Document:

Unassociated Document

    

     Exhibit 10.3

    

    AMENDMENT NO. 1
TO

    MEMBERSHIP INTEREST PURCHASE
AGREEMENT

    

    

    This
AMENDMENT NO. 1 dated
July 29, 2010 (this “Amendment”) to the Membership Interest Purchase
Agreement dated May 6, 2010 (as amended, the “Purchase Agreement”), by and
among MF + P ACQUISITION
CO., a Delaware corporation (the "Purchaser"), INTEGRATED MEDIA SOLUTIONS,
LLC, a New York limited liability company ("IMS Holdco"), ROBERT INGRAM ("Ingram"), DESIREE DU MONT ("Desiree") and, RON CORVINO ("Ron"; and together with Ingram
and Desiree, individually a "Principal" and collectively,
the "Principals").

    

    WITNESSETH :

    

    WHEREAS, pursuant to the
Purchase Agreement, the Purchaser purchased all of IMS Holdco’s Class A Units
(the “Purchased
Interests”) in the Company, representing a 75% equity interest in the
Company;

    

    WHEREAS, the parties hereto
desire to amend the Purchase Agreement as hereinafter set forth and agree to
certain other matters contained herein;

    

               NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth in this
Amendment, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto do hereby agree
as follows:

    

    1.           Capitalized
terms used but not defined herein shall have the meanings ascribed to such terms
in the Purchase Agreement.

    

    2.           Section
2.1.1(c) of the Purchase Agreement is hereby amended and restated as
follows:

    

    “(c)  Top-Up Payments. The
Purchaser shall pay to IMS Holdco the following top-up payments (the "Top-Up
Payments"):

     

    
    

    (i)    Provided that the
Company achieves Billings (as defined below) for 2010 of not less than
$10,000,000, on or prior to the first anniversary of the Closing, the Purchaser
shall pay (the “Initial Top-Up
Payment”) to IMS Holdco an amount equal to $3,533,333 (the "Initial Top-Up Amount"); provided, however, in the event
that on or before December 31, 2010 changes in United States federal long-term
capital gains tax rates are enacted, which will result in an increase in 2011
federal long-term capital gains rates over 2010 federal long-term capital gains
rates (the difference between such rates being referred to herein as the "LTG Rate Increase"), then, at
the election of IMS Holdco (which election must be made by IMS Holdco in writing
and received by the Purchaser no later than December 20, 2010), such payment
shall be made on or prior to December 31, 2010, provided (A) the Purchaser can
determine to its satisfaction that Billings for 2010 will be at least
$10,000,000 and (B) that the Initial Top-Up Amount shall be reduced by an amount
equal to the product of (x) the Initial Top-Up Amount times (y) 1⁄2 of the LTG
Rate Increase.  By way of example, if 2011 federal long-term capital
gains rates are increased from 15% to 25%, then the LTG Rate Increase shall be
equal to 10%, and, if a payment prior to December 31, 2010 is elected by IMS
Holdco, the Initial Top-Up Amount shall be reduced by 5%;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (ii)    Provided
that the Company achieves Billings for 2011 of not less than $10,000,000, or
aggregate Billings for 2010 and 2011 of not less than $20,000,000, on or prior
to the second anniversary of the Closing, an amount equal to $3,733,333 (the
“Second Top-Up
Payment”);

     

    
    

    
      (iii)    Provided that
the Company achieves Billings for 2012 of not less than $10,000,000 or aggregate
Billings for 2010, 2011 and 2012 of not less than $30,000,000, on or prior to
the third anniversary of the Closing, an amount equal to $3,933,334 (the “Third Top-Up
Payment”).

    

    
In the
event that aggregate Billings for 2010 and 2011 shall be at least $20,000,000,
but the Initial Top-Up Payment shall not have been earned based on 2010
Billings, IMS Holdco shall be entitled to receive the Initial Top-Up Payment at
the time the Second Top-Up Payment is paid.  In the event that
aggregate Billings for 2010, 2011 and 2012 shall be at least $30,000,000, but
either the Initial Top-Up Payment or the Second Top-Up Payment shall not have
previously been earned, IMS Holdco shall be entitled to receive any such unpaid
Initial Top-Up Payment or Second Top-Up Payment at the time the Third Top-Up
Payment is paid.   In no event shall the aggregate Top-Up
Payments exceed  $11,200,000.  For purposes of this Section
2.1.1(c), “Billings” for any calendar year shall mean the total amount billed by
the Company to its clients in respect of such calendar year.”

    

    3.           Section
2.1.1(l) of the Purchase Agreement is hereby amended to add the phrase “the
Top-Up Payments,” immediately before the phrase “the Extra Payments” in the
second sentence of such Section.

