs.

 

•                  Not being intoxicated on company
premises, while conducting company business or driving company vehicles.

 

•                  Not consuming or possessing alcoholic
beverages on company premises.

 

•                  Not fighting on the job or on company
premises.

 

•                  Not possessing firearms, weapons, or
explosives on company premises.

 

•                  Not using rude, abusive, or obscene
language with a customer or fellow employee.

 

•                  No theft or other unauthorized use of
company property or assets.

 

Conflict
of Interest

 

The fundamental rule is
that employees in their business dealings must never be influenced, or even
appear to be influenced, by personal interests.

 

Employees are expected,
both on and off the job, to support Benchmark’s efforts to succeed in the
worldwide marketplace.

 

Employees are not
permitted to compete with Benchmark. They may not assist others to compete
with Benchmark, and they may not use their position with Benchmark, its
proprietary information, or its relationship with customers for personal gain
or benefit.

 

Benchmark’s policy
concerning suppliers is to award business solely on merit, at the lowest
reasonable price, and, wherever practicable, on a competitive basis.

 

Basic points to keep in
mind are:

 

•                  Have no relationship, financial or
otherwise, with any supplier or competitor that might be construed as a
conflict of interest, or that might even appear to impair your judgment on
behalf of the company.

 

3

 

•                  Never
accept or solicit, even indirectly, gifts, loans, “kick-backs,” special
privileges, services, benefits, or unusual hospitality. This does not apply to
unsolicited promotional materials of nominal monetary value of a general
advertising nature, such as imprinted pencils, memo pads and calendars. Determining
when hospitality is “unusual” is a matter of degree. Acceptance of a meal or
entertainment should be, when practical, on a reciprocal basis. Generally, any
extensive hospitality appropriate for special events, such as trade shows,
where company business may be conducted is acceptable. You should report
invitations to any such events to your supervisor for concurrence in your
acceptance of the invitation.

 

•                  Report gifts other than promotional
materials of nominal value promptly to your supervisor and then return them to
the donor, if possible, or dispose of them in another appropriate manner.

 

•                  Do not give inappropriate gifts or provide unusual hospitality to
customers or potential customers or their employees that will unfairly
influence their purchasing decision. For example, do not give expensive gifts
that could be construed as a bribe or a reward for purchasing from Benchmark.

 

•                  Comply with laws and regulations
governing relations between government customers and suppliers. These laws and
regulations may prohibit or modify marketing activities used with other
customers.

 

•                  Do not in any way assist competitors.
Specifically do not assist anyone outside the business in the planning, design,
manufacture, sale or purchase of any competitors’ products or services. Do not
communicate business information to former employees of Benchmark who are
currently employed by our competitors or to other third parties. This
communication includes information placed on public websites and blogs. Do not
become involved in activities or businesses that compete with Benchmark
activities or business.

 

•                  Avoid any outside activity that could
adversely affect the independence and objectivity of your judgment, interfere
with the timely and effective performance of your duties and responsibilities,
or that could discredit Benchmark or conflict, or appear to conflict, with
Benchmark’s best interests. Since each employee’s primary obligation is to
Benchmark, any outside activity, such as a second job or self-employment, must
be kept totally separate from employment with Benchmark. Unless expressly
authorized by Benchmark, no outside activity should involve the use of company
time, its name, or its influence, assets, funds, materials, facilities, or the
services of other employees.

 

•                  Don’t undertake any activity that is
aimed at, or that could reasonably have the effect of, retarding the success of
Benchmark in the marketplace. Avoid any actions inconsistent with this
commitment to help Benchmark succeed, such as suggesting that customers or
potential customers refrain from dealing with Benchmark, or deal with a
competitor instead of with Benchmark.

 

4

 

If actual, or even a
potential, conflict of interest develops, it must be reported promptly to your
supervisor who will consult with the Legal Department.

