Document:

Second Amended and Restated Note and Security Agreement

 Exhibit 10.1 
 Second Amended and Restated Note and Security Agreement 
 Winston-Salem, North
Carolina 
  

			
	 Date June 30, 2006
	 	Up to $3,159,156.49

 FOR VALUE RECEIVED, Targacept, Inc., a corporation organized and existing under the laws of the State of Delaware
with its principal executive office located at 200 East First Street, Suite 300, Winston-Salem, North Carolina 27101-4165 (hereinafter the “Borrower”), hereby promises to pay to the order of R. J. Reynolds Tobacco Holdings, Inc.
(hereinafter the “Lender”) at its office where borrowed, or at such other place as Lender hereafter may direct from time to time in writing, in immediately available funds of lawful money of the United States, the sum of Three Million One
Hundred Fifty-Nine Thousand One Hundred Fifty-Six and 49/100 Dollars (or the unpaid principal amount of all advances which the Lender actually makes hereunder to the Borrower, whichever is less) together with any unpaid interest hereon from date of
advance, in accordance with the terms contained in this Second Amended and Restated Note and Security Agreement (hereinafter referred to as this “Note”). The principal evidenced by this Note shall be advanced periodically from time to time
in accordance with the terms of this paragraph in up to six disbursements (each such disbursement is referred to herein as a “Tranche”). The first Tranche (i) was in the original principal amount of $2,500,000, (ii) was advanced
to the Borrower on May 1, 2002, (iii) as of the date hereof has an outstanding principal balance of $0.00 and (iv) was repaid in full by Borrower as of May 1, 2006 (the “First Tranche”). The second Tranche (i) is
in the original principal amount of $1,027,000, (ii) was advanced to the Borrower on April 1, 2004, (iii) as of the date hereof has an outstanding principal balance of approximately $500,631.63 and (iv) is payable in accordance
with the terms set forth herein (the “Second Tranche”). The third Tranche (i) is in the original principal amount of $973,000, (ii) was advanced to the Borrower on December 23, 2004, (iii) as of the date hereof has an
outstanding principal balance of approximately $658,524.86 and (iv) is payable in accordance with the terms set forth herein (the “Third Tranche”). The First Tranche, the Second Tranche and the Third Tranche are herein referred to
collectively as the “Existing Tranches.” The Lender acknowledges that the First Tranche, including all outstanding principal and accrued interest, was repaid and satisfied in full as of May 1, 2006, and that the Borrower is current as
of the date of this Note with all payments due with respect to the Second Tranche and the Third Tranche. The remaining principal amount evidenced by this Note may be advanced in up to three Tranches, the aggregate principal amount of which shall not
exceed $2,000,000 (referred to herein individually as an “Additional Tranche” and collectively referred to herein as the “Additional Tranches”). 
 Upon written request of the Borrower, which shall be made in writing and delivered to the Lender on a business day not more than 45 nor fewer than 5 business days prior to the desired date of disbursement, the Lender
shall, subject to the terms and conditions set forth herein, advance an Additional Tranche to the Borrower provided that: (1) such written request shall set forth the principal amount of the proposed Additional Tranche, the proposed date of
disbursement of the Additional Tranche and a description of the equipment, goods and other property purchased or to be purchased with the proceeds of such Additional Tranche; (2) in no event shall (a) the Lender be obligated to advance
more than three Additional Tranches, or (b) the aggregate initial principal amount of all Additional Tranches exceed $2,000,000, or (c) the aggregate principal amount of the Existing Tranches and all Additional Tranches outstanding on or
after the date hereof exceed $3,159,156.49; (3) the Borrower’s written request may be made only so long as an Event of Default has not occurred hereunder and must be delivered to the Lender such that the date that such Additional Tranche
is disbursed occurs on or before the date that is one (1) year after the date of this Note. The Collateral securing the Tranches shall be evaluated by Lender at the time of each requested disbursement of an Additional Tranche to determine
whether the Collateral has sufficient value to secure such Additional Tranche. In the event Lender makes a good faith determination that the Collateral is not of sufficient value to secure such Additional Tranche, Lender shall postpone disbursement
of the Additional Tranche until such time that Lender determines in good faith that the Collateral has sufficient value to secure it. Lender shall use its best efforts to make such determinations in a timely manner. On the date that each Additional
Tranche is advanced, the Borrower and the Lender shall execute a schedule supplementing Exhibit A to this Note, as the Lender shall 

 reasonably request, to add additional Collateral that is to secure the Tranches, if any, confirm the outstanding
principal amount of the outstanding Tranches and to evidence the rate of interest applicable to the Additional Tranche and the repayment dates for the Additional Tranche, and each such supplemental schedule shall thereupon become part of this Note.

 Repayment: 
 The Second Tranche shall be paid in 48
equal monthly payments of $24,057.96 beginning May 1, 2004 and continuing on the first day of each month thereafter until April 1, 2008 when the entire outstanding principal amount of such Second Tranche then outstanding and all accrued
but unpaid interest shall be paid in full. 
 The Third Tranche shall be paid in 48 equal monthly payments of $23,250.07 beginning February 1, 2005 and
continuing on the first day of each month thereafter until January 1, 2009 when the entire outstanding principal amount of such Third Tranche then outstanding and all accrued but unpaid interest shall be paid in full. 
 Each Additional Tranche shall be repaid in 48 equal monthly payments based on a 48-month amortization schedule beginning on the first day of the first calendar month
that begins after the date such Additional Tranche is advanced and continuing on the first day of each month thereafter until the 48th month thereafter when the entire outstanding principal amount of such Additional Tranche then outstanding and all accrued but unpaid interest shall be paid in full. 
 If advances of the principal amount hereof are to be made by Lender to the Borrower after the date of this Note, Lender, at its sole discretion, is hereby authorized to
make such advances under this Note upon telephonic or written communication of a borrowing request from any person representing himself or herself to be the Borrower or, in the event the Borrower is an organization, a duly authorized officer or
representative of Borrower. 
 Interest: 
 Payable: 
 x in arrears. 
 x At the fixed rate per annum of 5.87% for the Second Tranche. 
 x At the fixed rate per annum of 6.89% for the Third Tranche 
 x At an interest rate(s) per annum for each Additional Tranche established on the date such Applicable Tranche is advanced that
approximates the hypothetical 4-year U.S. Treasury rate (determined as of the day the Applicable Tranche is advanced) plus 2.50%. 
 In no case shall interest exceed the maximum rate permitted by applicable law. 
 In addition to any other collateral specified herein, to secure
the indebtedness evidenced by this Note, together with any extensions, modifications, or renewals thereof, in whole or in part, as well as all other indebtedness, obligations and liabilities of the Borrower to the Lender, now existing or hereafter
incurred or arising (hereinafter sometimes referred to as the “Obligations”), but excluding any obligations to Lender in its capacity as a holder of equity securities of Borrower, the Borrower does hereby grant to the Lender a security
interest in and to, and does hereby assign, pledge, transfer and convey to Lender, the property set forth on Exhibit A hereto, as such Exhibit shall be supplemented from time to time, together with any and all additions and accessions thereto
or replacements thereof and any products and/or proceeds of any of the foregoing (the “Collateral”). If, with respect to any Collateral in the form of investment securities, a stock dividend is declared or any stock split-up made or right
to subscribe issued, all the certificates for the shares representing such stock dividend or split-up or right to subscribe will be immediately delivered, duly endorsed, to the Lender as additional Collateral. 
  