    

    4.           As
used in the Purchase Agreement, the term “Agreement” shall mean the Purchase
Agreement, as from time to time amended (including, without limitation, this
Amendment).  Except as set forth above, the Purchase Agreement, as
amended herein, shall remain in full force and force without further
modification.

    

    5.           This
Amendment may be executed in one or more counterparts, and each such counterpart
shall be deemed an original instrument, but all such counterparts taken together
shall constitute but one agreement.  Facsimile signatures shall
constitute an original.

    

    

    *                      *                      *                      *

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    IN WITNESS WHEREOF, the
parties hereto have executed this Amendment No. 1 to the Purchase Agreement, on
the day and year first above written.

    

    
      
        	 	MF + P ACQUISITION
      CO.	 
	 	 	 	 
	 	      
                By: 

              	 	 
	 	 	
                Name:

              	 
	 	 	
                Title:

              	 
	 	 	 	 
	 	INTEGRATED MEDIA SOLUTIONS,
      LLC	 
	 	 	 	 
	 	By: 	 	 
	 	 	
                Name:

              	 
	 	 	
                Title:

              	 
	 	 	 	 
	 	 	 
	 	Robert Ingram	 
	 	 	 
	 	 	 
	 	Desiree Du
Mont	 
	 	 	 
	 	 	 
	 	Ron Corvino	 

      

    

    
      
        
        

      

      
        3Exhibit
4.10

    

    [FORM OF
OPTION AWARD AGREEMENT]

     

    Option
Award Agreement under the Benchmark Electronics, Inc. 2010 Omnibus Incentive
Compensation Plan, dated as of [●], between Benchmark Electronics, Inc. (the
“Company”), a
Texas corporation, and [NAME].

     

    This
Option Award Agreement (this “Award Agreement”)
sets forth the terms and conditions of an award (the “Award”) of options to
purchase [●] shares of the Company’s common stock, $0.10 par value per share
(each, a “Share”), that are
being granted to you on the date hereof (such date, the “Grant Date”), at an
exercise price of $[●] per Share (the “Exercise Price”),
that are subject to the terms and conditions specified herein (each such option
to purchase one Share, an “Option”), and that
are granted to you under the Benchmark Electronics, Inc. 2010 Omnibus Incentive
Compensation Plan (the “Plan”). The Options
are not intended to qualify as “incentive stock options” (within the meaning of
Section 422 of the Internal Revenue Code of 1986, as amended).

     

    THIS
AWARD IS SUBJECT TO ALL TERMS AND CONDITIONS OF THE PLAN AND THIS AWARD
AGREEMENT, INCLUDING THE DISPUTE RESOLUTION PROVISIONS SET FORTH IN SECTION 10
OF THIS AWARD AGREEMENT. BY SIGNING YOUR NAME BELOW, YOU SHALL HAVE CONFIRMED
YOUR ACCEPTANCE OF THE TERMS AND CONDITIONS OF THIS AWARD
AGREEMENT.

     

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

     

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

     

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

     

    (b) “Cause” means the
occurrence of any one of the following:

     

    (i) your gross
negligence in the performance of your duties with the Company, which gross
negligence results in a material adverse effect on the Company, provided that no
such gross negligence shall constitute “Cause” if it relates to an action taken
or omitted by you in the good faith, reasonable belief that such action or
omission was in or not opposed to the best interests of the
Company;

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (ii)  your
habitual neglect or disregard of your duties with the Company that is materially
and demonstrably injurious to the Company, after written notice from the Company
stating the duties you have failed to perform;

     

    (iii)  your
engaging in conduct or misconduct that materially harms the reputation or
financial position of the Company;

     

    (iv)  your
obstruction, impedance or failure to materially cooperate with an investigation
authorized by the Board, a self-regulatory organization empowered with
self-regulatory responsibilities under Federal or state laws, or a governmental
department or agency; or

     

    (v)  your
conviction of a felony, provided that no such conviction will constitute “Cause”
if it relates to an action taken or omitted by you in the good faith, reasonable
belief that such action or omission was in or not opposed to the best interests
of the Company.

     

    (c)  “Good Reason” means
the occurrence of any one of the following:

     

    (i)  a
material diminution of your duties or responsibilities;

     

    (ii)  a
greater than 10% reduction in your base salary, annual bonus opportunity or
long-term incentive compensation opportunity; or

     

    (iii)  a
material breach by the Company of any provision of your Employment Agreement or
any other agreement between you and the Company.