 

Outside
Directorships

 

Although activities
outside Benchmark are not necessarily a conflict of interest, a conflict could
arise depending upon your position within Benchmark and Benchmark’s
relationship with your other activity. Outside activities may also be a
conflict of interest if they cause you, or are perceived to cause you, to
choose between that interest and the interests of the Company. The Company
recognizes that the guidelines in this Section are not applicable to directors
that do not also serve in management positions at Benchmark (“Outside Directors”).

 

Employees
of Benchmark may not serve as directors of any outside business
organization unless such service is specifically approved by senior management.
There are a number of factors and criteria that Benchmark will use in
determining whether to approve an employee’s request for an outside business
directorship. For example, directorships in outside companies are subject to
certain legal limitations. Directorships in outside companies should also
satisfy a number of business considerations, including (1) furthering the
interests of Benchmark and (2) not detracting in any material way from the
employee’s ability to fulfill his or her commitments to Benchmark. Benchmark will
also take into consideration the time commitment and potential personal
liabilities and responsibilities associated with the outside directorship in
evaluating requests.

 

Proprietary
Information

 

In today’s competitive
environment, protecting Benchmark’s intellectual property and proprietary
information is more important than ever before.

 

Proprietary information
is any information or knowledge created, acquired, or controlled by Benchmark
that Benchmark has determined should not be published or released to others. It
includes, but is not limited to, financial records, customer names and
programs, unannounced products and services, technical information, sales and
marketing data, and employee records.

 

What is key about this
information is that its unauthorized release or disclosure could cause
Benchmark the loss of a critical competitive advantage, could hurt
relationships with customer, or could embarrass or harm fellow employees.

 

Each employee (as an
originator, custodian, user, or recipient of proprietary information) must
ensure that company information under his or her direction and/or control is
properly identified and/or safeguarded according to its proprietary nature in
accordance with Benchmark instructions.

 

Benchmark also regards as
proprietary the information of others that it is obligated to maintain in
confidence.

 

5

 

Benchmark may properly
come into possession of such information in a number of ways, most often as a
result of an agreement with the owner of the information which restricts the
way in which the information may be used. The terms and conditions of any
such agreement must be strictly followed. In addition, employees must be
especially careful of the circumstances under which they are offered, or
received, such information; whether it is being offered to them with
restrictions on its use, and how they plan to use it. Before agreeing to accept
the proprietary information of others with any restrictions, they should
contact the Legal Department to review the terms under which it is being
offered. They should also contact the Legal Department immediately if they
believe there is a chance that they might be receiving the information as a
result of a breach of confidence, or an improper or illegal act, or under any
other circumstances that might call into question the propriety of their
actions in the matter.

 

Access to proprietary
information is limited to authorized persons with a “need to know.”  Disclosure to others and the receipt of the
proprietary information of others should only be made where there is a valid
business need and then only as specified in Benchmark policies and instructions.
Of course, company information should not be used for personal benefit or other
non-company purposes.

 

When employees leave
Benchmark, all documents and records containing proprietary information must be
turned in to Benchmark. Even after employment ends, former employees have a
continuing obligation to safeguard this information.

 

Questions on whether
information is proprietary, and the conditions under which it can be released,
should be directed to the Legal Department. Any compromise, or even suspected
compromise, of any such information should be immediately reported to the Human
Resources organization.

 

Computer
Systems

 

Computer systems and the
information they contain, control, transmit, or process are essential for
Benchmark’s daily operations. They help provide products and services to
customer, maintain vital records, collect revenues, and process information
necessary for internal operations and development.

 

Employees are responsible
for ensuring that computer systems and the information they contain are
adequately safeguarded against damage, alteration, theft, fraudulent
manipulation, and unauthorized access or disclosure. Though the data processed
and stored in a computer may appear to be intangible, it still must be
protected as a company asset, and properly identified and safeguarded according
to its proprietary and/or critical nature. Passwords or other procedures used
to access or transmit computerized data must be selected, controlled, and
safeguarded to ensure that company data is adequately protected. Ultimately,
each employee is responsible for the security of information accessed or
modified under his or her password or access procedure. Also, as a user or
manager of corporate data or computer resources, each employee must strictly
adhere to the specific security measures and controls that have been
established.