 2 

 The Lender shall have, but shall not be limited to, the following rights, each of which may be exercised at any time or
from time to time: (i) to transfer this Note and the Collateral, and any transferee shall have all the rights of the Lender hereunder and the Lender shall be thereafter relieved from any liability with respect to any Collateral so transferred;
and (ii) to vote any investment securities forming a part of the Collateral. 
 Borrower will at Lender’s request maintain insurance on the
Collateral in amounts at least equal to the fair market value of the Collateral and against casualty, public liability and property damage risks and such other risks as Lender may request. Borrower will pay all premiums for insurance when due.
Unless and until requested by Lender, Borrower shall not be required to name Lender as additional insured in such policy or to provide Lender a copy of the policy for or certificate evidencing such insurance, but when and if requested by Lender, the
Borrower shall as promptly as reasonably practicable: (i) cause all policies of such insurance to specify that Lender is an additional insured as its interests may appear and to provide that such insurance shall not be cancelable by Borrower or
the insurer without at least 30 days advance written notice to Lender and that proceeds are payable to Lender regardless of any act or omission of Borrower which would otherwise result in a denial of a claim; and (ii) deliver all policies or
certificates thereof (with copies of such policies) to Lender. In the event any or all of such insurance is cancelled, any returned premium thereon may be collected by Lender and applied by Lender to any part of the Obligations, either matured or
unmatured. Lender is authorized to receive the proceeds of any insurance loss and at the option of Lender shall apply such proceeds toward either the repair or replacement of the Collateral or the payment of the Obligations secured hereby. Borrower
will also pay all taxes and other impositions on the Collateral as well as the cost of repairs or maintenance to the Collateral. The loss, injury or destruction of the Collateral, with or without the fault of Borrower, shall not release the Borrower
from any liability hereunder or in any way affect Borrower’s liability hereunder. 
 The occurrence of any one or more of the following conditions or
events shall constitute an “Event of Default” hereunder: (i) any failure of Borrower to pay any of the Obligations when due or to observe or perform any agreement, covenant or promise hereunder; (ii) any default of Borrower in
the payment or performance of any other liabilities, indebtedness or obligations to Lender or to allow or permit any other liabilities, indebtedness or obligations to Lender to be accelerated; (iii) any failure of Borrower to observe or perform
any agreement, covenant or promise contained in any agreement, instrument or certificate executed in connection with the granting of a security interest in property to secure the Obligations; (iv) any warranty, representation or statement made
or furnished to the Lender by or on behalf of Borrower in connection with the loan evidenced by this Note proving to have been false in any material respect when made or furnished; (v) any loss, theft, substantial damage, destruction, sale,
foreclosure of or encumbrance to any of the Collateral, or the making of any levy, seizure or attachment thereof or thereon or the rendering of any judgment or lien or garnishment or attachment against Borrower; or (vi) the dissolution,
liquidation or winding up of Borrower, or the insolvency, or appointment of a receiver of any part of the property of, assignment for the benefit of creditors by, or the commencement of any proceeding under any bankruptcy or insolvency laws, state
or federal, by or against, the Borrower. 
 Upon the occurrence of an Event of Default (and the expiration of any applicable notice and/or grace periods), to
the extent permitted by law, the Lender at its option may declare all of the Obligations to be immediately due and payable, all without notice or demand, and shall have in addition to and independent of the right to declare the Obligations to be due
and payable and any other rights of the Lender under this Note or any other agreement with Borrower, the remedies of a secured party under the Uniform Commercial Code as in effect in North Carolina (the “Code”), including, without
limitation thereto, the right to take possession of the Collateral, or the proceeds thereof and to sell or otherwise dispose thereof, and for this purpose, to sign in the name of Borrower any transfer, conveyance or instrument necessary or
appropriate in order for the Lender to sell or dispose of any of the Collateral, and the Lender may, so far as the Borrower can give authority therefor, enter upon the premises on which the Collateral or any part thereof may be situated and remove
the same therefrom, without being liable in any way to Borrower on account of entering any premises. The Lender may require the Borrower to assemble the Collateral and make the Collateral available to the Lender at a place to be designated by the
Lender which is reasonably convenient to both parties. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, the Lender shall give the Borrower written notice of the
time and place of any public sale thereof or of the time after which any private sale or other intended disposition thereof is to be made. The requirement of sending reasonable notice shall be met if such notice is mailed, postage prepaid, or
otherwise given, 
  

 3 

 to the Borrower at the last address shown on the Lender’s records at least ten (10) days before such
disposition. Lender shall comply with all applicable state or federal law requirements in connection with a disposition of the Collateral. 
 The rights of
the Lender specified herein shall be in addition to, and not in limitation of, the Lender’s rights under the Code, or any other statute or rules of law conferring rights similar to those conferred by the Code, and under the provisions of any
other instrument or agreement executed by the Borrower to the Lender. All prior agreements to the extent inconsistent with the terms of this Note shall be construed in accordance with the provisions hereof. Any rights or remedies of the Lender may
be exercised or taken in any order or sequence whatsoever, at the sole option of the Lender. This agreement shall bind and inure to the benefit of the heirs, legatees, executors, administrators and assigns of Lender and Borrower. 
 The security agreement set forth herein and the security interest in the Collateral created hereby shall terminate only when all of the Obligations have been paid in
full. No waiver by the Lender of any default shall operate as a waiver of any other default or of the same default on a future occasion. All rights of the Lender hereunder shall inure to the benefit of its successors and assigns, and all obligations
of the Borrower shall bind the heirs, legal representatives, successors and assigns of the Borrower. Borrower and each endorser, surety or guarantor of this Note, whether bound by this or by separate instrument or agreement, shall be jointly and
severally liable for the indebtedness evidenced by this Note and hereby severally (i) waive presentment for payment, demand, protest, notice of nonpayment or dishonor and of protest and any and all other notices and demands whatsoever; to the
fullest extent permitted by applicable law; and (ii) consent that at any time, or from time to time, payment of any sum payable under this Note may be extended without notice whether for a definite or indefinite time. The Borrower shall pay to
Lender on demand all expenses, including reasonable attorneys’ fees and expenses, incurred by Lender in any way arising from or relating to the enforcement or attempted enforcement of the Note and any related guaranty, collateral document or
other document and the collection or attempted collection, whether by litigation or otherwise, of this Note. Time is of the essence. 
 This Note evidences
the indebtedness heretofore evidenced by, and amends and restates in its entirety, the Amended and Restated Note and Security Agreement dated as of January 30, 2004 made by the Borrower in favor of the Lender (the “First Amended
Note”), which First Amended Note amended and restated in its entirety the Note and Security Agreement dated as of May 1, 2002 made by the Borrower in favor of the Lender. This Note is not in payment or satisfaction of the First Amended
Note nor is this Note in any way intended to constitute a novation of the First Amended Note. 
 This Note, and the rights and obligations of the parties
hereunder, shall be governed and construed in accordance with the laws of the State of North Carolina, except to the extent that the Code provides for the application of other law with respect to the Collateral. 
 [Signature Page to Follow] 
  

 4 

 IN WITNESS WHEREOF, the Borrower and the Lender have executed this Note under seal the day and year set forth above.

  

							
		 		 	Borrower:
			
	Attest:	 		 	TARGACEPT, INC.
				
		 	 /s/ Peter Zorn
	 	By:	 	 /s/ Alan A. Musso

	Title:	 	Assistant Secretary	 	Title:	 	Vice President & Chief Financial Officer
		 	[Corporate Seal]	 		 	
			
		 		 	Lender:
			
	Attest:	 		 	R. J. REYNOLDS TOBACCO HOLDINGS, INC.
				
		 	 /s/ McDara P. Folan III
	 	By:	 	 /s/ Daniel Fawley

	Title:	 	Secretary	 	Title:	 	SVP + Treasurer
		 	[Corporate Seal]	 		 	

  

 5 

 Second Amended and Restated Note and Security Agreement of 
 Targacept, Inc. in favor of R.J. Reynolds Tobacco Holdings, Inc. dated June 30, 2006 
 Form of Supplemental Schedule to Exhibit A 
 Additional
Collateral: 
 Attach spreadsheet including, without limitation: 
 1. Number of Additional Tranche 
 2. Date of Additional Tranche 
 3. Interest Rate Applicable to Additional Tranche

 4. First Payment of Additional Tranche Due 
 5. Last Payment of Additional Tranche Due 
 6. Amount of Each Monthly Payment in respect of Additional Tranche 
 7. Aggregate Amount of Each Monthly Payment in respect of all Tranches 
 8. Aggregate Principal Amount Outstanding on all Tranches 
  

 6 

 EXHIBIT A 
 COLLATERAL LIST 
  

						
	 ADDED WITH SECOND TRANCHE

	 6/1/03
	  	3110 Lab Incurabor T/C CO2	  	$	4,501.71
	 4/1/03
	  	Module B R200C, J/B,24/40, 115V	  	$	1,695.96
	 4/1/03
	  	Module A R200C, J/B,24/40, 115V	  	$	1,702.38
	 4/14/03
	  	Synergi 6-Column S.S. 4 Line BCD Ctrl	  	$	3,640.25
	 4/22/03
	  	Empower Powerstation	  	$	28,527.62
	 4/21/03
	  	1100 Quaternary Pump w/Degasser	  	$	36,863.74
	 5/29/03
	  	Titrando 809 PC Control A2/20	  	$	12,302.50
	 5/15/03
	  	1100 Quanternary Pump w/Degasser, etc.	  	$	41,451.40
	 7/3/03
	  	Anal Bal 51G x 0.1MG RS232	  	$	960.48
	 12/17/03
	  	TSQ Quantum Discovery ESI APCI Bundle	  	$	247,250.00
	 6/5/03
	  	Environ Gard B Air Supply Unit	  	$	2,007.25
	 6/5/03
	  	Enviro Gard B Exhaust Unit	  	$	2,072.71
	 3/31/03
	  	Software—Great Plains	  	$	26,400.00
	 3/31/03
	  	Software—E Procurement	  	$	13,673.00
	 3/31/03
	  	Knox Server	  	$	12,098.98
	 3/31/03
	  	Software—PO Processing	  	$	3,478.00
	 3/31/03
	  	Installation—Great Plains	  	$	39,350.00
	 5/21/03
	  	Dell Latitude C400	  	$	2,175.33
	 7/1/03
	  	RSA Server	  	$	1,355.70
	 9/4/03
	  	Dell Latitude C400	  	$	3,518.12
	 10/15/03
	  	2000FP, Flat Panel Monitor	  	$	1,154.54
	 2/1/03
	  	Reference Manager	  	$	1,759.95
	 5/12/03
	  	RSA AceSVR Dual Most 50U-1SVR	  	$	5,315.52
	 12/12/03
	  	Cisco Catalyst 3550 48 Port Switch	  	$	3,810.59
	 3/1/03
	  	Dell Lattitude C840 & Monitor	  	$	2,954.77
	 6/1/03
	  	Dell Lattitude C840 & 19" Monitor	  	$	2,706.57
	 6/1/03
	  	Dell Lattitude C840 & 19" Monitor	  	$	2,706.57
	 10/19/03
	  	2650 Server CD (SAS server)	  	$	8,332.15
	 4/1/03
	  	Laptop	  	$	2,731.77
	 4/1/03
	  	Empower compatible computer system	  	$	1,300.93
	 5/22/03
	  	PAL.HTCO-LEAP	  	$	21,049.83
	 6/13/03
	  	Waters Server	  	$	4,287.51
	 4/30/03
	  	319110204 Wallhanging, Quilt "Barred Spiral Galaxy	  	$	2,118.60
	 12/20/03
	  	Mass Spec	  	$	247,250.00
	 2/27/02
	  	L-21 Laboratory Ozone Generator	  	$	4,525.00
	 1/17/02
	  	Mettler Toledo PB1502-S Balance	  	$	1,145.56
	 1/17/02
	  	Buch/Brinkman Model R-114C Rotary Evaporators (QTY 2)	  	$	7,625.89
	 3/31/02
	  	Chemical Storage Shelving	  	$	3,140.75
	 6/1/02
	  	Discover System	  	$	57,277.24
	 6/11/02
	  	FirstMate Parallel Synthesizer	  	$	3,592.75
	 5/20/02
	  	Drum Lift Truck	  	$	2,140.78
	 5/24/02
	  	Z-Spray upgrade for Micromass Quattro II	  	$	27,920.00

