Document:

Prepared by MERRILL CORPORATION

EXHIBIT

10.22

TRIQUINT SEMICONDUCTOR,

INC.

1998 NONSTATUTORY STOCK

OPTION PLAN

(AS AMENDED AND RESTATED EFFECTIVE APRIL 2001)

 

1.             Purposes

of the Plan.  The purposes of this

1998 Nonstatutory Stock Option Plan are to attract and retain the best

available personnel for positions of substantial responsibility, to provide

additional incentive to Employees and Consultants of the Company and to promote

the success of the Company's business.

2.             Definitions.  As used herein, the following definitions

shall apply:

(a)           "Administrator"

shall mean the Board or any of its Committees as shall be administering the

Plan, in accordance with Section 4 of the Plan.

(b)           "Applicable

Laws" means the requirements relating to the administration of stock

option plans under U.S. state corporate laws, U.S. federal and state securities

laws, the Code, any stock exchange or quotation system on which the Common

Stock is listed or quoted and the applicable laws of any foreign country or

jurisdiction where Options are, or will be, granted under the Plan.

(c)           "Board"

shall mean the Board of Directors of the Company.

(d)           "Code"

shall mean the Internal Revenue Code of 1986, as amended.

(e)           "Common

Stock" shall mean the Common Stock of the Company.

(f)            "Company"

shall mean TriQuint Semiconductor, Inc., a Delaware corporation.

(g)           "Committee"

shall mean a Committee appointed by the Board of Directors in accordance with

Section 4 of the Plan.

(h)           "Consultant"

shall mean any person who is engaged by the Company or any Parent or Subsidiary

to render consulting services and is compensated for such consulting services;

provided that the term Consultant shall not include directors who are not

compensated for their services; or are paid only a director's fee by the

Company.

(i)            "Director"

shall mean a member of the Board.

(j)            "Continuous

Status as an Employee or Consultant" shall mean the absence of any

interruption or termination of service as an Employee or Consultant.

(k)           "Employee"

shall mean any person, including officers and directors, employed by the

Company or any Parent or Subsidiary of the Company.  The payment of a director's fee by the Company shall not be

sufficient to constitute "employment" by the Company.

(l)            "Exchange

Act" shall mean the Securities Exchange Act of 1934, as amended.

(m)          "Officer"

shall mean a person who is an officer of the Company within the meaning of

Section 16 of the Exchange Act and the rules and regulations promulgated

thereunder.

(n)           "Option"

shall mean a nonstatutory stock option granted pursuant to the Plan, that is

not intended to qualify as an incentive stock option within the meaning of

Section 422 of the Code and the regulations promulgated thereunder.

(o)           "Optioned

Stock" shall mean the Common Stock subject to an Option.

(p)           "Optionee"

shall mean an Employee or Consultant who holds an outstanding Option.

(q)           "Parent"

shall mean a "parent corporation", whether now or hereafter existing,

as defined in Section 424(e) of the Code.

(r)            "Plan"

shall mean this 1998 Nonstatutory Stock Option Plan.

(s)           "Rule

16b-3" shall mean Rule 16b-3 of the Exchange Act or any successor to

Rule 16b-3, as in effect when discretion is being exercised with respect to the

Plan.

(t)            "Share"

shall mean a share of the Common Stock, as adjusted in accordance with Section

10 of the Plan.

(u)           "Subsidiary"

shall mean a "subsidiary corporation", whether now or hereafter

existing, as defined in Section 424(f) of the Code.

3.             Stock

Subject to the Plan.  Subject to the

provisions of Section 10 of the Plan, the maximum aggregate number of shares

under the Plan is 3,000,000 shares of Common Stock.  The Shares may be authorized, but unissued, or reacquired Common

Stock.

 

If an Option

should expire or become unexercisable for any reason without having been

exercised in full, the unpurchased Shares which were subject thereto shall,

unless the Plan shall have been terminated, become available for future grant

under the Plan.  Notwithstanding the

above, however, if Shares are issued upon exercise of an Option and later

repurchased by the Company, such Shares shall not become available for future

grant or sale under the Plan.

4.             Administration

of the Plan.

(a)           Administration.  The Plan shall be administered by (i) the

Board or (ii) a Committee, which committee shall be constituted to satisfy

Applicable Laws.

(b)           Powers

of the Administrator.  Subject to

the provisions of the Plan, the Administrator shall have the authority, in its

discretion: (i) to determine, upon review of relevant information and in

accordance with Section 7 of the Plan, the fair market value of the Common

Stock; (ii) to determine the exercise price per share of Options to be granted,

which exercise price shall be determined in accordance with Section 7 of the

Plan; (iii) to determine the Employees or Consultants to whom, and the time or

times at which, Options shall be granted and the number of shares to be

represented by each Option; (iv) to interpret the Plan; (v) to prescribe, amend

and rescind rules and regulations relating to the Plan; (vi) to determine the

terms and provisions of each Option granted (which need not be identical) and,

with the consent of the holder thereof, modify or amend each Option; (vii) to

authorize any person to execute on behalf of the Company any instrument

required to effectuate the grant of an Option previously granted by the

Administrator; (vii) to allow Optionees to satisfy withholding tax obligations

by electing to have the Company withhold from the Shares to be issued upon

exercise of an Option that number of Shares having a Fair Market Value equal to

the amount required to be withheld; and (ix) to make all other determinations

deemed necessary or advisable for the administration of the Plan.

(c)           Effect

of Administrator's Decision.  All

decisions, determinations and interpretations of the Administrator shall be

final and binding on all Optionees and any other holders of any Options granted

under the Plan.

5.             Eligibility.

(a)           Options

may be granted to Employees and Consultants only; provided, however, that

notwithstanding anything to the contrary contained in the Plan, Options may not

be granted to Officers and Directors.

(b)           Neither

the Plan nor any Option shall confer upon any Optionee any right with respect

to continuation of employment or consulting relationship with the Company, nor

shall it interfere in any way with the Optionee’s right or the Company's right

to terminate such employment or consulting relationship at any time with or

without cause.

6.             Term

of Plan.  The Plan shall become

effective upon its adoption by the Board. 

It shall continue in effect for a term of ten (10) years unless sooner

terminated under Section 12 of the Plan.

7.             Exercise

Price and Consideration of Shares.

(a)           The

per Share exercise price for the Shares to be issued pursuant to exercise of an

Option shall be such price as is determined by the Administrator, but in no

event shall it be (i) less than 50% of the fair market value per Share on the

date of grant.

(b)           The

fair market value shall be determined by the Administrator; provided, however,

in the event that the Common Stock is listed on any established stock exchange

or a national market system, including without limitation the Nasdaq National

Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its fair

market value shall be the closing sales price for such stock (or the closing

bid, if no sales were reported) as quoted on such exchange or system for the

last market trading day prior to the time of determination, as reported in The Wall

Street Journal or such other source as the Administrator deems

reliable; or in the event that the Common Stock is regularly quoted by a

recognized securities dealer but selling prices are not reported, the fair

market value of a Share of Common Stock shall be the mean between the high bid

and low asked prices for the Common Stock on the last market trading day prior

to the day of determination, as reported in The Wall Street Journal or such other

source as the Administrator deems reliable.

