Document:

Form of 6.625% Guaranteed Bonds due 2035

 Exhibit 4.4 
 FORM OF 6.625% NEW BONDS 
 The issue of the Guaranty of this Bond was approved by the Ministry of
Finance and Public Credit of Mexico on January 26, 2006 pursuant to Official Communication No. 305-I.2.1-019 and has been given Registration No. 57-2000-FPG. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, 55 WATER STREET, NEW YORK, NEW YORK 10004, A NEW
YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE OR ANY PORTION HEREOF IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CEDE & CO. (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CEDE & CO.), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS BOND IS A U.S. GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREINAFTER. THIS BOND MAY NOT BE EXCHANGED, IN WHOLE OR IN PART, FOR
A BOND REGISTERED IN THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF EXCEPT IN THE LIMITED CIRCUMSTANCES SET FORTH IN SECTION 3.05(a) OF THE INDENTURE. 

 PEMEX PROJECT FUNDING MASTER TRUST 
 U.S. $[    ] 
 6.625% Guaranteed Bonds due 2035

 Unconditionally and Irrevocably Guaranteed by 
 PETROLEOS MEXICANOS  
 (A Decentralized Public Entity of the 
 Federal Government of the United Mexican States) 
 REGISTERED 
 NO. [    ] 
 The following summary of terms is subject to the information set forth on the reverse hereof. 
  

			
	PRINCIPAL AMOUNT:	  	U.S. $[    ]
		
	SPECIFIED CURRENCY:	  	U.S. dollars (“U.S. $” or “$”)
		
	STATED MATURITY:	  	June 15, 2035
		
	ISSUE DATE:	  	[    ]
		
	CUSIP NO.:	  	706451BG5
		
	INTEREST PAYMENT DATES:	  	June 15 and December 15 of each year, commencing December 15, 2006
		
	PRINCIPAL PAYING AGENT AND TRANSFER AGENT:	  	Deutsche Bank Trust Company Americas, New York
		
	PAYING AGENTS AND TRANSFER AGENTS:	  	  
 Deutsche Bank AG, London Branch
 Deutsche Bank Luxembourg S.A.

 Pemex Project Funding Master Trust (herein called “Pemex Project Funding Master Trust”
or the “Issuer,” which terms include any successor entity under the Indenture hereinafter referred to), a statutory trust organized under the laws of the State of Delaware, for value received, hereby promises, in accordance with and
subject to the provisions set forth on the face and reverse hereof and in the Indenture referred to below, to pay to Cede & Co. or registered assigns, the principal amount of [    ] United States dollars (U.S.
$[    ]) on June 15, 2035 (the “Maturity Date”), or on such earlier date as the same may become payable in accordance with 

  

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the terms hereof, and to pay interest thereon from June 15, 2006 or from the most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually in arrears on June 15 and December 15 of each year (each, an “Interest Payment Date”), commencing December 15, 2006, at the rate of 6.625% per annum, until the principal amount hereof is paid
or made available for payment. 
 Unless defined herein, capitalized terms used herein shall have the meanings assigned to them on the
reverse hereof and in the indenture dated as of December 30, 2004 (the “Indenture”), among the Issuer, Petróleos Mexicanos, as Guarantor, and Deutsche Bank Trust Company Americas, as Trustee (the “Trustee”, which
expression shall include any successor to Deutsche Bank Trust Company Americas, in its capacity as such). 
 Reference is hereby made to the
further provisions of this Bond set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Bond shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 IN WITNESS WHEREOF, the Issuer has caused this Bond to be duly executed. 
  

	Dated:	[    ] 

  

			
	 PEMEX PROJECT FUNDING MASTER TRUST

	 by THE BANK OF NEW YORK not in its individual capacity, but solely as Managing Trustee

		
	By:	 	  
		 	 Name:   James Fevola

		 	 Title:     Vice President

 CERTIFICATE OF AUTHENTICATION 
 This is one of the series of Securities designated herein issued under the within-mentioned Indenture. 
  

	Dated:	[    ] 

  

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS
as Trustee

		
	 By:   
	 	  
		 	 Authorized Signatory

  

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 REVERSE OF BOND 
 1. This Bond is one of a duly authorized series of Securities of Pemex Project Funding Master Trust (the “Issuer”) designated as its U.S. $[    ] 6.625% Guaranteed Bonds due 2035 (the
“Bonds”), issued and to be issued in accordance with an indenture, dated as of December 30, 2004 (herein called the “Indenture”), among the Issuer, Petróleos Mexicanos, as Guarantor (the “Guarantor”), and
Deutsche Bank Trust Company Americas, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), copies of which Indenture are on file and available for inspection at the Corporate Trust Office
of the Trustee in the Borough of Manhattan, The City of New York and, so long as the Bonds are listed on the Luxembourg Stock Exchange and such Exchange shall so require, at the office of the Paying Agent in Luxembourg. Reference is hereby made
to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer and the Holders of the Bonds and of the terms upon which the Bonds are, and are to be, authenticated and delivered. The
Bonds represented hereby will be consolidated to form a single series with, and be fully fungible with, the U.S. $498,005,000 principal amount of 6.625% Guaranteed Bonds due 2015 issued by the Issuer on February 13, 2006. The Bonds are
initially limited to an aggregate initial principal amount of U.S. $[    ] subject to increase as provided in Paragraph 10 below. Capitalized terms not otherwise defined herein or on the face of this Bond shall have the
meanings assigned to them in the Indenture. 
 The Bonds are direct, unsecured and unsubordinated Public External Indebtedness (as defined in
Paragraph 8 below) of the Issuer for money borrowed and will rank pari passu with each other and with all other present and future unsecured and unsubordinated Public External Indebtedness for money borrowed of the Issuer. The Bonds are
not obligations of, or guaranteed by, the United Mexican States (“Mexico”). 
 Each of the Bonds will have the benefit of the
unconditional guaranty endorsed hereon (the “Guaranty”) as to punctual payment when due of all amounts of principal of and interest (including Additional Amounts) on the Bonds, and any other amounts payable by the Issuer under the Bonds or
the Indenture. The Guarantor’s payment obligations under the Guaranty and the Indenture will have the benefit of an unconditional guaranty as to payment of principal and interest (including Additional Amounts) jointly and severally from each of
Pemex-Exploración y Producción, Pemex-Refinación and Pemex-Gas y Petroquímica Básica (each, a “Subsidiary Guarantor” and together, the “Subsidiary Guarantors”), pursuant to a Guaranty Agreement,
dated July 29, 1996 (the “Subsidiary Guaranty”), among the Guarantor and the Subsidiary Guarantors. The Guarantor has designated its Guaranty of each of the Bonds and the Indenture as obligations of the Guarantor entitled to the
benefits of the Subsidiary Guaranty, pursuant to certificates of designation, dated June 8, 2005 and February 2, 2006 (the “Certificates of Designation”). 
 The Bonds are denominated in U.S. dollars. The Bonds are issuable only in fully registered form, without interest coupons. The Bonds are issuable in
authorized denominations of U.S. $10,000 and integral multiples of U.S. $1,000 in excess thereof. 
 2. (a) The Bonds will bear interest
from the date specified on the face hereof or from the most recent Interest Payment Date to which interest has been paid or duly provided for, 

  