 EXHIBIT A 
 COLLATERAL LIST 
  

						
	 ADDED WITH SECOND TRANCHE

	 8/14/02
	  	Digital Vacuum Regulator (QTY 2)	  	$	3,658.79
	 3/31/02
	  	Biomek Robot	  	$	39,437.14
	 5/30/02
	  	Lab Incuabor T/C CO2	  	$	5,385.49
	 3/31/02
	  	Netshelter VX Base Enclosure	  	$	1,456.89
	 5/2/02
	  	Cisco Catalyst 3548 XI Enterprise	  	$	3,450.00
	 6/7/02
	  	Sony 50/130G AIT2 EXT SE/LVD	  	$	1,728.00
	 11/1/02
	  	Atlas 550	  	$	6,059.26
	 3/31/02
	  	Pinacle Dual Intel PIII 2U Rackmount computer	  	$	1,958.34
	 4/15/02
	  	AMD Server	  	$	2,468.82
	 5/21/02
	  	Computer Node & Accessories (QTY 10)	  	$	20,382.50
	 8/30/02
	  	Evolocity AMD Linux Cluster	  	$	33,531.35
	 3/31/02
	  	V-1080 Digital Projector	  	$	3,236.00
	 3/31/02
	  	Microwave	  	$	602.36
	 3/31/02
	  	Lamps	  	$	770.37
	 7/1/02
	  	Elevated Closed-Back Sorters—Graphite (QTY 2)	  	$	1,824.23
	 7/1/02
	  	Storage Consoles 48"x36"—Graphite (QTY 2)	  	$	2,006.58
		  		  	 	 
	 Subtotal
	  		  	$	1,027,828.52

  

						
	 ADDED WITH THIRD TRANCHE

	 06/04/04
	  	Dell Latitude D400 1.70 GHz D Peret	  	$	3,224.99
	 06/07/04
	  	Automated Mouse Hot Plate w/Rotating Rod Apparatus	  	$	24,053.95
	 06/01/04
	  	Accoustic Startel Apparatus	  	$	23,541.08
	 07/14/04
	  	Flexstation II w/ laptop	  	$	88,612.50
	 01/22/04
	  	Bullet Desk—Room 333	  	$	1,046.95
	 01/22/04
	  	Bridge for desk—Room 333	  	$	319.19
	 01/22/04
	  	Credenza—Room 333	  	$	817.23
	 01/22/04
	  	Lateral File—Room 333	  	$	584.15
	 01/22/04
	  	Lateral Credenza—Room 333	  	$	960.96
	 01/22/04
	  	Bookcases—Room 333	  	$	879.40
	 01/22/04
	  	Conference Table—Room 333	  	$	771.72
	 01/22/04
	  	Keyboard Tray—Room 333	  	$	210.72
	 01/22/04
	  	Side Chairs—Room 333	  	$	1,863.00
	 01/22/04
	  	Ergo Chair—Room 333	  	$	309.00
	 01/18/04
	  	Dell Latitude D400 w/1901 F Monitor Ginn	  	$	3,302.29
	 01/18/04
	  	Dell Latitude D400 w/ultrasharp 1901F Monitor Wamsley	  	$	3,295.55
	 01/18/04
	  	Dell Latitude D400 w/ultrasharp 1901F Monitor Biostats	  	$	3,221.74
	 01/18/04
	  	Dell Latitude D400 w/ultrasharp 1901F Monitor Biostats	  	$	3,221.74
	 01/18/04
	  	Dell Latitude D400 w/ultrasharp 1901F Monitor Biostats	  	$	3,221.74
	 01/28/04
	  	Pump 115 60Hz	  	$	2,200.50
	 02/01/04
	  	Titrando 836—additional amount due to product exchange	  	$	2,068.32
	 02/03/04
	  	Milli-Q grad bench kit 120v	  	$	4,696.50
	 03/01/04
	  	Isotemp Flammable Materials Storage	  	$	3,109.51

						
	 ADDED WITH THIRD TRANCHE

	 04/01/04
	  	HSGCFID-Gas Chromatograph	  	$	53,190.03
	 04/01/04
	  	HPLC-High Pressure Liquid Chromatograph	  	$	41,554.60
	 08/05/04
	  	HPLC-High Pressure Liquid Chromatograph	  	$	39,465.76
	 08/02/04
	  	Oven Isotemp	  	$	2,008.05
	 01/15/04
	  	Netshelter VX Base Enclosure	  	$	2,201.49
	 01/18/04
	  	Dell Latitude D400 1.70GHz R. Harris	  	$	2,284.47
	 04/01/04
	  	Cerity—Software and Server	  	$	51,964.00
	 05/01/04
	  	Dell Precision Workstation 450 2.80 GHz Caldwell	  	$	2,400.02
	 05/01/04
	  	Dell Precision Workstation 450 2.80 GHz Caldwell	  	$	2,400.01
	 01/08/04
	  	TSQ Quantum Discovery ESI APCI Bundle	  	$	249,722.50
	 01/15/04
	  	Uninterruptible Power System	  	$	5,895.23
	 01/15/04
	  	Suntest CPS+ Exposure System	  	$	13,364.13
	 01/18/04
	  	Dell Optiplex GX270T w/16 inch monitor not assigned	  	$	1,891.76
	 02/25/04
	  	SQL Server 2000 STD W/5 CLI ACC	  	$	2,340.85
	 03/01/04
	  	Blackberries	  	$	7,220.00
	 03/01/04
	  	Server—Blackberries	  	$	2,575.27
	 04/30/04
	  	Netshelter Server	  	$	1,591.24
	 05/06/04
	  	Visual Studio software	  	$	2,436.90
	 06/18/04
	  	Exchange Server	  	$	7,850.45
	 06/18/04
	  	Oracle Server	  	$	7,850.45
	 06/18/04
	  	File & print share server	  	$	7,850.44
	 06/18/04
	  	Storage Area Network	  	$	47,567.94
	 06/04/04
	  	Optiplex gX270 2.80GHz-stock	  	$	1,141.70
	 06/04/04
	  	Optiplex gX270 2.80GHz-stock	  	$	1,141.70
	 06/04/04
	  	Optiplex gX270 2.80GHz-stock	  	$	1,141.70
	 06/04/04
	  	Optiplex gX270 2.80GHz-stock	  	$	1,141.69
	 06/04/04
	  	Optiplex gX270 2.80GHz-stock	  	$	1,141.69
	 06/23/04
	  	Network Switch	  	$	8,480.55
	 06/18/04
	  	Modular Backup Tape Library	  	$	20,257.82
	 10/28/04
	  	Drawer System—finance dept	  	$	4,419.00
	 12/07/04
	  	Corrosion Pump	  	$	1,780.02
	 12/13/04
	  	Rotary Evat	  	$	3,152.10
	 12/13/04
	  	Vacuum Pump	  	$	4,284.50
	 12/13/04
	  	Haake DC10-K20 cooling bath	  	$	2,800.51
	 12/13/04
	  	J-Kem0001 Temperature Controllers	  	$	6,048.00
	 12/13/04
	  	Biological Hood	  	$	5,200.00
	 12/13/04
	  	8 chamber Self Administration System	  	$	46,243.86
	 12/13/04
	  	CODA 6 Non Invasive BP System	  	$	33,150.00
	 12/07/04
	  	2 R-200C 24/40 Rot Eap	  	$	6,918.50
	 12/03/04
	  	Prep 18 Column	  	$	4,545.00
	 12/03/04
	  	VTI Comp System	  	$	88,880.00
		  		  	 	 