(c)           The

consideration to be paid for the Shares to be issued upon exercise of an

Option, including the method of payment, shall be determined by the Board and

may consist entirely of:

(i)    cash,

(ii)   check,

(iii)  promissory

note,

(iv)  other

Shares of Common Stock which (i) either have been owned by the Optionee for

more than six (6) months on the date of surrender or were not acquired,

directly or indirectly, from the Company, and (ii) have a fair market value on

the date of surrender equal to the aggregate exercise price of the Shares as to

which said option shall be exercised,

(v)   delivery of

a properly executed exercise notice together with such other documentation as

the Administrator and the broker, if applicable, shall require to effect an

exercise of the Option and delivery to the Company of the sale or loan proceeds

required to pay the exercise price, or

(vi)  any

combination of such methods of payment.

 

In making its

determination as to the type of consideration to accept, the Administrator

shall consider if acceptance of such consideration may be reasonably expected

to benefit the Company.

8.             Options.

(a)           Term

of Option.  The term of each Option

shall be stated in the Option Agreement.

(b)           Exercise

of Option.

(i)    Procedure

for Exercise; Rights as a Stockholder. 

Any Option granted hereunder shall be exercisable at such times and

under such conditions as determined by the Administrator, including performance

criteria with respect to the Company and/or the Optionee, and shall be

permissible under the terms of the Plan.

 

An Option may

not be exercised for a fraction of a Share.

 

An Option

shall be deemed to be exercised when written notice of such exercise has been

given to the Company in accordance with the terms of the Option by the person

entitled to exercise the Option and full payment for the Shares with respect to

which the Option is exercised has been received by the Company.  Full payment may, as authorized by the

Administrator, consist of any consideration and method of payment allowable

under Section 7(c) of the Plan.  Until

the issuance (as evidenced by the appropriate entry on the books of the Company

or of a duly authorized transfer agent of the Company) of the stock certificate

evidencing such Shares, which issuance shall be made as soon as is practicable,

no right to vote or receive dividends or any other rights as a stockholder

shall exist with respect to the Optioned Stock, notwithstanding the exercise of

the Option.  The Company shall issue (or

cause to be issued) such stock certificate promptly upon exercise of the

Option.  No adjustment will be made for

a dividend or other right for which the record date is prior to the date the

stock certificate is issued, except as provided in Section 10 of the Plan.

 

Exercise of an

Option in any manner shall result in a decrease in the number of Shares which

thereafter may be available, both for purposes of the Plan and for sale under

the Option, by the number of Shares as to which the Option is exercised.

(ii)   Termination

of Status as an Employee or Consultant. 

In the event of termination of an Optionee's Continuous Status as an

Employee or Consultant, such Optionee may, but only within three (3) months

after the date of such termination (but in no event later than the date of

expiration of the term of such Option as set forth in the Option Agreement),

exercise his or her Option to the extent that the Optionee was entitled to

exercise it as of the date of such termination.  To the extent that the Optionee was not entitled to exercise the

Option at the date of such termination, or if the Optionee does not exercise

such Option (which the Optionee was entitled to exercise) within the time

specified herein, the Option shall terminate.

(iii)  Disability

of Optionee.  Notwithstanding the

provisions of Section 8(b)(ii) above, in the event of termination of an

Optionee's Continuous Status as an Employee or Consultant as a result of his or

her total and permanent disability (as defined in Section 22(e)(3) of the

Code), the Optionee may, but only within six (6) months from the date of such

termination (but in no event later than the date of expiration of the term of

such Option as set forth in the Option Agreement), exercise his or her Option

to the extent the Optionee was entitled to exercise it at the date of such

termination.  To the extent that the

Optionee was not entitled to exercise the Option at the date of termination, or

if the Optionee does not exercise such Option (which the Optionee was entitled

to exercise) within the time specified herein, the Option shall terminate.

(iv)  Death of

Optionee.  In the event of the death

of an Optionee:

(1)           during the term of the Option, where

the Optionee is at the time of his or her death an Employee or Consultant of

the Company and where such Optionee shall have been in Continuous Status as an

Employee or Consultant since the date of grant of the Option, the Option may be

exercised, at any time within one (1) year following the date of death, by the

Optionee's estate or by a person who acquired the right to exercise the Option

by bequest or inheritance, to the extent that he and she was entitled to

exercise it at the date of death; or

(2)           within three (3) months after the

termination of Continuous Status as an Employee or Consultant for any reason

other than for cause or a voluntary termination initiated by the Optionee, the

Option may be exercised, at any time within one (1) year following the date of

death, by the Optionee's estate or by a person who acquired the right to

exercise the Option by bequest or inheritance, but only to the extent of the

right to exercise that had accrued at the date of termination.

(v)   Buyout

Provisions.  The Administrator may

at any time offer to buy out for a payment in cash or Shares, an Option

previously granted based on such terms and conditions as the Administrator

shall establish and communicate to the Optionee at the time that such offer is

made.

9.             Non-Transferability

of Options.  During the lifetime of

the Optionee, an Option shall be exercisable only by the Optionee or the

Optionee's guardian, legal representative or permitted transferees.  Except as specified below, no Option shall be

assignable or transferable by the Optionee except by will or by the laws of

descent and distribution.  At the sole

discretion of the Administrator, and subject to such terms and conditions as

the Administrator deems advisable, the Administrator may allow, by means of a

writing to the Optionee, for all or part of a vested NonStatutory Stock Option

to be assigned or transferred, including by means of sale, during an Optionee's

lifetime to a member of the Optionee's immediate family or to a trust, LLC or partnership

for the benefit of any one or more members of such Optionee's immediate

family.  "Immediate family" as

used herein means the spouse, lineal descendants, father, mother, brothers and

sisters of the Optionee.  In such case,

the transferee shall receive and hold the Option subject to the provisions of

this Section 9, and there shall be no further assignation or transfer of the

Option.  The terms of Options granted

hereunder shall be binding upon the transferees, purchasers, executors,

administrators, heirs, successors and assigns of the Optionee.

10.           Adjustments

Upon Changes in Capitalization or Merger. 

Subject to any required action by the stockholders of the Company, the

number of shares of Common Stock covered by each outstanding Option, and the number

of shares of Common Stock which have been authorized for issuance under the

Plan but as to which no Options have yet been granted or which have been

returned to the Plan upon cancellation or expiration of an Option, as well as

the price per share of Common Stock covered by each such outstanding Option,

shall be proportionately adjusted for any increase or decrease in the number of

issued shares of Common Stock resulting from a stock split, reverse stock

split, stock dividend, combination or reclassification of the Common Stock, or

any other increase or decrease in the number of issued shares of Common Stock

effected without receipt of consideration by the Company; provided, however,

that conversion of any convertible securities of the Company shall not be

deemed to have been "effected without receipt of consideration."  Such adjustment shall be made by the

Administrator, whose determination in that respect shall be final, binding and

conclusive.  Except as expressly

provided herein, no issuance by the Company of shares of stock of any class, or

securities convertible into shares of stock of any class, shall affect, and no

adjustment by reason thereof shall be made with respect to, the number or price

of shares of Common Stock subject to an Option.