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at the interest rate per annum specified on the face hereof, until the principal hereof has been paid or duly made available for payment. The interest on
this Bond shall be payable in arrears on each Interest Payment Date specified on the face hereof, and shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Any payment on this Bond due on any day which is not a
Business Day in The City of New York or the place of payment need not be made on such day, but may be made on the next succeeding Business Day with the same force and effect as if made on the due date, and no interest shall accrue for the period
from and after such due date. “Business Day,” as used herein with respect to any particular location, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in such location are
authorized or obligated by law to close in such location. 
 (b) The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will be paid to the person in whose name this Bond (or one or more predecessor Bonds) is registered at the close of business on the 15th day (whether or not a Business Day) (the “Regular Record Date”) next preceding such Interest Payment Date; provided that interest payable on the Maturity Date will be payable to the
person to whom principal shall be payable; and provided, further, that if this Bond is a Global Security, any payment of interest on this Bond shall be made to the applicable Depositary or its nominee, as the registered owner
hereof. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the person in whose name this Bond (or one or more predecessor Bonds) is
registered at the close of business on a special record date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Holders of Bonds not less than 10 days prior to such special record date, or be paid
at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Bonds may be listed, and upon such notice as may be required by such exchange. 
 (c) Payment of principal and any interest due with respect to the Bonds on the Maturity Date will be made in immediately available funds in U.S. dollars
upon surrender of such Bonds at the corporate trust office of the Trustee in the Borough of Manhattan, The City of New York, or at the specified office of any other Paying Agent, provided that the Bond is presented to the Paying Agent in time
for the Paying Agent to make such payments in such funds in accordance with its normal procedures. Payments of principal and any interest in respect of this Bond to be made other than on the Maturity Date or upon redemption will be made by check
mailed on or before the due date for such payments to the address of the persons entitled thereto as they appear in the Security Register, provided that (i) the applicable Depositary, as Holder of the Global Securities, shall be entitled
to receive payments of interest by wire transfer of immediately available funds and (ii) a Holder of U.S. $10,000,000 in aggregate principal or face amount of Bonds having the same Interest Payment Date shall be entitled to receive payments of
interest by wire transfer to an account maintained by such Holder at a bank located in the United States as may have been appropriately designated by such person to the Paying Agent in writing no later than the relevant Regular Record Date. Unless
such designation is revoked, any such designation made by such Holder with respect to such Bond shall remain in effect with respect to any further payments with respect to such Bond payable to such Holder. 
 3. (a) The Issuer shall maintain in the Borough of Manhattan, The City of New York, an office or agency where Bonds may be surrendered for
registration of transfer or 

  

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exchange. The Issuer has initially appointed the corporate trust office of the Trustee as its agent in the Borough of Manhattan, The City of New York, for
such purpose and has agreed to cause to be kept at such office a register in which, subject to such reasonable regulations as it may prescribe, the Issuer will provide for the registration of Bonds and registration of transfers of Bonds. The Issuer
reserves the right to vary or terminate the appointment of the Trustee as security registrar or of any Transfer Agent or to appoint additional or other registrars or Transfer Agents or to approve any change in the office through which any security
registrar or any Transfer Agent acts, provided that there will at all times be a security registrar in the Borough of Manhattan, The City of New York and, so long as the Bonds are listed on the Luxembourg Stock Exchange and such Exchange shall so
require, a Transfer Agent in Luxembourg. 
 (b) The transfer or exchange of a Bond is registrable on the aforementioned register upon
surrender of such Bond at the corporate trust office of the Trustee or any Transfer Agent duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Trustee duly executed by the Holder thereof or
his attorney duly authorized in writing. Upon such surrender of a Bond for registration of transfer, the Issuer shall execute one or more new Bonds of any authorized denominations and of a like form, tenor and terms and a like aggregate principal
amount, the Guarantor shall execute the Guaranty endorsed thereon, and the Trustee shall authenticate and deliver in the name of the designated transferee or transferees, such new Bonds, dated the date of authentication thereof. At the option of the
Holder upon request confirmed in writing, Bonds may be exchanged for Bonds of any authorized denominations and of a like form, tenor and terms and a like aggregate principal amount upon surrender of the Bonds to be exchanged at the office of any
Transfer Agent or at the corporate trust office of the Trustee. Whenever any Bonds are so surrendered for exchange, the Issuer and shall execute the Bonds which the Holder making the exchange is entitled to receive, the Guarantor shall execute the
Guaranty endorsed thereon, and the Trustee shall authenticate and deliver such Bonds. 
 (c) Any registration of transfer or exchange will be
effected upon the Transfer Agent or the Trustee, as the case may be, being satisfied with the documents of title and identity of the person making the request and subject to such reasonable regulations as the Issuer may from time to time agree with
any Transfer Agents and the Trustee. 
 (d) In the event of a redemption of Bonds in part (if permitted by the provisions hereof), the Issuer
shall not be required (i) to register the transfer of or exchange any Bond during a period beginning at the opening of business 15 days before, and continuing until, the date on which notice is given identifying the Bonds to be redeemed, or
(ii) to register the transfer of or exchange any Bond, or portion thereof, called for redemption. 
 (e) All Bonds issued upon any
registration of transfer or exchange of Bonds shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits, as the Bonds surrendered upon such registration of transfer or exchange. No service charge shall
be made for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any stamp tax or other governmental charge payable in connection therewith, other than an exchange in connection with a partial
redemption of a Bond not involving any registration of a transfer. 
  

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 Prior to due presentment of this Bond for registration of transfer, the Issuer, the Guarantor, each
Subsidiary Guarantor, the Trustee and any agent of the Issuer, the Guarantor, any Subsidiary Guarantor or the Trustee may treat the person in whose name this Bond is registered as the owner hereof for all purposes, whether or not this Bond shall be
overdue, and neither the Issuer, the Guarantor, any Subsidiary Guarantor, the Trustee nor any such agent shall be affected by any notice to the contrary. 
 4. The Issuer shall pay to the Trustee at its principal office in the Borough of Manhattan, The City of New York, on or prior to 11:00 a.m., New York City time, on each Interest Payment Date, any redemption date and
at the Maturity Date of the Bonds, in such amounts sufficient (with any amounts then held by the Trustee and available for the purpose) to pay the interest on, the redemption price of and accrued interest (if the redemption date is not an Interest
Payment Date) on, and the principal of, the Bonds due and payable on such Interest Payment Date, redemption date or Maturity Date, as the case may be. The Trustee shall apply the amounts so paid to it to the payment of such interest, redemption
price and principal in accordance with the terms of the Bonds. Any monies paid by the Issuer to the Trustee for the payment of the principal of or interest on any Bonds and remaining unclaimed at the end of two years after such principal or interest
shall have become due and payable (whether on the Maturity Date, upon call for redemption or otherwise) shall then be repaid to the Issuer upon its written request, and upon such repayment all liability of the Trustee with respect thereto shall
cease, without, however, limiting in any way any obligation the Issuer may have to pay the principal of and interest on each Bond as the same shall become due. Notwithstanding the foregoing, the right of the Holders to receive any payment of
principal of (whether on the Maturity Date, upon call for redemption or otherwise) or interest on the Bonds will become void at the end of five years after the due date for such payment. 
 5. (a) The Issuer will pay all stamp and other duties, if any, which may be imposed by the United States or any political subdivision thereof or
taxing authority of or in the foregoing with respect to the Indenture or the issuance of this Bond. Except as otherwise provided herein, the Issuer shall not be required to make any payment with respect to any tax, assessment or other governmental
charge imposed by any government or any political subdivision or taxing authority thereof or therein. 
 (b) The Issuer, or, in the case of a
payment by the Guarantor or a Subsidiary Guarantor, such Guarantor or Subsidiary Guarantor, will pay to the Holder of this Bond such additional amounts (“Additional Amounts”) as may be necessary in order that every net payment made by the
Issuer, the Guarantor or a Subsidiary Guarantor on this Bond after deduction or withholding for or on account of any present or future tax, assessment or other governmental charge imposed upon or as a result of such payment by Mexico or any
political subdivision or taxing authority thereof or therein (“Mexican Withholding Taxes”), will not be less than the amount then due and payable on this Bond. The foregoing obligation to pay Additional Amounts, however, will not apply to
(i) any Mexican Withholding Taxes that would not have been imposed or levied on the Holder of this Bond but for the existence of any present or former connection between such Holder and Mexico or any political subdivision or territory or
possession thereof or area subject to its jurisdiction, including, without limitation, such Holder (A) being or having been a citizen or resident thereof, (B) maintaining or having maintained an office, permanent establishment or branch
therein, or (C) being or having been present or 

  