	 Subtotal
	  		  	$	832,228.00Severance Agreement

 SEVERANCE AGREEMENT 
 (CEO) 
 THIS SEVERANCE AGREEMENT, dated July 3, 2006, is made by and between Reptron Electronics,
Inc., a Florida corporation (the “Company”), and Paul J. Plante (the “Executive”). 
 WHEREAS, the Compensation Committee
of the Board of Directors (the “Compensation Committee”) of the Company considers it essential to the best interests of the Company to foster the continued employment of key management personnel; and 
 WHEREAS, the Compensation Committee has determined that appropriate steps should be taken to reinforce and encourage the continued attention and
dedication of certain members of the Company’s management, including the Executive, to their assigned duties without distraction concerning what might happen to their income in the event of a termination of their employment without cause or for
good reason; 
 NOW, THEREFORE, in consideration of the promises and the mutual covenants contained herein, the Company and the Executive
hereby agree as follows: 
 1. Nature of the Agreement. In order to induce the Executive to remain in the employ of the Company, the Company agrees,
under the conditions described herein and subject to compliance by Executive with all of the terms, conditions and covenants applicable to Executive contained herein, to pay the Executive the severance payments described herein. 
 2. Severance Upon Termination from Service. 
 (a)
Termination from Service Due to Death or Disability. If Executive’s employment is terminated due to Executive’s Death or Disability, except as provided in Section 2(d) below, the Company shall have no further payment
obligations to Executive. 
 (b) Separation from Service by Company without Cause or by Executive for Special Reason or Good Reason.
Upon Executive’s Separation from Service by the Company without Cause or by Executive for Special Reason or Good Reason hereunder, then, in lieu of any further salary, bonus, or other incentive payments for periods subsequent to the Date of
Termination and in lieu of any severance benefit otherwise payable to the Executive, Executive shall receive the severance benefits specified below: 
 (i). Salary for Without Cause Separation from Service or Separation from Service by Executive for Special Reason. If Executive is Separated from Service without Cause or Executive Separates from Service for Special Reason and
provided that Executive has complied with Sections 8 and 9 of this Agreement and, following the Date of Termination, Executive does not 

 
breach any of the non-solicitation, non-competition, return of Company property, inventions, trade secrets or confidentiality provisions contained in
Sections 6, 9 (including the terms of the Non-Competition Agreement), 10, 11, 12 and 13 of this Agreement, the Company shall pay to the Executive a cash severance payment, paid in twelve (12) monthly payments, payable according to the
Company’s normal payroll, each payment equal to the average of the Executive’s base monthly salary over the 12 months prior to the Date of Termination. Such severance payments shall commence within thirty (30) days of the Date of
Termination, provided, however, if the Executive is deemed at the time of his Separation from Service to be a “specified employee” under Internal Revenue Code Section 409A(2)(B) and delayed commencement is required in order to avoid a
prohibited distribution under Internal Revenue Code Section 409A(a)(2), payments on account of Separation from Service hereunder may not begin before the date which is the earlier of (i) the expiration of the six month period measured from
the date of Separation from Service or (ii) the date of the Executive’s death. Upon the expiration of the applicable Internal Revenue Code Section 409A(a)(2) deferral period, all payments and benefits deferred pursuant to this
Section (whether they would have otherwise been payable in a single sum on in installments in the absence of such deferral) shall be paid or reimbursed to the Executive in a lump sum and any remaining payments and benefits due under this Agreement
shall be paid or provided in accordance with the normal payment dates specified for them herein. The Executive shall be entitled to interest on such deferred benefits and payments for the period commencing on the date those benefits and
payments are delayed by reason of Internal Revenue Code Section 409A(a)(2), with such interest to accrue at the prime rate as published in the Wall Street Journal in effect from time to time during that period and such accrued interest to be
paid in a lump sum upon the expiration of such deferral period. The parties understand and agree that payment of such severance payments does not render Executive an employee of the Company after the Date of Termination. 
 (ii) Salary for Separation from Service for Good Reason. If Executive Separates from Service for Good Reason and provided that Executive has
complied with Sections 8 and 9 of this Agreement, and, following the Date of Termination, Executive does not breach any of the non-solicitation, non-competition, return of Company property, inventions, trade secrets or confidentiality
provisions contained in Sections 6, 9 (including the terms of the Non-Competition Agreement), 10, 11, 12 and 13 of this Agreement, the Company shall pay to Executive a cash severance payment, paid in twenty-four (24) monthly payments, payable
according to the Company’s normal payroll, each payment equal to the average of the Executive’s base monthly salary over the twelve (12) months prior to the Date of Termination. Such severance payments shall commence within thirty
(30) days of the Date of Termination, provided, however, if the Executive is deemed at the time of his Separation from Service to be a “specified employee” under Internal Revenue Code Section 409A(2)(B) and delayed commencement
is required in order to avoid a prohibited distribution under Internal Revenue Code Section 409A(a)(2), payments on account of Separation from Service hereunder may not begin before the date which is the 

  

 2 

 
earlier of (i) the expiration of the six month period measured from the date of Separation from Service or (ii) the date of the Executive’s
death. Upon the expiration of the applicable Internal Revenue Code Section 409A(a)(2) deferral period, all payments and benefits deferred pursuant to this Section (whether they would have otherwise been payable in a single sum on in
installments in the absence of such deferral) shall be paid or reimbursed to the Executive in a lump sum and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified
for them herein. The Executive shall be entitled to interest on such deferred benefits and payments for the period commencing on the date those benefits and payments are delayed by reason of Internal Revenue Code Section 409A(a)(2), with
such interest to accrue at the prime rate as published in the Wall Street Journal in effect from time to time during that period and such accrued interest to be paid in a lump sum upon the expiration of such deferral period. The parties understand
and agree that payment of such severance payments does not render Executive an employee of the Company after the Date of Termination. 
 (iii) Bonus. In addition to the severance payments pursuant to Section 2(b)(i) and (ii) above, if Executive Separates from Service without Cause or for Special Reason or Good Reason, and provided that in each instance
Executive has complied with Sections 8 and 9 of this Agreement, and, following the Date of Termination, Executive does not breach any of the non-solicitation, non-competition, return of Company property, inventions, trade secrets or confidentiality
provisions contained in Sections 6, 9 (including the terms of the Non-Competition Agreement), 10, 11, 12 and 13 of this Agreement, the Company shall pay to Executive as additional severance any bonus that has been earned but not yet paid, including
any pro rated bonus earned but not yet paid, pursuant to any bonus plan of the Company applicable to Executive (for purposes of this Section, a bonus applicable to Executive will be considered “earned” if the performance measures for such
bonus have been satisfied by the Date of Termination other than any requirement that Executive be an employee of the Company when such bonus is actually paid by the Company). Such bonus shall be paid at the time specified in any bonus plan
applicable to Executive. The parties acknowledge that any such payment does not render Executive an employee of the Company after the Date of Termination. 
 (iv) Insurance Benefits. Executive understands that he is eligible to continue his participation in certain medical and health insurance benefits pursuant to COBRA following any Separation from Service of
Executive’s employment with the Company. Except as provided herein, payment of such COBRA premiums shall be solely Executive’s responsibilities. In addition to such eligibility pursuant to COBRA, for twelve (12) months after
Separation from Service without Cause or eighteen (18) months after Separation from Service by Executive for Good Reason or Special Reason, as the case may be, Executive shall be eligible to continue his participation in any of the
Company’s then existing health, medical and dental benefit plans existing as of the Date of Termination that are available to employees of the Company in its Tampa facility upon the same terms and conditions that are applicable to, and at the
same price paid by, officers of the Company. 
  

 3 

 (c) Termination by the Company for Cause or by Executive Other than for Good Reason or Special
Reason. If the Company terminates the Executive’s employment for Cause or if the Executive Separates from Service other than for Good Reason or Special Reason, then, except as set forth in Section 2(d) below, the Company shall have no
further payment obligations to Executive. 
 (d) Other Payments. Without regard to the reason for, or the timing of, the
Executive’s termination of employment: (i) the Company shall pay the Executive any unpaid wages due for periods prior to the Date of Termination; (ii) the Company shall pay the Executive all of the Executive’s accrued and unused
vacation in accordance with the Company’s vacation policy in effect on the Date of Termination through the Date of Termination; and (iii) following submission of proper expense reports by the Executive, the Company shall reimburse the
Executive for all expenses reasonably and necessarily incurred by the Executive in connection with the business of the Company prior to the Date of Termination. Such payments shall be made promptly upon termination of employment. Payments of
severance shall only be made pursuant to the terms of this Agreement. 
 3. Termination. The parties acknowledge and agree that the Employment
Agreement entered into between Executive and the Company effective as of the Effective Date as defined in the Company’s Second Amended Plan of Reorganization, dated December 17, 2003 (the “Employment Agreement”) has expired and
Executive’s employment with the Company is “at-will” and may be terminated by either party at any time with or without cause and with or without notice. As discussed above, however, the various possible ways in which Executive’s
employment with the Company may be terminated will determine the payments that may be due to Executive under this Agreement. As used in this Agreement, the following terms have the following meanings: 
 (a) Disability. Disability shall mean an illness, injury or other physical or mental condition that renders Executive unable for a period of three
consecutive months or six months in any 12-month period to substantially perform the essential functions of his job with or without reasonable accommodation. 
  

 4 

 (b) Cause. For purposes of this Agreement, the Company shall have “Cause” to terminate
the Executive’s employment with the Company upon the Executive’s: 
 (i) conviction under state or federal law for the commission of
a felony that materially impairs Executive’s ability to perform or that, in the view of the Company’s Board of Directors, harms the reputation of the Company;1 
 (ii) refusal or failure to act on any lawful
directive or order from the Company’s Board of Directors that is material to the business of the Company after written warning (Executive shall have at least fifteen (15) days after receipt of first written warning to correct such refusal
or failure to act). 
 (iii) self-dealing, dishonesty, breach of fiduciary duty, fraud, misappropriation, or embezzlement by Executive
against the Company as determined in good faith after reasonable investigation by the Board of Directors; 
 (iv) violation of a key Company
policy (including, but not limited to, acts of harassment or discrimination, or use of unlawful drugs or drunkenness on Company property during normal work hours); or 
 (v) breach of (i) any term of this Agreement in Sections 6, 9, 10, 11, 12 and 13 and any other material term of this Agreement or (ii) any term of the Non-Competition Agreement. 
 (c) Good Reason. Good Reason shall mean the occurrence within twelve months after a Change in Control (and without the Executive’s written
consent), of any one of the following acts by the Company, or failures by the Company to act: 
 (i) the assignment to the Executive of any
duties inconsistent with Executive’s status as President and CEO, or a substantial adverse alteration in the nature or status of Executive’s responsibilities; or 
 (ii) any reduction by the Company in the Executive’s annual base salary; or 
 (iii) the failure by the Company to pay to Executive any portion of Executive’s current salary or incentive compensation within fifteen
(15) days of the date such compensation is due; or 
 (iv) (a) the failure by the Company to continue in effect any compensation
plan in which the Executive participates which is material to the Executive’s total compensation; or (b) the failure by the Company to continue the Executive’s participation therein (or in such substitute or alternative plan) on a

  

	1	In the event of Executive’s arrest or indictment on felony charges, payments of severance under this Agreement shall be withheld until guilt or innocence is
determined. For the purposes of this Agreement, Executive's pleading of no lo contendre to a felony charge shall be considered a conviction. 