In the event of the proposed

dissolution or liquidation of the Company, the Board shall notify the holder of

an Option at least fifteen (15) days prior to such proposed action.  To the extent it has not been previously exercised,

the Option will terminate immediately prior to the consummation of such

proposed action.

 

In the event

of a merger of the Company with or into another corporation, or the sale of all

or substantially all of the Company's assets, the Option shall be assumed or an

equivalent option shall be substituted by such successor corporation or a

parent or subsidiary of such successor corporation, unless the Board

determines, in the exercise of its sole discretion and in lieu of such

assumption or substitution, that the Optionee shall have the right to exercise

the Option as to all of the Optioned Stock, including as to Shares as to which

the Option would not otherwise be exercisable. 

If the Board makes an Option fully exercisable in lieu of assumption or

substitution in the event of a merger or sale of assets, the Board shall notify

the Optionee that the Option shall be fully exercisable for a period of thirty

(30) days from the date of such notice, and the Option will terminate upon the

expiration of such period.  For the

purposes of this paragraph, the Option shall be considered assumed if,

following the merger or asset sale, the option confers the right to purchase,

for each Share of Optioned Stock subject to the Option immediately prior to the

merger or asset sale, the consideration (whether stock, cash, or other

securities or property) received in the merger or asset sale by holders of

Common Stock for each Share held on the effective date of the transaction (and

if holders were offered a choice of consideration, the type of consideration

chosen by the holders of a majority of the outstanding Shares); provided,

however, that if such consideration received in the merger or sale of assets

was not solely common stock of the successor corporation or its Parent, the

Administrator may, with the consent of the successor corporation, provide for

the consideration to be received upon the exercise of the Option, for each

Share of Optioned Stock subject to the Option, to be solely common stock of the

successor corporation or its Parent equal in fair market value to the per share

consideration received by holders of Common Stock in the merger or sale of

assets.

11.           Time

of Granting Options.  The date of

grant of an Option shall be the date on which the Administrator makes the

determination granting such Option. 

Notice of the determination shall be given to each Employee or

Consultant to whom an Option is granted within a reasonable time after the date

of such grant.

12.           Amendment

and Termination of the Plan.

(a)           Amendment

and Termination.  The Board may at

any time amend, alter, suspend or terminate the Plan.

(b)           Effect

of Amendment or Termination.  No

amendment, alteration, suspension or termination of the Plan shall impair the

rights of any Optionee, unless mutually agreed otherwise between the Optionee

and the Administrator, which agreement must be in writing and signed by the

Optionee and the Company.

13.           Conditions

Upon Issuance of Shares.  Shares

shall not be issued pursuant to the exercise of an Option unless the exercise

of such Option and the issuance and delivery of such Shares pursuant thereto

shall comply with all relevant provisions of law, including, without

limitation, the Securities Act of 1933, as amended (the "Securities

Act"), the Exchange Act, the rules and regulations promulgated thereunder,

and the requirements of any stock exchange upon which the Shares may then be

listed, and shall be further subject to the approval of counsel for the Company

with respect to such compliance.

 

As a condition

to the exercise of an Option, the Company may require the person exercising

such Option or making such purchase to represent and warrant at the time of any

such exercise that the Shares are being purchased only for investment and

without any present intention to sell or distribute such Shares if, in the opinion

of counsel for the Company, such a representation is required by any of the

aforementioned relevant provisions of law.

14.           Reservation

of Shares.  The Company, during the

term of this Plan, will at all times reserve and keep available such number of

Shares as shall be sufficient to satisfy the requirements of the Plan.

 

Inability of

the Company to obtain authority from any regulatory body having jurisdiction,

which authority is deemed by the Company's counsel to be necessary to the

lawful issuance and sale of any Shares hereunder, shall relieve the Company of

any liability in respect of the failure to issue or sell such Shares as to

which such requisite authority shall not have been obtained.

TRIQUINT SEMICONDUCTOR,

INC.

1998 NONSTATUTORY STOCK

OPTION PLAN

STOCK OPTION AGREEMENT

 

Unless

otherwise defined herein, the terms defined in the Plan shall have the same

defined meanings in this Option Agreement.

 

I.              NOTICE OF STOCK OPTION GRANT

 

	

                  [Optionee's Name and Address]

  

 

You have been

granted an option to purchase Common Stock of the Company, subject to the terms

and conditions of the Plan and this Option Agreement, as follows:

 

	

  Grant Number

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

  Date of

  Grant

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

  Vesting

  Commencement Date

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

  Exercise

  Price per Share

  	

   

  	

  $

  	

   

  
	

   

  	

   

  	

   

  
	

  Total Number

  of Shares Granted

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

  Total

  Exercise Price

  	

   

  	

  $

  	

   

  
	

   

  	

   

  	

   

  
	

  Type of

  Option:

  	

   

  	

  Nonstatutory

  Stock Option

  
	

   

  	

   

  	

   

  
	

  Term/Expiration

  Date:

  	

   

  	

   

  

 

Vesting Schedule:

 

Subject to

Optionee's Continuous Status as an Employee or Consultant on such dates, this

Option shall vest and become exercisable in accordance with the following

schedule:

 

[25% of the Shares

subject to the Option shall vest twelve months after the Vesting Commencement

Date, and 1/48th of the Shares subject to the Option shall vest upon the last

day of each month thereafter.]

 

 

Termination Period:

 

This Option

may be exercised for [three months] after termination of

Optionee's Continuous Status as an Employee or Consultant.  Upon the death or disability of the

Optionee, this Option may be exercised for such longer period as provided in

the Plan.  In no event shall this Option

be exercised later than the Term/Expiration Date as provided above.

 

II.            AGREEMENT

1.             Grant

of Option.  The Plan Administrator

of the Company hereby grants to the Optionee named in the Notice of Grant

attached as Part I of this Agreement (the "Optionee") an option (the

"Option") to purchase the number of Shares, as set forth in the

Notice of Grant, at the exercise price per share set forth in the Notice of

Grant (the "Exercise Price"), subject to the terms and conditions of

the Plan, which is incorporated herein by reference.  Subject to Section 12(b) of the Plan, in the event of a conflict

between the terms and conditions of the Plan and the terms and conditions of

this Option Agreement, the terms and conditions of the Plan shall prevail.

2.             Exercise

of Option.

(a)           Right

to Exercise.  This Option is

exercisable during its term in accordance with the Vesting Schedule set out in

the Notice of Grant and the applicable provisions of the Plan and this Option

Agreement.