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engaged in trade or business therein, except for a connection solely arising from the mere ownership of, or receipt of payment under, this Bond;
(ii) except as otherwise provided, any estate, inheritance, gift, sales, transfer or personal property or similar tax, assessment or other governmental charge; (iii) any Mexican Withholding Taxes that are imposed or levied by reason of the
failure by such Holder to comply with any certification, identification, information, documentation, declaration or other reporting requirement that is required or imposed by a statute, treaty, regulation, general rule or administrative practice as
a precondition to exemption from, or reduction in the rate of, the imposition, withholding or deduction of any Mexican Withholding Taxes; provided that at least 60 days prior to (A) the first payment date with respect to which the
Issuer, the Guarantor or a Subsidiary Guarantor shall apply this clause (iii) and, (B) in the event of a change in such certification, identification, information, documentation, declaration or other reporting requirement, the first
payment date subsequent to such change, the Issuer, the Guarantor or a Subsidiary Guarantor, as the case may be, shall have notified the Trustee in writing that the Holders of Bonds will be required to provide such certification, identification,
information or documentation, declaration or other reporting; (iv) any Mexican Withholding Taxes imposed at a rate in excess of 4.9% in the event that such Holder has failed to provide on a timely basis, at the reasonable request of the Issuer,
information or documentation (not described in clause (iii) above) concerning such Holder’s eligibility for benefits under an income tax treaty that is in effect to which Mexico is a party that is necessary to determine the appropriate
rate of deduction or withholding of Mexican taxes under any such treaty; (v) any Mexican Withholding Taxes that would not have been so imposed but for the presentation by such Holder of this Bond for payment on a date more than 15 days after
the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; (vi) any payment on this Bond to any Holder who is a fiduciary or partnership or other than the sole
beneficial owner of any such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such a partnership or the beneficial owner of such payment would not have been entitled to the Additional Amounts had such
beneficiary, settlor, member or beneficial owner been the Holder of this Bond; or (vii) any withholding tax or deduction imposed on a payment to an individual and required to be made pursuant to European Council Directive 2003/48/EC or any
other European Union Directive implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000 on the taxation of savings income, or any law implementing or complying with, or introduced in order to conform to, such a
directive or presented for payment by or on behalf of a Holder who would have been able to avoid such withholding or deduction by presenting the relevant Bond to another Paying Agent in a Member State of the European Union. All references in this
Bond or in the Indenture to principal of and interest on the Bonds shall, unless the context otherwise requires, be deemed to mean and include all Additional Amounts, if any, payable in respect thereof as set forth in this paragraph (b). 

(c) Notwithstanding the foregoing, the limitations on the Issuer’s, the Guarantor’s and the Subsidiary Guarantors’ obligation to pay
Additional Amounts set forth in clauses (iii) and (iv) above shall not apply if the provision of the certification, identification, information, documentation, declaration or other evidence described in such clauses (iii) and
(iv) would be materially more onerous, in form, in procedure or in the substance of information disclosed, to a Holder or beneficial owner of this Bond (taking into account any relevant differences between United States and Mexican law,
regulation or administrative practice) than comparable information or other applicable reporting requirements imposed or provided for under United 

  

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States federal income tax law (including the United States-Mexico Income Tax Treaty), regulation (including proposed regulations) and administrative
practice. In addition, the limitations on the Issuer’s, the Guarantor’s and the Subsidiary Guarantors’ obligation to pay Additional Amounts set forth in clauses (iii) and (iv) above shall not apply if Article 195, Section
II, paragraph a) of the Mexican Income Tax Law, or a substantially similar successor of such provision is in effect, unless (A) the provision of the certification, identification, information, documentation, declaration or other evidence
described in clauses (iii) and (iv) is expressly required by statute, regulation, general rules or administrative practice in order to apply Article 195, Section II, paragraph a) (or a substantially similar successor of such provision),
the Issuer, the Guarantor or the applicable Subsidiary Guarantor cannot obtain such certification, identification, information, documentation, declaration or evidence, or satisfy any other reporting requirements, on its own through reasonable
diligence and the Issuer, the Guarantor or the applicable Subsidiary Guarantor otherwise would meet the requirements for application of Article 195, Section II, paragraph a) (or such successor of such provision) or (B) in the case of a Holder
or beneficial owner of a Bond that is a pension fund or other tax-exempt organization, such Holder or beneficial owner would be subject to Mexican Withholding Taxes at a rate less than that provided by Article 195, Section II, paragraph a) if the
information, documentation or other evidence required under clause (iv) above were provided. In addition, clauses (iii) and (iv) above shall not be construed to require that a non-Mexican pension or retirement fund, a non-Mexican
tax-exempt organization or a non-Mexican financial institution or any other Holder or beneficial owner of this Bond register with the Ministry of Finance and Public Credit of Mexico for the purpose of establishing eligibility for an exemption from
or reduction of Mexican Withholding Taxes. 
 (d) The Issuer, the Guarantor or a Subsidiary Guarantor, as the case may be, will, upon written
request, provide the Trustee, the Holders and the Paying Agents with a duly certified or authenticated copy of an original receipt of the payment of Mexican Withholding Taxes which such Issuer, Guarantor or Subsidiary Guarantor has withheld or
deducted in respect of any payments made under or with respect to the Bonds, the Guaranty or the Subsidiary Guaranty, as the case may be. 
 (e) In the event that Additional Amounts actually paid with respect to this Bond are based on rates of deduction or withholding of Mexican Withholding Taxes in excess of the appropriate rate applicable to the Holder of this Bond, and, as a
result thereof, such Holder is entitled to make a claim for a refund or credit of such excess, then such Holder shall, by accepting this Bond, be deemed to have assigned and transferred all right, title and interest to any such claim for a refund or
credit of such excess to the Issuer, the Guarantor or the applicable Subsidiary Guarantor, as the case may be. However, by making such assignment, the Holder makes no representation or warranty that the Issuer, the Guarantor or the applicable
Subsidiary Guarantor, as the case may be, will be entitled to receive such claim for a refund or credit and incurs no other obligation with respect thereto. 
 6. (a) This Bond may not be redeemed prior to the Stated Maturity, except as specified in paragraphs (b) and (c) below. 
 (b) The Bonds may be redeemed at the option of the Issuer in whole, but not in part, at any time, at par, together with, if applicable, interest accrued to but excluding the date 

  

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fixed for redemption, on giving not less than 30 nor more than 60 days’ notice to the Holders of the Bonds (which notice shall be irrevocable), if
(i) the Issuer or the Guarantor certifies to the Trustee immediately prior to the giving of such notice that it has or will become obligated to pay Additional Amounts in excess of the Additional Amounts that it would be obligated to pay if
payments (including payments of interest) on the Bonds (or payments under the Guaranties with respect to interest on the Bonds) were subject to Mexican Withholding Tax at a rate of 10%, as a result of any change in, amendment to, or lapse of, the
laws, rules or regulations of Mexico or any political subdivision or any taxing authority thereof or therein affecting taxation, or any change in, or amendment to, an official interpretation or application of such laws, rules or regulations, which
change or amendment becomes effective on or after the date of issuance of the Bonds and (ii) prior to the publication of any notice of redemption, the Issuer or the Guarantor shall deliver to the Trustee an Officer’s Certificate stating
that the obligation referred to in (i) above cannot be avoided by the Issuer or the Guarantor, as the case may be, taking reasonable measures available to it, and the Trustee shall be entitled to accept such certificate as sufficient evidence
of the satisfaction of the condition precedent set out in (i) above in which event it shall be conclusive and binding on the Holders of the Bonds; provided that no such notice of redemption shall be given earlier than 90 days prior to
the earliest date on which the Issuer or the Guarantor, as the case may be, would be obligated but for such redemption to pay such Additional Amounts were a payment in respect of the Bonds then due and, at the time such notice is given, such
obligation to pay such Additional Amounts remains in effect. 
 (c) The Bonds are subject to redemption upon not less than 30 nor more than
60 days’ notice by mail, in whole or in part, at any time or from time to time prior to Stated Maturity, at a redemption price (the “Redemption Price”) equal to the sum of (A) 100% of the principal amount of such Bonds and
(B) the Make-Whole Amount (as defined below), plus accrued interest on the principal amount of the Bonds to the date of redemption (the “Redemption Date”). “Make-Whole Amount” means the excess of (A) the sum of the
present values of each of the remaining scheduled payments of principal and interest on the Bonds (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of
twelve 30-day months) at the Treasury Rate (as defined below) plus 50 basis points over (ii) the principal amount of such Bonds. “Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual
equivalent yield to maturity or interpolated maturity of the Comparable Treasury Issue (as defined below), assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price
for such Redemption Date. “Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment Banker (as defined below) as having an actual or interpolated maturity comparable to the
remaining term of the Bonds to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of
such notes. “Independent Investment Banker” means one of the Reference Treasury Dealers (as defined below) appointed by the Issuer. “Comparable Treasury Price” means, with respect to any Redemption Date, (x) the arithmetic
mean of the Reference Treasury Dealer Quotations (as defined below) for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotation or (y) if the Trustee obtains fewer than four such Reference Treasury
Dealer Quotations, the arithmetic mean of all such quotations. “Reference Treasury Dealer” means each of Credit Suisse Securities (USA) LLC, Lehman Brothers Inc., UBS Securities LLC, 