 

6

 

Along with the
responsibility for safeguarding the information in Benchmark data bases,
employees are responsible for:

 

•                  Obeying all copyright laws and
Benchmark policy regarding the reproduction of copyright software.

 

•                  Using licensed computer software only
as permitted by the specific license.

 

•                  Any personal or other non-business
use of a company data communication system or computer system (mainframe,
micro, mini, or personal computer) is forbidden, unless expressly sanctioned by
supervision.

 

Violations or suspected
violations of computer security measures or controls must be reported to the
Benchmark Information Systems organization. Benchmark may be obligated to
report certain inappropriate uses of electronics systems to external legal
authorities in the Company has reason to believe the employee has utilized
Company equipment or systems to engage in behavior that may be a violation
of state or federal law, statues, or regulations.

 

Company
Records

 

Company records are
critical in meeting Benchmark’s financial, legal and management obligations and
must always be prepared accurately.

 

Such records include
reports, vouchers, bills, time reports, payroll and service records,
measurement, performance and production records, and other essential data. Employees
who prepare records should be sure to:

 

•                  Provide accurate and complete information
in making all entries.

 

•                  Date documents and reports correctly.
No documents may be dated with any date other than the actual date of execution
or creation, unless that document clearly states on its face that the date is
to be regarded “as of” different date.

 

•                  Correctly report items used under any
measurement or index plan. A false or misleading report of measurement data is
considered just as serious as falsifying vouchers, financial data or records pertaining to company funds or
property.

 

•                  Account accurately for all time
worked, work items, expenses, material, tools, vehicles, and other Benchmark
property, whether the property is new, used, or deemed worthless.

 

•                  Provide, when requested, appropriate
documents to auditors. From time to time, Benchmark may audit all or
selected parts of the organization. Employees are expected to cooperate with
any identified auditor, whether internal or external to Benchmark. Any
questions about the role of auditors and the disclosure of company
documentation should be directed to the Controller.

 

7

 

Customer and employee
records are to be held in confidence and treated as company assets. As such,
they are to be carefully safeguarded and kept current and accurate. They should
be disclosed only upon proper authorization.

 

Certain company records
are maintained according to rules of the Government. These rules require
that certain records be retained for specific periods of time. Other records
and documents may have to be retained in connection with court
proceedings, or for other specific business purposes. Records should,
therefore, be destroyed only in accordance with these requirements and with
proper company authorization.

 

Quality

 

The mark of a truly world
class company is its high level of quality. With that goal in mind, all
aspects of company business should be conducted with Quality of Service as the
common denominator for acceptable performance by all employees.

 

This code of conduct
encompasses everything we do, and includes such areas as:

 

Marketing

Design

Procurement of Materials

Scheduling

Manufacturing

Quality Assurance

Test

Packing and Shipping

Human Resources

Training

Finance

Information Systems Services

Program Management

Facilities

Maintenance

Engineering

Warehousing

 

Compromise of Benchmark’s
integrity on this essential issue could lead to a loss of continued employment
for individuals within the company, and a loss of benefits from the products
and services that Benchmark provides for others. Therefore, employees are
expected to support Benchmark’s commitment to quality, both in the products and
services that we provide our customers and in the way that we perform our
jobs on a daily basis.

 

8

 

Company
Property

 

Preventing the loss,
damage, misuse, or theft of company property is part of every employee’s
job. It directly affects product costs and corporate earnings. Some examples of
what you are expected to do:

 

•                  Locking desks, offices, and
unattended vehicles or facilities.

 

•                  Restricting non-employees’ access to
Benchmark premises unless they are on official company business.

 

•                  Disposing of surplus, obsolete, or junked property only when authorized
or directed by company instructions.

 

•                  Observing rules regarding
identification, package inspection, and personal property registration.

 

•                  Avoiding waste and spoilage when
using supplies.

 

You should never use
Benchmark property for personal benefit. Only with proper authorization may you
borrow, take, use, sell, loan, or give away company property.