(b)           Method

of Exercise.  This Option is

exercisable by delivery of an exercise notice, in the form attached as Exhibit

A (the "Exercise Notice"), which shall state the election to exercise

the Option, the number of Shares in respect of which the Option is being

exercised (the "Exercised Shares"), and such other representations

and agreements as may be required by the Company pursuant to the provisions of

the Plan.  The Exercise Notice shall be

completed by the Optionee and delivered to the Secretary.  The Exercise Notice shall be accompanied by

payment of the aggregate Exercise Price as to all Exercised Shares.  This Option shall be deemed to be exercised

upon receipt by the Company of such fully executed Exercise Notice accompanied

by such aggregate Exercise Price.

 

No Shares

shall be issued pursuant to the exercise of this Option unless such issuance

and exercise complies with Applicable Laws. 

Assuming such compliance, for income tax purposes the Exercised Shares

shall be considered transferred to the Optionee on the date the Option is

exercised with respect to such Exercised Shares.

3.             Method

of Payment.  Payment of the

aggregate Exercise Price shall be by any of the following, or a combination

thereof, at the election of the Optionee:

(a)           cash;

(b)           check;

(c)           consideration

received by the Company under a cashless exercise plan implemented by the

Company in connection with the Plan; or

(d)           surrender

of other Shares which (i) in the case of Shares acquired upon exercise of an

option, have been owned by the Optionee for more than six (6) months on the

date of surrender, and (ii) have a Fair Market Value on the

date of surrender equal to the aggregate Exercise Price of the Exercised

Shares.

4.             Non-Transferability

of Option.  This Option may not be

transferred in any manner otherwise than by will or by the laws of descent or

distribution and may be exercised during the lifetime of Optionee only by the

Optionee.  The terms of the Plan and

this Option Agreement shall be binding upon the executors, administrators,

heirs, successors and assigns of the Optionee.

5.             Term

of Option.  This Option may be

exercised only within the term set out in the Notice of Grant, and may be

exercised during such term only in accordance with the Plan and the terms of this

Option Agreement.

6.             Tax

Consequences.  Some of the federal

tax consequences relating to this Option, as of the date of this Option, are

set forth below.  THIS SUMMARY IS

NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO

CHANGE.  THE OPTIONEE SHOULD CONSULT A

TAX ADVISER BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE SHARES.

(a)           Exercising

the Option.  The Optionee may incur

regular federal income tax liability upon exercise of an NSO.  The Optionee will be treated as having received

compensation income (taxable at ordinary income tax rates) equal to the excess,

if any, of the Fair Market Value of the Exercised Shares on the date of

exercise over their aggregate Exercise Price. 

If the Optionee is an Employee or a former Employee, the Company will be

required to withhold from his or her compensation or collect from Optionee and

pay to the applicable taxing authorities an amount in cash equal to a

percentage of this compensation income at the time of exercise, and may refuse

to honor the exercise and refuse to deliver Shares if such withholding amounts

are not delivered at the time of exercise.

(b)           Disposition

of Shares.  If the Optionee holds

NSO Shares for at least one year, any gain realized on disposition of the

Shares will be treated as long-term capital gain for federal income tax

purposes.

7.             Entire

Agreement; Governing Law.  The Plan

is incorporated herein by reference. 

The Plan and this Option Agreement constitute the entire agreement of

the parties with respect to the subject matter hereof and supersede in their

entirety all prior undertakings and agreements of the Company and Optionee with

respect to the subject matter hereof, and may not be modified adversely to the

Optionee's interest except by means of a writing signed by the Company and

Optionee.  This agreement is governed by

the internal substantive laws, but not the choice of law rules, of Oregon.

8.             NO

GUARANTEE OF CONTINUED SERVICE. 

OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO

THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS AN EMPLOYEE OR

CONSULTANT AT THE WILL OF THE COMPANY (AND NOT THROUGH THE ACT OF BEING HIRED,

BEING GRANTED AN OPTION OR PURCHASING SHARES HEREUNDER).  OPTIONEE FURTHER ACKNOWLEDGES AND AGREES

THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING

SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF

CONTINUED ENGAGEMENT AS AN EMPLOYEE OR CONSULTANT FOR THE VESTING PERIOD, FOR

ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE WITH OPTIONEE'S RIGHT OR THE

COMPANY'S RIGHT TO TERMINATE OPTIONEE'S RELATIONSHIP AS AN EMPLOYEE OR

CONSULTANT AT ANY TIME, WITH OR WITHOUT CAUSE.

 

 

By your

signature and the signature of the Company's representative below, you and the

Company agree that this Option is granted under and governed by the terms and

conditions of the Plan and this Option Agreement.  Optionee has reviewed the Plan and this Option Agreement in their

entirety, has had an opportunity to obtain the advice of counsel prior to

executing this Option Agreement and fully understands all provisions of the

Plan and Option Agreement.  Optionee

hereby agrees to accept as binding, conclusive and final all decisions or

interpretations of the Administrator upon any questions relating to the Plan

and Option Agreement.  Optionee further

agrees to notify the Company upon any change in the residence address indicated

below.

 

	

  OPTIONEE

  	

  TRIQUINT

  SEMICONDUCTOR, INC.

  
	

   

  
	

   

  
	

   

  	

   

  	

   

  
	

  Signature

  	

   

  	

  By

  
	

   

  	

   

  
	

   

  	

   

  	

   

  
	

  Print Name

  	

   

  	

  Title

  
	

   

  
	

   

  	

   

  	

   

  
	

  Residence

  Address

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  

 

EXHIBIT

10.22

EXHIBIT A

TRIQUINT SEMICONDUCTOR,

INC.

1998 NONSTATUTORY STOCK

OPTION PLAN

EXERCISE NOTICE

 

TriQuint Semiconductor, Inc.

2300 N.E. Brookwood Parkway

Hillsboro, Oregon  97124

 

Attention: Secretary

 

1.             Exercise of Option.  Effective as of today, ____________, 20__,

the undersigned ("Purchaser") hereby elects to purchase ____________

shares (the "Shares") of the Common Stock of TriQuint Semiconductor,

Inc. (the "Company") under and pursuant to the 1998 Nonstatutory

Stock Option Plan (the "Plan") and the Stock Option Agreement dated

____________, 20__ (the "Option Agreement").  The purchase price for the Shares shall be

$____________, as required by the Option Agreement.

 

2.             Delivery of Payment.  Purchaser herewith delivers to the Company the

full purchase price for the Shares.

 

3.             Representations of Purchaser.  Purchaser acknowledges that Purchaser has

received, read and understood the Plan and the Option Agreement and agrees to

abide by and be bound by their terms and conditions.

 

4.             Rights as Stockholder.  Until the issuance (as evidenced by the

appropriate entry on the books of the Company or of a duly authorized transfer

agent of the Company) of the Shares, no right to vote or receive dividends or

any other rights as a stockholder shall exist with respect to the Optioned

Stock, notwithstanding the exercise of the Option.  The Shares so acquired shall be issued to the Optionee as soon as

practicable after exercise of the Option. 