  

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Barclays Capital Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. or their Affiliates which are primary United States government
securities dealers, and their respective successors; provided that if any of the foregoing shall cease to be a primary United States government securities dealer in the City of New York (a “Primary Treasury Dealer”), the Issuer will
substitute therefor another Primary Treasury Dealer. “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date, the arithmetic mean, as determined by the Trustee, of the bid and
asked prices for the Comparable Treasury Issue (expressed in case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 3:30 p.m. New York time on the third business day preceding such
Redemption Date. 
 (d) The Issuer, the Guarantor or any Subsidiary Guarantor may at any time purchase Bonds at any price in the open market
or otherwise. Bonds so purchased by the Issuer, the Guarantor or any Subsidiary Guarantor may be held, resold (subject to compliance with applicable securities and tax laws) or surrendered to the Trustee for cancellation. 
 7. The Bonds are not redeemable at the option of the Issuer, except as provided in Paragraph 6, and are not repayable at the option of the Holder, except
as provided in Paragraph 8 in the event of acceleration. 
 8. If any of the following events (each, an “Event of Default”) occurs
and is continuing, the Trustee, if so requested in writing by Holders of at least 20% in principal amount of the Bonds then outstanding, shall give notice to the Issuer and the Guarantor that the Bonds are, and they shall immediately become, due and
payable at their principal amount together with accrued interest: 
 (a) Non-Payment: default is made in payment
of principal (or any part thereof) of or any interest on, any of the Bonds when due and such failure continues, in the case of non-payment of principal for seven days, and of interest for fourteen days after the due date; or 
 (b) Breach of Other Obligations: the Issuer or the Guarantor defaults in performance or observance of or compliance with any
of its other obligations set out in the Bonds or the Guaranties or (insofar as it concerns the Bonds or the Guaranties) the Indenture which default is incapable of remedy or, if capable of remedy, is not remedied within 30 days after written notice
of such default shall have been given to the Issuer, the Guarantor and the Subsidiary Guarantors by the Trustee; or 
 (c)
Cross-Default: default by the Issuer, the Guarantor or any of the Guarantor’s Material Subsidiaries (as defined below) or the Subsidiary Guarantors or any of them or any of their respective Material Subsidiaries in the payment of
the principal of, or interest on, any Public External Indebtedness (as defined below) of, or guaranteed by, the Issuer, the Guarantor or any of the Guarantor’s Material Subsidiaries or the Subsidiary Guarantors or any of them or any of their
respective Material Subsidiaries, in an aggregate principal amount exceeding U.S. $40,000,000 or its equivalent, when and as the same shall become due and payable, if such default shall continue for more than the period of grace, if any,
originally applicable thereto; or 
  

 R-8 

 (d) Enforcement Proceedings: a distress or execution or other legal process
is levied or enforced or sued out upon or against any substantial part of the property, assets or revenues of the Issuer, the Guarantor or any of the Guarantor’s Material Subsidiaries or the Subsidiary Guarantors or any of them or any of their
respective Material Subsidiaries and is not discharged or stayed within 60 days of having been so levied, enforced or sued out; or 
 (e) Security Enforced: an encumbrancer takes possession or a receiver, manager or other similar officer is appointed of the whole or any substantial part of the undertaking, property, assets or revenues of the Issuer, the
Guarantor or any of the Guarantor’s Material Subsidiaries or the Subsidiary Guarantors or any of them or any of their respective Material Subsidiaries; or 
 (f) Insolvency: the Issuer, the Guarantor or any of the Guarantor’s Material Subsidiaries or the Subsidiary Guarantors or any
of them or any of their respective Material Subsidiaries becomes insolvent or is generally unable to pay its debts as they mature or applies for or consents to or suffers the appointment of an administrator, liquidator, receiver or similar officer
of the Issuer, the Guarantor or any of the Guarantor’s Material Subsidiaries or the Subsidiary Guarantors or any of them or any of their respective Material Subsidiaries or the whole or any substantial part of the undertaking, property, assets
or revenues of the Issuer, the Guarantor or any of the Guarantor’s Material Subsidiaries or the Subsidiary Guarantors or any of them or any of their respective Material Subsidiaries or takes any proceeding under any law for a readjustment or
deferment of its obligations or any part of them for insolvency, bankruptcy, concurso mercantil, reorganization, dissolution or liquidation or makes or enters into a general assignment or an arrangement or composition with or for the benefit
of its creditors or stops or threatens to cease to carry on its business or any substantial part of its business; or 
 (g)
Winding-up: an order is made or an effective resolution passed for winding up the Issuer, the Guarantor or any of the Guarantor’s Material Subsidiaries or the Subsidiary Guarantors or any of them or any of their respective
Material Subsidiaries; or 
 (h) Moratorium: a general moratorium is agreed or declared in respect of any
External Indebtedness (as defined below) of the Issuer, the Guarantor or any of the Guarantor’s Material Subsidiaries or the Subsidiary Guarantors or any of them or any of their respective Material Subsidiaries; or 
 (i) Authorization and Consents: any action, condition or thing (including the obtaining or effecting of any necessary
consent, approval, authorization, exemption, filing, license, order, recording or registration) at any time required to be taken, fulfilled or done in order (i) to enable the Issuer lawfully to enter into, exercise its rights and perform and
comply with its obligations under the Bonds or the Indenture, (ii) to enable the Guarantor lawfully to enter into, exercise its rights and perform and comply with its obligations under the Guaranties relating to the Bonds, the Indenture or the
Subsidiary Guaranty Agreement in relation to the Bonds and the related Guaranties, (iii) to enable 

  

 R-9 

 
any of the Subsidiary Guarantors lawfully to enter into, perform and comply with its obligations under the Subsidiary Guaranty Agreement in relation to the
Bonds, the related Guaranties or the Indenture and (iv) to ensure that those obligations are legally binding and enforceable, is not taken, fulfilled or done within 30 days of its being so required; or 
 (j) Illegality: it is or becomes unlawful for (i) the Issuer to perform or comply with one or more of its obligations
under any of the Bonds or the Indenture, (ii) the Guarantor to perform or comply with any of its obligations under the Indenture, the Guaranties or the Subsidiary Guaranty Agreement with respect to the Bonds, the related Guaranties or the
Indenture, or (iii) the Subsidiary Guarantors or any of them to perform or comply with one or more of its obligations under the Subsidiary Guaranty Agreement with respect to the Bonds, the related Guaranties or the Indenture; or 
 (k) Control: the Guarantor ceases to be a decentralized public entity of the Mexican Government or the Mexican Government otherwise
ceases to control the Guarantor or any Subsidiary Guarantor; or the Issuer, the Guarantor or any of the Subsidiary Guarantors is dissolved, disestablished or suspends its respective operations, and such dissolution, disestablishment or suspension of
operations is material in relation to the business of the Issuer, the Guarantor and the Subsidiary Guarantors taken as a whole; or the Guarantor and the Subsidiary Guarantors cease to be the entities which have the exclusive right and authority to
conduct on behalf of Mexico the activities of exploration, exploitation, refining, transportation, storage, distribution and first-hand sale of crude oil and exploration, exploitation, production and first-hand sale of natural gas, as well as the
transportation and storage inextricably linked with such exploitation and production; or the Issuer ceases to be controlled by the Guarantor; or 
 (l) Disposals: 
 (i) the Guarantor ceases to carry on all or a substantial part of its
business, or sells, transfers or otherwise disposes (whether voluntarily or involuntarily) of all or substantially all of its assets (whether by one transaction or a series of transactions whether related or not) other than (A) solely in
connection with the implementation of the Organic Law or (B) to a Subsidiary Guarantor; or 
 (ii) any Subsidiary
Guarantor ceases to carry on all or a substantial part of its business, or sells, transfers or otherwise disposes (whether voluntarily or involuntarily) of all or substantially all of its assets (whether by one transaction or a series of
transactions whether related or not) and such cessation, sale, transfer or other disposal is material in relation to the business of the Guarantor and the Subsidiary Guarantors taken as a whole; or 
 (m) Analogous Events: any event occurs which under the laws of Mexico has an analogous effect to any of the events referred
to in paragraphs (d) to (g) above; or 
 (n) Guaranties: the Guaranties or the Subsidiary Guaranty
Agreement is not (or is claimed by the Guarantor or any of the Subsidiary Guarantors not to be) in full force and effect. 
  