  

 5 

 basis not materially less favorable, both in terms of the amount or timing of payment of benefits provided and the level
of the Executive’s participation relative to other participants; or 
 (v) (a) the failure by the Company to continue to provide
the Executive with benefits substantially similar to those enjoyed by the Executive under any of the Company’s retirement savings, life insurance, medical, health and accident, or disability plans in which the Executive participates, or
(b) the failure by the Company to provide the Executive with at least the number of paid vacation days to which the Executive is entitled on the basis of years of service with the Company in accordance with the provisions of the original
employment offer, or the Company’s normal vacation policy, whichever is more favorable to the Executive; or 
 (vi) the relocation of
the Executive’s principal place of employment to a location more than 35 miles from the Executive’s principal place of employment or the Company’s requiring the Executive to be based anywhere other than such principal place of
employment (or permitted relocation thereof) except for required travel on the Company’s business to an extent substantially consistent with the Executive’s business travel obligations. 
 Notwithstanding the foregoing, no event shall constitute “Good Reason” unless the Executive shall have notified the Company in writing of the
conduct allegedly constituting Good Reason and the Company shall have failed to correct such conduct within thirty (30) days of the date of its receipt of such written notice from the Executive (except under Section 3(c)(iii), which shall
not require any notice under this paragraph). Moreover, unless Executive shall have notified the Company of the conduct allegedly constituting Good Reason within six months of the first occurrence of such conduct, then Executive shall have
waived his right to claim that such conduct constitutes “Good Reason” under this Agreement. 
 (d) “Special Reason” shall
mean any one or more of the following acts by the Company: 
 (i) the assignment to the Executive of any duties inconsistent with
Executive’s status as President and CEO, or a substantial adverse alteration in the nature or status of Executive’s responsibilities; or 
 (ii) any reduction by the Company in the Executive’s annual base salary; or 
 (iii) the relocation of the Executive’s
principal place of employment to a location more than 35 miles from the Executive’s principal place of employment or the Company’s requiring the Executive to be based anywhere other than such principal place of employment (or
permitted relocation thereof) except for required travel on the Company’s business to an extent substantially consistent with the Executive’s business travel obligations. 
  

 6 

 (e) “Change in Control” shall have such meaning as defined on Annex A to this Agreement
attached hereto and incorporated herein. 
 (f) “Separation from Service” or any derivative thereof shall have such meaning as used
in Internal Revenue Code Section 409A and the U.S. Treasury Regulations issued thereunder. 
 4. Termination Procedure. 
 (a) Notice of Termination. For the purpose of determining entitlement to any payments herein, any termination of the Executive’s employment by
the Company or by the Executive (other than termination due to the death of the Executive) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 7. For purposes of this Agreement, a
“Notice of Termination” shall mean a notice which shall indicate the specific provision in this Agreement relied upon and, if applicable, shall identify in reasonable detail the reason for termination of the Executive’s employment
under the provision so indicated. 
 (b) Date of Termination. “Date of Termination” shall mean: (i) if the
Executive’s employment is terminated by his death, the date of his death, or (ii) if the Executive’s employment is terminated pursuant to any other reason or Section of this Agreement, the date of termination shall be the date that
Notice of Termination is issued. 
 5. Adjustment of Benefits. 
 (a) Adjusted Payment. The parties intend that payments made under this Agreement, when combined with all other compensatory payments, will be limited to avoid the application of the excise tax imposed under
Internal Revenue Code Section 4999 (the “Excise Tax”). Therefore, notwithstanding anything in this Agreement to the contrary, if, in the opinion of independent tax accountants or counsel selected and retained by the Company and
reasonably acceptable to Executive (referred to hereinafter as “Tax Counsel”), any portion of the payment to Executive under this Agreement or any other agreement between Executive and the Company, is to be treated as an Excess Parachute
Payment under Internal Revenue Code Section 280G, then the Company shall reduce the total amount of the payment. The reduction amount shall be an amount sufficient to ensure that no part of the payment received shall be treated as an Excess
Parachute Payment or create an Excise Tax liability. 
 (b) Reduction of Amount. In the event that the amount of any payment which
would be payable to or for the benefit of Executive is reduced to comply with this Section, the Company and Executive jointly shall decide which payments, under this Agreement or any other arrangement, are to be reduced; provided, however, the
Company shall not unreasonably deny the requests and preferences of Executive in making this determination. 
  

 7 

 (c) Cooperation of Parties. In determining whether any Excess Parachute Payment exists, the
parties shall take into account all provisions of Internal Revenue Code Section 280G and the regulations thereunder, including making appropriate adjustments to such calculation for amounts established to be Reasonable Compensation pursuant to
Internal Revenue Code Section 280G(b)(4) and amounts paid under qualified plans pursuant to Internal Revenue Code Section 280G(b)(6). Both the Company and Executive shall cooperate fully with Tax Counsel and provide Tax Counsel with all
compensation and benefit amounts, personal tax information and other information necessary or helpful in calculating the amount paid under this Agreement. The parties agree that all fees and expenses of Tax Counsel shall be borne solely by the
Company. In connection with any Internal Revenue Service examination, audit or other inquiry related to a payment under this Agreement, or the amount or existence of any related tax liability (including income tax and Excise Tax), the Company and
Executive agree to cooperate in providing evidence to the Internal Revenue Service (and, if applicable, to state revenue departments). Furthermore, if in the context of a tax exam, audit, or proceeding the Company plans to contest the amount or
existence of an Excess Parachute Payment or the applicable Excise Tax, the Company shall promptly notify Executive in writing and Executive shall: (i) give the Company any information reasonably requested by the Company relating to such claim,
(ii) take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney
reasonably selected by the Company, (iii) cooperate with the Company in good faith in order effectively to contest such claim, and (iv) permit the Company to participate in any proceedings relating to such claim. The Company shall bear and
pay directly all legal and administrative costs incurred in connection with such contest. 
 (d) Payment of Taxes. In all cases, the
parties agree that Executive shall bear the cost of all applicable federal, state, and local taxes with respect to individuals (including penalties and interest). If a portion of the amounts paid to Executive unintentionally constitute an Excess
Parachute Payment and trigger the Excise Tax, then Executive shall be liable for such Excise Tax (including any applicable penalties and interest). 
 6.
Non-Solicitation. Unless Executive receives the prior written consent of the Company, he agrees, that during his employment and for one year after the termination of his employment for any reason other than Good Reason and for a two year
period after termination by Executive of his employment for Good Reason, not to induce, ask, solicit, or attempt to induce, ask, or solicit, directly, indirectly, or by assisting others, any person who is in the Company’s employment or
providing services to the Company, to leave such employment or business relationship. For purposes of this Section 6, the Company shall include the Company and any subsidiaries. 
  

 8 

 7. Miscellaneous. 
 (a) Notices. All notices, consents and other communications required or authorized to be given by either party to the other under this Agreement shall be in writing and shall be deemed to have been given or
issued (i) upon actual receipt if delivered in person or by facsimile transmission with confirmation of transmission, (ii) upon the earlier of actual receipt or the expiration of two (2) business days after sending by express courier
(such as U.P.S. or Federal Express), and (iii) upon the earlier of actual receipt or the expiration of seven (7) business days after mailing if sent by registered or certified mail, postage prepaid, to the parties at the following
addresses: 
  

			
	To the Company:	  	Reptron Electronics, Inc.
		  	13700 Reptron Boulevard
		  	Tampa, FL 33626
		  	Attn: Chairman, Board of Directors
		
	With a Copy to:	  	Schwabe Williamson & Wyatt, P.C.
		  	1211 SW 5th Avenue, Suite 1900
		  	Portland, OR 97204
		  	Attn: Jeff Bird
		
	To Executive:	  	Paul J. Plante
		  	At the last address and fax number
		  	Shown on the records of the Company
		
	With a Copy to:	  	Foley & Lardner LLP
		  	100 N. Tampa Street, Suite 2700
		  	Tampa, FL 33602
		  	Attn: Steven W. Vazquez

 Executive shall be responsible for providing the Company with a current address. Either party may change its
address (and facsimile number) for purposes of notices under this Agreement by providing notice to the other party in the manner set forth above. 
 (b) Assignment. This Agreement shall inure to the benefit of and shall be binding upon the parties hereto and their respective executors, administrators, heirs, personal representatives and successors, but, except as hereinafter
provided, neither this Agreement nor any right hereunder may be assigned or transferred by either party hereto, or by any beneficiary or any other person, or be subject to alienation, anticipation, sale, pledge, encumbrance, execution, levy or other
legal process of any kind against Executive, Executive’s beneficiary or any other person. Notwithstanding the foregoing, any person or business succeeding to all or substantially all of the business of the Company by stock purchase, merger,
consolidation, purchase of assets or otherwise, shall be bound by and shall adopt and assume this Agreement, and the Company shall obtain the express assumption of this Agreement by such successor. 
  