No adjustment will be made for a dividend or other right for which the

record date is prior to the date of issuance, except as provided in Section 10

of the Plan.

 

5.             Tax Consultation.  Purchaser understands that Purchaser may

suffer adverse tax consequences as a result of Purchaser's purchase or

disposition of the Shares.  Purchaser

represents that Purchaser has consulted with any tax consultants Purchaser

deems advisable in connection with the purchase or disposition of the Shares

and that Purchaser is not relying on the Company for any tax advice.

6.             Entire

Agreement; Governing Law.  The Plan

and Option Agreement are incorporated herein by reference.  This Agreement, the Plan and the Option

Agreement constitute the entire agreement of the parties with respect to the

subject matter hereof and supersede in their entirety all prior undertakings

and agreements of the Company and Purchaser with respect to the subject matter

hereof, and may not be modified adversely to the Purchaser's interest except by

means of a writing signed by the Company and Purchaser.  This agreement is governed by the internal

substantive laws, but not the choice of law rules, of Oregon.

 

	

  Submitted by:

  	

   

  	

   

  	

   

  	

  Accepted by:

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  PURCHASER

  	

   

  	

   

  	

   

  	

  TRIQUINT

  SEMICONDUCTOR, INC.

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  Signature

  	

   

  	

   

  	

   

  	

  By

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  Print Name

  	

   

  	

   

  	

   

  	

  Title

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  
	

  Date Received

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  Address:

  	

   

  	

   

  	

   

  	

  Address:Prepared by MERRILL CORPORATION

Exhibit 4.1

EXECUTION COPY

THIRD AMENDMENT TO SECOND AMENDED AND

RESTATED CREDIT AGREEMENT

THIRD AMENDMENT TO SECOND

AMENDED AND RESTATED CREDIT AGREEMENT, dated as of August 31, 2001 (this “Amendment”),

to the Existing Credit Agreement (as hereinafter defined), by and among (i) THE

SELMER COMPANY, INC., a Delaware corporation (“Selmer”), (ii) STEINWAY,

INC., a Delaware corporation (“Steinway”), (iii) UNITED MUSICAL

INSTRUMENTS USA, INC., an Indiana corporation (“UMI” and together with

Selmer and Steinway, the “Borrowers”), (iv) those signatories

hereto and identified on Schedule I (as may be amended from time to time) as

Guarantors (the “Guarantors”), (v) the lenders (the “Lenders”)

from time to time party to the Agreement (defined below) and (vi) GMAC COMMERCIAL

CREDIT LLC, a New York limited liability company (the “Administrative Agent”),

as administrative agent for the Lenders hereunder.

RECITALS

The Borrowers,

Guarantors, the Administrative Agent and the Lenders have entered into the

Existing Credit Agreement, pursuant to which the Lenders are providing to the

Borrowers a $85,000,000 revolving credit facility, a $22,500,000 term loan

facility and a $45,000,000 term loan facility, each of which are secured by

certain accounts receivable, real estate, and other collateral of Selmer,

Steinway and UMI and guaranteed by the Guarantors.  The parties desire to amend certain provisions of the Existing

Credit Agreement as hereinafter provided.

In

consideration of the foregoing and of the mutual covenants and undertakings

herein contained, the parties hereto hereby agree that the Existing Credit

Agreement is amended as hereinafter provided.

ARTICLE I

Definitions

1.             Definitions.           (a) 

In addition to the definitions set forth in the heading and the recitals

to this Amendment, the following definitions shall apply hereto:

“Agreement”:

the Existing Credit Agreement as amended, supplemented or otherwise modified

from time to time up to and including this Amendment.

“Existing Credit

Agreement”: the Second Amended and Restated Credit Agreement, dated as of

September 14, 2000, among (i) Selmer, (ii) Steinway, (iii) UMI, (iv) the

Guarantors, (v) the Lenders and (vi) the Administrative Agent as amended or

otherwise modified from time to time prior to the Third Amendment Effective

Date.

(b)  Unless otherwise indicated, capitalized

terms that are used but not defined herein shall have the meanings ascribed to

them in the Existing Credit Agreement.

ARTICLE II

Representations

1.            Representations.  Each of the Borrowers and Guarantors hereby

represents and warrants as follows:

(a)           It has full power, authority and

legal right to enter into this Amendment and perform all of its respective

obligations hereunder.  The execution,

delivery and performance hereof is within its powers and has been duly

authorized, is not in contravention of any Requirement of Law which might have

a material adverse effect upon it, the Collateral, its operations, financial

condition or prospects, or in contravention of the terms of its by-laws,

certificate of incorporation, declaration of trust or other documents relating

to its formation, as applicable, or to the conduct of its business or of any

material agreement or undertaking to which it is a party or by which it is

bound, and will not conflict with or result in any breach of any of the

provisions of, or constitute a default under, or result in the creation of any

Lien upon any of its assets under, the provisions of any agreement, charter,

instrument, by-law, declaration of trust or other instrument to which it is a

party or by which it or its assets may be bound.

(b)           It is duly organized and in good

standing under the laws of its respective state of organization and it is

qualified to do business and is in good standing in each jurisdiction where

qualification and good standing are necessary for it to conduct its businesses

and own its properties and where the failure to so qualify would have a

Material Adverse Effect.

(c)           This Amendment has been duly executed

and delivered on its behalf and this Amendment constitutes its legal, valid and

binding obligation, enforceable against it in accordance with its terms, except

as enforceability may be limited by applicable bankruptcy, insolvency,

reorganization, moratorium or similar laws affecting the enforcement of creditors’

rights generally and by general equitable principles (whether enforcement is

sought by proceedings in equity or at law).

(d)           The conditions contained in Article

IV hereof have been satisfied.

(e)           Each of the Loan Documents is on the

date hereof in full force and effect.

(f)            No Default or Event of Default has

occurred and is continuing.

ARTICLE III

Amendments to Existing Credit Agreement

1.             Amendments

to Section 1.  (a) Section 1.1 of

the Existing Credit Agreement is hereby amended by inserting the following

defined terms in the appropriate alphabetical order:

“Agent’s Advance”:

the making or deemed making by the Administrative Agent of any advance to the

Borrowers in connection with the borrowing of a Revolving Credit Loan or a Term

Loan (including, without limitation, Deemed Borrowings).

“Alternate Settlement

Date”: as defined in Section 5.6(c).

“Deemed Borrowing”:

a Revolving Credit Loan deemed to have been requested by a Borrower in

connection with the charging of an Obligation (including, without limitation,

interest, principal, fees or other amounts owed by the Borrowers hereunder) to

an account of the Borrowers by the Administrative Agent pursuant Section 3.7

hereof.