 R-10 

 “External Indebtedness” means Indebtedness which is payable, or at the option
of its holder may be paid, (i) in a currency or by reference to a currency other than the currency of Mexico, (ii) to a person resident or having its head office or its principal place of business outside Mexico and (iii) outside the
territory of Mexico. 
 “Guarantee” means any obligation of a person to pay the Indebtedness of another person,
including without limitation: 
 (i) an obligation to pay or purchase such Indebtedness; or 
 (ii) an obligation to lend money or to purchase or subscribe for shares or other securities or to purchase assets or services in order to
provide funds for the payment of such Indebtedness; or 
 (iii) any other agreement to be responsible for such Indebtedness.

 “Indebtedness” means any obligation (whether present or future, actual or contingent) for the payment or
repayment of money which has been borrowed or raised (including money raised by acceptances and leasing). 
 “Material
Subsidiaries” means, at any time, each of the Subsidiary Guarantors and any Subsidiary of the Guarantor or any of the Subsidiary Guarantors having, as of the end of the most recent fiscal quarter of the Guarantor, total assets greater than 12%
of the total assets of the Guarantor, the Subsidiary Guarantors and their Subsidiaries on a consolidated basis. 
 “Public External Indebtedness” means any External Indebtedness which is in the form of, or represented by, notes, bonds or other securities which are for the time being quoted, listed or ordinarily dealt in on any stock exchange.

 “Subsidiary” means, in relation to any person, any other person (whether or not now existing) which is controlled
directly or indirectly by, or more than 50 percent of whose issued equity share capital (or equivalent) is then held or beneficially owned by, the first person and/or any one or more of the first person’s Subsidiaries, and “control”
means the power to appoint the majority of the members of the governing body or management of, or otherwise to control the affairs and policies of, that person. 
 After any such acceleration has been made, but before a judgment or decree for the payment of money due based on acceleration has been obtained by the Trustee, the Holders of a majority in aggregate principal amount
of the Bonds then outstanding may rescind and annul such acceleration if all Events of Default, other than the non-payment of the principal of the Bonds that have become due solely by such declaration of acceleration have been cured or waived as
provided in the Indenture. 
 9. (a) The Indenture permits, with certain exceptions as therein provided, amendments, modifications and
supplements of the rights and obligations of the Issuer and the Guarantor and the rights of the Holders of the Bonds under the Indenture and the Bonds at any time to be made by the Issuer, the Guarantor and the Trustee with the consent of the
Holders of 

  

 R-11 

 
specified percentages in principal amount of the Bonds at the time Outstanding, on behalf of the Holders of all Bonds. The Indenture also contains provisions
permitting the Holders of specified percentages in principal amount of the Bonds at the time Outstanding, on behalf of the Holders of all Bonds, to waive compliance by the Issuer or the Guarantor with certain provisions of the Indenture and certain
past defaults under the Indenture or the Bonds and their consequences. Any such consent or waiver by the Holder of this Bond shall be conclusive and binding upon such Holder and upon all future Holders of this Bond and of any Bond issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Bond. 
 (b) For purposes of voting on amendments, waivers, modifications, acceleration and other actions by the Holders of the Bonds, the Bonds will be considered a single series with the Issuer’s 6.625% Bonds due 2035 issued on
February 2, 2006. 
 10. The Issuer may from time to time without the consent of any Holder of Bonds create and issue additional bonds
having the same terms and conditions as Bonds previously issued (or the same except the first payment of interest or the issue price), which additional bonds may be consolidated to form a single series with the outstanding Bonds; provided
that such additional bonds do not have, for purposes of U.S. federal income taxation, a greater amount of original issue discount than the Bonds have as of the date of the issue of such additional bonds. 
 11. No reference herein to the Indenture and no provision of this Bond or of the Indenture shall alter or impair the obligations of the Issuer or the
Guarantor, which are absolute and unconditional, to pay the principal of and interest on this Bond (as such Bonds may be amended, modified, supplemented or waived, as provided in the Indenture) at the times, place and rate, and in the coin or
currency, herein prescribed. 
 12. The Bank of New York is executing this Bond not in its individual capacity but solely as Managing Trustee
of the Issuer and in no event shall The Bank of New York have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer or the Guarantor hereunder, as to which recourse shall be had solely to the
assets of the Issuer or the Guarantor, and under no circumstances shall The Bank of New York be personally liable for the payment of any indebtedness due under this Bond. This Bond does not represent interests in or obligations of The Bank of New
York. 
 13. THIS BOND SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, UNITED STATES OF
AMERICA. 
  

 R-12 

 *** 
 GUARANTY 
 1. The Guarantor hereby unconditionally and irrevocably guarantees the punctual payment when due, whether on the
Maturity Date, upon redemption, upon acceleration or otherwise, of all payments of principal of and interest (including Additional Amounts) on the Bonds, and any other amounts payable by the Issuer under the Bonds or the Indenture (the
“Obligations”). If the Issuer shall fail to pay punctually any Obligation, the Guarantor shall forthwith pay such Obligation when and as the same shall be due and payable to the person entitled thereto in the manner specified in the Bonds
or the Indenture. All payments hereunder shall be made in currency specified in the Bonds in same day funds (or such other funds as may, at the time of payment, be customary for the settlement in New York City of international banking transactions
in the such currency) as if such payment were made by the Issuer in accordance with the terms of the Bonds and the Indenture. 
 2. The
obligations of the Guarantor set forth herein shall constitute a guaranty of payment and not of collection, and shall be absolute and unconditional. This Guaranty shall be continuing and remain in full force and effect and be binding upon the
Guarantor and its successors and assigns and inure to the benefit of the Holders of the Bonds and the Trustee (each, a “Beneficiary,” and collectively, the “Beneficiaries”) until all Obligations of the Issuer have been discharged
in full. The Guarantor hereby waives, to the extent permitted by applicable law, all claims of waiver, exchange, release, surrender, alteration or compromise and all set-offs, counterclaims and recoupments which it may have or assert against the
Beneficiaries. The Guarantor hereby waives promptness, diligence, presentment, demand for payment, notice of acceptance of this Guaranty, protest of any kind whatsoever, any requirement that a Beneficiary exhaust any right or take any action against
the Issuer or any other person or entity or any property or collateral, as well as any right to require a proceeding first against the Issuer or the Issuer’s property or the exercise by a Holder of the Bonds of its rights upon the occurrence
and continuation of an Event of Default. 
 3. This Guaranty shall not be valid or obligatory for any purpose until the certificate of
authentication on the Bond upon which this Guaranty is endorsed shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized signatories. 
 4. The obligations of the Guarantor to the Beneficiaries pursuant to this Guaranty and the Indenture, and the rights of the Guarantor with respect
thereto, are expressly set forth in the Indenture and reference is hereby made to the Indenture for the precise terms of this Guaranty, which are incorporated herein by reference and made a part hereof. 
 5. Capitalized terms used herein and not otherwise defined herein have the meanings specified in the Indenture. 
  