     

    A
termination of your employment by you for Good Reason shall be effectuated by
giving the Company written notice (“Notice of Termination for
Good Reason”), not later than 90 days following the date of the
occurrence of the circumstance that constitutes Good Reason, setting forth in
reasonable detail the specific conduct of the Company or any of its Subsidiaries
that constitutes Good Reason and the specific provisions of this Award
Agreement, your Employment Agreement or any other agreement between you and the
Company on which you relied. The Company shall be entitled, during the 30-day
period following receipt of a Notice of Termination for Good Reason, to cure the
circumstances that gave rise to Good Reason, provided that the Company shall be
entitled to waive its right to cure or reduce the cure period by delivery of
written notice to that effect to you (such 30-day or shorter period, the “Cure Period”). If,
during the Cure Period, such circumstance is remedied, you shall not be
permitted to terminate your employment for Good Reason as a result of such
circumstance. If, at the end of the Cure Period, the circumstance that
constitutes Good Reason has not been remedied, you shall be entitled to
terminate your employment for Good Reason during the 90-day period that follows
the end of the Cure Period (the “Termination Period”).
If you do not terminate your employment during the Termination Period, you shall
not be permitted to terminate your employment for Good Reason as a result of
such circumstance.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (d)  “Vesting Date” means
each date on which your rights with respect to all or a portion of the Options
subject to this Award Agreement may become fully vested, and such Options shall
become exercisable, as provided in Section 3(a) or 3(b) of this Award
Agreement.

     

    SECTION
3.  Vesting
and Exercise.  (a)  Regularly Scheduled
Vesting.  On each Vesting Date set forth below, your rights
with respect to the number of Options that corresponds to such Vesting Date, as
specified in the chart below, shall become vested and such Options shall become
exercisable, provided that you must be employed by the Company or one of its
Subsidiaries on the relevant Vesting Date, except as otherwise determined by the
Committee in its sole discretion or as otherwise provided in your Employment
Agreement.

     

    
      
        
          	
                  Scheduled Vesting Date

                	 
      	
                  Incremental

                  Percentage Vested

                	 
      	
                  Incremental Number

                  of Options Vested

                
	 
      	 
      	 
      	 
      	 
      
	
                  «Vesting_Date_1»

                	 
      	
                  [   ]%

                	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                  «Vesting_Date_2»

                	 
      	
                  [   ]%

                	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                  «Vesting_Date_3»

                	 
      	
                  [   ]%

                	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                  «Vesting_Date_4»

                	 
      	
                  [   ]%

                	 
      	 
      

        

      

    

    

    (b)  Vesting following a Change
of Control.  If, during the two-year period immediately
following a Change of Control, your employment is terminated by the Company or
any of its Subsidiaries without Cause or you terminate your employment for Good
Reason, then the date of such termination shall be deemed to be the Vesting Date
of any then outstanding Options.

     

    (c)  Exercise of
Options.  Options, to the extent that they are vested, may be
exercised, in whole or in part (but for the purchase of whole Shares only), by
delivery to the Company (i) of a written or electronic notice, complying with
the applicable procedures established by the Committee or the Company, stating
the number of Options that are thereby exercised, and (ii) full payment, in
accordance with Section 6(b) of the Plan, of the aggregate Exercise Price for
the Shares with respect to which the Options are thereby
exercised.  The notice shall be signed by you or any other person then
entitled to exercise the Options.  Upon exercise and full payment of
the Exercise Price for Shares with respect to which the Options are thereby
exercised, subject to Section 7(a) of this Award Agreement, the Company shall
issue to you or your legal representative (as evidenced by the appropriate entry
on the books of the Company or of a duly authorized transfer agent of the
Company, the delivery of share certificates or as otherwise determined by the
Company) one Share for each Option you have
exercised.  Notwithstanding the foregoing, vested and unexercised
Options shall expire (A) automatically on the date of the termination of
your employment for Cause or (B) [PERIOD OF TIME] after the date of the
termination of your employment if your employment is terminated as a result of
death or disability or by the Company for any reason other than Cause or you
resign voluntarily for any reason.  You shall be deemed to be disabled
if, in the opinion of a physician selected by the Committee, you are incapable
of performing services for the Company or any of its Subsidiaries by reason of
any medically determinable physical or mental impairment that can be expected to
result in death or to be of long, continued and indefinite
duration.  Notwithstanding any provision of this Award Agreement, your
Employment Agreement or any other contract between you and the Company to the
contrary, all Options shall automatically expire on the tenth anniversary of the
Grant Date.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    SECTION
4.  Forfeiture of
Options.  Unless the Committee determines otherwise, and except
as otherwise provided in your Employment Agreement or Section 3(b) of this Award
Agreement, if your rights with respect to any Options awarded to you pursuant to
this Award Agreement have not become vested prior to the date on which your
employment with the Company and its Subsidiaries terminates, your rights with
respect to such unvested Options shall immediately terminate, and you shall be
entitled to no further payments or benefits with respect thereto.