“Settlement Date”:

with respect to (i) each Agent’s Advance, (ii) each repayment (including any

prepayment) of any Revolving Credit Loan, Term Loan A or Term Loan B, and (iii)

each payment by the Borrowers to the Administrative Agent for the account of

the Lenders of interest on the Loans, commitment fees or other amounts due the

Lenders hereunder, the first Friday occurring after the date of such Agent’s

Advance, repayment or payment (or, if such Friday shall not be a Business Day,

then the Business Day next succeeding such Friday) and any Alternate Settlement

Date.”

(b)           Section 1.1 of the Existing Credit

Agreement is hereby amended by deleting in the second line of the definition of

the term “Selmer Revolving Interest Note” the number “$30,000,000” and

replacing it with the number “$42,000,000”.

(c)           Section 1.1 of the Existing Credit Agreement

is hereby amended by deleting in the second line of the definition of the term

“Steinway Revolving Interest Note” the number “$30,000,000” and replacing it

with the number “$47,600,000”.

2.             Amendment

to Section 3.1(a).  Section 3.1(a)

of the Existing Credit Agreement is hereby deleted in its entirety and replaced

with the following:

“(a)  Subject to the terms and conditions hereof,

each Lender severally agrees to make revolving credit loans (“Revolving

Credit Loans”) to the Borrowers from time to time during the Revolving

Credit Commitment Period in an aggregate principal amount at any one time

outstanding as to all Borrowers, together with such Lender’s Revolving Credit

Commitment Percentage of any L/C Obligations then outstanding, not to exceed the

lesser of (A) the amount of such Lender’s Revolving Credit Commitment then in

effect and (B) such Lender’s Revolving Credit Commitment Percentage of the

Revolver Borrowing Base then in effect. 

During the Revolving Credit Commitment Period the Borrowers may use the

Revolving Credit Commitments by borrowing, prepaying the Revolving Credit Loans

in whole or in part, and reborrowing, all in accordance with the terms and

conditions hereof.”

3.             Amendment

to Section 3.3.  Section 3.3 of the

Existing Credit Agreement is hereby deleted in its entirety and replaced by the

following:

“3.3 Procedure for

Revolving Credit Borrowing. The Borrowers may borrow under the Revolving

Credit Commitments during the Revolving Credit Commitment Period on any

Business Day in an aggregate principal amount not exceeding the lesser of (A)

the aggregate Available RC Commitments then in effect and (B) the excess

of the Revolver Borrowing Base then in effect over the aggregate Outstanding RC

Extensions of Credit; provided, that the Borrowers shall give the

Administrative Agent irrevocable notice (which notice must be received by the

Administrative Agent prior to 10:00 a.m., New York City time, on the

requested Borrowing Date, specifying (i) the amount to be borrowed, and (ii) the

requested Borrowing Date.  Upon receipt

of any such notice from the Borrowers, the Administrative Agent shall promptly

notify each Lender thereof.  Unless the

Administrative Agent has elected under Section 5.6(a) to make an Agent’s

Advance on behalf of the Lenders in the amount of such borrowing, each Lender

will make the amount of it pro rata share of such borrowing available to the

Administrative Agent for the account of the Borrowers at the office of the

Administrative Agent specified in Section 12.6 prior to 11:00 a.m., New York

City time, on the Borrowing Date requested by the Borrowers in funds

immediately available to the Administrative Agent, and, in either case, such

borrowing will then be made available to the Borrowers on the day so requested

by way of credit to the Borrowers’ operating account at such bank as the

Borrowers may designate following a notice to the Administrative Agent in

immediately available funds.  Deemed

Borrowings shall be made available to the Borrowers by disbursement of the

proceeds thereof to the obligees of the Obligations giving rise to such

borrowings.”

4.             Amendments

to Section 5.6.  Section 5.6 of the

Existing Credit Agreement is hereby deleted in its entirety and replaced by the

following:

“5.6                         Pro Rata Treatment

and Payment and Settlement.

(a) The Administrative

Agent may (but shall be under no obligation to) make available to the Borrowers

on any Borrowing Date or the date of a Deemed Borrowing an Agent’s Advance in

the amount of the borrowing requested or deemed to have been requested by the

Borrowers on such date, which Agent’s Advance shall be settled with the Lenders

on the related Settlement Date; provided, that the Administrative Agent

shall not be entitled to make any such Agent’s Advance with respect to any

borrowing requested by the Borrowers in a notice of borrowing delivered

pursuant to Section 3.3 for the account of any Lender to the extent that such

Lender shall have prior to such borrowing notified the Administrative Agent

that such Lender will not make the amount that would constitute its Term Loan

Commitment Percentage or Revolving Credit Commitment Percentage, as the case

may be, of such borrowing available to the Administrative Agent (each such

notice, a “Lender’s Notice”).  Prior to

2:00 p.m. on such Settlement Date, each Lender shall make the amount of its

Term Loan Commitment Percentage or Revolving Credit Commitment Percentage of

such Agent’s Advance available to the Administrative Agent at its office

specified in Section 12.6 in funds immediately available to the Administrative

Agent.  Such amounts shall be applied by

the Administrative Agent, first to the repayment in full of the outstanding

principal amount of all Agent’s Advances made on behalf of the Lender delivering

such amounts, if any, and second to the funding of any then unfunded Loans to

the Borrowers required to be made by such Lender.  If a Lender has not made any part of its Term Loan Commitment

Percentage or its Revolving Credit Commitment Percentage of any Agent’s Advance

available to the Administrative Agent in accordance with the provisions of this

Section 5.6(a), the Administrative Agent shall be entitled to retain for its

own account out of payments made by the Borrowers (whether on, before or after

any Settlement Date) and otherwise payable to such Lender hereunder, the

outstanding principal amount of any Agent’s Advance made on behalf of such

Lender plus interest thereon, at the rate per annum applicable to the Loans in

respect of which such Agent’s Advance was made from the Borrowing Date or date

of a Deemed Borrowing, as the case may be, to the date of such payment.  If the Borrowers shall fail to pay in full

any amount when due and the result of such failure shall be that there are

available to the Administrative Agent insufficient funds for the payment of

such interest then each Lender shall pay to the Administrative Agent on the

applicable Settlement Date its pro rata share of the amount of any deficiency

and such amount shall constitute a Revolving Credit Loan (whether or not, after

giving effect to such Revolving Credit Loan, the aggregate outstanding amount

of the Revolving Credit Loans shall exceed the Revolver Borrowing Base).  Anything contained in this Agreement or

otherwise to the contrary notwithstanding, except to the extent that a Lender

shall have prior to a borrowing requested by the Borrowers in a notice of

borrowing delivered pursuant to Section 3.3 delivered to the Administrative

Agent a Lender’s Notice in respect of such borrowing, each Lender’s obligation

to make its Term Loan Commitment Percentage or Revolving Credit Commitment

Percentage of each borrowing available to the Administrative Agent as provided

in this paragraph shall be absolute and unconditional and shall not be affected

by any circumstances, including, without limitation, (A) any setoff,

counterclaim, recoupment, defense or other right which such Lender may now or

hereafter have against the Administrative Agent, the Borrowers, any other Loan

Party or any other Person for any reason whatsoever, (B) the occurrence or

continuation of a Default or an Event of Default, (C) any material adverse

change in the condition of the Borrowers or any other Loan Party, (D) any

breach or default of this Agreement or any of the other Loan Documents by any

Person, or (E) any other circumstance, happening or event whatsoever,

whether or not similar to any of the foregoing.  If such amount is not made available to the Administrative Agent

by the required time on the related Settlement Date, such Lender shall pay to

the Administrative Agent, on demand, such amount with interest thereon at a

rate equal to the daily average Federal Funds Effective Rate for the period

until such Lender makes such amount immediately available to the Administrative

Agent.  A certificate of the Administrative

Agent submitted to any Lender with respect to any amounts owing under this

Section shall be conclusive in the absence of manifest error.  If such Lender’s Term Loan Commitment