 R-13 

 THIS GUARANTY SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK, UNITED STATES OF AMERICA, EXCEPT THAT ALL MATTERS RELATING TO THE AUTHORIZATION AND EXECUTION BY THE GUARANTOR OF THIS GUARANTY SHALL BE GOVERNED BY THE LAWS OF MEXICO. 
 IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be duly executed. 
  

	Dated:	[    ] 

  

			
	 PETROLEOS MEXICANOS

		
	By:	 	  
		 	 Name:   Mauricio Alazraki Pfeffer
 Title:     Associate Managing Director of Finance

  

 R-14 

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

					
	TEN COM -	 	 as tenants
 in common
	  	 UNIF GIFT
 MIN ACT - _____ Custodian _____
  (Cust)                 (Minor)

			
	TEN ENT -	 	 as tenants by
 the entireties
	  	 Under Uniform Gifts to Minors

			
	JT TEN -	 	 as joint tenants with
 right of survivorship
and
 not as tenants in common
	  	  
		 		  	State
		
		 	Additional abbreviations may also be used though not in the above list.

 FOR VALUE RECEIVED the undersigned hereby sell(s), 
 assign(s) and transfer(s) unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
 __________________________________________________________________________________________________________ 
 Please print or
typewrite name and address including postal zip code of assignee 
 __________________________________________________________________________________________________________ 
 the
within bond and all rights thereunder, hereby irrevocably constituting and appointing 
                                       
                                        
                                        
               attorney to transfer said bond on the books of Pemex Project Funding Master Trust, with full power of substitution in the premises. 
 Dated:
                                        
         
 NOTICE: The signature to this assignment must correspond with the name as written upon the face
of the within instrument in every particular, without alteration or enlargement or any change whatever. 
  

 R-15Employment Agreement

 EXHIBIT 10.1 
 EMPLOYMENT AGREEMENT 
 Employment Agreement made as of the 15th day of August, 2006. 
 BETWEEN : 
  

			
		 	 SMTC MANUFACTURING CORPORATION OF
 CANADA,
a corporation incorporated under the laws
 of Ontario, Canada

		
		 	 (hereinafter called the “Corporation”)

		
		 	 - and -

		
		 	JOHN CALDWELL,
		
		 	 (hereinafter called the “Executive”)

 WHEREAS the Executive was employed as the President and Chief Executive Officer of the
Corporation and certain of its Affiliates (as this term is defined in the Ontario Business Corporations Act) on an interim beginning on October 16, 2003. 
 WHEREAS the Corporation and the Executive entered into a written employment agreement that came into effect on February 7, 2005 (the “Effective Date”), setting out the compensation to be paid to
the Executive and all other matters relating to his employment with the Corporation and certain of its Affiliates; 
 WHEREAS the
Corporation and the Executive have now agreed to new terms of employment; 
 NOW THEREFORE in consideration of the mutual covenants
and agreements contained herein, the Corporation and the Executive hereby agree as follows: 
 ARTICLE 1 - TERM, POSITION AND
DUTIES 
  

	1.1	Term. The employment of the Executive shall be continued for an indefinite period. 

 1.2 Position. The Executive shall serve as the President and Chief Executive Officer (“CEO”) of the Corporation and certain of its Affiliates. The Executive is currently serving as Chair of the Board
of Directors (the “Board”) of SMTC Corporation and the Executive shall resign his position as Chair of the Board upon the request of the Board but shall remain as a board member. 
 1.3 Duties. The Executive shall perform such duties as are regularly and customarily performed by a Chief Executive Officer of a corporation, and in particular,
shall be responsible for making all day to day general operating decisions within agreed long term strategic and annual business plans and within policy guidelines of the Corporation as established from time to time. The Executive shall report to
the Board. 

 ARTICLE 2 - THE EXECUTIVE’S OBLIGATIONS 
 2.1 Full Time and Effort. Throughout his term of employment, the Executive shall devote his full time, effort and attention to the affairs of the Corporation and
its Affiliates (the “Business”). The Executive shall not, without the prior approval of the Board accept any other employment ,with the sole exception of the directorships which the Executive currently holds and has disclosed to the Board.
and further, except in the capacity of an investor of money and so long as such monetary investment does not require any active involvement or otherwise affect the conduct of the Executive’s duties and responsibilities of employment as set
forth in this Agreement. 
 2.2 Non-Competition. The Executive recognizes and understands that, in performing his duties and obligations as a
principal officer of the Corporation and its Affiliates and hereunder, he will occupy a position of high fiduciary trust and confidence, pursuant to which he will develop and acquire wide experience and knowledge with respect to the Business. It is
the expressed intent and agreement of the Executive and the Corporation that such knowledge and experience shall be used solely and exclusively in the furtherance of the business interests of the Corporation and its Affiliates and not in any manner
that would be detrimental to any of them. 
 The Executive therefore agrees that so long as he is employed by the Corporation or any of its
Affiliates the Executive will not, without the prior written consent of the Board, engage in any undertaking or have any financial interest in any person or entity which competes with the Corporation or any of its Affiliates. If this Agreement is
terminated for any reason whatsoever, this obligation shall continue during the Restricted Period. 
 Notwithstanding the foregoing, nothing
shall prevent the Executive from owning an investment in securities listed on a stock exchange in Canada or the U.S.A. so long as those securities do not represent more than 2% of the issued securities of any class of any company which competes with
the Corporation or any of its Affiliates. 
 For the purposes of this Agreement, the “Restricted Period” shall mean the period
during which the Executive is employed by the Corporation or any of its Affiliates and for a twenty-four (24) month period commencing immediately after he ceases to be an employee of the Corporation or any of its Affiliates (including without
limitation by reason of the termination of this Agreement by the Executive or the resignation of the Executive). 
 2.3 Non-Solicitation. During his
employment with the Corporation or any of its Affiliates, and during the Restricted Period, the Executive will not, without the prior written consent of the Board: 
  

	 	(a)	canvass or solicit or endeavour to canvass or solicit whether directly or indirectly, any customer in which the Corporation or any of its Affiliates is selling or providing products
or services at the time the Executive ceases to be an employee of the Corporation for the purpose of selling to that customer any products or services which are the same or substantially similar to products or services sold by the Corporation or any
of its Affiliates; or 

  

	 	(b)	entice, solicit or endeavour to entice or solicit any officer, employee, contractor, agent or consultant of the Corporation or any of its Affiliates away from employment with or
engagement by the Corporation or any of its Affiliates, whether or not such person would commit a breach of contract by reason of leaving such service. 

  

 - 2 - 

 For the purposes of this Section, “customer” shall mean any person to whom the Corporation or
any of its Affiliates sells or provides products or services at the time the Executive ceases to be an employee, or within six (6) months prior thereto, or with whom the Corporation or any of its Affiliates is in negotiation at the time the
Executive’s employment is terminated, with a view to selling or providing goods or services to such person. 
 2.4 Non-Disclosure of Confidential
Information. The Executive acknowledges that, in the course of performing and fulfilling his duties and obligations he will have access to, and will continue to be entrusted with, confidential information concerning the activities, business
operations, customers and clients of the Corporation and its Affiliates which information is not generally known in the industry in which the Corporation and its Affiliates do business (“Confidential Information”) and that the disclosure
of any Confidential Information to competitors of the Corporation and any of its Affiliates or to other persons would be highly detrimental to the interests of the Corporation and its Affiliates. Confidential Information does not include information
that is and/or becomes generally available to the public other than due to a breach of this Agreement. The Executive further acknowledges and agrees that the right to maintain confidential such Confidential Information is a proprietary right that
the Corporation is entitled to protect. Accordingly, the Executive covenants and agrees with the Corporation that (i) he will not during his employment by the Corporation or any of its Affiliates disclose any such Confidential Information to
any person, nor shall he use the same, except as required in the normal course of his employment by the Corporation or any of its Affiliates and (ii) after the termination or expiration of his employment by the Corporation or any of its
Affiliates, he will not disclose or make any use of Confidential Information without the prior written consent of the Corporation and its Affiliates. 
 2.5 Inventions. The Executive agrees that all right, title and interest in and to any information, trade secrets, inventions, discoveries, improvements, research materials and products made or conceived by the Executive alone or with
others during the course of the Executive’s employment or relating to the business or affairs of the Corporation shall belong exclusively to the Corporation. The Executive hereby waives in favour of the Corporation any and all copyright and
moral rights, and assigns to the Corporation any and all legal rights, that the Executive may have in respect of any such materials. The Executive agrees to execute any assignments and/or acknowledgements as may be requested by the Corporation from
time to time, at the expense of the Corporation including for patent, copyright and industrial design registration, without any further remuneration. 
 2.6 Acknowledgement and Agreement. The Executive acknowledges that the restrictive covenants contained in Sections 2.2, 2.3, 2.4, and 2.5 above have been considered by the Executive and that the restraints and restrictions on his
future activities are reasonable in the circumstances. The Executive agrees that, in addition to any other remedies at law which the Corporation may have (which other remedies the Executive acknowledges to be inadequate to protect the
Corporation’s legitimate interests), the Corporation shall be entitled to injunctive relief in the event of a breach of Sections 2.2, 2.3, 2.4, and/or 2.5 above. 
  