     

    SECTION
5.  Voting
Rights; Dividend Equivalents.  Prior to the date on which your
rights with respect to an Option have become vested and you exercise your right
to purchase the Share underlying such Option, you shall not be entitled to
exercise any voting rights with respect to such Share and shall not be entitled
to receive dividends or other distributions with respect thereto.

     

    SECTION
6.  Non-Transferability of
Options.  Unless otherwise provided by the Committee in its
discretion, Options may not be sold, assigned, alienated, transferred, pledged,
attached or otherwise encumbered except as provided in Section 9(a) of the
Plan.  Any purported sale, assignment, alienation, transfer, pledge,
attachment or other encumbrance of an Option in violation of the provisions of
this Section 6 and Section 9(a) of the Plan shall be void.

     

    SECTION
7. Withholding,
Consents and Legends. (a) Withholding. The
delivery of Shares pursuant to Section 3(c) of this Award Agreement is
conditioned on satisfaction of any applicable withholding taxes in accordance
with Section 9(d) of the Plan. In the event that there is withholding tax
liability in connection with the exercise of the Options, you may satisfy, in
whole or in part, any withholding tax liability by having the Company withhold
from the Shares you would be entitled to receive upon exercise of the Options a
number of Shares having a Fair Market Value (which shall either have the meaning
set forth in the Plan or shall have such other meaning as determined by the
Company in accordance with applicable withholding requirements) equal to such
withholding tax liability.

     

    (b)  Consents; Compliance with
Law.  Your rights in respect of the Options are conditioned on
the receipt to the full satisfaction of the Committee of any required consents
that the Committee may determine to be necessary or advisable (including your
consenting to the Company’s supplying to any third-party recordkeeper of the
Plan such personal information as the Committee deems advisable to administer
the Plan) and, in accordance with Section 9(l) of the Plan, subject to the
Committee’s determination that the issuance of Shares pursuant to this Award
Agreement is compliant with applicable law.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

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

     

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

     

    SECTION
9.  Committee
Discretion.  Subject to the terms of this Award Agreement and
your Employment Agreement, the Committee shall have discretion with respect to
any actions to be taken or determinations to be made in connection with this
Award Agreement, and its determinations shall be final, binding and
conclusive.

     

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

     

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

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

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

     

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

     

    
      	
              If
      to the Company:

            	
              Benchmark
      Electronics, Inc.

              3000
      Technology Drive

              Angleton,
      Texas 77515

              Attention:  Legal
      Dept.

            
	 
      	 
      
	
              If
      to you:

            	
              To
      your address as most recently supplied to the Company and set forth in the
      Company’s records

            

    

    

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

     

    SECTION
12.  Governing
Law.  This Award Agreement shall be deemed to be made in the
State of Texas, and the validity, construction and effect of this Award
Agreement in all respects shall be determined in accordance with the laws of the
State of Texas, without giving effect to the conflict of law principles
thereof.

     

    SECTION
13.  Headings and
Construction.  Headings are given to the Sections and
subsections of this Award Agreement solely as a convenience to facilitate
reference. Such headings shall not be deemed in any way material or relevant to
the construction or interpretation of this Award Agreement or any provision
thereof.  Whenever the words “include”, “includes” or “including” are
used in this Award Agreement, they shall be deemed to be followed by the words
“but not limited to”.  The term “or” is not exclusive.

     

    SECTION
14. Amendment of this
Award Agreement. The Committee may waive any conditions or rights under,
amend any terms of, or alter, suspend, discontinue, cancel or terminate this
Award Agreement prospectively or retroactively; provided, however, that any
such waiver, amendment, alteration, suspension, discontinuance, cancelation or
termination that would materially and adversely impair your rights under this
Award Agreement shall not to that extent be effective without your consent (it
being understood, notwithstanding the foregoing proviso, that this Award
Agreement and the Options shall be subject to the provisions of Section 7(c) of
the Plan).

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

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

     

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

     

    
      
        
          
            	
                    BENCHMARK
      ELECTRONICS, INC.,

                  
	 
	
                    by

                  
	 
      	 
      
	 
      	
                    Name:

                  
	 
      	
                    Title:

                  

          

        

      

    

    

    
      
        	
                [NAME],

              
	 
      
	 
      	 
      

      

    

     

    
      
         

      

      
        7

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