 9 

 (c) No Obligation to Fund. The agreement of the Company (or its successor) to make payments to
Executive hereunder shall represent the unsecured obligation of the Company (and its successor), except to the extent (i) the terms of any other agreement, plan or arrangement pertaining to the parties provide for funding; or (ii) the
Company (or its successor) in its sole discretion elects in whole or in part to fund the Company’s obligations under this Agreement pursuant to a trust arrangement or otherwise. 
 (d) Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Florida, except to
the extent otherwise expressly provided in this Agreement. 
 (e) Arbitration of Disputes; Expenses. Except with respect to injunctive
relief which may be sought by either party in a court of competent jurisdiction, the parties agree to resolve any and all claims or controversies arising out of or relating to this Agreement and/or termination of employment with the Company
including but not limited to claims for wrongful termination of employment, and claims under the Civil Rights Act of 1866, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the
Family Medical Leave Act, the Equal Pay Act, the Florida Civil Rights Act, the retaliatory discharge provisions of the Florida Worker’s Compensation Act, the Florida Wage Discrimination Act, and any similar state law or local ordinance by
binding arbitration under the Federal Arbitration Act, before one arbitrator in the City of Tampa, State of Florida, administered by the American Arbitration Association under its National Rules for the Resolution of Employment Disputes. The parties
further agree that the work of Executive involves interstate commerce, the award rendered by the arbitrator is final and binding, and judgment thereon may be entered in any court having jurisdiction thereof. The invalidity or unenforceability of any
provision of this section shall not affect the validity or enforceability of any other provision of this Agreement which shall remain in full force and effect. 
 In the event either party incurs legal fees and other expenses with relation to an action seeking to obtain or to enforce any rights or benefits provided by this Agreement and is successful in obtaining or enforcing
any such rights or benefits through settlement, arbitration or otherwise, the non-prevailing party shall promptly pay the prevailing party’s reasonable legal fees and expenses incurred in enforcing this Agreement and the fees of the
arbitrator(s). Except to the extent provided in the preceding sentence, each party shall pay its own legal fees and other expenses associated with any dispute, provided, however, that the fee for the arbitrator(s) shall be shared equally.

 (f) Consulting and Subsequent Employment. Nothing in this Agreement shall preclude the Company or its successors from employing
Executive in a consulting or regular employment capacity following termination of employment under the conditions of this Agreement. 
  

 10 

 (g) Amendment. This Agreement may only be amended by a written instrument signed by the parties
hereto, which makes specific reference to this Agreement. 
 (h) Severability. If any court of competent jurisdiction shall hold any
provision of this Agreement invalid or unenforceable, such holding shall not invalidate or render unenforceable any other provisions hereof. 
 8. Release
of Claims. As a precondition to receipt of the severance and other benefits provided in Section 2(b) of this Agreement, Executive acknowledges and understands that he must sign a Waiver and Release of Claims Agreement. Such Agreement shall
be substantially similar to the Agreement attached as Exhibit A. Executive understands that he will not be entitled to receive any payments under this Agreement until he executes and delivers the Waiver and Release of Claims Agreement, and the
revocation period set forth in Section 9.8 of the Waiver and Release of Claims Agreement has run. 
 9. Non-Competition. Executive understands
that a desire for an amicable long-term relationship between Company and Executive, even after the termination of Executive’s employment, is an important aspect of the Company’s entering into this Agreement. Therefore, as further
consideration for entering into this Agreement, Executive agrees to execute the Non-Competition Agreement attached to this Agreement as Exhibit B simultaneously with the execution of this Agreement, which Non-Competition Agreement shall become
effective as of the date of this Agreement. Executive shall not be entitled to receive any payments under this Agreement until he has executed and returned such Non-Competition Agreement to the Company without alteration. 
 10. Return of Company Property. All records, designs, patents, business plans, financial statements, manuals, memoranda, lists and other property delivered to or
compiled by Executive by or on behalf of the Company or its representatives, vendors or customers which pertain to the business of the Company shall be and remain the property of the Company, as the case may be, and be subject at all times to their
discretion and control. Likewise, all correspondence, reports, records, charts, advertising materials and other similar data pertaining to the business, activities or future plans of the Company which is collected by or in the possession of
Executive shall be delivered promptly to the Company without request by it upon termination of Executive’s employment. 
 11. Inventions.
Executive shall disclose promptly to the Company any and all significant conceptions and ideas for inventions, improvements and valuable discoveries, whether patentable or not, which are conceived or made by Executive, solely or jointly with
another, during the period of employment, if conceived during employment, and which are directly related to the business or activities of the Company and which Executive conceives as a result of his employment by the Company. Executive hereby
assigns and agrees to assign all his interests therein to the Company or its nominee. Whenever requested to do so by the Company, Executive shall execute any and all applications, 

  

 11 

 
assignments or other instruments that the Company shall deem necessary to apply for and obtain Letters Patent of the United States or any foreign country or
to otherwise protect the Company’s interest therein. 
 12. Trade Secrets. Executive agrees that he will not disclose the specific terms of the
Company’s relationships or agreements with their respective significant vendors or customers or any other significant and material trade secret of the Company, whether in existence or proposed, to any person, firm, partnership, corporation or
business for any reason or purpose whatsoever, except as authorized by the Board. 
  

	13.	Confidentiality. 

 (a) Executive acknowledges and
agrees that all Confidential Information (as defined below) of the Company is confidential and a valuable, special and unique asset of the Company that gives the Company an advantage over its actual and potential, current and future competitors.
Executive further acknowledges and agrees that Executive owes the Company a fiduciary duty to preserve and protect all Confidential Information from unauthorized disclosure or unauthorized use, that certain Confidential Information constitutes
“trade secrets” under applicable laws and, that unauthorized disclosure or unauthorized use of the Company’s Confidential Information would irreparably injure the Company. 
 (b) Both during the term of Executive’s employment and after the termination of Executive’s employment for any reason (including wrongful
termination), Executive shall hold all Confidential Information in strict confidence, and shall not use any Confidential Information except for the benefit of the Company, in accordance with the duties assigned to Executive. Executive shall not, at
any time (either during or after the term of Executive’s employment), disclose any Confidential Information to any person or entity (except other employees of the Company, or any attorneys, accountants, consultants, or other professionals, who
have a need to know the information in connection with the performance of their employment or other professional duties), or copy, reproduce, modify, decompile or reverse engineer any Confidential Information, or remove any Confidential Information
from the Company’s premises, without the prior written consent of the Board of Directors, or permit any other person to do so. In the event that Executive is required by law in any legal or regulatory proceeding to disclose any Confidential
Information, Executive may disclose such information in such proceeding, provided that Executive gives the Company reasonable advance notice of the request to disclose and a reasonable opportunity to contest such request. Executive shall take
reasonable precautions to protect the physical security of all documents and other material containing Confidential Information (regardless of the medium on which the Confidential Information is stored). This Agreement applies to all Confidential
Information, whether now known or later to become known to Executive. Notwithstanding any other provision herein to the contrary, Executive shall have the right to take such actions with respect to the Confidential Information as may be necessary or
appropriate to carry out his responsibilities, including, but not limited to, making copies of Confidential Information and transporting Confidential Information away from the Company’s premises. 
  

 12 

 (c) Upon the termination of Executive’s employment with the Company for any reason, and upon request
of the Company at any other time, Executive shall promptly surrender and deliver to the Company all documents and other written material of any nature containing or pertaining to any Confidential Information and shall not retain any such document or
other material. Nothing in this paragraph is intended to limit Executive’s discovery rights in any litigation or arbitration. Within five days of any such request, Executive shall certify to the Company in writing that all such materials have
been returned. 
 (d) As used in this Agreement, the term “Confidential Information” shall mean any information or material known
to or used by or for the Company (whether or not owned or developed by the Companies and whether or not developed by Executive) that is not generally known to the public. Confidential Information includes, but is not limited to, the following: all
trade secrets of the Companies; all information that the Companies have marked as confidential or has otherwise described to Executive (either in writing or orally) as confidential; all nonpublic information concerning the Companies’ products,
services, prospective products or services, research, product designs, prices, discounts, costs, marketing plans, marketing techniques, market studies, test data, customers, customer lists and records, suppliers and contracts; all business records
and plans; all personnel files; all financial information of or concerning the Companies; all information relating to operating system software, application software, software and system methodology, hardware platforms, technical information,
inventions, computer programs and listings, source codes, object codes, copyrights and other intellectual property; all technical specifications; any proprietary information belonging to the Companies; all computer hardware or software manuals; all
training or instruction manuals; and all data and all computer system passwords and user codes. 
 IN WITNESS WHEREOF, the Company has caused
this Agreement to be executed on its behalf by its duly authorized officers, and Executive has set his hand, as of the date first written above. 
  

					
	PAUL J. PLANTE	 	REPTRON ELECTRONICS, INC.
			