Percentage or Revolving Credit Commitment Percentage, as applicable, of such

borrowing is not made available to the Administrative Agent by such Lender

within three Business Days of such Settlement Date, the Administrative Agent

shall also be entitled to recover such amount with interest thereon at the rate

per annum applicable to Alternate Base Rate Loans hereunder, on demand, from

the Borrowers.  For the avoidance of

doubt, delivery by a Lender to the Administrative Agent of a Lender’s Notice

shall not preclude the Administrative Agent from making Agent’s Advances for

the account of such Lender in respect of any Deemed Borrowings or relieve any

such Lender from its obligation to make its Term Loan Commitment Percentage or

Revolving Credit Commitment Percentage of each Deemed Borrowing available to

the Administrative Agent as provided in this paragraph.

(b) Each borrowing by the

Borrowers from the Lenders hereunder, each settlement with the Lenders of an

Agent’s Advance, each payment by the Borrowers on account of any commitment fee

hereunder and any reduction of the Term Loan Commitments or the Revolving

Credit Commitments of the Lenders shall be made pro rata according to the

respective Term Loan Commitment Percentages or Revolving Credit Commitment

Percentages, as applicable, of the Lenders. 

On each Settlement Date, each payment (including each prepayment) by the

Borrowers on account of principal of and interest on the Term Loans or the

Revolving Credit Loans shall be applied pro rata according to the respective

outstanding principal amounts of the Term Loans or the Revolving Credit Loans,

as applicable, then held by the Lenders. 

All payments (including prepayments) to be made by the Borrowers

hereunder, whether on account of principal, interest, fees or otherwise, shall

be made without set–off or counterclaim and shall be made prior to 12:00

noon, New York City time, on the due date thereof to the Administrative Agent,

for the account of the Administrative Agent and the Lenders, as applicable, at

the Administrative Agent’s office specified in Section 12.6, in Dollars and

in immediately available funds.  The

Administrative Agent shall distribute such payments to the Lenders on the

related Settlement Date in like funds as received.  If any payment hereunder becomes due and payable on a day other

than a Business Day, such payment shall be extended to the next succeeding

Business Day, and, with respect to payments of principal, interest thereon

shall be payable at the then applicable rate during such extension.  If any payment on a Eurodollar Loan becomes

due and payable on a day other than a Business Day, the maturity thereof shall

be extended to the next succeeding Business Day unless the result of such

extension would be to extend such payment into another calendar month in which

event such payment shall be made on the immediately preceding Business Day.

(c) Notwithstanding

anything herein to the contrary, the Administrative Agent shall have the right

in its discretion applied in good faith to designate a date on which (i) in the

case of the settlement of an Agent’s Advance, each Lender shall make its Term

Loan Commitment Percentage or its Revolving Credit Commitment Percentage, as

the case may be, of the Loan with respect to which such Agent’s Advance has

been made available to the Administrative Agent in accordance with the terms

hereof, and (ii) in the case of a repayment, prepayment or other payment by the

Borrowers, the Administrative Agent shall distribute such repayment, prepayment

or other payment to the Lenders in accordance with the terms hereof (each such

date, an “Alternate Settlement Date”), in each such case as the Administrative

Agent deems appropriate (including, without limitation, the date of any such

Agent’s Advance, repayment, prepayment or other payment).  In such event, the Administrative Agent

shall notify the Lenders in writing of such Alternate Settlement Date as soon

as practicable after such designation.”

5.             Amendments

to Section 9.12.  Section 9.12 of

the Existing Credit Agreement is hereby deleted in its entirety and replaced

with the following:

“Section 9.12  Interest Notes.  At any time permit (i) the Selmer Revolving

Interest Note to have a balance in excess of $42,000,000 or (ii) the Steinway

Revolving Interest Note to have a balance in excess of $47,600,000.”

6.             Amendments

to Section 12.1.  Section 12.1 of

the Existing Agreement is hereby amended by inserting in the sixteenth line

thereof after the words “this Section 12.1”, the words “or any provision of

this Agreement or any other Loan Document that requires the consent of all of

the Lenders”.

ARTICLE IV

Conditions to Effectiveness

This Amendment, and the

modifications to the Existing Credit Agreement provided for herein, shall

become effective on the date (the "Third Amendment Effective Date")

on which all of the following conditions have been (or are concurrently being)

satisfied:

1.            This Amendment shall have been duly

executed and delivered by each party thereto.

2.            Each of the representations and

warranties made by the Borrowers and Guarantors in or pursuant to the Loan

Documents shall be true and correct in all material respects on and as of the

Third Amendment Effective Date as if made on and as of such date (except to the

extent the same relate to another, earlier date, in which case they shall be

true and correct in all material respects as of such earlier date).

3.            No Default or Event of Default shall

have occurred and be continuing.

4.            All corporate and other proceedings,

and all documents, instruments and other legal matters in connection with the

transactions contemplated by the Existing Credit Agreement and this Amendment

shall be reasonably satisfactory in form and substance to the Administrative

Agent, and the Administrative Agent shall have received such other documents in

respect of any aspect or consequence of the transactions contemplated hereby or

thereby as it shall reasonably request.

ARTICLE VI

Miscellaneous

1.            Payment of Expenses. Without

limiting its obligations under Section 12.8 of the Agreement, the Borrowers

jointly and severally agree to pay or reimburse the Administrative Agent for

all of its reasonable costs and expenses incurred in connection with this

Amendment, including, without limitation, the reasonable costs and expenses of

Pillsbury Winthrop LLP, counsel to the Administrative Agent and expressly

acknowledge that their obligations hereunder constitute “Obligations” within

the meaning of the Existing Credit Agreement.

2.            No Other Amendments; Confirmation.  Except as expressly amended, modified and

supplemented hereby and by the documents related hereto, the provisions of the

Existing Credit Agreement and the other Loan Documents shall remain in full

force and effect.

3.            Affirmation by Loan Parties.  Each Loan Party hereby reaffirms its

obligations under the Loan Documents executed by such Loan Party.