 

Only authorized property
should be used for Benchmark business. For example, employee owned or leased
motor vehicles or aircraft must not be used for company purposes except as
authorized in company instructions. Benchmark assumes no responsibility for
personal property employees use in the course of their employment.

 

Benchmark owned, leased,
or rented vehicles must be used only for company business. Use for any other
purpose is prohibited except when expressly authorized by supervision. Non
employees should not be transported in Benchmark vehicles, except when
authorized for company business or in emergency situations.

 

Benchmark issued
identification cards are for use by employees in the conduct of company
business only. They belong to Benchmark and must be surrendered upon request of
your supervisor.

 

Employees should promptly
report any actual or suspected loss, damage misuse, theft, or destruction of
Benchmark property to supervision.

 

Company
Funds

 

Company funds, including
revenues, take many forms:  checks,
drafts, money orders, petty cash, or customer payments. Other items that
represent the expenditure of company funds, such as airplane tickets, are also
included.

 

When spending company
money or your own for reimbursement later, or when requesting services on
Benchmark’s behalf, make sure that Benchmark receives proper value in return
and that the expenditure is

 

9

 

for a legitimate business
purpose. Anyone approving or certifying any voucher or bill must have
reasonable knowledge that the services or expenses are proper.

 

Every employee who has control
over company funds is personally accountable for them. Employees are to treat
company funds as they would their own. This means that items purchased,
especially for personal consumption during business use (meals, etc.) should be
moderate and of the same value that the employee would normally purchase for
private consumption.

 

Some examples of how
employees are expected to safeguard company funds follow:

 

•                  Keep an accurate record of funds
spent.

 

•                  Use company funds solely for the
payment of Benchmark expenses.

 

Questions on the
appropriate use of company funds, or personal funds for company business,
should be discussed with your supervisor or the Legal Department.

 

Fair
Competition and Antitrust Law

 

Benchmark’s policy is to
comply fully with all laws and regulations, domestic and foreign, that apply to
it. The U.S. antitrust laws apply to competition within the U.S. and to some
international business transactions by U.S. firms. Firms like Benchmark, that
export or do business in other countries, must also comply with the applicable
antitrust laws of those countries.

 

The objective of the U.S.
antitrust laws is to benefit consumers by promoting vigorous competition. The
basic U.S. antitrust statutes are the Sherman, Clayton and Federal Trade
Commission Acts.

 

The Sherman Act prohibits
contracts and conspiracies that unreasonably reduce or eliminate competition. These
include agreements between competitors to divide markets, establish prices, or
refuse to deal with others. Employees must avoid:

 

•                  Agreements or understandings with
competitors that would establish minimum or maximum prices, divide customers or
markets or in any other way lessen competition between Benchmark and its
competitors.

 

•                  Agreements or understandings with
competitors concerning how or whether to deal with any customer, competitor, or
any group of customers or competitors.

 

Under some circumstances,
the Sherman Act also prohibits a company from requiring its customers to buy a
product or service they do not want in order to buy one they want, i.e., tying.
A company also may not place certain restrictions on resellers of its
products or services.

 

The Sherman Act also
covers monopolies and prohibits, among other things, attempts to obtain or
retain monopoly position in a market by using strategies designed to destroy a
competitor or to foreclose competition.

 

10

 

The Clayton Act addresses
exclusive dealing arrangements, price discrimination, and acquisitions. The
Federal Trade Commission Act generally prohibits unfair or deceptive trade
practices.

 

Failure to comply with
these laws can have serious consequences. Corporations and individuals accused
of violating the Sherman Act, for example, may be indicted on felony
charges. Violations may also result in costly damage awards and burdensome
injunctive orders.

 

Benchmark’s competitive
efforts must rely on the merits of its products and services. Employees should
concentrate on anticipating and satisfying the needs of our customers, and should
not seek to limit the competitive opportunities of our rivals. In order to
accomplish this, employees should:

 

•                  Never misrepresent the quality,
features, or availability of Benchmark products or services or those of its
competitors.