	 /s/ Paul J. Plante
	 	By:	 	 /s/ Robert Bradshaw

		 	Name:	 	Robert Bradshaw
	Date: July 3, 2006	 	Title:	 	Chairman of the Compensation Committee
			
		 	Date: 	 	June 28, 2006

  

 13 

 ANNEX A 
  

 14 

 Change in Control. For purposes of this Agreement, a “Change in Control” shall mean: 
 (a) Any “person” as such term is defined in Section 3(a)(9) and 13(d)(3) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company, is or becomes a beneficial owner (within the meaning of rule 13d-3 promulgated under the Exchange Act), directly or
indirectly, of securities of the Company, representing thirty percent (30%) or more of the combined voting power of the Company’s then outstanding securities; provided, that the foregoing shall not include a person who acquires such
securities, or a material portion thereof, as the result of one or more transactions approved by the Company’s Board of Directors; or 
 (b) A majority of the directors elected at any Annual or special meeting of shareholders of the Company are not individuals nominated by the Company’s then incumbent Board of Directors; or 
 (c) The shareholders of the Company approve a reorganization, merger or consolidation of the Company with any other corporation or entity, other than a
reorganization, merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving entity) at least fifty-one percent (51%) of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such reorganization, merger or consolidation; or 
 (d) The shareholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of
all or substantially all of its assets, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity at least 75% of the combined voting power of the voting securities of which are owned by
persons in substantially the same proportions as their ownership of the Company immediately prior to such sale. 
 Notwithstanding the
foregoing, a Change in Control shall not be deemed to occur in the event of a Management Change in Control. A Management Change in Control shall mean a Change in Control pursuant to which Executive (alone or with others) acquires or retains,
directly or indirectly, the power to direct or cause the direction of the management and policies of the Company (whether through the ownership of voting securities, by contract, or otherwise). 
  

 15 

 EXHIBIT B TO SEVERANCE AGREEMENT 
 NON-COMPETITION AGREEMENT 
 This Agreement (“Agreement”) is made and
entered into as of this      day of July, 2006, by and between Reptron Electronics, a Florida corporation (“Reptron”), and Paul J. Plante (“Executive”). 
 WHEREAS, Executive and Reptron have entered into a Severance Agreement, dated July     , 2006 (the “Severance
Agreement”), by which upon the satisfaction of certain conditions, Reptron will provide Executive with post-employment severance in the amounts set forth in the Severance Agreement. 
 WHEREAS, a key condition of Reptron entering into the Severance Agreement is Executive entering into this Agreement simultaneous with the Severance
Agreement and restricting his right to compete against Reptron. 
 NOW, THEREFORE, in consideration of the promises and mutual covenants
herein contained and contained in the Severance Agreement the parties agree as follows: 
 1. Severance. Reptron’s obligation to
make any payments or offer any benefits to Executive under the Severance Agreement is conditioned on, among other things, the full compliance by Executive with the terms and conditions of this Agreement. This Agreement shall supercede the
non-competition covenants contained in Section 3 of the Employment Agreement entered into between Executive and the Company effective as of the Effective Date as defined in the Company’s Second Amended Plan of Reorganization, dated
December 17, 2003. 
 2. Scope of Employer Protection. Reptron is a national concern that does business throughout the United
States. In his employment with Reptron, Executive has performed services in more than one city, county or state in the United States, and has gained access to Confidential Information that pertains not only to the specific area in which Executive
lives and/or works but also to other cities, counties, and states in which Reptron does business. The protections stated herein are intended to protect Reptron to the fullest extent possible in all of the cities, counties, and states in the United
States in which Reptron does business. 
 3. Non-Competition. In return for the right to receive the severance benefits provided in
the Severance Agreement, Executive hereby agrees that Executive will not during his employment with the Company, and for a period of one year immediately following the termination by the Company of such employment for any reason, Executive shall
not, directly or indirectly, own, have any interest in, act as an officer, director, agent, employee, shareholder, owner, partner, joint venturer, or consultant of, or assist in any way or in any capacity any person, firm, association, 

  

 16 

 
partnership, corporation or other entity which engages or proposes to engage in any business in competition with the business of Reptron (a “Competitive
Entity”). The restrictions of this section prohibiting ownership in a Competitive Entity shall not apply to Executive’s ownership of less than one percent (1%) of publicly-traded securities of any Competitive Entity or less than
five percent (5%) of the capital stock of a competing business whose stock is not publicly traded. 
 If the Company fails to make any
payment or provide any benefit due Executive under the Severance Agreement, Executive shall give the Company written notice of such omission and the Company shall have seven (7) days after receipt of such notice to cure the failure to make such
payment or provide such benefit. Executive’s obligation under this Section 3 of this Agreement shall be conditioned upon Reptron making all payments to Executive and providing the benefits due Executive under the Severance Agreement after
such notice and opportunity to cure as provided herein. 
 4. Reasonableness. While the Executive and Reptron acknowledge that the
restrictions contained in this section are reasonable, in the unlikely event that any court should determine that any of the restrictive covenants contained in this section, or any part thereof, is unenforceable because of the duration of such
provision, the area covered thereby or any other basis, such court shall have the power to reduce the duration or area of such provision or otherwise amend it and, in its reduced form, such provision shall then be enforceable and shall be enforced.

 5. Acknowledgement of Irreparable Harm. Executive acknowledges that he has received confidential information during the term of his
employment with Reptron which is special and unique to Reptron and that the disclosure of any Confidential Information or the breach of any of the terms and covenants of this Non-Competition Agreement will result in irreparable and continuing harm
to Reptron for which there will be no adequate remedy at law. 
 6. Remedies. Executive agrees, that in the event he fails to abide by
this Agreement, Reptron shall be entitled to specific performance, including immediate issuance of a temporary restraining order and/or preliminary or permanent injunctive relief enforcing this Agreement, without the necessity of proof of actual
damages and without posting bond for such relief, and to judgment for damages caused by his breach, and to any other remedies provided by applicable law. In the event any of the terms or conditions of this Agreement are found unreasonable by a court
of competent jurisdiction, Executive agrees to accept as binding in lieu thereof, any such lesser restrictions which said court may deem reasonable. 
 7. Notification of Other Employment. In order to allow Reptron to evaluate risks to its business interests and to take steps, if necessary, to protect its rights under this Agreement and other Agreements
between Executive and Reptron, Executive agrees to notify Reptron, prior to accepting any position with any third party, whether as an employee or independent contractor, and prior to commencing any business. He also agrees to inform any new
employer, prior to accepting employment or providing services, of the existence of this Non-Competition Agreement. 
  

 17 

 8. Scope. The scope and effect of the covenants contained in this Agreement shall be as broad as
may be permitted under the provisions of applicable law. To the extent that the language of such covenants may be greater than permitted by applicable law, that portion thereof shall be ineffective, but the provisions of the covenants shall
nevertheless remain effective with respect to such portion of the covenants as shall be permitted by applicable law. 
 9. Entire
Agreement. This document is the entire, final, and complete agreement and understanding of the parties with respect to Executive’s possible competition with Reptron and, if this Agreement directly conflicts with any other written and oral
agreements made or executed by and between the parties or their representatives, this Agreement shall supersede all such agreements with respect to this limited topic. 
 10. Waiver. A waiver of any provision of this Agreement shall not be deemed, or shall not constitute, a waiver of any other provision, whether or not similar, nor shall any waiver constitute a continuing
waiver. No waiver shall be binding unless executed in writing by the parties making the waiver. 
 11. Binding Effect. All rights,
remedies, and liabilities herein given to or imposed upon the parties shall extend to, inure to the benefit of, and bind, as the circumstances may require, the parties or their representative heirs, personal representatives, administrators,
successors and assigns. 
 12. Amendments. No supplement, modification, or amendment of this Agreement shall be valid, unless the same
is in writing and signed by all parties thereto. 
 13. Severability. In the event any provision or portion of this Agreement is held
to be unenforceable or invalid by any court of competent jurisdiction, the remainder of this Agreement shall remain in full force and effect and shall in no way be affected or invalidated thereby. 
 14. Attorneys’ Fees. If litigation is commenced by either party to enforce any provision of this Agreement, or by reason of any breach of
this Agreement, the prevailing party shall be entitled to recover reasonable costs and attorneys’ fees, both at trial and on appeal. 
 15. Governing Law. This Agreement and the rights of the parties hereunder shall be governed, construed and enforced in accordance with the laws of the State of Florida, without regard to its conflict of law principles. Any suit or
action arising out of or in connection with this Agreement, or any breach hereof, shall be brought and maintained in the federal or state courts in Tampa, Florida. The parties 

  

 18 

 
hereby irrevocably submit to the jurisdiction of such courts for the purpose of such suit or action and hereby expressly and irrevocably waive, to the
fullest extent permitted by law, any suit or action in any such court and any claim that any such suit or action has been brought in an inconvenient forum. 
 16. No Pressure or Coercion. Executive acknowledges that he has read this Agreement and is being given an opportunity to consider it and discuss it with financial and legal counsel of his choice.

 17. Voluntary Act. Executive covenants that he has freely and voluntarily executed this Agreement, with a complete understanding of
its terms and present and future effect, and without any undue pressure or coercion from Reptron. 
 18. Notices. All notices to the
Company shall be in writing and shall be deemed given when received by the Company as long as such notice is sent by registered or certified mail, return receipt requested, postage prepaid, and addressed to the intended recipient as set forth below:

  

			
	If to the Company:	  	Reptron Electronics, Inc.
		  	13700 Reptron Blvd.
		  	Tampa, Florida 33626
		  	Attention: Chief Financial Officer
		
	Copy to:	  	Schwabe Williamson & Wyatt, P.C.
		  	1211 SW 5th Avenue, Suite 1900
		  	Portland, Oregon 97204
		  	Attention: A. Jeffery Bird

 IN WITNESS THEREOF, the parties have executed this Agreement on the respective dates set forth
below. 
  