4.             Governing

Law; Counterparts.  (a)  This Amendment and the rights and

obligations of the parties hereto shall be governed by, and construed and

interpreted in accordance with, the laws of the State of New York.

(b)           This

Amendment may be executed by one or more of the parties hereto on any number of

separate counterparts, and all of said counterparts taken together shall be

deemed to constitute one and the same instrument.  A set of the copies of this Amendment signed by all the parties

shall be lodged with each of the Borrowers and the Administrative Agent, as the

Administrative Agent.  This Amendment

may be delivered by facsimile transmission of the relevant signature pages

hereof.

IN WITNESS WHEREOF, the

parties hereto have caused this Amendment to be duly executed and delivered as

of the day and year first above written.

 

	

   

  	

  THE

  SELMER COMPANY, INC.,

  
	

   

  	

  Borrower

  
	

   

  	

   

  	

   

  
	

   

  	

  By

  	

  /s/

  Dennis M. Hanson

  
	

   

  	

   

  	

  Title:

  	

  Senior

  Executive Vice President and

  
	

   

  	

   

  	

   

  	

  Chief

  Financial Officer

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  STEINWAY,

  INC.,

  
	

   

  	

  Borrower

  
	

   

  	

   

  	

   

  
	

   

  	

  By

  	

  /s/

  Dennis M. Hanson

  
	

   

  	

   

  	

  Title:

  	

  Senior

  Executive Vice President and

  
	

   

  	

   

  	

   

  	

  Chief

  Financial Officer

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  UNITED

  MUSICAL INSTRUMENTS USA, INC.,

  Borrower

  
	

   

  	

   

  	

   

  
	

   

  	

  By

  	

  /s/

  Dennis M. Hanson

  
	

   

  	

   

  	

  Title:

  	

  Senior

  Executive Vice President and

  
	

   

  	

   

  	

   

  	

  Chief

  Financial Officer

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  GMAC

  COMMERCIAL CREDIT LLC,

  
	

   

  	

  as

  Administrative Agent

  
	

   

  	

   

  	

   

  
	

   

  	

  By

  	

  /s/

  Joseph Grimaldi

  
	

   

  	

   

  	

  Title:

  	

  President

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  GMAC

  COMMERCIAL CREDIT LLC,

  
	

   

  	

  as

  Lender

  
	

   

  	

   

  	

   

  
	

   

  	

  By

  	

  /s/

  Joseph Grimaldi

  
	

   

  	

   

  	

  Title:

  	

  President

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  FLEET

  CAPITAL CORPORATION,

  
	

   

  	

  as

  Lender

  
	

   

  	

   

  	

   

  
	

   

  	

  By

  	

  /s/

  Mark B. Schafer

  
	

   

  	

   

  	

  Title:

  	

  Vice

  President

  
	

   

  	

   

  
	

   

  	

  GUARANTY

  BUSINESS CREDIT CORPORATION,

  
	

   

  	

  as

  Lender

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By

  	

  /s/

  Harold Kessler

  
	

   

  	

   

  	

  Title:

  	

  Vice

  President

  

 

SCHEDULE I

 

GUARANTORS

 

 

	

  Steinway Musical Instruments, Inc.,

  
	

  Guarantor

  
	

   

  	

   

  
	

  By:

  	

  /s/ Dennis M. Hanson

  
	

  Title:

  	

  Senior Executive Vice President and

  
	

   

  	

  Chief Financial Officer

  
	

   

  	

   

  
	

  800 South Street

  
	

  Suite 425

  
	

  Waltham, MA 02453

  
	

   

  	

   

  
	

  Emerson Musical Instruments, Inc.,

  
	

  Guarantor

  
	

   

  	

   

  
	

  By:

  	

  /s/ Dennis M. Hanson

  
	

  Title:

  	

  Senior Executive Vice President and

  
	

   

  	

  Chief Financial Officer

  
	

   

  	

   

  
	

  28135 West Hively Avenue

  
	

  Elkhart, IN 46517

  
	

   

  	

   

  
	

  The Steinway Piano Company, Inc.,

  
	

  Guarantor

  
	

   

  	

   

  
	

  By:

  	

  /s/ Dennis M. Hanson

  
	

  Title: 

  	

  Senior Executive Vice President and

  
	

   

  	

  Chief Financial Officer

  
	

   

  	

   

  
	

  600 Industrial Parkway

  
	

  Elkhart, IN 46516

  
	

   

  	

   

  
	

  The SMI Trust,

  
	

  Guarantor

  
	

   

  	

   

  
	

  By:

  	

  /s/ Dennis M. Hanson

  
	

  Title:

  	

  Senior Executive Vice President and

  
	

   

  	

  Chief Financial Officer

  
	

   

  	

   

  
	

  800 South Street

  
	

  Suite 425

  
	

  Waltham, MA 02453

  
	

   

  	

   

  
	

  S&B Retail, Inc.,

  
	

  Guarantor

  
	

   

  	

   

  
	

  By:

  	

  /s/ Dennis M. Hanson

  
	

  Title:

  	

  Senior Executive Vice President and

  
	

   

  	

  Chief Financial Officer

  
	

   

  	

   

  
	

  455 Route 17 South

  
	

  Paramus, New Jersey 07652

  
	

   

  	

   

  
	

  Boston Piano Company, Inc.,

  
	

  Guarantor

  
	

   

  	

   

  
	

  By:

  	

  /s/ Dennis M. Hanson

  
	

  Title:

  	

  Senior Executive Vice President and

  
	

   

  	

  Chief Financial Officer

  
	

   

  	

   

  
	

  37-11 19th Avenue

  
	

  Long Island City, NY 11105

  
	

   

  	

   

  
	

  The O.S. Kelly Corporation,

  
	

  Guarantor

  
	

   

  	

   

  
	

  By:

  	

  /s/ Dennis M. Hanson

  
	

  Title:

  	

  Senior Executive Vice President and

  
	

   

  	

  Chief Financial Officer

  
	

   

  	

   

  
	

  P.O. Box 1267

  
	

  318 E. North Spring Street

  
	

  Springfield, OH 45503

  
	

   

  	

   

  
	

  The O.S. Kelly Company,

  
	

  Guarantor

  
	

   

  	

   

  
	

  By:

  	

  /s/ Dennis M. Hanson

  
	

  Title:

  	

  Senior Executive Vice President and

  
	

   

  	

  Chief Financial Officer

  
	

   

  	

   

  
	

  P.O. Box 1267

  
	

  318 E. North Spring Street

  
	

  Springfield, OH 45503

  
	

   

  	

   

  
	

  United Musical Instruments Holdings,

  Inc.,

  
	

  Guarantor

  
	

   

  	

   

  
	

  By:

  	

  /s/ Dennis M. Hanson

  
	

  Title:

  	

  Senior Executive Vice President and

  
	

   

  	

  Chief Financial Officer

  
	

   

  	

   

  
	

  100 Industrial Parkway

  
	

  Elkhart, IN 46516

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