 - 3 - 

 2.7 Scope of Application. The foregoing restrictions shall apply to any action taken by the Executive, directly or
indirectly, alone or in concert or in partnership with others, whether as an agent, representative, principal, shareholder, employee, consultant, director or in any other capacity. 
 ARTICLE 3 - COMPENSATION 
 3.1 Annual Base Salary. The Corporation shall pay to
the Executive an aggregate base salary (the “Base Salary”) of CDN$504,000 per annum, payable in equal instalments every two weeks, subject to such payroll and withholding deductions as may be required by law. The Base Salary may be
increased from time to time in the sole discretion of the Board, and upon the recommendation of the Compensation Committee. 
 3.2 Short Term Bonus
Award. The Executive shall be entitled to receive a short-term bonus award in the sole discretion of the Board and in accordance with the Corporation’s Short Term Bonus Plan, which is to be as established by the Board. No Short Term Bonus
shall be payable in the circumstances described in Sections 4.2 and 4.4. 
 3.3 Long Term Incentive Award. The Executive shall participate in the 2000
Equity Plan (or any successor plan) that the Board has adopted on such terms and conditions as the Board shall determine. For greater certainty, in the event of a change of control other than that which is defined in the Plan, any unvested
options that were granted prior to the change of control, shall continue to vest in accordance with the vesting period in the Plan and the options shall expire at the earlier of the original expiration date and five years following the date of the
change of control. 
 3.4 Benefits. The Corporation (or a U.S. subsidiary) shall provide the Executive with health, dental, and disability
benefits and insurance coverage, consistent with the benefits coverage provided to senior executives of the Corporation. In addition, the Corporation shall reimburse the Executive for professional dues, to a maximum of Cdn$1,500 per year, upon the
provision of an appropriate receipt. 
 3.5 Reimbursement of Expenses. The Executive shall be entitled to reimbursement of all reasonable business
expenses incurred in good faith upon presentation of appropriate invoices, receipts and other requested documentation, provided that such receipts are submitted within a reasonable period. 
 3.6 Automobile Allowance. The Corporation shall provide the Executive with a reasonable automobile allowance. 
  

 - 4 - 

 3.7 Vacation. The Executive shall be entitled to receive the following vacation entitlements: 
  

	 	(a)	The Executive shall be entitled to receive nineteen (19) paid vacation days that were earned but not taken as of September 29, 2004. The Executive agrees to use best
efforts to use some of this vacation entitlement during the 2005 calendar year. For any remaining vacation time accorded, but not taken at December 31, 2005, the Corporation shall pay the Executive the remaining vacation entitlement.

  

	 	(b)	For the period from September 29, 2004 to December 31, 2004, the Executive was entitled to five days paid vacation time-off. The Executive agreed to use his best efforts
to use some of this vacation entitlement during this period and the Executive agreed that any remaining vacation time-off that was not used by the end of the 2004 calendar year was forfeited and that the Corporation paid the Executive any remaining
vacation pay on or before December 31, 2005. 

  

	 	(c)	For calendar year 2005 and all future years following calendar year 2005, the Executive shall be entitled to four weeks paid vacation time-off for each calendar year. Such vacation
must be taken within the year it is accrued. Any remaining vacation time-off that is not taken in a calendar year will be forfeited and the vacation pay will not be paid out at the end of that year. The Executive agrees and acknowledges that this
vacation entitlement constitutes a “greater right or benefit’ for the purposes of the Employment Standards Act, 2000, and that therefore, this provision is not in breach of the vacation pay provisions as contained in the
Employment Standards Act, 2000. 

 ARTICLE 4 - TERMINATION 
 4.1 Termination for Cause. Notwithstanding the provisions of Section 1.1 hereof, the Corporation may terminate the employment of the Executive hereunder for
cause (as defined herein) by giving written notice to the Executive of its intention to terminate this Agreement on the date specified in such notice. If the Corporation exercises its rights under this Section to terminate the Executive’s
employment hereunder, the Executive shall not be entitled to receive any further remuneration or payments of any kind or nature hereunder from and after the effective date of termination of this Agreement other than those obligations which have
accrued and are payable pursuant to Article 3. 
 4.2 Termination Without Cause. The Corporation may terminate the employment of the Executive without
cause in which case the Corporation will provide the Executive a lump sum payment, less applicable statutory deductions, equivalent to two times the aggregate Base Salary plus the target bonus payable under the Short Term Bonus Plan. If the
Corporation exercises its rights under this Section 4.2 to terminate the Executive’s employment hereunder, the Executive shall not be entitled to receive any further remuneration or payments of any kind or nature hereunder from and after
the date the payment is made except for any entitlement in Deferred Share Units and any vesting of options pursuant to Section 3.3. Following such termination, the Executive shall not be required to be available to work for the
Corporation and may have other activities, subject to the restrictions provided in Article 2, but excluding Section 2.1. Further, other work done by the Executive during the Restricted Period that adheres to the requirements of
Section 2.2, Section 2.3, and Section 2.4 shall not be considered work during the course of the Executive’s employment with the Corporation and, thus, Section 2.5 will not apply. 
  

 - 5 - 

 4.3 Termination by the Executive. The Executive may terminate this Agreement by providing written notice to the
Board specifying the effective date of termination (not to be more than three months after the date of the written notice). The Corporation may elect to deem any date prior to the date specified in the notice as the effective date of termination in
which event the Executive shall receive payment of all amounts which would have been due during the remainder of the notice period provided by the Executive, to a maximum of three (3) months. The Executive shall not be entitled to receive any
further remuneration or payments of any kind or nature from and after the effective date of termination, unless the parties agree otherwise except for any entitlement in Deferred Share Units. 
 4.4 Change of Control. In the event of a Change of Control (as defined below), and if within six months following the Change of Control, the Executive is
terminated without cause or is constructively dismissed, the Executive shall be deemed to have been terminated without cause under Section 4.2 of this Agreement, and entitled to receive all payments in accordance with Section 4.2.

 For the purposes of this Agreement, Change of Control means immediately after any of the following occurrences:

  

	 	(a)	the acquisition, directly or indirectly and by any means whatsoever, by any one shareholder, or group of shareholders acting jointly or in concert, of more than 50% of the
outstanding voting shares of SMTC Corporation; or 

  

	 	(b)	a sale by the SMTC Corporation (in one or more transactions) of all or substantially all of its assets to an unrelated third party, or other liquidation or dissolution; or

  

	 	(c)	a merger, consolidation, arrangement or other reorganization of SMTC Corporation which results in the SMTC Corporation’s shareholders owning less than 50% of the voting shares
of the resulting entity. 