							
	 EXECUTIVE
	  	REPTRON ELECTRONICS, INC.
				
	Name:	 	  
	  	By	 	  

	Date:	 	  
	  	Name:	 	  

		 		  	Title:	 	  

		 		  	Date:	 	  

  

 19 

 EXHIBIT A TO SEVERANCE AGREEMENT 
 RELEASE AND WAIVER OF CLAIMS AGREEMENT 
 THIS AGREEMENT is made and entered into this _____ day
of _____________, ____ by and between Reptron Electronics, Inc., a Florida corporation (the “Company”) and ________________ (“_______”) in order to fully and completely resolve any and all issues that _______ might have in
connection with the Company. 
 NOW, THEREFORE, in consideration of the mutual promises and conditions contained herein and as a pre-condition of
_______’s receipt of Severance under Paragraph 2 of the Severance Agreement dated __________, (the “Severance Agreement”) the parties agree as follows: 
 1. Separation. _______ shall have no further job responsibilities at the Company after ___________. 
 2. Pay. 
 2.1 Wages. The
Company has paid _______ all wages owed through ________________ the date of termination of his employment. 
 2.2 Severance Pay. Under
the terms of the Severance Agreement the Company will begin payments of severance pay after _______ executes and delivers this Agreement to the Company and the revocation period under Section 9.8 of this Agreement expires. 
 2.3 Withholdings. All sums paid to _______ under this Section 2 shall be subject to the customary withholding of federal and state income tax and other
deductions required by law, or otherwise authorized, with respect to compensation paid by a corporation to an employee. 
 2.4 Payment in Full.
_______ acknowledges that, other than the severance to be paid under the Severance Agreement, the Company has paid him in full any and all sums due related to his employment through the date set forth in Section 2.1 hereof. 
 3. Benefits. ________ shall be entitled to the insurance benefits provided in Section 2(b)(iv) of the Severance Agreement. ___________’s benefits shall
cease as of the end of the applicable period set forth in Section 2(b)(iv) of the Severance Agreement; provided, however, if permitted in accordance with applicable law, _____ shall be entitled to participate in the COBRA
benefit continuation program at his own cost beginning after the period during which insurance benefits are provided pursuant to Section 2(b)(iv) of the Severance Agreement. 
 4. Release. In exchange for the benefits contained in the Severance Agreement, on behalf of himself and his heirs, executors, administrators and assigns, _________ waives, acquits and forever discharges the
Company, its officers, directors and employees from any and all claims _________ may have against them. _________ hereby releases the Company and its past and present affiliates, subsidiaries, predecessors, successors and assigns, and its past and
present shareholders, officers, directors, employees, agents and insurers, from any and all claims, demands, actions, or causes of action, liabilities or damages, of every kind and nature whatsoever, whether known or unknown, arising from or related
in any way to _________’ employment or termination of employment, past or future failure or refusal to employ _________ by the Company, or any other past or future claim based on any act occurring to date of this Agreement (except as reserved
by this Agreement or where expressly prohibited by law) that relates in any way to _________’ employment, compensation, benefits, reemployment, and/or relationship with the Company, with the sole exception of any claim _________ may 

 
have against the Company for enforcement of this Agreement and the Severance Agreement. This release includes any and all claims, direct or indirect, which
might otherwise be made under any applicable local, state or federal authority or law, including by way of example and not limitation, any claim arising under the Florida laws dealing with employment or contract, including wages, hours,
discrimination, civil rights, torts under Florida law, claims under Florida’s Private Whistleblower Act and Florida’s Civil Rights Act and under any federal claims, including Title VII of the Civil Rights Act of 1964, the Civil Rights Act
of 1991, other Federal Civil Rights Acts, the Americans With Disabilities Act, the Age Discrimination in Employment Act, including the Older Workers Benefit Protection Act, the Family and Medical Leave Act of 1993, the Equal Pay Act of 1963, the
National Labor Relations Act, Executive Order 11246, the Rehabilitation Act of 1973, the Vietnam Era Veterans Readjustment Assistance Act, the Employee Retirement Income Security Act, the Fair Labor Standards Act, all as amended, any regulations
under such authorities, and any applicable statutory, contract, tort, or common law theories. 
 Notwithstanding the foregoing release, ____________ shall be
entitled to all rights of indemnification applicable to ____________ under the Florida Business Corporation Act, the Company’s Articles of Incorporation and Bylaws in effect as of the date of ___________’s termination of employment.

 __________ acknowledges that there is a risk that subsequent to the execution of this Agreement or after the execution of the Severance Agreement he will
discover claims that were unknown or unanticipated at the time this Agreement or the Severance Agreement was executed, which claims, if known upon the execution of this Agreement or the Severance Agreement, might have materially affected his or its
decision to execute this Agreement or the Severance Agreement. _____ hereby expressly assumes the risk of such unknown and unanticipated claims and agrees that this Agreement applies to all such claims. The provisions of any law, regulation, statute
or ordinance providing in substance that releases shall not extend to claims, damages or injuries which are unknown or unsuspected to exist at the time to the person executing such release are hereby expressly waived. 
 _______ ACKNOWLEDGES AND AGREES THAT THROUGH THIS RELEASE HE IS GIVING UP ALL RIGHTS AND CLAIMS OF EVERY KIND AND NATURE WHATSOEVER, KNOWN OR UNKNOWN, CONTINGENT OR
LIQUIDATED, THAT HE MAY HAVE AGAINST REPTRON ELECTRONICS, INC., AND THE OTHER PERSONS NAMED ABOVE, EXCEPT FOR THE RIGHTS SPECIFICALLY EXCLUDED ABOVE. 
 5.
Non-Disparagement. Absent litigation between the parties, subpoena or court order, (i) _______ agrees to not make any derogatory remarks of any nature whatsoever at any time about the Company, its past or present employees or its
products either, publicly or privately, unless required by law, after the date of this Agreement and (ii) the officers and directors of the Company at the time of ___________’s termination of employment will not make any derogatory remarks
about ___________, either publicly or privately, unless required by law, after the date of this Agreement. 
 6. D&O Coverage. For a period of
three (3) years after the date of _________’s termination of employment, the Company agrees to maintain the D&O insurance coverage applicable to __________ in effect as of the date of ___________’s termination with respect to
coverage of prior acts only or such other D&O insurance that is comparable in coverage. 

 7. Non-Admission of Liability. This Agreement shall not be construed as an admission by the Company of any
liability to _______, breach of any agreement between the parties, and violation by the Company of any law, statute or regulation. 
 8. Return of
Property. _______ agrees to and hereby represents that he has returned to the Company all of the Company’s property in his possession or under his control. 
 9. Miscellaneous. 
 9.1 Entire
Agreement. This document is the entire, final and complete agreement and understanding of the parties with respect to the release by Executive of the Company. 
 9.2 Waiver. No waiver of any provision of this Agreement shall be deemed, or shall constitute, a waiver of any other provisions, whether or not similar, nor shall any waiver constitute a continuing waiver. No waiver shall be binding
unless executed in writing by the party making the waiver. 
 9.3 Binding Effect. All rights, remedies and liabilities herein given to or imposed upon
the parties shall extend to, inure to the benefit of and bind, as the circumstances may require, the parties and their respective heirs, personal representatives, administrators, successors and permitted assigns. 
 9.4 Amendment. No supplement, modification or amendment of this Waiver and Release of Claims Agreement shall be valid, unless the same is in writing and signed by
all parties hereto. 
 9.5 Severability. In the event any provision or portion of this Agreement is held to be unenforceable or invalid by any court
of competent jurisdiction, the remainder of this Agreement shall remain in full force and effect and shall in no way be affected or invalidated thereby. 
 9.6. Enforcement. In the event that there is a breach of this Agreement by either party or noncompliance with the terms contained herein, the nondefaulting or prevailing party shall be entitled to recovery of any reasonable
attorney’s fees and costs incurred in enforcing this Agreement. 
 9.7 Governing Law and Venue. This Agreement and the rights of the parties
hereunder shall be governed, construed and enforced in accordance with the laws of the State of Florida, without regard to its conflict of law principles. Any suit or action arising out of or in connection with this Agreement, or any breach hereof,
shall be brought and maintained in the federal or state courts in Tampa, Florida. The parties hereby irrevocably submit to the jurisdiction of such courts for the purpose of such suit or action and hereby expressly and irrevocably waive, to the
fullest extent permitted by law, any objection it may now or hereafter have to the venue of any such suit or action in any such court and any claim that any such suit or action has been brought in an inconvenient forum. 
 9.8 No Pressure or Coercion. _______ acknowledges that he has read this Agreement and is being given an opportunity to consider it. _______ has been advised to
discuss it with financial and legal counsel of his choice. The parties further acknowledge that either party may revoke this Agreement within seven (7) days after the revoking party has signed and delivered it. Only after that seven-day period
has passed, will the obligations under this Agreement and the payment obligations under the Severance Agreement become effective. 

 9.9 Voluntary Act. _______ covenants that he has freely and voluntarily executed this Agreement, with a complete
understanding of its terms and present and future effect, and without any undue pressure or coercion from the Company. 
 REPTRON ELECTRONICS, INC. [NAME] 
 By: ___________________________ By: _________________________ 
 Title: __________________________ 
 Date: __________________________ Date: ________________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]