 

•                  Never engage in industrial espionage
or commercial bribery.

 

•                  Never unlawfully interfere with
contracts between a competitor and a customer.

 

•                  Never buy from suppliers, or hint
that we will buy from them, on the condition that they use Benchmark products
or services.

 

Antitrust proceedings
often involve evidence that is largely circumstantial. Judges, jurors, and
agencies interpreting this evidence are likely to be influenced by appearances.
Consequently, to minimize Benchmark’s exposure to civil and criminal penalties,
Benchmark must avoid not only actively engaging in improper competitive
practices, but also inadvertently appearing to engage in improper practices.

 

For example, employees
should avoid careless language that might incorrectly suggest that we are
seeking to eliminate our competitors or to foreclose competition. Because price
fixing and division of markets is illegal, employees should also not discuss verbally
or in public forums such as blogs, chat rooms, bulletin boards, etc. which
might be accessed by competitors , such things as costs, prices, terms of sale,
production levels or capacity, inventories, marketing plans, distribution
arrangements, or procurement arrangements.

 

Insider
Trading

 

Until formally released
to the public, material information concerning the business plans, projects,
successes or failures of Benchmark is considered “inside” information and,
therefore, confidential. Such data does not belong to the individual directors,
officers or other employees who may handle it or otherwise become
knowledgeable of it. It is an asset of Benchmark. For any person to use such
information for personal benefit or to disclose it to others outside Benchmark
violates Benchmark’s interests. More particularly, in connection with trading
in Benchmark’s securities, it is a fraud not only against Benchmark, but also
against members of the investing public, who suffer by trading in the same
market as the insider without the benefit of the confidential information he or
she possesses.

 

11

 

Several rigidly enforced,
complex laws and regulations are intended to prevent misuse of corporate
information by regulating the manner in which securities may be bought and
sold. Particularly important are the “antifraud” rules of the Securities
and Exchange Commission (“S.E.C.”), which are designed to protect primarily the
investing public.

 

Under the “antifraud”
rules, anyone who is in possession of material inside information is an “insider”.
This includes not only knowledgeable directors and officers but also
non-management employees and persons outside Benchmark (spouses, friends,
brokers, consultants and others) who may have acquired the information
directly or indirectly through tips. These rules prohibit insiders from
trading in or recommending purchases or sales of Benchmark’s securities while
such inside information remains undisclosed to the general public. Note that
the rules apply only to “material” inside information. The inside
information you possess is “material” if it is important enough to affect your
or anyone else’s decision to buy, sell or hold Benchmark’s securities.

 

The insider is allowed to
get back into the market or to recommend Benchmark’s securities only after the
inside information has been publicly disclosed, and then only after a
reasonable time has been allowed for the information to be absorbed by the
general public.

 

Benchmark has rigidly
defined channels through which data proposed for public release must flow. No
disclosure of inside information that could be material should be made without
first consulting and being authorized by an executive officer of Benchmark.

 

A violation of these rules would
have serious, direct consequences for the insider. A violation, however, also
would have serious, indirect consequences for Benchmark - among them, the
adverse publicity that inevitably would be related to an “insider trading
scandal” involving Benchmark’s securities, the resulting disruption of
Benchmark’s business operations, and the potential loss or diminution of
Benchmark’s credibility in the trading markets.

 

The following guidelines
are established to help you comply with Benchmark’s business conduct policy and
avoid the penalties for breach of the federal and state securities laws, as
well as the resulting criticism and embarrassment to you and Benchmark:

 

1.                                       Nondisclosure. You must not disclose
material inside information to anyone, except to persons within Benchmark whose
positions require them to know it, until it has been publicly released by Benchmark.

 

2.                                       Trading in Benchmark’s Securities. You
should not place a purchase or sales order in Benchmark’s securities when you
have knowledge of material information concerning Benchmark that has not been
disclosed to the public. This includes not only orders for purchases and sales
of stock and convertible securities but also options, warrants, puts and calls
unless these transactions are automatically pre-scheduled and you have received
prior approval from the Board of Directors. You should wait until the
information has been publicly released and the public has had sufficient time
to absorb it. Generally two or three trading days after a press release is made
or a report is filed shall be sufficient time for the market to absorb the
information.