 4.5 Disability. In the event that the Executive is Totally Disabled (as defined below) provided that the
Corporation ensures that he is in receipt of long-term disability benefits, the Corporation shall be entitled to terminate the employment of the Executive by giving written notice to the Executive of its intention to terminate this Agreement on the
date specified in such notice, provided further that such termination does not affect in any way the Executive’s right to receive disability insurance benefits. In the event of a termination of employment under these circumstances, the
Executive shall not be entitled to receive any further remuneration or payments of any kind or nature hereunder from and after the effective date of termination of this Agreement except for (i) any entitlement in Deferred Share Units, and
(ii) termination and severance pay in accordance with the Employment Standards Act, 2000. 
 For the purposes of this section, “Totally
Disabled” means any physical or mental incapacity, disease or affliction, as determined by a legally qualified medical practitioner mutually agreed to by the Board and the Executive, which prevents the Executive from performing the essential
duties of his position for a continuous period of six (6) months or any cumulative period of six months in any 12 consecutive months. 
  

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 In the event that the Executive is totally disabled for a period of less than six (6) months, he shall be entitled
to receive all remuneration, payments and rights including, without limiting the generality of the foregoing, all benefits provided for under this Agreement, during this period, as if he were regularly and fully employed. 
 4.6 Resignation. If the Executive is a director or officer at the time of the termination of this agreement for any reason whatsoever, the Executive agrees that
he shall resign from any position he may hold as an officer or director of the Corporation or any of its Affiliates, unless otherwise agreed to by the Board and the Executive. 
 4.7 Inclusive. The Executive agrees that all payments under this Article 4 are inclusive of any and all payments that may be owed to the Executive upon termination, including termination and severance pay under
the Employment Standards Act, 2000, and pay in lieu of reasonable notice under the common law. 
  

	4.8	Cause. For the purposes of section 4.1 of this Agreement, the term “cause” shall mean: 

  

	 	(a)	any “cause” at law; or 

  

	 	(b)	gross negligence, material breach of fiduciary duty, or material breach of any of the non-competition, non-solicitation, confidentiality, or inventions provisions as contained in
sections 2.2, 2.3, 2.4, and 2.5 of this Agreement; or 

  

	 	(c)	any conviction of the Executive under any local, provincial or federal statute which makes the performance of his duties hereunder impracticable or impossible; or

  

	 	(d)	any conviction of an indictable criminal offence which in the Board’s view, may harm the reputation of the Corporation; or 

  

	 	(e)	any misconduct, gross incompetence or conduct incompatible with the Executive’s duties, or prejudicial to the Corporation’s business; or 

  

	 	(f)	any insubordination or willful disobedience to the lawful directions of management of the Corporation; or 

  

	 	(g)	any material breach of this agreement; provided, however, that the Executive shall first be counselled as to the standard of conduct required in the circumstances (as determined in
the reasonable discretion of the Board) and the Executive shall be entitled to a 30 day period thereafter (or such longer period of time as the Board in its sole discretion may allow) to remedy the impugned conduct. 

 4.9 Privatization. In the event that SMTC Corporation’s common shares cease to be publicly traded or SMTC Corporation ceases to be an SEC registrant (except
by reason of a change of control), the Executive may at his option, deem his employment to have been terminated without cause under Section 4.2 of this Agreement, and in which case he will be entitled to receive all payments in accordance with
Section 4.2. 
  

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 ARTICLE 5 - MISCELLANEOUS 
 5.1 Binding Agreement. This Agreement shall be binding on the parties hereto and its successors in interest and assigns. 
 5.2 Notices. Any notice or other communication required or permitted to be given or made hereunder shall be in writing and shall be sufficiently given or made if: 
  

					
		 	(a)	  	enclosed in a sealed envelope and delivered in person or by courier to the party hereto to whom it is addressed (or, in the case of the Corporation, to the receptionist or other responsible
employee) at the relevant address set forth below; or
			
		 	(b)	  	telexed, telegraphed, telecopied or sent by other means of recorded electronic communication;
			
		 		  	if to the Corporation, addressed to:
			
		 		  	SMTC Manufacturing Corporation of Canada
		 		  	625 Hood Road
		 		  	Markhan, Ontario
		 		  	L3R 4N6
			
		 		  	Attention: Chair of Board of Directors
		 		  	Telecopy: 905-479-1877
		
		 	with a copy to:
			
		 		  	Goodmans, LLP
		 		  	250 Yonge Street, Box 24
		 		  	Toronto, Ontario
		 		  	M5B 2M6
			
		 		  	Attention: Celia Rhea
		 		  	Telecopy: (416) 979-1234
		
		 	and if to the Executive, addressed to:
			
		 		  	26 York Ridge Road
		 		  	Toronto, Ontario
		 		  	M2P 1R7

 Any notice or other communication so given or made shall be deemed to have been given or made and
to have been received on the day of delivery, if delivered in person or by courier, and on the day of sending, if sent by telex, telegraph, telecopy or other means of recorded electronic communication (provided such delivery or sending is during
normal business hours on a business day and, if not, then on the first business day thereafter). Any party hereto may change his or its address for notice by notice to the other party hereto given in the manner aforesaid. 
  

 - 8 - 

 5.3 Modification and Waivers. No provision of this Agreement may be modified or amended unless such modification
or amendment is agreed to in writing and signed by the Corporation and the Executive. No waiver by either party hereto of any breach by the other party hereto of any condition or provision of this Agreement to be performed by such other party shall
be deemed a waiver of similar or dissimilar provisions or conditions at the time or any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the employment of the Executive by the
Corporation have been made by any party which are not set forth expressly in this Agreement. 
 5.4 Entire Agreement. This Agreement contains all the
terms and conditions of the Executive’s employment with the Corporation and supersedes all prior agreements and understandings. 
 5.5 Law
Governing. This Agreement shall be subject to and governed by the laws of the Province of Ontario. The Executive agrees that he can only enforce this agreement in the Courts of the Province of Ontario (or the Courts of the location of the
Corporation’s head office). 
 5.6 Submission to Arbitration. It is hereby agreed that any dispute or controversy in connection with this
Agreement, including its interpretation, will be conclusively settled by submission to arbitration (the “Arbitration”) in accordance with the rules of arbitration of the Arbitration Act (Ontario) as amended from time to time. The
Arbitration will be conducted before a single arbitrator mutually agreeable to the parties (the “Arbitrator”). Each party will be responsible for their own legal costs incurred at the Arbitration. The cost of the Arbitrator will be shared
subject to SMTC’s agreement to reimburse the Executive for share of the Arbitrator’s costs in the event the Executive is largely successful at the Arbitration. 
 5.7 Severability. The invalidity, illegality or unenforceability of any provision hereof shall not in any way affect or impair the validity, legality or enforceability of the remaining provisions hereof.

 5.8 Headings. The headings contained herein are for reference purposes only and shall not in any way affect the construction or interpretation of
this Agreement. 
 5.9 Independent Advice. The Executive confirms having had the opportunity to obtain independent legal advice regarding this
Agreement and that the Executive is signing this Agreement freely and voluntarily with full understanding of its contents. 
 5.10 Successors. This
Agreement and all rights of the Executive hereunder shall enure to the benefit of and be enforceable by the Executive and his personal or legal representatives, heirs, executors, administrators and successors and shall enure to the benefit of and be
binding upon the Corporation, its successors and assigns, subject to section 4.4. 
 5.11 Taxes. All payments under this Agreement shall be subject to
withholding of such amounts, if any, relating to tax or other payroll deductions as the Corporation may reasonably determine and should withhold pursuant to any applicable law or regulation. 
  

 - 9 - 

 5.12 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original
but all of which together shall constitute one and the same instrument. 
 **The remainder of this page is intentionally left blank**

  

 - 10 - 

 IN WITNESS WHEREOF the parties have executed this Agreement this 15th day of August, 2006,

 with effect as of August 15th, 2006. 
  

							
		  		 	SMTC MANUFACTURING CORPORATION OF CANADA
				
		  		 	Per:	 	 /s/ Stephen Adamson

		  	}	 		 	Authorized Signing Officer
		  	 		 	
	 /s/ K. Davies
	  	 	 /s/ John Caldwell
  

	Witness	  		 	JOHN CALDWELL

  

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