 

12

 

3.                                       Trading in Other Securities. You
should not place a purchase or sale order in the securities of another
corporation the value of which is likely to be affected by past or proposed
actions of Benchmark of which you are aware and which have not been publicly
disclosed by Benchmark. For example, it would be a violation of the “antifraud”
rules if you learned through Benchmark sources of an action—impending or
completed—with another company and then bought or sold stock in the other
company because of the likely increase or decrease in the value of its
securities.

 

These rules are
complex, and violation of them is serious. If you have any questions regarding
a particular situation, please contact an executive officer of Benchmark, but
until your questions are answered, we strongly urge you to take the cautious
course and assume that you should not be trading.

 

U.S.
Foreign Corrupt Practices Act

 

Benchmark’s policy is
that its employees comply strictly with the U.S. Foreign Corrupt Practices Act.
This law prohibits payments or offers of payments of anything of value to
foreign officials, political parties, or candidates for foreign political
office in order to secure, retain, or direct business. Payments made indirectly
through an intermediary, under circumstances indicating a reason to believe
that such payment would be passed on for prohibited purposes, are also illegal.
Any employee with a question concerning the propriety of any potential payment
should contact the Legal Department.

 

The law also contains
significant internal accounting control and record keeping requirements that
apply to our U.S. domestic operations.

 

Specifically, the law
requires that Benchmark’s books and records accurately and fairly reflect all
financial transactions in reasonable detail, and that Benchmark’s internal
accounting controls provide reasonable assurances that:

 

•                  Transactions are carried out in an
authorized manner.

 

•                  Transactions have been reported and
recorded so as to permit correct preparation of financial statements and
accurate records of assets.

 

•                  Access to assets is in accordance
with management’s authorization.

 

•                  Inventories of assets are taken
periodically, and appropriate action is taken to correct discrepancies.

 

All employees are
responsible for following Benchmark procedures, including appropriate schedules
of authorization and internal accounting controls, for carrying out and
reporting business transactions.

 

Violations of this law
can result in fines and imprisonment, or both, for individual employees, as
well as significant penalties against Benchmark. Any questions on interpreting
this law, or on the adequacy of Benchmark’s internal accounting controls,
should be referred to the Chief Financial Officer or the Legal Department.

 

13

 

Import/Export
Control Laws

 

United States Import and
Export Control Laws govern all imports and exports of commodities and technical
data from and to the United States, including items that are hand-carried as
samples or demonstration units in luggage. Benchmark’s policy is to comply
fully with the import/export control laws both in the U.S. and internationally.

 

Failure to comply with
these laws could result in the loss or restriction of Benchmark’s importing and
exporting privileges, which in turn could damage or even destroy a significant
portion of the company’s business. Violations of these laws can also result in
fines and imprisonment for individual employees. Employees are responsible for
understanding whether, and how, the import/export control laws apply to their
job activities and for conforming to these laws.

 

Any questions concerning
these laws should be directed to the Legal Department.

 

Foreign
Economic Boycotts

 

Benchmark’s policy is to
comply strictly with U.S. laws pertaining to prohibited foreign economic boycotts.

 

These laws prohibit a
wide variety of activities connected with such organized boycotts, including: refusing
to do business with boycotted countries, their nationals, or blacklisted
companies; furnishing information about Benchmark’s or any person’s past,
present, or prospective relationships with boycotted countries or blacklisted
companies; furnishing information about any person’s race, religion, sex,
national origin, membership, or support of charitable organizations supporting
a boycotted country; discriminating against individuals or companies on the
basis of race, religion, sex, or national origin; and paying, honoring, or
confirming letters of credit containing boycott provisions. The law also
requires that boycotting requests be reported to the U.S. Government.

 

Violation of these laws
can result in fines for Benchmark and fines and/or imprisonment for employees. Each
employee is expected to follow Benchmark practices in boycott matters. Any
questions concerning the boycott laws should be referred to the Legal
Department.

 

Political
Activity/Contributions

 

Benchmark encourages
employees as private citizens to participate in public and civic affairs. Employees
should ensure, however, that no conflict of interest either actual or potential
exits between their Benchmark employment and their duties in public or civic
affairs, whether elective, appointed, paid or voluntary.

 

Also, no letter may be
sent to a Senator, Representative or other government official on behalf of
Benchmark unless prior approval has been secured from the Legal Department. This
coordination is

 

14

 

necessary to ensure that
important interests of Benchmark are given priority and its influence is not
dissipated in minor matters.

 

Benchmark’s overall
policy on political contributions is particularly straightforward. It
prohibits:

 

•                  The use of corporate funds for the
support of political parties or candidates not approved by the Board of
Directors of Benchmark Electronics, Inc. No employee is authorized to make
or approve such a contribution.

 

•                  Any employee from trying to
influence, on behalf of Benchmark, another employee’s decision on support or personal
contributions to a political party or candidate.

 

•                  The
use of Benchmark facilities (telephones, copiers, etc.) in support of political
parties or candidates.

 

Health, Safety, and Environment

 

Benchmark is strongly
committed to protecting the environment and to ensuring the health and safety
of its employees and others potentially affected by Benchmark activities. It
expects all employees to obey all laws designed to protect health, safety and
the environment, to obtain and fully observe all necessary permits, and to be
truthful in dealing with regulatory agencies which enforce these laws.
Employees should report any health and safety concerns to their supervisor or
manager immediately.

 

Waivers of the Code of Business Conduct and Ethics

 

Any change in or waiver of this Code for executive
officers (including the chief executive officer, chief financial officer,
controller or principal accounting officer) or directors may be made only
by the Board or a Board committee and will be promptly disclosed as required by
law or stock exchange regulation.

 

15

 

In
Conclusion

 

Benchmark’s Code of
Conduct reaffirms the importance of following the highest standards of business
conduct. Adherence to these standards by all employees is the only sure way
Benchmark can maintain the confidence and support of the public and its
customers.

 

Each employee is
responsible for his or her actions. For each, integrity is a personal
responsibility. No one may justify an illegal act by claiming it was
ordered by someone in higher management. No one, regardless of rank, is ever
authorized to direct an employee to commit an illegal or unethical act.

 

As a summary of basic
principles, this policy does not include all the rules and regulations
that apply to every situation. Its contents must be viewed within the framework
of Benchmark policies, practices, instructions, and the requirements of the law.
Moreover, the absence of a company practice or instruction covering a
particular situation does not relieve an employee from acting ethically. All reports
of conduct in violation of this Code of Conduct and requests for clarification
or questions of any type pertaining to this code may be referred to any of
the following:

 

1. Supervisor

2. Human Resources
Organization

3. Chief Financial
Officer

4. President

5. Legal Department

 

Accounting/Auditing Complaints: The law also requires that we have in place
procedures for addressing complaints concerning auditing issues and procedures
for employees to anonymously submit their concerns regarding accounting or
auditing issues. Complaints concerning accounting or auditing issues will be
directed to the attention of Benchmark’s Audit Committee, or the appropriate
members of that committee. For direct access to Benchmark’s Audit Committee,
please address auditing and accounting related issues or complaints to: John W.
Cox, 4030 Swarthmore St., West University Place, Houston, Texas 77005.

 

Violations or suspected
violations of any of the policies or principles in this booklet, or other
Benchmark rules and instructions, must be promptly reported to supervision.
Reprisals against an employee who, in good faith and with reasonable belief,
reports such a violation or suspected violation is strictly forbidden. One
important point bears repeating.

 

Violations
can result in disciplinary action, including dismissal - even for a first
offense in appropriate circumstances - and criminal prosecution. This policy in
no way modifies or supersedes the at will employment relationship between the
company and its employees.

 

16

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